# EDGAR Filing Document

**Accession Number:** 0000106444
**File Stem:** 0001104659-23-039765
**Filing Date:** 2023-3
**Character Count:** 2634585
**Document Hash:** 8e911df186ac8851c569133ac7752080
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-039765.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001104659-23-039765

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD FIXED INCOME SECURITIES FUNDS
- **CENTRAL INDEX KEY:** 0000106444
- **IRS NUMBER:** 231899003
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02368
- **FILM NUMBER:** 23783686

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD FIXED INCOME SECURITIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTMINSTER BOND FUND INC
- **DATE OF NAME CHANGE:** 19800619

## Series and Classes Contracts Data

### Vanguard GNMA Fund (Series ID: S000002582)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007087 | Investor Shares | VFIIX           |
| C000007088 | Admiral Shares  | VFIJX           |

### Vanguard Short-Term Treasury Fund (Series ID: S000002583)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007089 | Investor Shares | VFISX           |
| C000007090 | Admiral Shares  | VFIRX           |

### Vanguard High-Yield Corporate Fund (Series ID: S000002584)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007092 | Investor Shares | VWEHX           |
| C000007093 | Admiral Shares  | VWEAX           |

### Vanguard Intermediate-Term Investment-Grade Fund (Series ID: S000002586)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007097 | Investor Shares | VFICX           |
| C000007098 | Admiral Shares  | VFIDX           |

### Vanguard Intermediate-Term Treasury Fund (Series ID: S000002587)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007099 | Investor Shares | VFITX           |
| C000007100 | Admiral Shares  | VFIUX           |

### Vanguard Long-Term Investment-Grade Fund (Series ID: S000002588)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007101 | Investor Shares | VWESX           |
| C000007102 | Admiral Shares  | VWETX           |

### Vanguard Long-Term Treasury Fund (Series ID: S000002589)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007103 | Investor Shares | VUSTX           |
| C000007104 | Admiral Shares  | VUSUX           |

### Vanguard Short-Term Federal Fund (Series ID: S000002590)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007105 | Investor Shares | VSGBX           |
| C000007106 | Admiral Shares  | VSGDX           |

### Vanguard Short-Term Investment-Grade Fund (Series ID: S000002591)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000007107 | Investor Shares      | VFSTX           |
| C000007108 | Admiral Shares       | VFSUX           |
| C000007109 | Institutional Shares | VFSIX           |

### Vanguard Ultra-Short-Term Bond Fund (Series ID: S000048081)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000151975 | Admiral Shares  | VUSFX           |
| C000151976 | Investor Shares | VUBFX           |

### Vanguard Real Estate II Index Fund (Series ID: S000059086)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000193720 | Institutional Plus Shares | VRTPX           |

**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**: 811-02368**

---

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

---

---

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

---

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

Date of fiscal year end: January 31

Date of reporting period: February 1, 2022—January 31, 2023

**Item 1:** Reports to Shareholders

![](tm234052d1usgovbondfundsi001.jpg)

#### Annual Report \| January 31, 2023
Vanguard U.S. Government Bond Funds

---

| |
|:---|
| Vanguard Short-Term Treasury Fund |
| Vanguard Short-Term Federal Fund |
| Vanguard Intermediate-Term Treasury Fund |
| Vanguard Long-Term Treasury Fund |

---

------

Contents

---

| | |
|:---|:---|
| Your Fund's Performance at a Glance<br>| 1 |
| Advisor's Report<br>| 3 |
| About Your Fund's Expenses<br>| 6 |
| Short-Term Treasury Fund<br>| 8 |
| Short-Term Federal Fund<br>| 24 |
| Intermediate-Term Treasury Fund<br>| 43 |
| Long-Term Treasury Fund<br>| 60 |

---

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

------

Your Fund's Performance at a Glance

• For the 12 months ended January 31, 2023, returns of the four funds in this report ranged from –21.78% to –2.99%. Investor Shares of Vanguard Long-Term Treasury Fund returned the least, while Admiral
Shares of Vanguard Short-Term Treasury Fund held up the best. Although all share classes in all four funds posted negative returns, only the Investor and Admiral Shares of the Long-Term Treasury Fund trailed those of
their benchmark.

• Despite some relief in midsummer and toward the end of the period, it was a volatile, challenging time for financial markets. Early on, inflation across much of the world continued climbing to multidecade highs amid
supply-chain bottlenecks, rising energy and food prices, and broader price increases in goods and services. Central banks responded by aggressively tightening monetary policy. Later, it appeared that inflation might
have peaked, and central banks began slowing their pace of interest rate hikes.

• The sharp rise in yields increased fears of recession and weighed heavily on bond prices.

• With yields rising and prices falling, U.S. Treasuries returned –8.54%, holding up better than corporate bonds (–9.33%) but doing worse than mortgage-backed securities (–7.27%).

• The Short-Term Federal Fund's holdings of futures contracts helped its performance for the 12 months. The fund regularly uses derivatives to hedge portfolio risks.

------

#### Market Barometer

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Year | &nbsp;&nbsp;&nbsp;&nbsp;Three Years | &nbsp;&nbsp;&nbsp;&nbsp;Five Years |
| **Stocks** |  |  |  |
| Russell 1000 Index (Large-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66% | &nbsp;&nbsp;&nbsp;&nbsp;9.38% |
| Russell 2000 Index (Small-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| Russell 3000 Index (Broad U.S. market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| FTSE All-World ex US Index (International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| **Bonds** |  |  |  |
| Bloomberg U.S. Aggregate Float Adjusted Index<br> (Broad taxable market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.40% | &nbsp;&nbsp;&nbsp;&nbsp;-2.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Bloomberg Municipal Bond Index<br> (Broad tax-exempt market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;-0.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| FTSE Three-Month U.S. Treasury Bill Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **CPI** |  |  |  |
| Consumer Price Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% |

---

------

Advisor's Report

For the 12 months ended January 31, 2023, rising bond yields and falling prices led to an unfavorable environment across the fixed income market. Among the four funds in this report, Vanguard Short-Term Treasury Fund returned –2.99%, Vanguard Intermediate-Term Treasury Fund –6.66%, and Vanguard Long-Term Treasury Fund –21.70%, while Vanguard Short-Term Federal Fund returned –3.29%. (The returns and yields cited in this report are for Admiral Shares.) All but the Long-Term Treasury Fund declined less than their benchmarks.

Each fund's 30-day SEC yield—a proxy for its potential annualized rate of income—rose over the period. It rose 354 basis points (3.54 percentage points) to 4.19% for the Short-Term Treasury Fund, 235 basis points to 3.63% for the

Intermediate-Term Treasury Fund, and 160 basis points to 3.61% for the Long-Term Treasury Fund. The yield of the Short-Term Federal Fund rose 281 basis points to 3.97%.

#### Investment environment
The period was defined by a historic rise in interest rates, which caused ripple effects across every sector of the financial markets and brought with it renewed volatility.

Early on, supply-chain bottlenecks persisted, labor remained in short supply in some sectors of the economy as unemployment rates continued to fall, and year-on-year inflation readings—which had been accelerating—climbed to multidecade highs across much of the world.

---

| | | |
|:---|:---|:---|
| **Yields of U.S. Treasury Securities**  |  |  |
| Maturity | January 31,<br> 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 31,<br> 2023 |
| 2 years | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% |
| 5 years | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 |
| 10 years | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| 30 years | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 |
| Source: Vanguard. | Source: Vanguard. | Source: Vanguard. |

---

------

In late February, Russia's invasion of Ukraine injected more uncertainty into the markets. Oil headed north of $100 per barrel and staple food prices soared. While energy prices eventually began to cool amid slowing economic growth and the U.S. government's release of some of its strategic oil reserves to boost supply, price increases broadened to other categories of goods and services, heightening concerns that inflation might remain stubbornly high.

In response, major central banks wound down their bond-purchasing programs and began raising short-term interest rates. The Federal Reserve was especially aggressive, raising the federal funds rate target from near zero in March 2022 to a range of 4.5%–4.75% just after the close of the funds' fiscal year.

Late in 2022, though, inflation readings began to ease down from multidecade highs, and the Fed began slowing the pace of its rate hikes. But monetary policy tightening contributed to a steep rise in yields over the 12 months, especially at the front end of the curve. The 2-year U.S. Treasury yield jumped 3.02 percentage points to end the period at 4.20%, while the 10-year U.S. Treasury yield climbed 1.73 percentage points to 3.51%. (Changes in yields may reflect rounding.)

#### Management of the portfolio
The performance of all four funds benefited from our decision to continue shortening fund durations. Shorter durations tend to help fund performance

during periods of less accommodative monetary policy.

Shorter average durations were the main driver of outperformance for the Short-Term Treasury Fund, Intermediate-Term Treasury Fund, and Short-Term Federal Fund. A position in TIPS through August also helped those funds' performance.

In addition to shorter durations, the Long-Term Treasury Fund benefited from holding mortgage-backed securities. But exposure to government agency debentures held back performance and was the biggest reason why the fund lagged its benchmark.

#### Outlook
The recent significant negative annual returns have understandably been distressing for bond investors.

With the repricing that has occurred, however, the outlook is substantially better than it was a year ago. Although the bond market may continue to see volatility given that the Fed is likely to further raise rates, today's higher yields mean bonds can offer more of a cushion against additional price declines.

Energy supply-and-demand concerns, diminishing capital flows, declining trade volumes, and falling output per person in all likelihood will lead to a global recession in the coming year. Although the markets may turn choppier as monetary policy normalizes, higher rates should translate into more attractive future returns for bond investors.

------

Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to seek attractive investment opportunities that will add to the funds' performance.

Brian Quigley, CFA

Portfolio Manager

John Madziyire, CFA,

Portfolio Manager

Vanguard Fixed Income Group

February 13, 2023

------

About Your Fund's Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.

A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund's costs in two ways:

**•** **Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.** 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

**•** **Based on hypothetical 5% yearly return. This section is intended to help you compare your fund's costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund's actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.** 

Note that the expenses shown in the table are meant to highlight and help you compare *ongoing* costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

------

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended January 31, 2023** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning<br> Account Value<br> 7/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending<br> Account Value<br> 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses<br> Paid During<br> Period |
| **Based on Actual Fund Return** |  |  |  |
| Short-Term Treasury Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$988.30 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral™ Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Short-Term Federal Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$990.10 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Intermediate-Term Treasury Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$971.10 | &nbsp;&nbsp;&nbsp;&nbsp;$0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Long-Term Treasury Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$929.70 | &nbsp;&nbsp;&nbsp;&nbsp;$0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| **Based on Hypothetical 5% Yearly Return** |  |  |  |
| Short-Term Treasury Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.20 | &nbsp;&nbsp;&nbsp;&nbsp;$1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Short-Term Federal Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.20 | &nbsp;&nbsp;&nbsp;&nbsp;$1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Intermediate-Term Treasury Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.20 | &nbsp;&nbsp;&nbsp;&nbsp;$1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Long-Term Treasury Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.20 | &nbsp;&nbsp;&nbsp;&nbsp;$1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |

---

The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the Short-Term Treasury Fund, 0.20% for Investor Shares and 0.10% for Admiral Shares; for the Short-Term Federal Fund, 0.20% for Investor Shares and 0.10% for Admiral Shares; for the Intermediate-Term Treasury Fund, 0.20% for Investor Shares and 0.10% for Admiral Shares; and for the Long-Term Treasury Fund, 0.20% for Investor Shares and 0.10% for Admiral Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

------

Short-Term Treasury Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1usgovbondfundsi002.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  |  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1usgovbondfundsi003.jpg) | &nbsp;&nbsp;&nbsp;Short-Term Treasury Fund Investor Shares | &nbsp;&nbsp;&nbsp;-3.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;$10675 |
| ![](tm234052d1usgovbondfundsi004.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. 1-5 Year Treasury Bond Index | &nbsp;&nbsp;&nbsp;-3.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10829 |
| ![](tm234052d1usgovbondfundsi005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| Short-Term Treasury Fund Admiral Shares | &nbsp;&nbsp;&nbsp;-2.99% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;$53910 |
| Bloomberg U.S. 1-5 Year Treasury Bond Index | &nbsp;&nbsp;&nbsp;-3.51 | &nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54143 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57651 |

---

See Financial Highlights for dividend and capital gains information.

------

Short-Term Treasury Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Government Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;9.1% |
| U.S. Government Securities | 90.9 |

---

The table reflects the fund's investments, except for short-term investments and derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

------

Short-Term Treasury Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **U.S. Government and Agency Obligations (98.9%)** | **U.S. Government and Agency Obligations (98.9%)** | **U.S. Government and Agency Obligations (98.9%)** | **U.S. Government and Agency Obligations (98.9%)** | **U.S. Government and Agency Obligations (98.9%)** | **U.S. Government and Agency Obligations (98.9%)** |
| **U.S. Government Securities (89.9%)** | **U.S. Government Securities (89.9%)** | **U.S. Government Securities (89.9%)** | **U.S. Government Securities (89.9%)** | **U.S. Government Securities (89.9%)** | **U.S. Government Securities (89.9%)** |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/8/23 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 17558 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/29/24 | 84600 | &nbsp;&nbsp;&nbsp;&nbsp;82260 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;174000 | &nbsp;&nbsp; 165599 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/24 | 95000 | &nbsp;&nbsp;&nbsp;&nbsp;92373 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/24 | 83300 | &nbsp;&nbsp; 79161 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/24 | 60000 | &nbsp;&nbsp;&nbsp;&nbsp;58069 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/24 | &nbsp;&nbsp;143000 | &nbsp;&nbsp; 138844 |
| <sup>1</sup> | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/24 | &nbsp;&nbsp;174000 | &nbsp;&nbsp; 169432 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/24 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;94562 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/24 | 80000 | &nbsp;&nbsp; 77850 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/24 | &nbsp;&nbsp;175000 | &nbsp;&nbsp; 169094 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24 | &nbsp;&nbsp;151000 | &nbsp;&nbsp; 145691 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp; 74373 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/24 | 50000 | &nbsp;&nbsp;&nbsp;&nbsp;48008 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/24 | 66000 | &nbsp;&nbsp;&nbsp;&nbsp;64577 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/24 | &nbsp;&nbsp;169000 | &nbsp;&nbsp; 163719 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/24 | 30000 | &nbsp;&nbsp; 28819 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/24 | 345600 | &nbsp;&nbsp;&nbsp;&nbsp;324540 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/24 | &nbsp;&nbsp;148000 | &nbsp;&nbsp; 139374 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp;118000 | &nbsp;&nbsp; 111197 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/25 | &nbsp;&nbsp; 17300 | &nbsp;&nbsp; 16376 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/25 | &nbsp;&nbsp; 57400 | &nbsp;&nbsp;&nbsp;&nbsp;55534 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/25 | &nbsp;&nbsp;289988 | &nbsp;&nbsp; 274855 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/28/25 | &nbsp;&nbsp; 57400 | &nbsp;&nbsp; 53974 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | 273000 | &nbsp;&nbsp;&nbsp;&nbsp;259862 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/25 | 254000 | &nbsp;&nbsp;&nbsp;&nbsp;246062 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp; 97375 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;120000 | &nbsp;&nbsp; 116550 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/25 | &nbsp;&nbsp;163000 | &nbsp;&nbsp; 149349 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | 250500 | &nbsp;&nbsp;&nbsp;&nbsp;244003 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;160100 | &nbsp;&nbsp; 156323 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;156500 | &nbsp;&nbsp; 153272 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/25 | 32000 | &nbsp;&nbsp; 29110 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/25 | 35000 | &nbsp;&nbsp;&nbsp;&nbsp;33939 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;168100 | &nbsp;&nbsp; 166235 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp; 97562 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | 51800 | &nbsp;&nbsp;&nbsp;&nbsp;52577 |

---

------

Short-Term Treasury Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/25 | &nbsp;&nbsp;191000 | &nbsp;&nbsp; 173094 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/26 | 20000 | &nbsp;&nbsp; 18044 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/28/26 | &nbsp;&nbsp;&nbsp;197100 | &nbsp;&nbsp; 178068 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/26 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp;42755 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/26 | 60000 | &nbsp;&nbsp; 54412 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/26 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp;66970 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/26 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 11379 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/26 | &nbsp;&nbsp;120000 | &nbsp;&nbsp; 107700 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/26 | &nbsp;&nbsp;110000 | &nbsp;&nbsp; 103228 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;121000 | &nbsp;&nbsp; 111925 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/26 | 88500 | &nbsp;&nbsp;&nbsp;&nbsp;79609 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;90203 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/26 | &nbsp;&nbsp;108100 | &nbsp;&nbsp;&nbsp;&nbsp;98253 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/26 | 38600 | &nbsp;&nbsp; 35198 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/26 | &nbsp;&nbsp;135000 | &nbsp;&nbsp; 122913 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/28/27 | 64200 | &nbsp;&nbsp; 59766 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/27 | 41000 | &nbsp;&nbsp;&nbsp;&nbsp;39488 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/28 | &nbsp;&nbsp; 12554 | &nbsp;&nbsp; 11165 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/28 | 22000 | &nbsp;&nbsp; 19532 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | 43400 | &nbsp;&nbsp;&nbsp;&nbsp;41827 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/28 | 30500 | &nbsp;&nbsp; 27031 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/28 | 75000 | &nbsp;&nbsp;&nbsp;&nbsp;65297 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/28 | 70000 | &nbsp;&nbsp;&nbsp;&nbsp;61272 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;**6067187** |
| **Conventional Mortgage-Backed Securities (5.1%)** | **Conventional Mortgage-Backed Securities (5.1%)** | **Conventional Mortgage-Backed Securities (5.1%)** | **Conventional Mortgage-Backed Securities (5.1%)** | **Conventional Mortgage-Backed Securities (5.1%)** | **Conventional Mortgage-Backed Securities (5.1%)** |
| <sup>2,3</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/26–11/1/52 | &nbsp;&nbsp; 1398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 |
| <sup>2,3,4</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/16/38 | 51000 | &nbsp;&nbsp; 50713 |
| <sup>2,3,4</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/16/38–3/13/53 | 204500 | &nbsp;&nbsp;&nbsp;&nbsp;204802 |
| <sup>2,3</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/52–1/1/53 | &nbsp;&nbsp; 83878 | &nbsp;&nbsp;&nbsp;&nbsp;84356 |
| <sup>2,3</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/52 | &nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**341767** |
| **Nonconventional Mortgage-Backed Securities (3.9%)** | **Nonconventional Mortgage-Backed Securities (3.9%)** | **Nonconventional Mortgage-Backed Securities (3.9%)** | **Nonconventional Mortgage-Backed Securities (3.9%)** | **Nonconventional Mortgage-Backed Securities (3.9%)** | **Nonconventional Mortgage-Backed Securities (3.9%)** |
| <sup>2,3</sup> | Fannie Mae REMICS | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/25/50–2/25/52 | &nbsp;&nbsp;&nbsp;117494 | &nbsp;&nbsp;&nbsp;&nbsp;94782 |
| <sup>2,3</sup> | Freddie Mac REMICS | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | 11/25/50–2/25/52 | &nbsp;&nbsp; 73038 | &nbsp;&nbsp;&nbsp;&nbsp;59083 |
| <sup>2,3</sup> | Freddie Mac REMICS | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/51 | &nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 |
| <sup>2</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | 11/20/50–12/20/51 | &nbsp;&nbsp;105135 | &nbsp;&nbsp;&nbsp;&nbsp;85529 |
| <sup>2</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | 5/20/51–12/20/51 | &nbsp;&nbsp; 6217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395 |
| <sup>2</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/20/51 | &nbsp;&nbsp; 13313 | &nbsp;&nbsp; 10487 |
| <sup>2</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/51 | &nbsp;&nbsp;&nbsp; 7211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 |
| <sup>2</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/51 | &nbsp;&nbsp; 2463 | &nbsp;&nbsp; 2108 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**262201** |
| **Total U.S. Government and Agency Obligations (Cost $6,829,413)** | **Total U.S. Government and Agency Obligations (Cost $6,829,413)** | **Total U.S. Government and Agency Obligations (Cost $6,829,413)** | **Total U.S. Government and Agency Obligations (Cost $6,829,413)** | **Total U.S. Government and Agency Obligations (Cost $6,829,413)** | **6671155** |

---

------

Short-Term Treasury Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Coupon | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** | **Temporary Cash Investments (0.1%)** |
| **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** | **Money Market Fund (0.1%)** |
| <sup>5</sup> | Vanguard Market Liquidity Fund **(Cost** $**8,449**) | &nbsp;&nbsp;&nbsp;&nbsp;4.437% | 84520 | **8451** |
| **Total Investments (99.0%) (Cost $6,837,862)** | **Total Investments (99.0%) (Cost $6,837,862)** | **Total Investments (99.0%) (Cost $6,837,862)** | **Total Investments (99.0%) (Cost $6,837,862)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6679606** |
| **Other Assets and Liabilities—Net (1.0%)** | **Other Assets and Liabilities—Net (1.0%)** | **Other Assets and Liabilities—Net (1.0%)** | **Other Assets and Liabilities—Net (1.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65370** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6744976** |
| 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 $12,963,000 have been segregated as initial margin for open futures contracts. |
| 2 | 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. |
| 3 | 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. |
| 4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2023. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | REMICS—Real Estate Mortgage Investment Conduits. |
|  | UMBS—Uniform Mortgage-Backed Securities. |

---

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2023 | 889 | &nbsp;&nbsp;182821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308) |
| 5-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;3946 | &nbsp;&nbsp;431070 | &nbsp;&nbsp;&nbsp;&nbsp;(1096) |
| 10-Year U.S. Treasury Note | March 2023 | 859 | &nbsp;&nbsp;&nbsp;&nbsp;98369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1766) |
| Short Futures Contracts |  |  |  |  |
| Long U.S. Treasury Bond | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;(166) | &nbsp;&nbsp;&nbsp;(21559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(555) |
| Ultra 10-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;(1117) | (135384) | &nbsp;&nbsp;76 |
| Ultra Long U.S. Treasury Bond | March 2023 | (1988) | (281799) | &nbsp;&nbsp;&nbsp;&nbsp;(8026) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(8505) |
|  |  |  |  | &nbsp;&nbsp;(10271) |

---

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

------

Short-Term Treasury Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $6,829,413) | &nbsp;&nbsp;6671155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $8,449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8451 |
| Total Investments in Securities | 6679606 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;991345 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33142 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9604 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| **Total Assets** | &nbsp;&nbsp;**7715773** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;955339 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12382 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**970797** |
| **Net Assets** | &nbsp;&nbsp;**6744976** |
| **At January 31, 2023, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;7242886 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(497910) |
| **Net Assets** | &nbsp;&nbsp;**6744976** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 56,986,943 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**569950** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 617,415,309 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **6175026** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |

---

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

------

Short-Term Treasury Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160940 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160940 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5586 |
| &nbsp;&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;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**153413** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300984) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(300398)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66677) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6311) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(72988)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(219973)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,316,000, $65,000, and $2,000, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Short-Term Treasury Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;153413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33805 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;(300398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24797) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(72988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127117) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(219973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118109) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(11429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(141900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47667) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(153329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51333) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(330361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(811375) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(314732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915979) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(688034) | &nbsp;&nbsp;&nbsp;(1085421) |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;**7433010** | &nbsp;&nbsp;&nbsp;&nbsp;**8518431** |
| **End of Period** | **6744976** | &nbsp;&nbsp;&nbsp;&nbsp;**7433010** |

---

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

------

Short-Term Treasury Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.54** | &nbsp;&nbsp;&nbsp;**$10.77** | &nbsp;&nbsp;&nbsp;**$10.64** | &nbsp;&nbsp;&nbsp;**$10.48** | &nbsp;&nbsp;&nbsp;**$10.49** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.227 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.009) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.218 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.228) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.156) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.228) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.54** | &nbsp;&nbsp;&nbsp;**$10.77** | &nbsp;&nbsp;&nbsp;**$10.64** | &nbsp;&nbsp;&nbsp;**$10.48** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-3.08%** | &nbsp;&nbsp;&nbsp;**-1.60%** | &nbsp;&nbsp;&nbsp;**3.35%** | &nbsp;&nbsp;&nbsp;**3.91%** | &nbsp;&nbsp;&nbsp;**2.11%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$570 | &nbsp;&nbsp;&nbsp;$582 | &nbsp;&nbsp;&nbsp;$701 | &nbsp;&nbsp;&nbsp;$655 | &nbsp;&nbsp;&nbsp;$671 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;2.18% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;284% | &nbsp;&nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;357% | &nbsp;&nbsp;&nbsp;340% | &nbsp;&nbsp;&nbsp;282% |

---

---

| | |
|:---|:---|
| 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 0.20%. |
| 4 | Includes 27%, 4%, 57%, 5%, and 37%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

------

Short-Term Treasury Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.54** | &nbsp;&nbsp;&nbsp;**$10.77** | &nbsp;&nbsp;&nbsp;**$10.64** | &nbsp;&nbsp;&nbsp;**$10.48** | &nbsp;&nbsp;&nbsp;**$10.49** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.238 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.010) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.228 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.238) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.156) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.238) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.54** | &nbsp;&nbsp;&nbsp;**$10.77** | &nbsp;&nbsp;&nbsp;**$10.64** | &nbsp;&nbsp;&nbsp;**$10.48** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-2.99%** | &nbsp;&nbsp;&nbsp;**-1.50%** | &nbsp;&nbsp;&nbsp;**3.46%** | &nbsp;&nbsp;&nbsp;**4.01%** | &nbsp;&nbsp;&nbsp;**2.21%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$6175 | &nbsp;&nbsp;&nbsp;$6851 | &nbsp;&nbsp;&nbsp;$7818 | &nbsp;&nbsp;&nbsp;$8243 | &nbsp;&nbsp;&nbsp;$7385 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;2.28% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;284% | &nbsp;&nbsp;&nbsp;213% | &nbsp;&nbsp;&nbsp;357% | &nbsp;&nbsp;&nbsp;340% | &nbsp;&nbsp;&nbsp;282% |

---

---

| | |
|:---|:---|
| 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 0.10%. |
| 4 | Includes 27%, 4%, 57%, 5%, and 37%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

------

Short-Term Treasury Fund

Notes to Financial Statements

Vanguard Short-Term Treasury 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.

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

**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 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. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.

At January 31, 2023, counterparties had deposited in segregated accounts cash of $141,000 in connection with TBA transactions.

------

Short-Term Treasury Fund

3. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.

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 year ended January 31, 2023, the fund's average investments in long and short futures contracts represented 11% and 5% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its 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.

------

Short-Term Treasury Fund

6. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, 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.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. 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.

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.

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Short-Term Treasury Fund

**B.** 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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $251,000, representing less than 0.01% of the fund's net assets and 0.10% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset
arrangements reduced the fund's expenses by $13,000 (an annual rate of less than 0.01% of average net assets).

**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 January 31, 2023, 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;6671155 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6671155 |
| Temporary Cash Investments | 8451 | &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;8451 |
| Total | 8451 | &nbsp;&nbsp;&nbsp;6671155 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6679606 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | 10347 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10347 |

---

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.

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Short-Term Treasury Fund

**E.** Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications
have no effect on net assets or net asset value per share.

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; and the inclusion of payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(317409) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;(180845) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;153329 | &nbsp;&nbsp;&nbsp;&nbsp;41730 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9603 |
| Total | &nbsp;&nbsp;&nbsp;153329 | &nbsp;&nbsp;&nbsp;&nbsp;51333 |

---

\* Includes short-term capital gains, if any.

As of January 31, 2023, 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;6860451 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34585 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(215430) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(180845) |

---

**F.** During the year ended January 31, 2023, the fund purchased $18,883,675,000 of investment securities and sold $18,576,583,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $0 and sales were $72,778,000, resulting in net

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Short-Term Treasury Fund

realized gain of $263,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;246805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13378 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| Redeemed | &nbsp;&nbsp;&nbsp;(241726) | &nbsp;&nbsp;&nbsp;&nbsp;(23778) | &nbsp;&nbsp;&nbsp;&nbsp;(251076) | &nbsp;&nbsp;&nbsp;&nbsp;(23483) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp;(104604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9786) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;2281386 | &nbsp;&nbsp;&nbsp;&nbsp;225040 | &nbsp;&nbsp;&nbsp;&nbsp;1662551 | &nbsp;&nbsp;&nbsp;&nbsp;155781 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;120863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3898 |
| Redeemed | (2732610) | &nbsp;&nbsp;(269877) | &nbsp;&nbsp;(2515629) | &nbsp;&nbsp;(235349) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(330361) | &nbsp;&nbsp;&nbsp;&nbsp;(32861) | &nbsp;&nbsp;&nbsp;&nbsp;(811375) | &nbsp;&nbsp;&nbsp;&nbsp;(75670) |

---

**H.** Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

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Short-Term Federal Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1usgovbondfundsi006.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  |  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1usgovbondfundsi003.jpg) | &nbsp;&nbsp;&nbsp;Short-Term Federal Fund Investor Shares | &nbsp;&nbsp;&nbsp;-3.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;$10857 |
| ![](tm234052d1usgovbondfundsi004.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. 1-5 Year Government Bond Index | &nbsp;&nbsp;&nbsp;-3.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10833 |
| ![](tm234052d1usgovbondfundsi005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| Short-Term Federal Fund Admiral Shares | &nbsp;&nbsp;&nbsp;-3.29% | &nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;$54828 |
| Bloomberg U.S. 1-5 Year Government Bond Index | &nbsp;&nbsp;&nbsp;-3.51 | &nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54166 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57651 |

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See Financial Highlights for dividend and capital gains information.

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Short-Term Federal Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Agency Bonds and Notes | 55.4% |
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;1.6 |
| Government Mortgage-Backed Securities | 18.7 |
| U.S. Government Securities | 24.3 |

---

The table reflects the fund's investments, except for short-term investments and derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

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Short-Term Federal Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **U.S. Government and Agency Obligations (102.3%)** | **U.S. Government and Agency Obligations (102.3%)** | **U.S. Government and Agency Obligations (102.3%)** | **U.S. Government and Agency Obligations (102.3%)** | **U.S. Government and Agency Obligations (102.3%)** | **U.S. Government and Agency Obligations (102.3%)** |
| **U.S. Government Securities (25.2%)** | **U.S. Government Securities (25.2%)** | **U.S. Government Securities (25.2%)** | **U.S. Government Securities (25.2%)** | **U.S. Government Securities (25.2%)** | **U.S. Government Securities (25.2%)** |
| <sup>1</sup> | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/24 | 250000 | &nbsp;&nbsp; 242734 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24 | 248000 | &nbsp;&nbsp; 242691 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/24 | &nbsp;&nbsp; 62500 | &nbsp;&nbsp; 62519 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp; 21400 | &nbsp;&nbsp; 20166 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/25 | &nbsp;&nbsp; 69600 | &nbsp;&nbsp; 65968 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp; 97125 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;161425 | &nbsp;&nbsp; 157238 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;103000 | &nbsp;&nbsp; 100570 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp; 53500 | &nbsp;&nbsp; 52397 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/25 | &nbsp;&nbsp; 41700 | &nbsp;&nbsp; 42026 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;110000 | &nbsp;&nbsp; 111650 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;20000 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/27 | &nbsp;&nbsp; 99200 | &nbsp;&nbsp; 101199 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/27 | 60000 | &nbsp;&nbsp; 60675 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/28 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 16926 |
|  |  |  |  |  | &nbsp;&nbsp;**1393884** |
| **Agency Bonds and Notes (57.6%)** | **Agency Bonds and Notes (57.6%)** | **Agency Bonds and Notes (57.6%)** | **Agency Bonds and Notes (57.6%)** | **Agency Bonds and Notes (57.6%)** | **Agency Bonds and Notes (57.6%)** |
| <sup>2</sup> | AID-Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/24 | &nbsp;&nbsp; 6905 | &nbsp;&nbsp; 6379 |
| <sup>3</sup> | Fannie Mae Interest Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 7151 |
| <sup>3</sup> | Fannie Mae Principal Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5154 |
|  | Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;0.680% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/9/26 | 275000 | &nbsp;&nbsp; 246676 |
|  | Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.830% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/10/27 | &nbsp;&nbsp;136475 | &nbsp;&nbsp; 120135 |
|  | Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/17/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp; 88090 |
|  | Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;1.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/24/27 | &nbsp;&nbsp; 10570 | &nbsp;&nbsp; 9386 |
|  | Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/26/27 | &nbsp;&nbsp;105695 | &nbsp;&nbsp; 93241 |
|  | Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.920% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/26/27 | &nbsp;&nbsp; 25900 | &nbsp;&nbsp; 22876 |
|  | Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;1.115% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/26/27 | &nbsp;&nbsp; 49145 | &nbsp;&nbsp; 43805 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/28/24 | &nbsp;&nbsp; 45950 | &nbsp;&nbsp; 45439 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/30/24 | 300000 | &nbsp;&nbsp; 295915 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/24/25 | 250000 | &nbsp;&nbsp; 250444 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/28/25 | &nbsp;&nbsp;226200 | &nbsp;&nbsp; 223050 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.320% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/21/25 | &nbsp;&nbsp;150000 | &nbsp;&nbsp; 148588 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;0.680% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/6/25 | &nbsp;&nbsp; 73100 | &nbsp;&nbsp; 66922 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/28/25 | &nbsp;&nbsp;125000 | &nbsp;&nbsp; 123103 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/28/25 | &nbsp;&nbsp; 52950 | &nbsp;&nbsp; 52220 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/28/25 | &nbsp;&nbsp;151000 | &nbsp;&nbsp; 148994 |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;0.640% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/24/25 | &nbsp;&nbsp;174650 | &nbsp;&nbsp; 158447 |

---

------

Short-Term Federal Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>3</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;0.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/30/25 | &nbsp;&nbsp;194850 | &nbsp;&nbsp; 176615 |
| <sup>3</sup> | Federal National Mortgage Assn. | &nbsp;&nbsp;&nbsp;&nbsp;0.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;138500 | &nbsp;&nbsp; 125472 |
| <sup>3</sup> | Federal National Mortgage Assn. | &nbsp;&nbsp;&nbsp;&nbsp;0.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;180495 | &nbsp;&nbsp; 163517 |
| <sup>3</sup> | Freddie Mac Coupon Strips | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp; 4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229 |
| <sup>3</sup> | Freddie Mac Principal Strips | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp; 21820 | &nbsp;&nbsp; 15818 |
|  | Private Export Funding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8577 |
|  | Private Export Funding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/15/28 | 26000 | &nbsp;&nbsp;&nbsp;&nbsp;22626 |
|  | Resolution Funding Corp. Interest Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp; 4155 | &nbsp;&nbsp; 3154 |
|  | Resolution Funding Corp. Principal Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;394377 | &nbsp;&nbsp;&nbsp;&nbsp;299644 |
|  | Resolution Funding Corp. Principal Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;227307 | &nbsp;&nbsp; 170904 |
|  | Tennessee Valley Authority | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/31 | 50000 | &nbsp;&nbsp; 40811 |
|  |  |  |  |  | &nbsp;&nbsp;**3186382** |
| **Conventional Mortgage-Backed Securities (14.0%)** | **Conventional Mortgage-Backed Securities (14.0%)** | **Conventional Mortgage-Backed Securities (14.0%)** | **Conventional Mortgage-Backed Securities (14.0%)** | **Conventional Mortgage-Backed Securities (14.0%)** | **Conventional Mortgage-Backed Securities (14.0%)** |
| <sup>3,4</sup> | Freddie Mac Gold Pool | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/28–6/1/30 | &nbsp;&nbsp; 2178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 |
| <sup>3,4</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/27–3/1/37 | &nbsp;&nbsp;114929 | &nbsp;&nbsp; 104703 |
| <sup>3,4</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/33–9/1/48 | &nbsp;&nbsp; 69258 | &nbsp;&nbsp; 67859 |
| <sup>3,4</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/34 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 175 |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/35 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 137 |
| <sup>3,4</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/35–12/1/36 | &nbsp;&nbsp;141562 | &nbsp;&nbsp; 125624 |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/38–3/13/53 | 354500 | &nbsp;&nbsp;&nbsp;&nbsp;356468 |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/16/38 | &nbsp;&nbsp; 64250 | &nbsp;&nbsp;&nbsp;&nbsp;63889 |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/52–3/13/53 | &nbsp;&nbsp; 54358 | &nbsp;&nbsp;&nbsp;&nbsp;54604 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**775488** |
| **Nonconventional Mortgage-Backed Securities (5.5%)** | **Nonconventional Mortgage-Backed Securities (5.5%)** | **Nonconventional Mortgage-Backed Securities (5.5%)** | **Nonconventional Mortgage-Backed Securities (5.5%)** | **Nonconventional Mortgage-Backed Securities (5.5%)** | **Nonconventional Mortgage-Backed Securities (5.5%)** |
| <sup>3,4</sup> | Fannie Mae REMICS | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/25/50–2/25/52 | &nbsp;&nbsp;108244 | &nbsp;&nbsp; 87154 |
| <sup>3,4</sup> | Fannie Mae REMICS | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/51 | &nbsp;&nbsp; 19394 | &nbsp;&nbsp; 12885 |
| <sup>3,4</sup> | Freddie Mac REMICS | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/25/50–2/25/52 | &nbsp;&nbsp; 95366 | &nbsp;&nbsp; 76361 |
| <sup>3,4</sup> | Freddie Mac REMICS | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/51 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 123 |
| <sup>4</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | 11/20/50–12/20/51 | &nbsp;&nbsp; 95215 | &nbsp;&nbsp; 77218 |
| <sup>4</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | 2/20/51–12/20/51 | &nbsp;&nbsp; 37195 | &nbsp;&nbsp;&nbsp;&nbsp;31637 |
| <sup>4</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/20/51 | &nbsp;&nbsp; 3244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 |
| <sup>4</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/51 | &nbsp;&nbsp; 17805 | &nbsp;&nbsp; 14046 |
| <sup>4</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/51 | &nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**302443** |
| **Total U.S. Government and Agency Obligations (Cost $5,972,942)** | **Total U.S. Government and Agency Obligations (Cost $5,972,942)** | **Total U.S. Government and Agency Obligations (Cost $5,972,942)** | **Total U.S. Government and Agency Obligations (Cost $5,972,942)** | **Total U.S. Government and Agency Obligations (Cost $5,972,942)** | **5658197** |
| **Asset-Backed/Commercial Mortgage-Backed Securities (1.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.6%)** |
| <sup>3,4</sup> | FHLMC Multifamily Structured Class A2 Series K044 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;2.811% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/25 | &nbsp;&nbsp; 15839 | &nbsp;&nbsp; 15342 |
| <sup>3,4</sup> | FHLMC Multifamily Structured Class A2 Series K045 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;3.023% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/25 | &nbsp;&nbsp; 9110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8846 |
| <sup>3,4</sup> | FHLMC Multifamily Structured Class A2 Series K046 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;3.205% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/25/25 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 16550 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K035 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.315% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/25/23 | &nbsp;&nbsp; 6351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K036 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.682% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/23 | &nbsp;&nbsp; 3321 | &nbsp;&nbsp; 11 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K037 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.909% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/24 | &nbsp;&nbsp; 57737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K038 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;1.076% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/25/24 | &nbsp;&nbsp; 2078 | &nbsp;&nbsp; 18 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K040 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.695% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/25/24 | &nbsp;&nbsp; 4053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.509% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/24 | &nbsp;&nbsp; 19426 | &nbsp;&nbsp; 168 |

---

------

Short-Term Federal Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.636% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.877% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/25 | &nbsp;&nbsp; 9911 | &nbsp;&nbsp; 201 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;1.156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/26 | &nbsp;&nbsp;116409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;1.345% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;3673 | &nbsp;&nbsp; 125 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;1.168% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/25/26 | &nbsp;&nbsp;132473 | &nbsp;&nbsp; 4188 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.915% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/25/26 | &nbsp;&nbsp; 6612 | &nbsp;&nbsp; 176 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.304% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;3004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.070% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/26 | &nbsp;&nbsp; 10940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.292% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/26 | &nbsp;&nbsp; 76970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.602% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.667% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/25/27 | 35209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K043 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.424% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;4272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K088 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.510% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/29 | 269300 | &nbsp;&nbsp; 7068 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K104 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/30 | 54936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K105 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;1.523% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/30 | 53080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K110 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;1.697% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/25/30 | &nbsp;&nbsp; 20212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K135 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.191% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/31 | 265725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K140 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.291% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/32 | &nbsp;&nbsp;127979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series K148 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/25/32 | &nbsp;&nbsp;164958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series KG02 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;1.021% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/25/29 | &nbsp;&nbsp; 15499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series KG04 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.851% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/30 | &nbsp;&nbsp; 10981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series KG05 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.312% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/31 | &nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series KG06 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.532% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/31 | 36977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series KG07 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.002% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/25/32 | 231600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series KIR1 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;1.037% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/25/26 | &nbsp;&nbsp; 88316 | &nbsp;&nbsp; 2416 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series KSG2 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.122% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/31 | 351262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 |
| <sup>3,4,6,7</sup> | FHLMC Multifamily Structured Class X1 Series KW10 Pass Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp;0.639% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/25/29 | 53409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 |
| **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $94,091)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $94,091)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $94,091)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $94,091)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $94,091)** | &nbsp;&nbsp;&nbsp;&nbsp;**91463** |

---

------

Short-Term Federal Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** |
| **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** |
| <sup>8</sup> | Vanguard Market Liquidity Fund **(Cost** $**63,254**) | &nbsp;&nbsp;&nbsp;&nbsp;4.437% |  | &nbsp;&nbsp;632708 | **63265** |
| **Total Investments (105.1%) (Cost $6,130,287)** | **Total Investments (105.1%) (Cost $6,130,287)** | **Total Investments (105.1%) (Cost $6,130,287)** | **Total Investments (105.1%) (Cost $6,130,287)** | **Total Investments (105.1%) (Cost $6,130,287)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5812925** |
|  |  |  | Maturity<br> Date | Face<br> Amount<br> ($000) |  |
| **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (-0.1%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (-0.1%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (-0.1%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (-0.1%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (-0.1%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (-0.1%)** |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/13/53 | &nbsp;&nbsp; (3168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3062) |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/13/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94) |
| **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $3,325)** | **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $3,325)** | **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $3,325)** | **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $3,325)** | **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $3,325)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3156)** |
| **Other Assets and Liabilities—Net (-5.0%)** | **Other Assets and Liabilities—Net (-5.0%)** | **Other Assets and Liabilities—Net (-5.0%)** | **Other Assets and Liabilities—Net (-5.0%)** | **Other Assets and Liabilities—Net (-5.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(277544)** |
| **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;**5532225** |
| 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 $23,654,000 have been segregated as initial margin for open futures contracts. |
| 2 | U.S. government-guaranteed. |
| 3 | 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. |
| 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 January 31, 2023. |
| 6 | Interest-only security. |
| 7 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
| 8 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | REMICS—Real Estate Mortgage Investment Conduits. |
|  | UMBS—Uniform Mortgage-Backed Securities. |

---

------

Short-Term Federal Fund

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;2435 | &nbsp;&nbsp;500754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363) |
| 5-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;2479 | &nbsp;&nbsp;270811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501) |
| Short Futures Contracts |  |  |  |  |
| 10-Year U.S. Treasury Note | March 2023 | (5692) | (651823) | &nbsp;&nbsp;&nbsp;&nbsp;(8143) |
| Long U.S. Treasury Bond | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;(164) | &nbsp;&nbsp;&nbsp;(21300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549) |
| Ultra 10-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;(1617) | (195985) | &nbsp;&nbsp;&nbsp;&nbsp;(1813) |
| Ultra Long U.S. Treasury Bond | March 2023 | &nbsp;&nbsp;(1376) | (195048) | &nbsp;&nbsp;&nbsp;&nbsp;(5242) |
|  |  |  |  | &nbsp;&nbsp;(15747) |
|  |  |  |  | &nbsp;&nbsp;(16248) |

---

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

------

Short-Term Federal Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $6,067,033) | &nbsp;&nbsp;5749660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $63,254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63265 |
| Total Investments in Securities | &nbsp;&nbsp;5812925 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;567696 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33186 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| **Total Assets** | **6420603** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;872986 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8188 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
| Liability for Sale Commitments, at Value (Proceeds $3,325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**888378** |
| **Net Assets** | **5532225** |
| **At January 31, 2023, net assets consisted of:** |  |
| Paid-in Capital | 6082041 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(549816) |
| **Net Assets** | **5532225** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 47,237,833 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**479315** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.15** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 497,978,685 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;**5052910** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.15** |

---

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

------

Short-Term Federal Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131155 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131155 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5340 |
| &nbsp;&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;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7306 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**123862** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324958) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129860 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(195098)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184392) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23802) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(208194)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(279430)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,300,000, $275,000, less than $1,000, and $11,000, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Short-Term Federal Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;123862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48756 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(195098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65459 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(208194) | &nbsp;&nbsp;&nbsp;&nbsp;(226583) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(279430) | &nbsp;&nbsp;&nbsp;&nbsp;(112368) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(114891) | &nbsp;&nbsp;&nbsp;&nbsp;(116874) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(124106) | &nbsp;&nbsp;&nbsp;&nbsp;(126946) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(103279) | &nbsp;&nbsp;&nbsp;&nbsp;(135375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(1830715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197355 |
| Net Increase (Decrease) from Capital Share Transactions | (1933994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61980 |
| Total Increase (Decrease) | &nbsp;&nbsp;(2337530) | &nbsp;&nbsp;&nbsp;&nbsp;(177334) |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**7869755** | &nbsp;&nbsp;&nbsp;**8047089** |
| **End of Period** | &nbsp;&nbsp;**5532225** | &nbsp;&nbsp;&nbsp;**7869755** |

---

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

------

Short-Term Federal Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.70** | &nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.79** | &nbsp;&nbsp;&nbsp;**$10.57** | &nbsp;&nbsp;&nbsp;**$10.55** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.208 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.021 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.229 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.209) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.042) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.209) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$10.15** | &nbsp;&nbsp;&nbsp;**$10.70** | &nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.79** | &nbsp;&nbsp;&nbsp;**$10.57** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-3.39%** | &nbsp;&nbsp;&nbsp;**-1.48%** | &nbsp;&nbsp;&nbsp;**3.71%** | &nbsp;&nbsp;&nbsp;**4.46%** | &nbsp;&nbsp;&nbsp;**2.20%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$479 | &nbsp;&nbsp;&nbsp;$612 | &nbsp;&nbsp;&nbsp;$767 | &nbsp;&nbsp;&nbsp;$623 | &nbsp;&nbsp;&nbsp;$622 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;1.98% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;442% | &nbsp;&nbsp;&nbsp;424% | &nbsp;&nbsp;&nbsp;663% | &nbsp;&nbsp;&nbsp;499% | &nbsp;&nbsp;&nbsp;327% |

---

---

| | |
|:---|:---|
| 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 0.20%. |
| 4 | Includes 86%, 87%, 180%, 32%, and 90%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

------

Short-Term Federal Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.70** | &nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.79** | &nbsp;&nbsp;&nbsp;**$10.57** | &nbsp;&nbsp;&nbsp;**$10.55** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.219 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.020 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.239 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.219) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.042) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.219) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$10.15** | &nbsp;&nbsp;&nbsp;**$10.70** | &nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.79** | &nbsp;&nbsp;&nbsp;**$10.57** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-3.29%** | &nbsp;&nbsp;&nbsp;**-1.38%** | &nbsp;&nbsp;&nbsp;**3.81%** | &nbsp;&nbsp;&nbsp;**4.56%** | &nbsp;&nbsp;&nbsp;**2.30%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$5053 | &nbsp;&nbsp;&nbsp;$7258 | &nbsp;&nbsp;&nbsp;$7280 | &nbsp;&nbsp;&nbsp;$4371 | &nbsp;&nbsp;&nbsp;$3963 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;2.08% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;442% | &nbsp;&nbsp;&nbsp;424% | &nbsp;&nbsp;&nbsp;663% | &nbsp;&nbsp;&nbsp;499% | &nbsp;&nbsp;&nbsp;327% |

---

---

| | |
|:---|:---|
| 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 0.10%. |
| 4 | Includes 86%, 87%, 180%, 32%, and 90%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

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Short-Term Federal Fund

Notes to Financial Statements

Vanguard Short-Term Federal 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.

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

**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 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. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.

At January 31, 2023, counterparties had deposited in segregated accounts securities with a value of $381,000 and cash of $611,000 in connection with TBA transactions.

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Short-Term Federal Fund

3. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.

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 year ended January 31, 2023, the fund's average investments in long and short futures contracts represented 15% and 19% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its 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.

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Short-Term Federal Fund

6. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, 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.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. 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.

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.

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Short-Term Federal Fund

**B.** 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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $209,000, representing less than 0.01% of the fund's net assets and 0.08% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset
arrangements reduced the fund's expenses by $13,000 (an annual rate of less than 0.01% of average net assets).

**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.**

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Short-Term Federal Fund

The following table summarizes the market value of the fund's investments and derivatives as of January 31, 2023, 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;5658197 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5658197 |
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91463 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91463 |
| Temporary Cash Investments | 63265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63265 |
| Total | 63265 | &nbsp;&nbsp;&nbsp;5749660 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5812925 |
| Liabilities |  |  |  |  |
| Conventional Mortgage-Backed Securities—Liability for Sale Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | 16248 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16248 |

---

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.** Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications
have no effect on net assets or net asset value per share.

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; and the inclusion of payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(232855) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;(317986) |

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Short-Term Federal Fund

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;124106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80883 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46063 |
| Total | &nbsp;&nbsp;&nbsp;124106 | &nbsp;&nbsp;&nbsp;&nbsp;126946 |

---

\* Includes short-term capital gains, if any.

As of January 31, 2023, gross unrealized appreciation and depreciation for investments, derivatives, and sale commitments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;6131079 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23028 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(341014) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(317986) |

---

**F.** During the year ended January 31, 2023, the fund purchased $30,757,313,000 of investment securities and sold $32,663,189,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $0 and sales were $75,101,000, resulting in net realized gain of $271,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;105918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20241 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(217415) | &nbsp;&nbsp;&nbsp;&nbsp;(21103) | &nbsp;&nbsp;&nbsp;&nbsp;(365658) | &nbsp;&nbsp;&nbsp;&nbsp;(33486) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;(103279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9966) | &nbsp;&nbsp;&nbsp;&nbsp;(135375) | &nbsp;&nbsp;&nbsp;&nbsp;(12424) |

---

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Short-Term Federal Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;2647414 | &nbsp;&nbsp;&nbsp;&nbsp;255182 | &nbsp;&nbsp;&nbsp;3483716 | &nbsp;&nbsp;&nbsp;&nbsp;318684 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9331 |
| Redeemed | (4576611) | &nbsp;&nbsp;(444960) | &nbsp;&nbsp;(3387746) | &nbsp;&nbsp;(310586) |
| Net Increase (Decrease)—Admiral Shares | (1830715) | &nbsp;&nbsp;(180125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17429 |

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**H.** Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

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Intermediate-Term Treasury Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1usgovbondfundsi007.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  |  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1usgovbondfundsi003.jpg) | &nbsp;&nbsp;&nbsp;Intermediate-Term Treasury Fund Investor Shares | &nbsp;&nbsp;&nbsp;-6.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;$11066 |
| ![](tm234052d1usgovbondfundsi004.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. 5-10 Year Treasury Bond Index | &nbsp;&nbsp;&nbsp;-8.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11175 |
| ![](tm234052d1usgovbondfundsi005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| Intermediate-Term Treasury Fund Admiral Shares | &nbsp;&nbsp;&nbsp;-6.66% | &nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;$55887 |
| Bloomberg U.S. 5-10 Year Treasury Bond Index | &nbsp;&nbsp;&nbsp;-8.37 | &nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55877 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57651 |

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See Financial Highlights for dividend and capital gains information.

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Intermediate-Term Treasury Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Agency Bonds and Notes | &nbsp;&nbsp;&nbsp;3.8% |
| Government Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;6.3 |
| U.S. Government Securities | 89.9 |

---

The table reflects the fund's investments, except for short-term investments and derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

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Intermediate-Term Treasury Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **U.S. Government and Agency Obligations (99.5%)** | **U.S. Government and Agency Obligations (99.5%)** | **U.S. Government and Agency Obligations (99.5%)** | **U.S. Government and Agency Obligations (99.5%)** | **U.S. Government and Agency Obligations (99.5%)** |
| **U.S. Government Securities (89.8%)** | **U.S. Government Securities (89.8%)** | **U.S. Government Securities (89.8%)** | **U.S. Government Securities (89.8%)** | **U.S. Government Securities (89.8%)** |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;132184 | &nbsp;&nbsp; 123716 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/28/26 | &nbsp;&nbsp;165100 | &nbsp;&nbsp; 149158 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/26 | 73000 | &nbsp;&nbsp;&nbsp;&nbsp;66407 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/26 | &nbsp;&nbsp;140000 | &nbsp;&nbsp; 126962 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/26 | 52300 | &nbsp;&nbsp;&nbsp;&nbsp;48786 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/26 | &nbsp;&nbsp;130300 | &nbsp;&nbsp;&nbsp; 117921 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/26 | 40300 | &nbsp;&nbsp; 38216 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/26 | &nbsp;&nbsp;103500 | &nbsp;&nbsp;&nbsp;&nbsp;93926 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/26 | 95000 | &nbsp;&nbsp;&nbsp;&nbsp;85262 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;123000 | &nbsp;&nbsp; 113775 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/26 | &nbsp;&nbsp;153200 | &nbsp;&nbsp; 137808 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5232 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/26 | 33000 | &nbsp;&nbsp;&nbsp;&nbsp;29994 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/26 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 13894 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/26 | &nbsp;&nbsp; 55100 | &nbsp;&nbsp;&nbsp;&nbsp;51708 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/26 | 80000 | &nbsp;&nbsp;&nbsp;&nbsp;72837 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/28/27 | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7168 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/27 | 58500 | &nbsp;&nbsp;&nbsp;&nbsp;50685 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | 28500 | &nbsp;&nbsp; 27342 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/29/28 | &nbsp;&nbsp;103940 | &nbsp;&nbsp;&nbsp;&nbsp;91987 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/28 | &nbsp;&nbsp;&nbsp;117900 | &nbsp;&nbsp; 104857 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/28 | &nbsp;&nbsp;122900 | &nbsp;&nbsp; 109112 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;104700 | &nbsp;&nbsp; 100905 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/28 | &nbsp;&nbsp;&nbsp;117500 | &nbsp;&nbsp; 104134 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/28 | &nbsp;&nbsp;137600 | &nbsp;&nbsp; 121755 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/28 | &nbsp;&nbsp;132500 | &nbsp;&nbsp; 115358 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;159700 | &nbsp;&nbsp; 153686 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | 50000 | &nbsp;&nbsp; 54516 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/28 | &nbsp;&nbsp;&nbsp;107150 | &nbsp;&nbsp;&nbsp;&nbsp;93790 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/28 | &nbsp;&nbsp;124700 | &nbsp;&nbsp; 109736 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/28 | &nbsp;&nbsp;136130 | &nbsp;&nbsp; 120475 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | &nbsp;&nbsp; 88100 | &nbsp;&nbsp;&nbsp;&nbsp;85829 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/28 | 31500 | &nbsp;&nbsp; 34114 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/28 | &nbsp;&nbsp;131089 | &nbsp;&nbsp; 116669 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/31/29 | &nbsp;&nbsp;154300 | &nbsp;&nbsp; 139015 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | 54500 | &nbsp;&nbsp;&nbsp;&nbsp;51605 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16270 |

---

------

Intermediate-Term Treasury Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/28/29 | &nbsp;&nbsp;109500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99269 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/29 | &nbsp;&nbsp;127750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119147 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/29 | &nbsp;&nbsp;124800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119769 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | 81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75482 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/31/29 | 95400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90868 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/29 | &nbsp;&nbsp;106500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104403 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/29 | 96400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91098 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/31/29 | 62500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60820 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/29 | 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46791 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/29 | 59200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60680 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/29 | 59500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60578 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/29 | 22600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23031 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | 22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20014 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87506 |
| <sup>1</sup> | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | 75300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61299 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | 65800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57236 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;117600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98637 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/31 | 88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74195 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/32 | 88900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78010 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/32 | &nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130492 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;140800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132484 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/32 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126262 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4902681** |
| **Agency Bonds and Notes (3.4%)** | **Agency Bonds and Notes (3.4%)** | **Agency Bonds and Notes (3.4%)** | **Agency Bonds and Notes (3.4%)** | **Agency Bonds and Notes (3.4%)** | **Agency Bonds and Notes (3.4%)** |
| <sup>2</sup> | AID-Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/24 | 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46192 |
| <sup>3</sup> | Fannie Mae Principal Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4417 |
| <sup>3</sup> | Freddie Mac Principal Strips | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp; 28909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20957 |
|  | Private Export Funding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/24 | &nbsp;&nbsp; 10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10154 |
|  | Private Export Funding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/15/28 | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19145 |
|  | Resolution Funding Corp. Principal Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11397 |
|  | Resolution Funding Corp. Principal Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | 98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73683 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**185945** |
| **Conventional Mortgage-Backed Securities (5.9%)** | **Conventional Mortgage-Backed Securities (5.9%)** | **Conventional Mortgage-Backed Securities (5.9%)** | **Conventional Mortgage-Backed Securities (5.9%)** | **Conventional Mortgage-Backed Securities (5.9%)** | **Conventional Mortgage-Backed Securities (5.9%)** |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/16/38 | 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95460 |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 2/16/38–3/13/53 | &nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142339 |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 9/1/52–3/13/53 | &nbsp;&nbsp; 84289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84726 |
| <sup>3,4</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/52 | &nbsp;&nbsp; 2381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2428 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**324953** |
| **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** |
| <sup>4</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/20/51 | &nbsp;&nbsp; 25352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19850 |
| **Total U.S. Government and Agency Obligations (Cost $5,620,273)** | **Total U.S. Government and Agency Obligations (Cost $5,620,273)** | **Total U.S. Government and Agency Obligations (Cost $5,620,273)** | **Total U.S. Government and Agency Obligations (Cost $5,620,273)** | **Total U.S. Government and Agency Obligations (Cost $5,620,273)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5433429** |
|  |  |  |  | Shares |  |
| **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** | **Temporary Cash Investments (1.6%)** |
| **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** |
| <sup>6</sup> | Vanguard Market Liquidity Fund **(Cost** $**87,020**) | &nbsp;&nbsp;&nbsp;&nbsp;4.437% |  | &nbsp;&nbsp;870448 | **87036** |
| **Total Investments (101.1%) (Cost $5,707,293)** | **Total Investments (101.1%) (Cost $5,707,293)** | **Total Investments (101.1%) (Cost $5,707,293)** | **Total Investments (101.1%) (Cost $5,707,293)** | **Total Investments (101.1%) (Cost $5,707,293)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5520465** |

---

------

Intermediate-Term Treasury Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (0.0%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (0.0%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (0.0%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (0.0%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (0.0%)** | **Conventional Mortgage-Backed Securities—Liability for Sale Commitments (0.0%)** |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/13/53 | &nbsp;&nbsp;&nbsp;&nbsp;(2466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2378) |
| <sup>3,4,5</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/13/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254) |
| **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $2,757)** | **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $2,757)** | **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $2,757)** | **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $2,757)** | **Total Conventional Mortgage-Backed Securities—Liability for Sale Commitments (Proceeds $2,757)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2632)** |
| **Other Assets and Liabilities—Net (-1.1%)** | **Other Assets and Liabilities—Net (-1.1%)** | **Other Assets and Liabilities—Net (-1.1%)** | **Other Assets and Liabilities—Net (-1.1%)** | **Other Assets and Liabilities—Net (-1.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(56567)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **5461266** |
| 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 $3,780,000 have been segregated as initial margin for open futures contracts. |
| 2 | U.S. government-guaranteed. |
| 3 | 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. |
| 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 January 31, 2023. |
| 6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | UMBS—Uniform Mortgage-Backed Securities. |

---

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 5-Year U.S. Treasury Note | March 2023 | 3262 | &nbsp;&nbsp;356348 | &nbsp;&nbsp;&nbsp;&nbsp;(853) |
| 10-Year U.S. Treasury Note | March 2023 | 923 | &nbsp;&nbsp;105698 | &nbsp;&nbsp;&nbsp;&nbsp;(320) |
| Ultra 10-Year U.S. Treasury Note | March 2023 | 234 | &nbsp;&nbsp;&nbsp;28362 | &nbsp;&nbsp;124 |
|  |  |  |  | &nbsp;&nbsp;(1049) |
| Short Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;&nbsp;(208) | &nbsp;&nbsp;&nbsp;(42775) | &nbsp;&nbsp;104 |
| Ultra Long U.S. Treasury Bond | March 2023 | &nbsp;&nbsp;&nbsp;(737) | (104470) | &nbsp;&nbsp;(1220) |
|  |  |  |  | &nbsp;&nbsp;(1116) |
|  |  |  |  | &nbsp;&nbsp;(2165) |

---

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

------

Intermediate-Term Treasury Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $5,620,273) | 5433429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $87,020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87036 |
| Total Investments in Securities | 5520465 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;631013 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28831 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28048 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| **Total Assets** | &nbsp;&nbsp;**6210418** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;740515 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 |
| Liability for Sale Commitments, at Value (Proceeds $2,757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**749152** |
| **Net Assets** | **5461266** |
| **At January 31, 2023, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;6186278 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(725012) |
| **Net Assets** | **5461266** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 59,581,147 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**605453** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 477,848,997 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **4855813** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.16** |

---

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

------

Intermediate-Term Treasury Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123810 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123810 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221 |
| &nbsp;&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;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117580** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436794) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45084) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(481878)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45389) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(43258)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(407556)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,003,000, $8,000, $1,000, and $17,000, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Intermediate-Term Treasury Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67910 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;(481878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47317) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(43258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244855) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(407556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224262) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(13002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(104545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69688) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(117547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79179) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(35077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(619102) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(124178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(776164) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(649281) | &nbsp;&nbsp;&nbsp;(1079605) |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;**6110547** | &nbsp;&nbsp;&nbsp;&nbsp;**7190152** |
| **End of Period** | **5461266** | &nbsp;&nbsp;&nbsp;&nbsp;**6110547** |

---

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

------

Intermediate-Term Treasury Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$11.12** | &nbsp;&nbsp;&nbsp;**$11.65** | &nbsp;&nbsp;&nbsp;**$11.57** | &nbsp;&nbsp;&nbsp;**$10.96** | &nbsp;&nbsp;&nbsp;**$10.88** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.260 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.081 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.341 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.261) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.429) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.261) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;**$11.12** | &nbsp;&nbsp;&nbsp;**$11.65** | &nbsp;&nbsp;&nbsp;**$11.57** | &nbsp;&nbsp;&nbsp;**$10.96** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-6.75%** | &nbsp;&nbsp;&nbsp;**-3.49%** | &nbsp;&nbsp;&nbsp;**5.50%** | &nbsp;&nbsp;&nbsp;**7.98%** | &nbsp;&nbsp;&nbsp;**3.20%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$605 | &nbsp;&nbsp;&nbsp;$757 | &nbsp;&nbsp;&nbsp;$953 | &nbsp;&nbsp;&nbsp;$917 | &nbsp;&nbsp;&nbsp;$837 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;2.42% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;175% | &nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;309% | &nbsp;&nbsp;&nbsp;214% | &nbsp;&nbsp;&nbsp;231% |

---

---

| | |
|:---|:---|
| 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 0.20%. |
| 4 | Includes 12%, 3%, 37%, 5%, and 35%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

------

Intermediate-Term Treasury Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$11.12** | &nbsp;&nbsp;&nbsp;**$11.65** | &nbsp;&nbsp;&nbsp;**$11.57** | &nbsp;&nbsp;&nbsp;**$10.96** | &nbsp;&nbsp;&nbsp;**$10.88** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.272 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.080 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.352 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.272) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.429) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.272) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$10.16** | &nbsp;&nbsp;&nbsp;**$11.12** | &nbsp;&nbsp;&nbsp;**$11.65** | &nbsp;&nbsp;&nbsp;**$11.57** | &nbsp;&nbsp;&nbsp;**$10.96** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-6.66%** | &nbsp;&nbsp;&nbsp;**-3.39%** | &nbsp;&nbsp;&nbsp;**5.60%** | &nbsp;&nbsp;&nbsp;**8.09%** | &nbsp;&nbsp;&nbsp;**3.30%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$4856 | &nbsp;&nbsp;&nbsp;$5353 | &nbsp;&nbsp;&nbsp;$6237 | &nbsp;&nbsp;&nbsp;$5452 | &nbsp;&nbsp;&nbsp;$4976 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;2.52% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;175% | &nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;309% | &nbsp;&nbsp;&nbsp;214% | &nbsp;&nbsp;&nbsp;231% |

---

---

| | |
|:---|:---|
| 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 0.10%. |
| 4 | Includes 12%, 3%, 37%, 5%, and 35%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

------

Intermediate-Term Treasury Fund

Notes to Financial Statements

Vanguard Intermediate-Term Treasury 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.

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

**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 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. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.

At January 31, 2023, counterparties had deposited in segregated accounts cash of $400,000 in connection with TBA transactions.

------

Intermediate-Term Treasury Fund

3. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.

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 year ended January 31, 2023, the fund's average investments in long and short futures contracts represented 8% and 3% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its 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.

------

Intermediate-Term Treasury Fund

6. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, 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.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. 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.

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.

------

Intermediate-Term Treasury Fund

**B.** 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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $198,000, representing less than 0.01% of the fund's net assets and 0.08% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset
arrangements reduced the fund's expenses by $11,000 (an annual rate of less than 0.01% of average net assets).

**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.**

------

Intermediate-Term Treasury Fund

The following table summarizes the market value of the fund's investments and derivatives as of January 31, 2023, 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;5433429 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5433429 |
| Temporary Cash Investments | 87036 | &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;87036 |
| Total | 87036 | &nbsp;&nbsp;&nbsp;5433429 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5520465 |
| Liabilities |  |  |  |  |
| Conventional Mortgage-Backed Securities—Liability for Sale Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | 2393 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2393 |

---

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.** Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications
have no effect on net assets or net asset value per share.

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; and the inclusion of payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(517841) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;(208359) |

---

------

Intermediate-Term Treasury Fund

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;117547 | &nbsp;&nbsp;&nbsp;&nbsp;67894 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11285 |
| Total | &nbsp;&nbsp;&nbsp;117547 | &nbsp;&nbsp;&nbsp;&nbsp;79179 |

---

\* Includes short-term capital gains, if any.

As of January 31, 2023, gross unrealized appreciation and depreciation for investments, derivatives, and sale commitments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5728949 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79617 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287976) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(208359) |

---

**F.** During the year ended January 31, 2023, the fund purchased $9,609,036,000 of investment securities and sold $9,397,798,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $0 and sales were $57,810,000, resulting in net realized gain of $209,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;113533 | &nbsp;&nbsp;&nbsp;&nbsp;11014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12220 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |
| Redeemed | &nbsp;&nbsp;&nbsp;(214398) | &nbsp;&nbsp;&nbsp;(20652) | &nbsp;&nbsp;&nbsp;&nbsp;(305385) | &nbsp;&nbsp;&nbsp;&nbsp;(26773) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(89101) | &nbsp;&nbsp;&nbsp;&nbsp;(8493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157062) | &nbsp;&nbsp;&nbsp;&nbsp;(13783) |

---

------

Intermediate-Term Treasury Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1596237 | &nbsp;&nbsp;&nbsp;154834 | &nbsp;&nbsp;&nbsp;&nbsp;1293679 | &nbsp;&nbsp;&nbsp;&nbsp;113258 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 |
| Redeemed | (1720785) | &nbsp;&nbsp;(167012) | &nbsp;&nbsp;(1970526) | &nbsp;&nbsp;(172606) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(35077) | &nbsp;&nbsp;&nbsp;&nbsp;(3457) | &nbsp;&nbsp;&nbsp;&nbsp;(619102) | &nbsp;&nbsp;&nbsp;&nbsp;(54278) |

---

**H.** Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

------

Long-Term Treasury Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1usgovbondfundsi008.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  |  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1usgovbondfundsi003.jpg) | &nbsp;&nbsp;&nbsp;Long-Term Treasury Fund Investor Shares | &nbsp;&nbsp;&nbsp;-21.78% | &nbsp;&nbsp;&nbsp;&nbsp;-0.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;$11586 |
| ![](tm234052d1usgovbondfundsi004.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Long Treasury Bond Index | &nbsp;&nbsp;&nbsp;-21.47 | &nbsp;&nbsp;&nbsp;&nbsp;-0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11711 |
| ![](tm234052d1usgovbondfundsi005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| Long-Term Treasury Fund Admiral Shares | &nbsp;&nbsp;&nbsp;-21.70% | &nbsp;&nbsp;&nbsp;-0.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;$58512 |
| Bloomberg U.S. Long Treasury Bond Index | &nbsp;&nbsp;&nbsp;-21.47 | &nbsp;&nbsp;&nbsp;-0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58557 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57651 |

---

See Financial Highlights for dividend and capital gains information.

------

Long-Term Treasury Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Agency Bonds and Notes | &nbsp;&nbsp;&nbsp;8.3% |
| Government Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;4.9 |
| U.S. Government Securities | 86.8 |

---

The table reflects the fund's investments, except for short-term investments and derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

------

Long-Term Treasury Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **U.S. Government and Agency Obligations (102.9%)** | **U.S. Government and Agency Obligations (102.9%)** | **U.S. Government and Agency Obligations (102.9%)** | **U.S. Government and Agency Obligations (102.9%)** | **U.S. Government and Agency Obligations (102.9%)** |
| **U.S. Government Securities (91.1%)** | **U.S. Government Securities (91.1%)** | **U.S. Government Securities (91.1%)** | **U.S. Government Securities (91.1%)** | **U.S. Government Securities (91.1%)** |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/29 | 45500 | &nbsp;&nbsp;&nbsp;&nbsp;46637 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/39 | 63700 | &nbsp;&nbsp;&nbsp;&nbsp;68945 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/39 | 65000 | &nbsp;&nbsp;&nbsp;&nbsp;72434 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/40 | &nbsp;&nbsp; 55650 | &nbsp;&nbsp; 37059 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/40 | 85300 | &nbsp;&nbsp; 56511 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/40 | &nbsp;&nbsp; 9791 | &nbsp;&nbsp; 10075 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/40 | 52900 | &nbsp;&nbsp;&nbsp;&nbsp;36551 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/40 | 31000 | &nbsp;&nbsp;&nbsp;&nbsp;33422 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/41 | 71800 | &nbsp;&nbsp;&nbsp;&nbsp;53895 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/41 | 99700 | &nbsp;&nbsp; 79417 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/41 | &nbsp;&nbsp; 12863 | &nbsp;&nbsp; 14089 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/41 | &nbsp;&nbsp;&nbsp;107190 | &nbsp;&nbsp; 77981 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/41 | &nbsp;&nbsp; 12770 | &nbsp;&nbsp; 12838 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/41 | &nbsp;&nbsp;113200 | &nbsp;&nbsp;&nbsp;&nbsp;85944 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/41 | 21900 | &nbsp;&nbsp;&nbsp;&nbsp;20059 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/42 | 43500 | &nbsp;&nbsp; 35174 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/42 | 36000 | &nbsp;&nbsp;&nbsp;&nbsp;32873 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/42 | 33800 | &nbsp;&nbsp; 30193 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/42 | &nbsp;&nbsp; 66780 | &nbsp;&nbsp; 61918 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/42 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp;31658 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/42 | 61000 | &nbsp;&nbsp; 57645 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/42 | 44000 | &nbsp;&nbsp; 37565 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/42 | 40400 | &nbsp;&nbsp;&nbsp;&nbsp;41751 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/43 | &nbsp;&nbsp; 45111 | &nbsp;&nbsp;&nbsp;&nbsp;40889 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/43 | &nbsp;&nbsp; 52046 | &nbsp;&nbsp;&nbsp;&nbsp;45272 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/43 | &nbsp;&nbsp; 34264 | &nbsp;&nbsp;&nbsp;&nbsp;33504 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/43 | &nbsp;&nbsp; 10557 | &nbsp;&nbsp; 10501 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/44 | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;24383 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/44 | 29500 | &nbsp;&nbsp; 27675 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/44 | &nbsp;&nbsp; 59449 | &nbsp;&nbsp;&nbsp;&nbsp;53541 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/44 | &nbsp;&nbsp; 57651 | &nbsp;&nbsp;&nbsp;&nbsp;50823 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/45 | 51900 | &nbsp;&nbsp;&nbsp;&nbsp;41820 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/45 | &nbsp;&nbsp; 40205 | &nbsp;&nbsp;&nbsp;&nbsp;35368 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/45 | &nbsp;&nbsp; 48963 | &nbsp;&nbsp; 42116 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/45 | &nbsp;&nbsp; 32100 | &nbsp;&nbsp; 28213 |
| United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/46 | &nbsp;&nbsp; 4795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 |

---

------

Long-Term Treasury Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/46 | &nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/46 | 45600 | &nbsp;&nbsp;&nbsp;&nbsp;34799 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/46 | &nbsp;&nbsp; 19969 | &nbsp;&nbsp; 17182 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/47 | &nbsp;&nbsp; 44998 | &nbsp;&nbsp;&nbsp;&nbsp;39577 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/47 | &nbsp;&nbsp; 1637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/47 | &nbsp;&nbsp; 25230 | &nbsp;&nbsp; 21185 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/47 | &nbsp;&nbsp; 22690 | &nbsp;&nbsp; 19059 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/48 | &nbsp;&nbsp; 61533 | &nbsp;&nbsp;&nbsp;&nbsp;54226 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/48 | &nbsp;&nbsp; 99961 | &nbsp;&nbsp; 94401 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/49 | &nbsp;&nbsp; 37920 | &nbsp;&nbsp;&nbsp;&nbsp;33524 |
| <sup>1</sup> | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/49 | &nbsp;&nbsp; 43761 | &nbsp;&nbsp; 37765 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/49 | 66500 | &nbsp;&nbsp; 50374 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/49 | 44400 | &nbsp;&nbsp;&nbsp;&nbsp;34528 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/50 | 66000 | &nbsp;&nbsp; 47128 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/50 | 85600 | &nbsp;&nbsp;&nbsp;&nbsp;50277 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/50 | &nbsp;&nbsp;109797 | &nbsp;&nbsp;&nbsp;&nbsp;66530 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/50 | &nbsp;&nbsp;128012 | &nbsp;&nbsp; 82768 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/51 | &nbsp;&nbsp;125900 | &nbsp;&nbsp; 86714 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/51 | 72400 | &nbsp;&nbsp;&nbsp;&nbsp;56053 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/51 | &nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;84341 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/51 | &nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;84370 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/52 | &nbsp;&nbsp;112000 | &nbsp;&nbsp; 84123 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/52 | &nbsp;&nbsp;102000 | &nbsp;&nbsp; 87879 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/52 | 78500 | &nbsp;&nbsp;&nbsp;&nbsp;69423 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/52 | 52000 | &nbsp;&nbsp;&nbsp;&nbsp;55607 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;**2767169** |
| **Agency Bonds and Notes (6.7%)** | **Agency Bonds and Notes (6.7%)** | **Agency Bonds and Notes (6.7%)** | **Agency Bonds and Notes (6.7%)** | **Agency Bonds and Notes (6.7%)** | **Agency Bonds and Notes (6.7%)** |
| <sup>2</sup> | Fannie Mae Principal Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/6/38 | 36000 | &nbsp;&nbsp; 18841 |
|  | Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3.820% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/37 | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;23623 |
|  | Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/8/37 | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;24064 |
| <sup>2</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/14/29 | 20000 | &nbsp;&nbsp; 15339 |
| <sup>2</sup> | Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/38 | &nbsp;&nbsp; 14465 | &nbsp;&nbsp; 7450 |
| <sup>2</sup> | Federal National Mortgage Assn. | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/30 | 55000 | &nbsp;&nbsp;&nbsp;&nbsp;40493 |
| <sup>2</sup> | Federal National Mortgage Assn. | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/3/33 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 5144 |
| <sup>2</sup> | Freddie Mac Principal Strips | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | 75000 | &nbsp;&nbsp;&nbsp;&nbsp;54369 |
|  | Resolution Funding Corp. Principal Strip | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | 20000 | &nbsp;&nbsp; 15196 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**204519** |
| **Conventional Mortgage-Backed Securities (4.7%)** | **Conventional Mortgage-Backed Securities (4.7%)** | **Conventional Mortgage-Backed Securities (4.7%)** | **Conventional Mortgage-Backed Securities (4.7%)** | **Conventional Mortgage-Backed Securities (4.7%)** | **Conventional Mortgage-Backed Securities (4.7%)** |
| <sup>2,3</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | 3/1/23–10/1/52 | &nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 |
| <sup>2,3,4</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 2/13/53–3/13/53 | 99000 | &nbsp;&nbsp; 97738 |
| <sup>2,3,4</sup> | UMBS Pool | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/13/53 | &nbsp;&nbsp; 43750 | &nbsp;&nbsp;&nbsp;&nbsp;43877 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**142297** |
| **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** | **Nonconventional Mortgage-Backed Securities (0.4%)** |
| <sup>3</sup> | Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/20/51 | &nbsp;&nbsp; 13651 | &nbsp;&nbsp; 10688 |
| **Total U.S. Government and Agency Obligations (Cost $3,634,341)** | **Total U.S. Government and Agency Obligations (Cost $3,634,341)** | **Total U.S. Government and Agency Obligations (Cost $3,634,341)** | **Total U.S. Government and Agency Obligations (Cost $3,634,341)** | **Total U.S. Government and Agency Obligations (Cost $3,634,341)** | **3124673** |

---

------

Long-Term Treasury Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Coupon | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** | **Temporary Cash Investments (0.3%)** |
| **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** | **Money Market Fund (0.3%)** |
| <sup>5</sup> | Vanguard Market Liquidity Fund **(Cost** $**9,460**) | &nbsp;&nbsp;&nbsp;&nbsp;4.437% | 94623 | **9461** |
| **Total Investments (103.2%) (Cost $3,643,801)** | **Total Investments (103.2%) (Cost $3,643,801)** | **Total Investments (103.2%) (Cost $3,643,801)** | **Total Investments (103.2%) (Cost $3,643,801)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3134134** |
| **Other Assets and Liabilities—Net (-3.2%)** | **Other Assets and Liabilities—Net (-3.2%)** | **Other Assets and Liabilities—Net (-3.2%)** | **Other Assets and Liabilities—Net (-3.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(96505)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3037629** |
| 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 $7,864,000 have been segregated as initial margin for open futures contracts. |
| 2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
| 3 | 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. |
| 4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2023. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | UMBS—Uniform Mortgage-Backed Securities. |

---

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 5-Year U.S. Treasury Note | March 2023 | 1241 | 135570 | &nbsp;&nbsp;&nbsp;&nbsp;(485) |
| Ultra Long U.S. Treasury Bond | March 2023 | 1022 | 144869 | &nbsp;&nbsp;2666 |
|  |  |  |  | &nbsp;&nbsp;2181 |
| Short Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;(21182) | &nbsp;&nbsp;51 |
| 10-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;&nbsp;(521) | &nbsp;&nbsp;(59663) | &nbsp;&nbsp;&nbsp;&nbsp;(825) |
| Long U.S. Treasury Bond | March 2023 | &nbsp;&nbsp;&nbsp;(267) | &nbsp;&nbsp;(34677) | &nbsp;&nbsp;33 |
| Ultra 10-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;&nbsp;(788) | &nbsp;&nbsp;(95508) | &nbsp;&nbsp;&nbsp;&nbsp;(238) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(979) |
|  |  |  |  | &nbsp;&nbsp;1202 |

---

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

------

Long-Term Treasury Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $3,634,341) | &nbsp;&nbsp;3124673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $9,460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9461 |
| Total Investments in Securities | &nbsp;&nbsp;3134134 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;232766 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29766 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| **Total Assets** | **3400242** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;359701 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**362613** |
| **Net Assets** | &nbsp;&nbsp;**3037629** |
| **At January 31, 2023, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;3963726 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(926097) |
| **Net Assets** | &nbsp;&nbsp;**3037629** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 61,320,904 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;**574060** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.36** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 263,157,676 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;**2463569** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.36** |

---

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

------

Long-Term Treasury Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84923 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84923 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 |
| &nbsp;&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;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81317** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259022) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27629) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(286651)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583437) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(579884)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(785218)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $576,000, less than $1,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Long-Term Treasury Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77072 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;(286651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95059) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(579884) | &nbsp;&nbsp;&nbsp;&nbsp;(184702) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(785218) | &nbsp;&nbsp;&nbsp;&nbsp;(202689) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(15599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(65502) | &nbsp;&nbsp;&nbsp;&nbsp;(143859) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81101) | &nbsp;&nbsp;&nbsp;&nbsp;(181670) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;198905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37268) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;199802 | &nbsp;&nbsp;&nbsp;&nbsp;(134817) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(666517) | &nbsp;&nbsp;&nbsp;&nbsp;(519176) |
| **Net Assets** |  |  |
| **Beginning of Period** | **3704146** | &nbsp;&nbsp;&nbsp;**4223322** |
| **End of Period** | &nbsp;&nbsp;**3037629** | &nbsp;&nbsp;&nbsp;**3704146** |

---

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

------

Long-Term Treasury Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$12.29** | &nbsp;&nbsp;&nbsp;**$13.55** | &nbsp;&nbsp;&nbsp;**$14.05** | &nbsp;&nbsp;&nbsp;**$11.86** | &nbsp;&nbsp;&nbsp;**$11.96** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.334 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.100) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.234 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.334) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.036) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.334) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;&nbsp;**$12.29** | &nbsp;&nbsp;&nbsp;**$13.55** | &nbsp;&nbsp;&nbsp;**$14.05** | &nbsp;&nbsp;&nbsp;**$11.86** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-21.78%** | &nbsp;&nbsp;&nbsp;**-4.92%** | &nbsp;&nbsp;&nbsp;**6.41%** | &nbsp;&nbsp;&nbsp;**21.84%** | &nbsp;&nbsp;&nbsp;**2.05%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$574 | &nbsp;&nbsp;&nbsp;$750 | &nbsp;&nbsp;&nbsp;$931 | &nbsp;&nbsp;&nbsp;$971 | &nbsp;&nbsp;&nbsp;$794 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;2.89% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;107% | &nbsp;&nbsp;&nbsp;106% | &nbsp;&nbsp;&nbsp;172% | &nbsp;&nbsp;&nbsp;96%<sup>5</sup> | &nbsp;&nbsp;&nbsp;122% |

---

---

| | |
|:---|:---|
| 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 0.20%. |
| 4 | Includes 17%, 2%, 26%, 4%, and 34%, 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. |

---

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

------

Long-Term Treasury Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$12.29** | &nbsp;&nbsp;&nbsp;**$13.55** | &nbsp;&nbsp;&nbsp;**$14.05** | &nbsp;&nbsp;&nbsp;**$11.86** | &nbsp;&nbsp;&nbsp;**$11.96** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.346 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.100) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.246 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.346) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.036) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.346) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.36** | &nbsp;&nbsp;&nbsp;**$12.29** | &nbsp;&nbsp;&nbsp;**$13.55** | &nbsp;&nbsp;&nbsp;**$14.05** | &nbsp;&nbsp;&nbsp;**$11.86** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-21.70%** | &nbsp;&nbsp;&nbsp;**-4.82%** | &nbsp;&nbsp;&nbsp;**6.51%** | &nbsp;&nbsp;&nbsp;**21.96%** | &nbsp;&nbsp;&nbsp;**2.16%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$2464 | &nbsp;&nbsp;&nbsp;$2954 | &nbsp;&nbsp;&nbsp;$3292 | &nbsp;&nbsp;&nbsp;$3071 | &nbsp;&nbsp;&nbsp;$2532 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;2.99% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;107% | &nbsp;&nbsp;&nbsp;106% | &nbsp;&nbsp;&nbsp;172% | &nbsp;&nbsp;&nbsp;96%<sup>5</sup> | &nbsp;&nbsp;&nbsp;122% |

---

---

| | |
|:---|:---|
| 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 0.10%. |
| 4 | Includes 17%, 2%, 26%, 4%, and 34%, 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. |

---

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

------

Long-Term Treasury Fund

Notes to Financial Statements

Vanguard Long-Term Treasury 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.

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

**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. 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. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.

At January 31, 2023, counterparties had deposited in segregated accounts securities with a value of $418,000 in connection with TBA transactions.

------

Long-Term Treasury Fund

3. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.

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 year ended January 31, 2023, the fund's average investments in long and short futures contracts represented 8% and 9% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its 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.

------

Long-Term Treasury Fund

6. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, 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.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. 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 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.

------

Long-Term Treasury Fund

**B.** 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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $107,000, representing less than 0.01% of the fund's net assets and 0.04% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset
arrangements reduced the fund's expenses by $5,000 (an annual rate of less than 0.01% of average net assets).

**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 January 31, 2023, 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;3124673 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3124673 |
| Temporary Cash Investments | 9461 | &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;9461 |
| Total | 9461 | &nbsp;&nbsp;&nbsp;3124673 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3134134 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 2750 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2750 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | 1548 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1548 |

---

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.

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Long-Term Treasury Fund

**E.** Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications
have no effect on net assets or net asset value per share.

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; and the inclusion of payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(365955) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;(560216) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;81101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77325 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;104345 |
| Total | &nbsp;&nbsp;&nbsp;81101 | &nbsp;&nbsp;&nbsp;&nbsp;181670 |

---

\* Includes short-term capital gains, if any.

As of January 31, 2023, 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;3694351 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41877 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(602093) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(560216) |

---

**F.** During the year ended January 31, 2023, the fund purchased $3,539,680,000 of investment securities and sold $3,257,683,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $0 and sales were $31,486,000, resulting in net

------

Long-Term Treasury Fund

realized gain of $114,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;158597 | &nbsp;&nbsp;&nbsp;&nbsp;16242 | &nbsp;&nbsp;&nbsp;&nbsp;147473 | &nbsp;&nbsp;&nbsp;&nbsp;11701 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;14592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954 |
| Redeemed | (172292) | &nbsp;&nbsp;&nbsp;(17446) | &nbsp;&nbsp;(280700) | &nbsp;&nbsp;(22357) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;(97549) | &nbsp;&nbsp;&nbsp;&nbsp;(7702) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;762171 | &nbsp;&nbsp;&nbsp;&nbsp;79384 | &nbsp;&nbsp;&nbsp;&nbsp;815470 | &nbsp;&nbsp;&nbsp;&nbsp;65179 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;57321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902 | &nbsp;&nbsp;&nbsp;&nbsp;128719 | &nbsp;&nbsp;&nbsp;&nbsp;10646 |
| Redeemed | (620587) | &nbsp;&nbsp;(62587) | &nbsp;&nbsp;(981457) | &nbsp;&nbsp;(78341) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;198905 | &nbsp;&nbsp;&nbsp;&nbsp;22699 | &nbsp;&nbsp;&nbsp;&nbsp;(37268) | &nbsp;&nbsp;&nbsp;&nbsp;(2516) |

---

**H.** Management has determined that no other events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Fixed Income Securities Funds and Shareholders of Vanguard Short-Term Treasury Fund, Vanguard Short-Term Federal Fund, Vanguard Intermediate-Term Treasury Fund and Vanguard Long-Term Treasury Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard Short-Term Treasury Fund, Vanguard Short-Term Federal Fund, Vanguard Intermediate-Term Treasury Fund and Vanguard Long-Term Treasury Fund (four of the funds constituting Vanguard Fixed Income Securities Funds, hereafter collectively referred to as the "Funds") as of January 31, 2023, the related statements of operations for the year ended January 31, 2023, the statements of changes in net assets for each of the two years in the period ended January 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2023 and each of the financial highlights for each of the five years in the period ended January 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> March 23, 2023

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

#### Tax information (unaudited)
The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Short-Term Treasury Fund | &nbsp;&nbsp;&nbsp;140427 |
| Short-Term Federal Fund | &nbsp;&nbsp;&nbsp;&nbsp;62679 |
| Intermediate-Term Treasury Fund | &nbsp;&nbsp;&nbsp;112783 |
| Long-Term Treasury Fund | &nbsp;&nbsp;&nbsp;&nbsp;76870 |

---

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the regulations thereunder for the fiscal year.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Short-Term Treasury Fund | &nbsp;&nbsp;&nbsp;100.0% |
| Short-Term Federal Fund | &nbsp;&nbsp;&nbsp;&nbsp;99.8 |
| Intermediate-Term Treasury Fund | &nbsp;&nbsp;&nbsp;100.0 |
| Long-Term Treasury Fund | &nbsp;&nbsp;&nbsp;100.0 |

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The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.

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| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Short-Term Treasury Fund | &nbsp;&nbsp;&nbsp;98.9% |
| Short-Term Federal Fund | &nbsp;&nbsp;&nbsp;99.2 |
| Intermediate-Term Treasury Fund | &nbsp;&nbsp;&nbsp;&nbsp;97.9 |
| Long-Term Treasury Fund | &nbsp;&nbsp;&nbsp;99.4 |

---

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"Bloomberg®," Bloomberg U.S. 1–5 Year Treasury Bond Index, Bloomberg U.S. 1–5 Year Government Bond Index, Bloomberg U.S. 5–10 Year Treasury Bond Index, and Bloomberg U.S. Long Treasury Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).

The U.S. Government Bond Funds are not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the U.S. Government Bond Funds or any member of the public regarding the advisability of investing in securities generally or in the U.S. Government Bond Funds particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg U.S. 1–5 Year Treasury Bond Index, Bloomberg U.S. 1–5 Year Government Bond Index, Bloomberg U.S. 5–10 Year Treasury Bond Index, and Bloomberg U.S. Long Treasury Bond Index (the Indices), which are determined, composed and calculated by BISL without regard to Vanguard or the U.S. Government Bond Funds. Bloomberg has no obligation to take the needs of Vanguard or the owners of the U.S. Government Bond Funds into consideration in determining, composing or calculating the Indices. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the U.S. Government Bond Funds to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to U.S. Government Bond Funds customers, in connection with the administration, marketing or trading of the U.S. Government Bond Funds.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE U.S. GOVERNMENT BOND FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE U.S. GOVERNMENT BOND FUNDS OR THE INDICES OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.© 2023 Bloomberg.

Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund's trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the *Statement of Additional Information*, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

#### Interested Trustee<sup>1</sup>

#### Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.

#### Independent Trustees

#### Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University's Leavey School of Business.

#### Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (global industrial company). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.

#### Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other

1 Mr. Buckley is considered an "interested person," as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

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experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM's Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

#### Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. (investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment Committee, and the board of directors of Paxos Trust Company (finance).

#### Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.

#### André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).

#### Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School

(2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Corporation Ltd. (climate policy advisory services). Member of the board of directors of Arcadia Corporation (energy solution technology).

#### David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.

#### Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

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#### Executive Officers

#### Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street.

#### Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

#### John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).

#### Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

#### Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

#### Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director of the board of National Grid (energy).

#### Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

#### Vanguard Senior Management Team

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| | |
|:---|:---|
| **Matthew Benchener** | **Thomas M. Rampulla** |
| **Joseph Brennan** | **Karin A. Risi** |
| **Mortimer J. Buckley** | **Anne E. Robinson** |
| **Gregory Davis** | **Michael Rollings** |
| **John James** | **Nitin Tandon** |
| **Chris D. Mclsaac** | **Lauren Valente** |

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![](tm234052d1usgovbondfundsi009.jpg)

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

#### Fund Information > 800-662-7447

#### Direct Investor Account Services > 800-662-2739

#### Institutional Investor Services > 800-523-1036

#### Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund's current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard's proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC's website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC's website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

#### CFA<sup>®</sup> is a registered trademark owned by CFA Institute.© 2023 The Vanguard Group, Inc.<br> All rights reserved.<br> Vanguard Marketing Corporation, Distributor.

Q320 032023

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![](tm234052d1corpbondfundsi001.jpg)

#### Annual Report \| January 31, 2023

## Vanguard Corporate Bond Funds
Vanguard Short-Term Investment-Grade Fund <br> Vanguard Intermediate-Term Investment-Grade Fund <br> Vanguard Long-Term Investment-Grade Fund

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*Contents*

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| | |
|:---|:---|
| Your Fund's Performance at a Glance<br>| 1 |
| Advisors' Report<br>| 2 |
| About Your Fund's Expenses<br>| 5 |
| Short-Term Investment-Grade Fund<br>| 7 |
| Intermediate-Term Investment-Grade Fund<br>| 53 |
| Long-Term Investment-Grade Fund<br>| 95 |

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Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

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Your Fund's Performance at a Glance

• For the 12 months ended January 31, 2023, the returns of the three funds in this report ranged from –3.06% for Institutional Shares of Vanguard Short-Term Investment-Grade Fund to –16.05% for Investor
Shares of Vanguard Long-Term Investment-Grade Fund. The Short-Term Fund lagged its benchmark index; the other two funds outperformed their benchmark indexes.

• Despite some relief in midsummer and toward the end of the period, it was a volatile, challenging time for financial markets. Early on, inflation readings across much of the world continued climbing to multidecade
highs. Central banks responded by aggressively tightening monetary policy. Later, it appeared that inflation might have peaked, and central banks began slowing their pace of interest rate hikes.

• With yields rising and prices falling, investment-grade U.S. bonds overall returned roughly –8%, as measured by the Bloomberg U.S. Aggregate Float Adjusted Index.

• In Vanguard Short-Term Investment-Grade Fund and Vanguard Intermediate-Term Investment-Grade Fund, the advisor reduced the overall credit risk and moved up in quality, which added value. The surprisingly steep rise
in rates, however, detracted from the Short-Term Fund's performance.

• In Vanguard Long-Term Investment-Grade Fund, security selection benefited relative results, most notably in the municipal bond and technology sectors.

*Market Barometer*

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| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns<br> Periods Ended January 31, 2023 | Average Annual Total Returns<br> Periods Ended January 31, 2023 | Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Year | &nbsp;&nbsp;&nbsp;&nbsp;Three Years | &nbsp;&nbsp;&nbsp;&nbsp;Five Years |
| **Stocks** |  |  |  |
| Russell 1000 Index (Large-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66% | &nbsp;&nbsp;&nbsp;&nbsp;9.38% |
| Russell 2000 Index (Small-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| Russell 3000 Index (Broad U.S. market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| FTSE All-World ex US Index (International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| **Bonds** |  |  |  |
| Bloomberg U.S. Aggregate Float Adjusted Index<br> (Broad taxable market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.40% | &nbsp;&nbsp;&nbsp;&nbsp;-2.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Bloomberg Municipal Bond Index<br> (Broad tax-exempt market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;-0.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| FTSE Three-Month U.S. Treasury Bill Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **CPI** |  |  |  |
| Consumer Price Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% |

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Advisors' Report

#### Vanguard Fixed Income Group

#### For the Short-, Intermediate-, and Long-Term Investment-Grade Funds
For the 12 months ended January 31, 2023, Vanguard Short-Term Investment-Grade Fund returned –3.09% and Vanguard Intermediate-Term Investment-Grade Fund returned –8.00%. (All returns and yields cited are for the funds' Admiral Shares.) The Short-Term Investment-Grade Fund finished just a few steps behind its benchmark index, but the Intermediate-Term Investment-Grade Fund outpaced its benchmark index.

We were also managing roughly 16% of the assets of Vanguard Long-Term Investment-Grade Fund as of the end of the period. That fund returned –15.97%; its benchmark index fared worse, returning –16.14%.

Each fund's 30-day SEC yield rose over the 12 months. It climbed 3.03 percentage points to 4.67% for the Short-Term Fund, 2.33 percentage points to 4.81% for the Intermediate-Term Fund, and 1.76 percentage points to 4.73% for the Long-Term Fund. The 30-day SEC yield is a proxy for a fund's potential annualized rate of income.

#### Investment environment
The period was defined by a historic rise in interest rates, which caused ripple effects across every sector of the financial markets and brought with it renewed volatility.

Early on, supply-chain bottlenecks persisted, labor remained in short supply in some sectors of the economy as unemployment rates continued to fall, and year-on-year inflation readings—which had been accelerating—climbed to multidecade highs across much of the world.

In late February, Russia's invasion of Ukraine injected more uncertainty into the markets. Oil headed north of $100 per barrel and staple food prices soared. While energy prices eventually began to cool amid slowing economic growth and the U.S. government's release of some of its strategic oil reserves to boost supply, price increases broadened to other categories of goods and services, heightening concerns that inflation might remain stubbornly high.

In response, major central banks wound down their bond-purchasing programs and began raising short-term interest rates. The Federal Reserve was especially aggressive, raising the federal funds rate target from near zero in March 2022 to a range of 4.50%–4.75% just after the close of the funds' fiscal year.

Inflation readings did begin to ease down from multi-decade highs late in the year, however, and the Fed began slowing the pace of its rate hikes.

While the pace of interest rate hikes slowed toward the end of the period as inflation readings began to moderate, monetary policy tightening contributed to a steep rise in yields over the 12 months,

but especially at the front end of the curve. The 2-year U.S. Treasury yield jumped 3.02 percentage points to end the period at 4.20%, while the 10-year U.S. Treasury yield climbed 1.73 percentage points to 3.51%. The average yield of corporate bonds over U.S. Treasuries widened during the period, leading them to underperform.

#### Management of the portfolios
In the first part of the year, we reduced the overall credit risk in the funds and moved up in quality in light of our expectation that rising interest rates and Fed tightening would lead to a slowdown in the economy and wider credit spreads. We reduced our exposure to BBB-rated bonds in favor of A-rated bonds, which proved a good call as lower-rated credit underperformed during this period.

Another tactical move that added value was to overweight some noncyclical sectors. This gave our portfolios a bias toward companies with relatively less earnings volatility.

At times, however, the markets were pricing in what we saw as overly pessimistic scenarios, which generated volatility and gave us some opportunities to selectively increase credit risk. We added some high yield exposure, for example, when valuations there cheapened to very attractive levels.

In emerging markets, we remained fairly conservatively positioned, given the challenges in this segment of the market. We largely avoided Russia and its ancillary economies because of the war in Ukraine, and we limited our exposure to China because of the dampening effect of COVID-19 lockdowns on the country's economy. Our exposure to the Middle East and parts of Africa increased.

While we were expecting rates to rise, the pace of hikes caught us off guard. Bond prices at the front end of the yield curve were hit particularly hard, and this was a

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| | | |
|:---|:---|:---|
| **Yields of U.S. Treasury Securities**  |  |  |
| Maturity | January 31,<br> 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 31,<br> 2023 |
| 2 years | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% |
| 5 years | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 |
| 10 years | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| 30 years | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 |
| Source: Vanguard. | Source: Vanguard. | Source: Vanguard. |

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drag on the relative performance of the Short-Term Fund.

#### Outlook
During the period under review, bonds recorded significant negative annual returns—a development that has, understandably, been distressing for bond investors.

With the repricing that has occurred, however, the outlook for fixed income is substantially better than it was a year ago. That is likely to attract flows back into the asset class, especially considering how strong fundamentals are from a credit standpoint.

And while the bond market may continue to see volatility as the Fed makes more rate hikes, today's higher yields mean that bonds can offer a cushion against further price declines.

Energy supply-and-demand concerns, diminishing capital flows, declining trade volumes, and falling output per person will likely lead to a global recession in the coming year. While we had upgraded the portfolio's credit quality given that outlook, the widening in spreads since then has made us open to opportunistically increasing our credit exposure. At the same time, we are also favoring some sectors that tend to be more defensive in downturns.

Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to seek attractive investment opportunities that will add to the funds' performance.

Portfolio managers:

Daniel Shaykevich, Principal

Arvind Narayanan, CFA, Principal

February 13, 2023

#### Wellington Management Company llp

#### For the Long-Term Investment-Grade Fund
Vanguard Long-Term Investment Grade Fund returned –16.05% for Investor Shares and –15.97% for Admiral Shares for the 12 months ended January 31, 2023. It outperformed the –16.14% return of its benchmark, the Bloomberg U.S. Long Credit A or Better Bond Index.

The portion of the Long-Term Investment-Grade Fund that we manage (the "portfolio") invests primarily in corporate bonds with 10 to 30 years until maturity. The portfolio's returns are influenced by the direction of interest rates and by economic conditions that affect the creditworthiness of corporate bond issuers.

#### Investment environment
During the fiscal year, fixed income markets experienced negative total returns as sovereign yields moved sharply higher in response to policy rate hikes taken by most major central banks to rein in high inflation. Amid increasing concerns that tighter financial conditions resulting from less-accommodative policy could tip the global economy into recession, corporate bonds underperformed government bonds. They recouped a portion of their earlier losses late in the period as yields stabilized at higher levels.

The 12 months ended with below-consensus inflation readings, leading to optimism that major central banks could slow their pace of tightening. The U.S. Federal Reserve implemented

several rate hikes during the period and signaled a higher-for-longer terminal rate. U.S. GDP growth demonstrated resilience, buoyed by consumer spending and continued strength in the labor market, ahead of an expected slowdown across many developed market economies in 2023. U.S. labor market strength persisted, and consumer spending remained solid; the housing market, however, showed some weakness following the sharp move higher in mortgage rates over the period.

#### The portfolio's successes
In aggregate, security selection benefited relative results, most notably in the municipal bond and technology sectors. Underweights to REITs and government-related sectors also helped relative performance.

#### The portfolio's shortfalls
Overall, sector positioning detracted from relative results, most notably in the banking and consumer noncyclical sectors. Security selection within the banking and natural gas sectors also hurt relative performance.

#### Outlook
Attractive all-in yields, expectations of lower supply at the long end, and sound credit fundamentals should provide tailwinds for credit markets in 2023. We maintain a slightly above-average risk profile overall versus our benchmark but continue to preserve liquidity to take advantage of future dislocations.

While we acknowledge growth will slow as the lagged impact of Fed tightening takes hold, we believe the U.S. economy can avoid a severe recession thanks to the strong starting point of corporate balance

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sheets and the lack of imbalances compared to past credit cycles. Inflation should further decelerate, led by housing and goods prices, but may remain above the Fed's target for some time given the resilience of wages and the tightness of labor markets.

Credit fundamentals will likely deteriorate, but from strong starting points. Free cash flow generation remains robust, and companies are unlikely to increase leverage amid increasing economic uncertainty. Corporate cash flows should be more stable going forward, given the less-cyclical mix of sectors and banking regulation within the investment-grade corporate market; still, evolving sector dynamics (e.g., media, utilities, autos, tobacco) could have profound implications for future cash flows.

We expect a continued supportive technical backdrop, thanks to a lower expected supply and higher overall yield levels. We think long credit will continue to play an important role in corporate pension plans' liability-driven investment schemes (although the costs associated with hedging makes hedged yields less attractive for overseas investors). We remain focused on the industrial sector, where we believe light supply and elevated spread dispersion should reward investment processes that lean into active security selection. We expect bouts of market volatility will generate greater idiosyncratic dispersion, and so we remain focused on identifying inefficiencies in the pricing of risk.

Scott I. St. John, CFA

Senior Managing Director<br> and Fixed Income Portfolio Manager

February 10, 2023

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About Your Fund's Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.

A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund's costs in two ways:

**•** **Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.** 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

**•** **Based on hypothetical 5% yearly return. This section is intended to help you compare your fund's costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund's actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.** 

Note that the expenses shown in the table are meant to highlight and help you compare *ongoing* costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

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| | | | |
|:---|:---|:---|:---|
| **Six Months Ended January 31, 2023** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning<br> Account Value<br> 7/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending<br> Account Value<br> 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses<br> Paid During<br> Period |
| **Based on Actual Fund Return** |  |  |  |
| Short-Term Investment-Grade Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$999.30 | &nbsp;&nbsp;&nbsp;&nbsp;$1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral™ Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Intermediate-Term Investment-Grade Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$990.40 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Long-Term Investment-Grade Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$969.30 | &nbsp;&nbsp;&nbsp;&nbsp;$1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Based on Hypothetical 5% Yearly Return** |  |  |  |
| Short-Term Investment-Grade Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.20 | &nbsp;&nbsp;&nbsp;&nbsp;$1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Intermediate-Term Investment-Grade Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.20 | &nbsp;&nbsp;&nbsp;&nbsp;$1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Long-Term Investment-Grade Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.10 | &nbsp;&nbsp;&nbsp;&nbsp;$1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |

---

The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the Short-Term Investment-Grade Fund, 0.20% for Investor Shares, 0.10% for Admiral Shares and 0.07% for Institutional Shares; for the Intermediate-Term Investment-Grade Fund, 0.20% for Investor Shares and 0.10% for Admiral Shares; and for the Long-Term Investment-Grade Fund, 0.22% for Investor Shares and 0.12% for Admiral Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

------

Short-Term Investment-Grade Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1corpbondfundsi002.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1corpbondfundsi003.jpg) | &nbsp;&nbsp;&nbsp;Short-Term Investment-Grade Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;-3.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;$11614 |
| ![](tm234052d1corpbondfundsi004.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. 1-5 Year Credit Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-3.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;11826 |
| ![](tm234052d1corpbondfundsi005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;11530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| Short-Term Investment-Grade Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;-3.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;$58650 |
| Bloomberg U.S. 1-5 Year Credit Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-3.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59128 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57651 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $5,000,000<br> Investment |
| Short-Term Investment-Grade Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;-3.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;-1.64% | &nbsp;&nbsp;&nbsp;&nbsp;$5882580 |
| Bloomberg U.S. 1-5 Year Credit Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-3.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912808 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765144 |

---

See Financial Highlights for dividend and capital gains information.

------

Short-Term Investment-Grade Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;4.6% |
| Corporate Bonds - Communications | &nbsp;&nbsp;&nbsp;5.6 |
| Corporate Bonds - Consumer Discretionary | &nbsp;&nbsp;&nbsp;5.6 |
| Corporate Bonds - Consumer Staples | &nbsp;&nbsp;&nbsp;5.0 |
| Corporate Bonds - Energy | &nbsp;&nbsp;&nbsp;5.7 |
| Corporate Bonds - Financials | 28.8 |
| Corporate Bonds - Health Care | &nbsp;&nbsp;&nbsp;6.9 |
| Corporate Bonds - Industrials | &nbsp;&nbsp;&nbsp;6.0 |
| Corporate Bonds - Materials | &nbsp;&nbsp;&nbsp;1.9 |
| Corporate Bonds - Real Estate | &nbsp;&nbsp;&nbsp;4.3 |
| Corporate Bonds - Technology | &nbsp;&nbsp;&nbsp;4.7 |
| Corporate Bonds - Utilities | &nbsp;&nbsp;&nbsp;4.5 |
| Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;0.3 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;1.9 |
| Taxable Municipal Bonds | &nbsp;&nbsp;&nbsp;0.1 |
| U.S. Government and Agency Obligations | 14.1 |

---

The table reflects the fund's investments, except for short-term investments and derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

------

Short-Term Investment-Grade Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (14.3%)** | **U.S. Government and Agency Obligations (14.3%)** | **U.S. Government and Agency Obligations (14.3%)** | **U.S. Government and Agency Obligations (14.3%)** | **U.S. Government and Agency Obligations (14.3%)** | **U.S. Government and Agency Obligations (14.3%)** |
| **U.S. Government Securities (12.2%)** | **U.S. Government Securities (12.2%)** | **U.S. Government Securities (12.2%)** | **U.S. Government Securities (12.2%)** | **U.S. Government Securities (12.2%)** | **U.S. Government Securities (12.2%)** |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.375% | 10/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75023 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.750% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32952 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.500% | 11/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68344 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.250% | 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49750 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652102 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316569 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552087 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;354910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344706 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372163 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.250% | 10/31/25 | &nbsp;&nbsp; 97250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88026 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.500% | 11/15/25 | &nbsp;&nbsp; 337400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342461 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.375% | 11/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188500 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676641 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451719 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;579000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526709 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316750 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317625 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263484 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117938 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/31/27 | &nbsp;&nbsp; 170130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163750 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;724720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739328 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.125% | 10/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530725 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.875% | 12/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5384 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130594 |
|  |  |  |  |  | **7323330** |
| **Conventional Mortgage-Backed Securities (2.1%)** | **Conventional Mortgage-Backed Securities (2.1%)** | **Conventional Mortgage-Backed Securities (2.1%)** | **Conventional Mortgage-Backed Securities (2.1%)** | **Conventional Mortgage-Backed Securities (2.1%)** | **Conventional Mortgage-Backed Securities (2.1%)** |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | 4.500% | 2/13/53–<br> 3/13/53 | &nbsp;&nbsp;&nbsp;&nbsp;736000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726618 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/53 | &nbsp;&nbsp;&nbsp;&nbsp;499800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501245 |
|  |  |  |  |  | **1227863** |
| **Total U.S. Government and Agency Obligations (Cost $8,763,636)** | **Total U.S. Government and Agency Obligations (Cost $8,763,636)** | **Total U.S. Government and Agency Obligations (Cost $8,763,636)** | **Total U.S. Government and Agency Obligations (Cost $8,763,636)** | **Total U.S. Government and Agency Obligations (Cost $8,763,636)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8551193** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | **Maturity<br> Date** | &nbsp;&nbsp;**Face<br> Amount<br> ($000)** | **Market<br> Value• ($000)** |
| **Asset-Backed/Commercial Mortgage-Backed Securities (4.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (4.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (4.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (4.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (4.6%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (4.6%)** |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Ally Auto Receivables Trust Class A3 Series 2022-3 | 5.070% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10870 | &nbsp;&nbsp;&nbsp; 10938 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;American Express Credit Account Class A Series 2022-2 | 3.390% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28260 | &nbsp;&nbsp;&nbsp; 27561 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust Class A Series 2022-3 | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65120 | &nbsp;&nbsp; 64054 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust Class A Series 2022-4 | 4.950% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15770 | &nbsp;&nbsp;&nbsp; 15986 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust Class A Series 2014-SFR2 | 3.786% | 10/17/36 | &nbsp;&nbsp; 11513 | &nbsp;&nbsp;&nbsp; 11106 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust Class A Series 2015-SFR2 | 3.732% | 10/17/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6152 | &nbsp;&nbsp; 5846 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust Class B Series 2014-SFR2 | 4.290% | 10/17/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 | &nbsp;&nbsp; 3262 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust Class B Series 2015-SFR2 | 4.295% | 10/17/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp; 2730 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust Class C Series 2020-2 | 1.480% | &nbsp;&nbsp;&nbsp;&nbsp;2/18/26 | &nbsp;&nbsp; 7730 | &nbsp;&nbsp;&nbsp; 7347 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;AmeriCredit Automobile Receivables Trust Class D Series 2020-2 | 2.130% | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp; 7990 | &nbsp;&nbsp;&nbsp; 7456 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC Class A Series 2019-2A | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14490 | &nbsp;&nbsp;&nbsp; 14062 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BA Credit Card Trust Class A1 Series 2021-A1 | 0.440% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp; 3994 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BA Credit Card Trust Class A1 Series 2022-A1 | 3.530% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13350 | &nbsp;&nbsp;&nbsp; 13064 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BA Credit Card Trust Class A2 Series 2022-A2 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13320 | &nbsp;&nbsp;&nbsp; 13537 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Banc of America Commercial Mortgage Trust Class A4 Series 2017-BNK3 | 3.574% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760 | &nbsp;&nbsp; 4534 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Banc of America Commercial Mortgage Trust Class C Series 2015-UBS7 | 4.339% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp; 1448 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Banc of America Funding Trust Class 2A2 Series 2006-H | 3.892% | &nbsp;&nbsp;&nbsp;&nbsp;9/20/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp; 2543 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2017-BNK4 | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890 | &nbsp;&nbsp; 3697 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2017-BNK7 | 3.175% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp; 769 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2017-BNK8 | 3.488% | 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp; 5183 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2017-BNK9 | 3.538% | 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 | &nbsp;&nbsp; 8204 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class A5 Series 2017-BNK7 | 3.435% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp; 2943 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;BANK Class AS Series 2017-BNK6 | 3.741% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp; 2808 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class ASB Series 2018-BNK14 | 4.185% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6680 | &nbsp;&nbsp; 6495 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class ASB Series 2019-BNK17 | 3.623% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/52 | &nbsp;&nbsp; 7533 | &nbsp;&nbsp;&nbsp; 7159 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Class A1 Series 2022-C16 | 4.021% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/55 | &nbsp;&nbsp; 7945 | &nbsp;&nbsp;&nbsp; 7724 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Bear Stearns ARM Trust Class 1A1 Series 2007-3 | 3.253% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090 | &nbsp;&nbsp;&nbsp; 3610 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Bear Stearns ARM Trust Class 2A1 Series 2006-4 | 3.849% | 10/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776 | &nbsp;&nbsp; 3948 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A4 Series 2018-B8 | 3.963% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620 | &nbsp;&nbsp; 2484 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A5 Series 2018-B1 | 3.666% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6333 | &nbsp;&nbsp; 6039 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A5 Series 2018-B2 | 3.882% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/51 | &nbsp;&nbsp; 7705 | &nbsp;&nbsp;&nbsp; 7410 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class ASB Series 2019-B10 | 3.615% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8042 | &nbsp;&nbsp;&nbsp; 7646 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Brazos Higher Education Authority Inc. Class A2 Series 2011-1, 3M USD LIBOR + 0.800% | 5.499% | &nbsp;&nbsp;&nbsp;&nbsp;2/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 | &nbsp;&nbsp; 1735 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Canadian Pacer Auto Receivables Trust Class A4 Series 2019-1A | 2.960% | &nbsp;&nbsp;&nbsp;&nbsp;6/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp; 2225 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Canadian Pacer Auto Receivables Trust Class A4 Series 2020-1A | 1.890% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 | &nbsp;&nbsp; 6625 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Capital One Multi-Asset Execution Trust Class A Series 2022-A2 | 3.490% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41376 | &nbsp;&nbsp; 40446 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Capital One Multi-Asset Execution Trust Class A Series 2022-A3 | 4.950% | 10/15/27 | &nbsp;&nbsp; 17710 | &nbsp;&nbsp;&nbsp; 17906 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Capital One Multi-Asset Execution Trust Class A3 Series 2019-A3 | 2.060% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp; 7323 | &nbsp;&nbsp; 6790 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Capital One Prime Auto Receivables Trust Class A3 Series 2021-1 | 0.770% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14690 | &nbsp;&nbsp;&nbsp; 13902 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Capital One Prime Auto Receivables Trust Class A3 Series 2022-2 | 3.660% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14380 | &nbsp;&nbsp;&nbsp; 14097 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Capital One Prime Auto Receivables Trust Class A4 Series 2021-1 | 1.040% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12510 | &nbsp;&nbsp;&nbsp; 11429 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Capital One Prime Auto Receivables Trust Class A4 Series 2022-2 | 3.690% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13160 | &nbsp;&nbsp;&nbsp; 12815 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;CARDS II Trust Class A Series 2021-1A | 0.602% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45710 | &nbsp;&nbsp;&nbsp; 43313 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust Class A3 Series 2023-1 | 4.750% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11290 | &nbsp;&nbsp;&nbsp; 11267 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust Class A4 Series 2023-1 | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp; 6379 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust Class C Series 2020-3 | 1.690% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp; 4543 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust Class C Series 2020-4 | 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;8/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6190 | &nbsp;&nbsp; 5699 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust Class A3 Series 2021-P3 | 0.700% | 11/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20340 | &nbsp;&nbsp;&nbsp; 19018 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust Class A4 Series 2021-P3 | 1.030% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9760 | &nbsp;&nbsp; 8555 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A3 Series 2018-CD7 | 4.013% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp; 6099 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A4 Series 2016-CD1 | 2.724% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp; 3384 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A4 Series 2017-CD3 | 3.631% | &nbsp;&nbsp;&nbsp;&nbsp;2/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355 | &nbsp;&nbsp; 5085 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A4 Series 2017-CD4 | 3.514% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310 | &nbsp;&nbsp; 5924 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A4 Series 2018-CD7 | 4.279% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/51 | &nbsp;&nbsp; 7400 | &nbsp;&nbsp;&nbsp; 7109 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A5 Series 2017-CD6 | 3.456% | 11/13/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp; 6234 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class AM Series 2016-CD1 | 2.926% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3107 | &nbsp;&nbsp;&nbsp; 2816 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class AM Series 2017-CD6 | 3.709% | 11/13/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357 | &nbsp;&nbsp;&nbsp; 5766 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class AS Series 2016-CD1 | 3.684% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp; 1901 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class C Series 2016-CD1 | 3.631% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319 | &nbsp;&nbsp; 2782 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class C Series 2018-CD7 | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp; 2419 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust Class A4 Series 2016-C4 | 3.283% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064 | &nbsp;&nbsp; 4798 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CHL Mortgage Class 1A1 Series 2006-HYB1 Pass-Through Trust | 3.623% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002 | &nbsp;&nbsp; 2945 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CHL Mortgage Class 3A1 Series 2007-HYB2 Pass-Through Trust | 3.324% | &nbsp;&nbsp;&nbsp;&nbsp;2/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 | &nbsp;&nbsp; 3090 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A3 Series 2017-P8 | 3.203% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp; 2437 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A4 Series 2015-GC31 | 3.762% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6297 | &nbsp;&nbsp; 6068 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A4 Series 2016-GC36 | 3.349% | &nbsp;&nbsp;&nbsp;&nbsp;2/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp;&nbsp; 5201 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A4 Series 2017-C4 | 3.471% | 10/12/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp; 4513 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A4 Series 2018-C5 | 4.228% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260 | &nbsp;&nbsp;&nbsp; 4127 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class B Series 2014-GC23 | 4.175% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394 | &nbsp;&nbsp;&nbsp; 5119 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class B Series 2017-P8 | 4.192% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp; 3394 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class C Series 2014-GC23 | 4.427% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380 | &nbsp;&nbsp;&nbsp; 4119 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class C Series 2015-GC33 | 4.573% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3620 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class C Series 2017-P8 | 4.260% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp; 1872 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust Class 2A1A Series 2007-AR8 | 3.605% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp; 190 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CNH Equipment Trust Class A3 Series 2022-B | 3.890% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8260 | &nbsp;&nbsp; 8062 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CNH Equipment Trust Class A4 Series 2022-B | 3.910% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp; 4134 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class A3 Series 2014-CR14 | 3.955% | &nbsp;&nbsp;&nbsp;&nbsp;2/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp; 1886 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class A4 Series 2013-CR13 | 4.194% | 11/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617 | &nbsp;&nbsp; 3572 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class A4 Series 2013-CR9 | 4.269% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9372 | &nbsp;&nbsp; 9321 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class A4 Series 2015-CR27 | 3.612% | 10/10/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15612 | &nbsp;&nbsp; 15008 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class A5 Series 2015-CR24 | 3.696% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14442 | &nbsp;&nbsp;&nbsp; 13928 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class AM Series 2013-CR6 | 3.147% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11073 | &nbsp;&nbsp;&nbsp; 11018 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class AM Series 2013-CR9 | 4.293% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 | &nbsp;&nbsp;&nbsp; 11117 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class AM Series 2013-LC13 | 4.557% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18565 | &nbsp;&nbsp; 18377 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class B Series 2013-CR6 | 3.397% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp; 2227 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class C Series 2015-CR27 | 4.449% | 10/10/48 | &nbsp;&nbsp; 8118 | &nbsp;&nbsp;&nbsp; 7377 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust Class A3 Series 2015-C3 | 3.447% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751 | &nbsp;&nbsp; 6431 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust Class A5 Series 2016-C7 | 3.502% | 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5173 | &nbsp;&nbsp; 4909 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust Class C Series 2015-C3 | 4.359% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp; 3773 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;DBGS Mortgage Trust Class A4 Series 2018-C1 | 4.466% | 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13990 | &nbsp;&nbsp;&nbsp; 13669 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;DBJPM Mortgage Trust Class A4 Series 2016-C3 | 2.632% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp; 9087 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;DBJPM Mortgage Trust Class A5 Series 2017-C6 | 3.328% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540 | &nbsp;&nbsp; 3286 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Discover Card Execution Note Trust Class A Series 2022-A2 | 3.320% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp; 27080 | &nbsp;&nbsp; 26371 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Discover Card Execution Note Trust Class A Series 2022-A4 | 5.030% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp; 14999 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Discover Card Execution Note Trust Class A2 Series 2021-A2 | 1.030% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp; 11180 | &nbsp;&nbsp; 9888 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Discover Card Execution Note Trust Class A3 Series 2022-A3 | 3.560% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74205 | &nbsp;&nbsp; 72634 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;DLLAD 2021-1 LLC Class A3 | 0.640% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13750 | &nbsp;&nbsp;&nbsp; 12882 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;DLLMT 2021-1 LLC Class A4 | 1.240% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/29 | &nbsp;&nbsp; 7940 | &nbsp;&nbsp;&nbsp; 7355 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust Class C Series 2020-2 | 2.280% | &nbsp;&nbsp;&nbsp;&nbsp;8/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp; 2988 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust Class D Series 2018-5 | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11494 | &nbsp;&nbsp;&nbsp; 11487 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust Class D Series 2019-4 | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080 | &nbsp;&nbsp; 3986 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust Class D Series 2020-1 | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/27 | &nbsp;&nbsp; 5010 | &nbsp;&nbsp;&nbsp; 4910 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust Class D Series 2020-2 | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp; 6025 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Edsouth Indenture No. 9 LLC Class A Series 2015-1, 1M USD LIBOR + 0.800% | 5.306% | 10/25/56 | &nbsp;&nbsp; 7353 | &nbsp;&nbsp;&nbsp; 7151 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 1 LLC Class A Series 2019-A | 3.580% | 11/25/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321 | &nbsp;&nbsp;&nbsp; 3174 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing LLC Class A2 Series 2021-3 | 0.770% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12506 | &nbsp;&nbsp;&nbsp; 11971 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;First Horizon Mortgage Class 1A1 Series 2006-AR3 Pass-Through Trust | 3.389% | 11/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837 | &nbsp;&nbsp; 1268 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;First Horizon Mortgage Class 1A1 Series 2006-AR4 Pass-Through Trust | 4.186% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439 | &nbsp;&nbsp; 2291 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class A Series 2020-1 | 2.040% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14180 | &nbsp;&nbsp;&nbsp; 13409 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class A3 Series 2022-B | 3.740% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp; 17100 | &nbsp;&nbsp;&nbsp; 16723 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class A4 Series 2022-B | 3.930% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp; 6674 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class A4 Series 2022-D | 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 | &nbsp;&nbsp; 6966 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class B Series 2020-1 | 2.290% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270 | &nbsp;&nbsp;&nbsp; 5913 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class B Series 2020-2 | 1.490% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp; 5530 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class C Series 2018-2 | 3.760% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365 | &nbsp;&nbsp; 5309 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class C Series 2020-1 | 2.540% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp; 7484 | &nbsp;&nbsp;&nbsp; 7053 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class C Series 2020-C | 1.040% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 | &nbsp;&nbsp; 4522 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class C Series 2021-1 | 1.910% | 10/17/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp; 5670 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust Class A Series 2020-2 | 1.060% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620 | &nbsp;&nbsp; 2391 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust Class D Series 2020-1 | 2.120% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350 | &nbsp;&nbsp;&nbsp; 5216 |
| <sup>4,5,7,8</sup> | &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust Class M1A Series 2022-HQA1, SOFR30A + 2.100% | 6.410% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868 | &nbsp;&nbsp; 3856 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust Class B Series 2022-2 | 4.020% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8240 | &nbsp;&nbsp; 8027 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class A3 Series 2021-4 | 0.680% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/26 | &nbsp;&nbsp; 7740 | &nbsp;&nbsp;&nbsp; 7323 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class A3 Series 2022-3 | 3.640% | &nbsp;&nbsp;&nbsp;&nbsp;4/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29050 | &nbsp;&nbsp; 28309 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class A3 Series 2023-1 | 4.660% | &nbsp;&nbsp;&nbsp;&nbsp;2/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13150 | &nbsp;&nbsp;&nbsp; 13177 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class A4 Series 2021-2 | 0.820% | 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp; 9681 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class A4 Series 2021-3 | 0.730% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14240 | &nbsp;&nbsp;&nbsp; 12984 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class A4 Series 2021-4 | 0.990% | 10/18/27 | &nbsp;&nbsp; 11410 | &nbsp;&nbsp;&nbsp; 10389 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class A4 Series 2022-3 | 3.710% | 12/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15490 | &nbsp;&nbsp;&nbsp; 15091 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class A4 Series 2022-4 | 4.880% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18660 | &nbsp;&nbsp; 18836 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class A4 Series 2023-1 | 4.590% | &nbsp;&nbsp;&nbsp;&nbsp;7/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp; 865 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class B Series 2020-3 | 0.810% | &nbsp;&nbsp;&nbsp;&nbsp;1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp; 5332 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class B Series 2020-4 | 0.730% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/26 | &nbsp;&nbsp; 7010 | &nbsp;&nbsp; 6505 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class B Series 2021-1 | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp; 2987 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class B Series 2021-2 | 1.090% | 12/16/26 | &nbsp;&nbsp; 7270 | &nbsp;&nbsp; 6641 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class B Series 2021-4 | 1.250% | 10/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp;&nbsp; 2617 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class B Series 2022-2 | 3.770% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790 | &nbsp;&nbsp; 6582 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class B Series 2023-1 | 5.030% | &nbsp;&nbsp;&nbsp;&nbsp;9/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp; 2184 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class C Series 2020-3 | 1.370% | &nbsp;&nbsp;&nbsp;&nbsp;1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp; 2063 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class C Series 2020-4 | 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;5/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp; 2512 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class C Series 2021-1 | 1.040% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp; 1997 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class C Series 2023-1 | 5.320% | 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540 | &nbsp;&nbsp; 3540 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class D Series 2020-3 | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp; 3192 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;GM Financial Revolving Receivables Trust Class B Series 2021-1 | 1.490% | &nbsp;&nbsp;&nbsp;&nbsp;6/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp; 1652 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;GM Financial Revolving Receivables Trust Class C Series 2021-1 | 1.670% | &nbsp;&nbsp;&nbsp;&nbsp;6/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380 | &nbsp;&nbsp; 2939 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GMACM Mortgage Loan Trust Class 3A1 Series 2005-AR6 | 3.603% | 11/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp; 440 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Class B Series 2020-1 | 1.030% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp; 3845 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Class B Series 2020-2 | 0.960% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220 | &nbsp;&nbsp;&nbsp; 7943 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Class C Series 2020-1 | 1.480% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp; 3125 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Class C Series 2020-2 | 1.310% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp; 5614 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Golden Credit Card Trust Class A Series 2021-1A | 1.140% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31290 | &nbsp;&nbsp;&nbsp; 27750 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. II Class A5 Series 2018-GS10 | 4.155% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865 | &nbsp;&nbsp; 3734 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A3 Series 2017-GS6 | 3.433% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501 | &nbsp;&nbsp; 2337 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A4 Series 2013-GC12 | 3.135% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11372 | &nbsp;&nbsp;&nbsp; 11295 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A4 Series 2015-GC30 | 3.382% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14623 | &nbsp;&nbsp;&nbsp; 14028 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A4 Series 2015-GC32 | 3.764% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9121 | &nbsp;&nbsp; 8756 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A4 Series 2015-GC34 | 3.506% | 10/10/48 | &nbsp;&nbsp; 17922 | &nbsp;&nbsp;&nbsp; 17159 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A4 Series 2016-GS3 | 2.850% | 10/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11930 | &nbsp;&nbsp;&nbsp; 10982 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A4 Series 2018-GS9 | 3.992% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp; 4780 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class AS Series 2014-GC20 | 4.258% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp; 1367 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class AS Series 2014-GC24 | 4.162% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 | &nbsp;&nbsp; 4903 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class B Series 2013-GC12 | 3.777% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350 | &nbsp;&nbsp; 5298 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class B Series 2014-GC24 | 4.504% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10665 | &nbsp;&nbsp;&nbsp; 10075 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class C Series 2013-GC13 | 4.079% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp; 4913 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class C Series 2014-GC24 | 4.525% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/47 | &nbsp;&nbsp; 17556 | &nbsp;&nbsp;&nbsp; 16091 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class C Series 2015-GC34 | 4.639% | 10/10/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp; 3647 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Harley-Davidson Motorcycle Trust Class A4 Series 2020-A | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270 | &nbsp;&nbsp;&nbsp; 8151 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class A Series 2022-1A | 1.990% | &nbsp;&nbsp;&nbsp;&nbsp;6/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11420 | &nbsp;&nbsp;&nbsp; 10616 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class A Series 2022-1A | 2.630% | &nbsp;&nbsp;&nbsp;&nbsp;6/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980 | &nbsp;&nbsp; 4550 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class A Series 2022-3A | 3.370% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780 | &nbsp;&nbsp; 4679 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class C Series 2022-3A | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 | &nbsp;&nbsp; 3264 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust Class A3 Series 2021-4 | 1.140% | &nbsp;&nbsp;&nbsp;&nbsp;6/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630 | &nbsp;&nbsp;&nbsp; 7956 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust Class A3 Series 2022-2 | 3.730% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11330 | &nbsp;&nbsp;&nbsp; 11116 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust Class A4 Series 2021-2 | 0.550% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12340 | &nbsp;&nbsp;&nbsp; 11502 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust Class A4 Series 2021-3 | 0.600% | 12/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp; 11940 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust Class A4 Series 2022-2 | 3.760% | 12/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760 | &nbsp;&nbsp; 4652 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;HPEFS Equipment Trust Class A3 Series 2022-2A | 3.760% | &nbsp;&nbsp;&nbsp;&nbsp;9/20/29 | &nbsp;&nbsp; 7490 | &nbsp;&nbsp;&nbsp; 7343 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust Class A7 Series 2015-HB7 | 3.914% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750 | &nbsp;&nbsp;&nbsp; 13260 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class A3 Series 2021-C | 0.740% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp; 7778 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class A3 Series 2022-B | 3.720% | 11/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28990 | &nbsp;&nbsp; 28440 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class A4 Series 2021-C | 1.030% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13120 | &nbsp;&nbsp;&nbsp; 12011 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class A4 Series 2022-B | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15460 | &nbsp;&nbsp;&nbsp; 15120 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class B Series 2020-C | 0.810% | 11/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220 | &nbsp;&nbsp;&nbsp; 7552 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class B Series 2021-A | 1.090% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8510 | &nbsp;&nbsp;&nbsp; 7752 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class B Series 2021-B | 0.910% | &nbsp;&nbsp;&nbsp;&nbsp;2/16/27 | &nbsp;&nbsp; 7900 | &nbsp;&nbsp;&nbsp; 7076 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class C Series 2020-C | 1.080% | 12/15/27 | &nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp; 6612 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class C Series 2021-B | 1.120% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp; 7439 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust Class A3 Series 2013-C16 | 3.881% | 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp; 1097 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust Class A4 Series 2013-C13 | 3.994% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617 | &nbsp;&nbsp; 2603 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust Class A5 Series 2013-LC11 | 2.960% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp; 2473 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust Class AS Series 2013-C16 | 4.517% | 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp; 14379 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust Class D Series 2010-C2 | 5.766% | 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp; 2276 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A4 Series 2013-C17 | 4.199% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp; 1835 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A4 Series 2014-C21 | 3.493% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp; 3054 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A4 Series 2015-C27 | 3.179% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19090 | &nbsp;&nbsp; 18248 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A4 Series 2015-C32 | 3.329% | 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp; 3736 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A5 Series 2013-C12 | 3.664% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866 | &nbsp;&nbsp; 2847 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A5 Series 2013-C15 | 4.131% | 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp; 2868 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A5 Series 2014-C24 | 3.639% | 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10982 | &nbsp;&nbsp;&nbsp; 10629 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A5 Series 2015-C32 | 3.598% | 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15342 | &nbsp;&nbsp;&nbsp; 14641 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class AS Series 2013-C12 | 4.052% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/45 | &nbsp;&nbsp; 7520 | &nbsp;&nbsp;&nbsp; 7454 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class AS Series 2014-C18 | 4.439% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12950 | &nbsp;&nbsp;&nbsp; 12586 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class AS Series 2015-C30 | 4.226% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp; 3279 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class B Series 2014-C18 | 4.735% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp; 12745 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class C Series 2014-C18 | 4.735% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp; 8346 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust Class A4 Series 2017-JP6 | 3.224% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030 | &nbsp;&nbsp; 5654 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMCC Commercial Mortgage Securities Trust Class A5 Series 2017-JP5 | 3.723% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp; 5654 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust Class A3 Series 2016-C4 | 3.141% | 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430 | &nbsp;&nbsp; 5949 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust Class A4 Series 2018-C8 | 4.211% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3823 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust Class A5 Series 2017-C7 | 3.409% | 10/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693 | &nbsp;&nbsp; 5351 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Laurel Road Prime Student Loan Trust Class A2B Series 2017-C | 2.810% | 11/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp; 1387 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Laurel Road Prime Student Loan Trust Class A2FX Series 2018-B | 3.540% | &nbsp;&nbsp;&nbsp;&nbsp;5/26/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049 | &nbsp;&nbsp;&nbsp; 2019 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Master Credit Card Trust II Class A Series 2023-1A | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8560 | &nbsp;&nbsp; 8559 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Master Credit Card Trust II Class A2 Series 2022-1 | 1.660% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp; 15332 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;MASTR Adjustable Rate Mortgages Trust Class 5A1 Series 2004-3 | 3.091% | &nbsp;&nbsp;&nbsp;&nbsp;4/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp; 27 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust Class A3 Series 2023-1 | 4.510% | 11/15/27 | &nbsp;&nbsp; 17250 | &nbsp;&nbsp;&nbsp; 17231 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust Class A4 Series 2022-1 | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13330 | &nbsp;&nbsp;&nbsp; 13659 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust Class A4 Series 2023-1 | 4.310% | &nbsp;&nbsp;&nbsp;&nbsp;4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp; 4610 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust MLMI Class 2A Series 2003-A4 | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp; 148 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust MLMI Class 2A2 Series 2003-A2, 6M USD LIBOR + 1.500% | 6.638% | &nbsp;&nbsp;&nbsp;&nbsp;2/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp; 265 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC Class A4 Series 2018-A | 3.390% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp; 1209 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC Class A5 Series 2018-A | 3.610% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp; 3480 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC Class A5 Series 2019-A | 3.080% | 11/12/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp; 6155 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class A3 Series 2015-C23 | 3.451% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9264 | &nbsp;&nbsp; 8964 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class A3 Series 2016-C32 | 3.459% | 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305 | &nbsp;&nbsp;&nbsp; 3130 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class A4 Series 2016-C29 | 3.325% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9789 | &nbsp;&nbsp; 9273 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class A4 Series 2016-C32 | 3.720% | 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20049 | &nbsp;&nbsp; 18820 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class A4 Series 2017-C34 | 3.536% | 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp; 2329 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class A5 Series 2015-C25 | 3.635% | 10/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5857 | &nbsp;&nbsp;&nbsp; 5601 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class AS Series 2014-C17 | 4.011% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/47 | &nbsp;&nbsp; 7460 | &nbsp;&nbsp;&nbsp; 7153 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class C Series 2013-C10 | 4.070% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp;&nbsp; 3118 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class C Series 2014-C15 | 4.891% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp; 1814 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class C Series 2014-C16 | 4.734% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp; 11523 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class C Series 2016-C29 | 4.722% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/49 | &nbsp;&nbsp; 7019 | &nbsp;&nbsp; 6222 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Class ASB Series 2017-HR2 | 3.509% | 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319 | &nbsp;&nbsp;&nbsp; 5118 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust Class A Series 2014-150E | 3.912% | &nbsp;&nbsp;&nbsp;&nbsp;9/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15955 | &nbsp;&nbsp;&nbsp; 14223 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust Class A3 Series 2016-BNK2 | 2.791% | 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9934 | &nbsp;&nbsp;&nbsp; 9212 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust Class A4 Series 2016-BNK2 | 3.049% | 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11960 | &nbsp;&nbsp;&nbsp; 11156 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust Class A4 Series 2016-UB11 | 2.782% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621 | &nbsp;&nbsp;&nbsp; 5212 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust Class C Series 2015-UBS8 | 4.579% | 12/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp; 5063 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Mortgage Loan Trust Class 5A1 Series 2006-8AR | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp; 1891 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;MSBAM Commercial Mortgage Securities Trust Class A2 Series 2012-CKSV | 3.277% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14836 | &nbsp;&nbsp;&nbsp; 12587 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust Class A2A Series 2017-A | 2.880% | 12/16/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628 | &nbsp;&nbsp; 2584 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust Class A2A Series 2018-BA | 3.610% | 12/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5252 | &nbsp;&nbsp; 5081 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Navient Student Loan Trust Class A2 Series 2016-6A, 1M USD LIBOR + 0.750% | 5.256% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp; 1067 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Palisades Center Trust Class A Series 2016-PLSD | 2.713% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8240 | &nbsp;&nbsp; 5863 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Pepper Residential Securities Trust Class A1U Series 21A, 1M USD LIBOR + 0.880% | 5.339% | &nbsp;&nbsp;&nbsp;&nbsp;1/16/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp; 792 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Pepper Residential Securities Trust No. 22 Class A1U Series 22A, 1M USD LIBOR + 1.000% | 5.486% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp; 838 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Pepper Residential Securities Trust No. 23 Class A1U Series 23A, 1M USD LIBOR + 0.950% | 5.415% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp; 796 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;PHEAA Student Loan Trust Class A Series 2016-2A, 1M USD LIBOR + 0.950% | 5.456% | 11/25/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8805 | &nbsp;&nbsp;&nbsp; 8740 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class A Series 2022-SFR3 | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp; 3394 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class A Series 2022-SFR5 | 4.451% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055 | &nbsp;&nbsp; 2929 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class B Series 2022-SFR3 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp; 1458 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class B Series 2022-SFR5 | 4.896% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp; 2738 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;RESIMAC Bastille Trust Class A1 Series 2018-1NCA, 1M USD LIBOR + 0.850% | 5.251% | &nbsp;&nbsp;&nbsp;&nbsp;12/5/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp; 1065 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;RESIMAC MBS Trust Class A1A Series 2018-2A, 1M USD LIBOR + 0.850% | 5.252% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp; 297 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;RFMSI Series Trust Class 2A1 Series 2006-SA3 | 5.146% | &nbsp;&nbsp;&nbsp;&nbsp;9/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219 | &nbsp;&nbsp;&nbsp; 1153 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;RFMSI Trust Class 2A1 Series 2006-SA2 | 4.865% | &nbsp;&nbsp;&nbsp;&nbsp;8/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786 | &nbsp;&nbsp;&nbsp; 3711 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class A3 Series 2022-3 | 3.400% | 12/15/26 | &nbsp;&nbsp; 7310 | &nbsp;&nbsp;&nbsp; 7195 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class A3 Series 2022-6 | 4.490% | 11/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15660 | &nbsp;&nbsp;&nbsp; 15550 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class C Series 2022-2 | 3.760% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13030 | &nbsp;&nbsp;&nbsp; 12426 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class C Series 2023-1 | 5.090% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1990 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Santander Retail Auto Lease Trust Class A4 Series 2021-B | 0.540% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8960 | &nbsp;&nbsp; 8553 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Santander Retail Auto Lease Trust Class B Series 2022-B | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030 | &nbsp;&nbsp;&nbsp; 5815 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Santander Retail Auto Lease Trust Class D Series 2020-A | 2.520% | 11/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15340 | &nbsp;&nbsp;&nbsp; 15246 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Santander Retail Auto Lease Trust Class D Series 2020-B | 1.980% | 10/20/25 | &nbsp;&nbsp; 17540 | &nbsp;&nbsp;&nbsp; 16718 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Santander Retail Auto Lease Trust Class D Series 2021-B | 1.410% | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14530 | &nbsp;&nbsp;&nbsp; 13586 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Class A2A Series 2016-A | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537 | &nbsp;&nbsp; 2466 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Class A2A Series 2017-B | 2.820% | 10/15/35 | &nbsp;&nbsp; 7296 | &nbsp;&nbsp; 6995 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Class A2A Series 2018-B | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10025 | &nbsp;&nbsp; 9670 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Class A2A Series 2018-C | 3.630% | 11/15/35 | &nbsp;&nbsp; 12016 | &nbsp;&nbsp;&nbsp; 11587 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A1 Series 2016-D, 1M USD LIBOR + 0.950% | 5.456% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp; 282 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A1 Series 2017-C, 1M USD LIBOR + 0.600% | 5.106% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp; 84 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A2B Series 2016-D | 2.340% | &nbsp;&nbsp;&nbsp;&nbsp;4/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp; 626 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A2B Series 2017-A | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/26/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp; 64 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A2B Series 2017-E | 2.720% | 11/26/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp; 789 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A2FX Series 2017-B | 2.740% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp; 702 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A2FX Series 2017-D | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;9/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp; 2150 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A2FX Series 2017-F | 2.840% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511 | &nbsp;&nbsp; 2407 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Synchrony Card Funding Trust LLC Class A Series 2022-A2 | 3.860% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26580 | &nbsp;&nbsp;&nbsp; 26143 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust Class A3 Series 2021-B | 0.600% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 | &nbsp;&nbsp;&nbsp; 14422 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust Class A4 Series 2020-A | 0.780% | 12/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp; 75 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust Class A4 Series 2021-B | 0.630% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/25 | &nbsp;&nbsp; 7820 | &nbsp;&nbsp;&nbsp; 7360 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust Class B Series 2021-B | 0.910% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11660 | &nbsp;&nbsp;&nbsp; 10898 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust Class C Series 2020-A | 1.680% | &nbsp;&nbsp;&nbsp;&nbsp;2/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2993 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Tesla Auto Lease Trust Class C Series 2021-B | 1.120% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/25 | &nbsp;&nbsp; 7770 | &nbsp;&nbsp;&nbsp; 7243 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;T-Mobile US Trust Class A Series 2022-1A | 4.910% | &nbsp;&nbsp;&nbsp;&nbsp;5/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20590 | &nbsp;&nbsp; 20651 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;TMSQ Mortgage Trust Class A Series 2014-1500 | 3.680% | 10/10/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21960 | &nbsp;&nbsp; 20686 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust Class A Series 2019-1A | 2.560% | 11/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp; 2556 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Toyota Auto Loan Extended Note Trust Class A Series 2020-1A | 1.350% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/33 | &nbsp;&nbsp; 17410 | &nbsp;&nbsp;&nbsp; 16124 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Class A3 Series 2021-C | 0.720% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19640 | &nbsp;&nbsp;&nbsp; 17865 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Class A3 Series 2022-C | 3.760% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18590 | &nbsp;&nbsp; 18279 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Class A4 Series 2021-D | 1.020% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp; 11100 | &nbsp;&nbsp;&nbsp; 10160 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Class A4 Series 2022-C | 3.770% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10080 | &nbsp;&nbsp; 9845 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Class A4 Series 2022-D | 5.430% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/28 | &nbsp;&nbsp; 10710 | &nbsp;&nbsp;&nbsp; 11043 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Class A4 Series 2023-A | 4.420% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp; 7865 | &nbsp;&nbsp;&nbsp; 7855 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing LLC Class A2 Series 2018-1A | 4.620% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18660 | &nbsp;&nbsp;&nbsp; 17442 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;UBS Commercial Mortgage Trust Class A4 Series 2017-C7 | 3.679% | 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5515 | &nbsp;&nbsp; 5208 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;UBS Commercial Mortgage Trust Class ASB Series 2019-C16 | 3.460% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5849 | &nbsp;&nbsp; 5484 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;UBS-BAMLL Trust Class A Series 2012-WRM | 3.663% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp; 738 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust Class AS Series 2013-C6 | 3.469% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp; 2292 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class A Series 2021-1 | 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28100 | &nbsp;&nbsp; 26536 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class A Series 2021-2 | 0.990% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18260 | &nbsp;&nbsp;&nbsp; 17124 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class A Series 2022-6 | 3.670% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14880 | &nbsp;&nbsp;&nbsp; 14501 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class A Series 2023-1 | 4.490% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/29 | &nbsp;&nbsp; 17220 | &nbsp;&nbsp;&nbsp; 17223 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class A1A Series 2022-7 | 5.230% | 11/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14070 | &nbsp;&nbsp;&nbsp; 14176 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class B Series 2021-1 | 0.690% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22770 | &nbsp;&nbsp; 21440 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class B Series 2021-2 | 1.280% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19430 | &nbsp;&nbsp;&nbsp; 18152 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Verizon Master Trust Class C Series 2021-1 | 0.890% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12360 | &nbsp;&nbsp;&nbsp; 11681 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Class 1A7 Series 2003-AR9 Trust | 4.122% | &nbsp;&nbsp;&nbsp;&nbsp;9/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp; 322 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Class A Series 2002-AR18 Trust | 4.342% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp; 55 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates Class A7 Series 2003-AR7 Trust | 3.819% | &nbsp;&nbsp;&nbsp;&nbsp;8/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp; 226 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A3 Series 2016-BNK1 | 2.652% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255 | &nbsp;&nbsp;&nbsp; 7611 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A3 Series 2017-C40 | 3.317% | 10/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp; 6433 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2015-C30 | 3.664% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp; 5092 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2016-C37 | 3.525% | 12/15/49 | &nbsp;&nbsp; 7343 | &nbsp;&nbsp;&nbsp; 7034 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2017-C39 | 3.157% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp; 5328 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2017-C40 | 3.581% | 10/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 | &nbsp;&nbsp; 2359 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2017-RC1 | 3.631% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479 | &nbsp;&nbsp; 2358 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2018-C46 | 4.152% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp; 3321 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2018-C47 | 4.442% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040 | &nbsp;&nbsp; 2979 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A5 Series 2018-C44 | 4.212% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/51 | &nbsp;&nbsp; 11100 | &nbsp;&nbsp;&nbsp; 10775 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class AS Series 2013-LC12 | 4.291% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906 | &nbsp;&nbsp; 4842 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class AS Series 2014-LC16 | 4.020% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/50 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; 6857 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class ASB Series 2019-C49 | 3.933% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/52 | &nbsp;&nbsp; 7894 | &nbsp;&nbsp;&nbsp; 7590 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class B Series 2014-LC16 | 4.322% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;&nbsp; 5768 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class C Series 2014-LC16 | 4.458% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830 | &nbsp;&nbsp; 4795 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class C Series 2015-LC22 | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 | &nbsp;&nbsp; 4447 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class C Series 2018-C43 | 4.514% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp; 2985 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust Class 2A1 Series 2006-AR14 | 4.511% | 10/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp; 2473 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;WFLD Mortgage Trust Class A Series 2014-MONT | 3.755% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35485 | &nbsp;&nbsp; 33948 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class A4 Series 2014-C21 | 3.410% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | &nbsp;&nbsp; 2029 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class A4 Series 2014-LC14 | 3.766% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787 | &nbsp;&nbsp; 1756 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class AS Series 2013-C13 | 3.345% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp; 2213 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class AS Series 2014-C21 | 3.891% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/47 | &nbsp;&nbsp; 7130 | &nbsp;&nbsp; 6858 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class B Series 2013-C18 | 4.849% | 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp; 5544 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class B Series 2014-C20 | 4.378% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/47 | &nbsp;&nbsp; 11110 | &nbsp;&nbsp;&nbsp; 10004 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class C Series 2014-C20 | 4.513% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp; 3919 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class A3 Series 2022-C | 3.660% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150 | &nbsp;&nbsp;&nbsp; 9919 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class A4 Series 2021-D | 1.100% | 11/15/27 | &nbsp;&nbsp; 13110 | &nbsp;&nbsp;&nbsp; 11988 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class A4 Series 2022-C | 3.680% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10970 | &nbsp;&nbsp;&nbsp; 10663 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class A4 Series 2022-D | 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510 | &nbsp;&nbsp; 6756 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class B Series 2020-B | 1.220% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350 | &nbsp;&nbsp;&nbsp; 4131 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class B Series 2021-B | 1.040% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 | &nbsp;&nbsp; 3958 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class B Series 2021-C | 0.840% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5360 | &nbsp;&nbsp; 4797 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class C Series 2020-C | 1.390% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp; 3619 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class C Series 2021-B | 1.290% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp; 3870 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class C Series 2021-C | 1.060% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp; 2160 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class C Series 2021-D | 1.720% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640 | &nbsp;&nbsp;&nbsp; 4190 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Automobile Lease Securitization Trust Class A4 Series 2021-A | 0.500% | 11/16/26 | &nbsp;&nbsp; 11150 | &nbsp;&nbsp;&nbsp; 10684 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Automobile Lease Securitization Trust Class B Series 2022-A | 3.670% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp; 4818 |
| **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,901,150)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,901,150)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,901,150)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,901,150)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,901,150)** | &nbsp;&nbsp;&nbsp;**2754546** |
| **Corporate Bonds (79.7%)** | **Corporate Bonds (79.7%)** | **Corporate Bonds (79.7%)** | **Corporate Bonds (79.7%)** | **Corporate Bonds (79.7%)** | **Corporate Bonds (79.7%)** |
| **Communications (5.7%)** | **Communications (5.7%)** | **Communications (5.7%)** | **Communications (5.7%)** | **Communications (5.7%)** | **Communications (5.7%)** |
|  | &nbsp;&nbsp;&nbsp;Activision Blizzard Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp; 7819 | &nbsp;&nbsp;&nbsp; 7546 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/24 | &nbsp;&nbsp;&nbsp;&nbsp;181884 | &nbsp;&nbsp;&nbsp; 173908 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;210670 | &nbsp;&nbsp;&nbsp; 193125 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;AT&T Inc. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;9/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1025 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp; 57467 | &nbsp;&nbsp; 52485 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | 0.100% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23876 | &nbsp;&nbsp; 24220 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp; 15562 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | 4.000% | 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp; 4056 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;British Telecommunications plc | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp; 517 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp; 1867 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70527 | &nbsp;&nbsp; 69934 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 4.908% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;261227 | &nbsp;&nbsp; 259892 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;CK Hutchison Group Telecom Finance SA | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 987 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90024 | &nbsp;&nbsp;&nbsp; 87581 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.950% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63324 | &nbsp;&nbsp; 62469 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52355 | &nbsp;&nbsp; 50546 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Comcast Corp. | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49105 | &nbsp;&nbsp;&nbsp; 47370 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51581 | &nbsp;&nbsp;&nbsp; 47896 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 5.350% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18990 | &nbsp;&nbsp;&nbsp; 19776 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16790 | &nbsp;&nbsp;&nbsp; 17155 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cox Communications Inc. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9327 | &nbsp;&nbsp; 9052 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;1/19/27 | &nbsp;&nbsp; 10810 | &nbsp;&nbsp;&nbsp; 10429 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV | 8.875% | 11/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 752 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor Inc. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp; 1380 |
|  | &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62824 | &nbsp;&nbsp;&nbsp; 61762 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 3.900% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28005 | &nbsp;&nbsp;&nbsp; 27383 |
|  | &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5993 | &nbsp;&nbsp; 5777 |
|  | &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790 | &nbsp;&nbsp; 6564 |
|  | &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/26 | &nbsp;&nbsp; 77970 | &nbsp;&nbsp;&nbsp; 77315 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DISH DBS Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413 | &nbsp;&nbsp; 2079 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21939 | &nbsp;&nbsp; 21585 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;4/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56576 | &nbsp;&nbsp; 54562 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC | 5.875% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp; 943 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 | &nbsp;&nbsp; 4723 |
|  | &nbsp;&nbsp;&nbsp;Interpublic Group of Cos. Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672 | &nbsp;&nbsp; 6582 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Level 3 Financing Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp; 1391 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Level 3 Financing Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp; 1180 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Level 3 Financing Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp; 1748 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 3.428% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93175 | &nbsp;&nbsp; 91226 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 3.638% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72515 | &nbsp;&nbsp; 69932 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 3.755% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;190885 | &nbsp;&nbsp;&nbsp; 178847 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;202738 | &nbsp;&nbsp;&nbsp; 194615 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp; 1480 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12468 | &nbsp;&nbsp;&nbsp; 12080 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 4.375% | 11/15/26 | &nbsp;&nbsp; 7179 | &nbsp;&nbsp;&nbsp; 7136 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10180 | &nbsp;&nbsp;&nbsp; 10171 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 5.875% | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp; 369 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nexstar Media Inc. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3875 | &nbsp;&nbsp; 3692 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nexstar Media Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898 | &nbsp;&nbsp; 2609 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NTT Finance Corp. | 1.162% | &nbsp;&nbsp;&nbsp;&nbsp;4/3/26 | &nbsp;&nbsp; 87855 | &nbsp;&nbsp; 78834 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. / Omnicom Capital Inc. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21539 | &nbsp;&nbsp; 20871 |
|  | &nbsp;&nbsp;&nbsp;Ooredoo International Finance Ltd. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/21/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp; 16695 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp; 57148 | &nbsp;&nbsp;&nbsp; 56743 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10167 | &nbsp;&nbsp; 9881 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rogers Communications Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38720 | &nbsp;&nbsp; 36436 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sirius XM Radio Inc. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp; 766 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sky Ltd. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48460 | &nbsp;&nbsp;&nbsp; 47626 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Sky Ltd. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22015 | &nbsp;&nbsp;&nbsp; 23154 |
|  | &nbsp;&nbsp;&nbsp;Sprint LLC | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566 | &nbsp;&nbsp;&nbsp; 10802 |
|  | &nbsp;&nbsp;&nbsp;Sprint LLC | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp; 3849 |
|  | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/28/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23520 | &nbsp;&nbsp; 23052 |
|  | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24260 | &nbsp;&nbsp; 23532 |
|  | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp; 27812 |
|  | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA | 4.103% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/27 | &nbsp;&nbsp; 37687 | &nbsp;&nbsp; 36554 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA | 1.201% | &nbsp;&nbsp;&nbsp;&nbsp;8/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 495 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;239286 | &nbsp;&nbsp; 232403 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54009 | &nbsp;&nbsp; 49281 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/26 | &nbsp;&nbsp; 40115 | &nbsp;&nbsp;&nbsp; 37185 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6695 | &nbsp;&nbsp; 6255 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp; 127714 | &nbsp;&nbsp;&nbsp; 122860 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 | &nbsp;&nbsp;&nbsp; 9512 |
|  | &nbsp;&nbsp;&nbsp;TWDC Enterprises 18 Corp. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp; 53 |
|  | &nbsp;&nbsp;&nbsp;VeriSign Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp; 17073 | &nbsp;&nbsp;&nbsp; 17139 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 0.850% | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38220 | &nbsp;&nbsp; 34580 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp; 118945 | &nbsp;&nbsp;&nbsp; 108335 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41448 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 1.375% | 10/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42831 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52114 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38649 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Videotron Ltd. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1808 |
|  | &nbsp;&nbsp;&nbsp;Vodafone Group plc | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21986 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59077 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47247 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3.375% | 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41807 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/23/27 | &nbsp;&nbsp; 7057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6916 |
|  |  |  |  |  | **3394881** |
| **Consumer Discretionary (5.7%)** | **Consumer Discretionary (5.7%)** | **Consumer Discretionary (5.7%)** | **Consumer Discretionary (5.7%)** | **Consumer Discretionary (5.7%)** | **Consumer Discretionary (5.7%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp; 1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1822 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164394 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;8/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18650 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;142470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144297 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp. | 0.550% | &nbsp;&nbsp;&nbsp;&nbsp;7/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90477 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp. | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/9/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14042 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp. | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24218 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp. | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;7/8/25 | &nbsp;&nbsp; 47276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43600 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20612 |
|  | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp; 7269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6618 |
|  | &nbsp;&nbsp;&nbsp;AutoZone Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49057 |
|  | &nbsp;&nbsp;&nbsp;AutoZone Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15073 |
|  | &nbsp;&nbsp;&nbsp;AutoZone Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41912 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BMW US Capital LLC | 0.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9666 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BMW US Capital LLC | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21849 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BMW US Capital LLC | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9511 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | 0.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31929 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Caesars Entertainment Inc. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2411 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Caesars Resort Collection LLC / CRC Finco Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3067 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3181 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6366 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2648 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Clarios Global LP | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2283 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Daimler Finance North America LLC | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/22/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25650 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Daimler Finance North America LLC | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp; 111155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106266 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Daimler Finance North America LLC | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/24 | &nbsp;&nbsp; 37200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36145 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Daimler Finance North America LLC | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/2/26 | &nbsp;&nbsp; 17440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15848 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Daimler International Finance BV | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 5.900% | 11/22/25 | &nbsp;&nbsp; 17260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17819 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25713 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 5.950% | 11/22/27 | &nbsp;&nbsp; 17365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18239 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC | 3.850% | 11/15/24 | &nbsp;&nbsp; 37894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36875 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17943 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2790 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/16/25 | &nbsp;&nbsp; 2745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2690 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 4.134% | &nbsp;&nbsp;&nbsp;&nbsp;8/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp; 1141 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 3.375% | 11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9395 | &nbsp;&nbsp; 8750 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6095 | &nbsp;&nbsp; 5439 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16975 | &nbsp;&nbsp;&nbsp; 16293 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703 | &nbsp;&nbsp;&nbsp; 6176 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 3.815% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp; 897 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp; 107602 | &nbsp;&nbsp;&nbsp; 110340 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51061 | &nbsp;&nbsp; 50383 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 1.200% | 10/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp; 31414 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;11/7/24 | &nbsp;&nbsp; 37585 | &nbsp;&nbsp; 36497 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp; 4794 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39315 | &nbsp;&nbsp;&nbsp; 37512 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;4/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25075 | &nbsp;&nbsp;&nbsp; 24601 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21853 | &nbsp;&nbsp; 20620 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 6.050% | 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;106523 | &nbsp;&nbsp;&nbsp; 108548 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;153293 | &nbsp;&nbsp;&nbsp; 137378 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29409 | &nbsp;&nbsp; 29430 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10377 | &nbsp;&nbsp; 9224 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22140 | &nbsp;&nbsp; 21339 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;1/17/27 | &nbsp;&nbsp; 18743 | &nbsp;&nbsp;&nbsp; 18191 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38865 | &nbsp;&nbsp;&nbsp; 34901 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48499 | &nbsp;&nbsp; 48067 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25903 | &nbsp;&nbsp; 23256 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services Inc. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;6/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp; 13769 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services Inc. | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;2/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;105072 | &nbsp;&nbsp;&nbsp; 96123 |
|  | &nbsp;&nbsp;&nbsp;Harley-Davidson Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp; 15807 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co. Inc. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp; 7959 | &nbsp;&nbsp;&nbsp; 7925 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co. Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp; 853 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp; 27335 | &nbsp;&nbsp;&nbsp; 27222 |
|  | &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 2.271% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28570 | &nbsp;&nbsp;&nbsp; 27211 |
|  | &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 2.534% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38590 | &nbsp;&nbsp; 35998 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34650 | &nbsp;&nbsp; 34457 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. | 5.875% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp; 19604 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22084 | &nbsp;&nbsp; 21842 |
|  | &nbsp;&nbsp;&nbsp;Lennar Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52497 | &nbsp;&nbsp;&nbsp; 53116 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10985 | &nbsp;&nbsp;&nbsp; 11046 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp; 1469 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18865 | &nbsp;&nbsp; 18788 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18020 | &nbsp;&nbsp;&nbsp; 17257 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15325 | &nbsp;&nbsp;&nbsp; 14895 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390 | &nbsp;&nbsp; 6073 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. | 5.000% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14150 | &nbsp;&nbsp;&nbsp; 14270 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 5.875% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219 | &nbsp;&nbsp; 9231 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25701 | &nbsp;&nbsp; 25028 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp; 22526 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp; 20793 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp; 1573 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp; 1209 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC | 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50400 | &nbsp;&nbsp;&nbsp; 47766 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23960 | &nbsp;&nbsp; 22205 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58225 | &nbsp;&nbsp; 51624 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd. | 3.043% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 103238 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd. | 3.522% | &nbsp;&nbsp;&nbsp;&nbsp;9/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21725 | &nbsp;&nbsp;&nbsp; 20511 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Penn National Gaming Inc. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp; 1151 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;RCI Banque SA | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 438 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Richemont International Holding SA | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1022 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20065 | &nbsp;&nbsp;&nbsp; 17855 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp; 757 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp; 3475 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp; 2011 | &nbsp;&nbsp; 1872 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Toyota Finance Australia Ltd. | 2.280% | 10/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52285 | &nbsp;&nbsp;&nbsp; 51157 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/24 | &nbsp;&nbsp; 37760 | &nbsp;&nbsp; 36835 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65050 | &nbsp;&nbsp;&nbsp; 64766 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50780 | &nbsp;&nbsp; 50960 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46070 | &nbsp;&nbsp; 43445 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39050 | &nbsp;&nbsp;&nbsp; 37765 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43920 | &nbsp;&nbsp; 43354 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 0.800% | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78885 | &nbsp;&nbsp; 71559 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 5.400% | 11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33820 | &nbsp;&nbsp; 34607 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/27 | &nbsp;&nbsp; 67445 | &nbsp;&nbsp; 61444 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/27 | &nbsp;&nbsp; 110905 | &nbsp;&nbsp;&nbsp; 105436 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;9/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66140 | &nbsp;&nbsp; 66736 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13395 | &nbsp;&nbsp;&nbsp; 13530 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Toyota Motor Finance Netherlands BV | 0.000% | 10/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 497 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Financial Services AG | 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp; 18928 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Financial Services NV | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp; 35496 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;5/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp; 4335 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4704 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Leasing GmbH | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 2062 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Leasing GmbH | 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23870 | &nbsp;&nbsp; 22971 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;William Carter Co. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp; 2875 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2046 |
|  |  |  |  |  | **3385718** |
| **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;7-Eleven Inc. | 0.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/10/24 | &nbsp;&nbsp;&nbsp;&nbsp;126300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120791 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;7-Eleven Inc. | 0.950% | &nbsp;&nbsp;&nbsp;&nbsp;2/10/26 | &nbsp;&nbsp; 67700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60477 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;5/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49001 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16655 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23418 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58735 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/28 | &nbsp;&nbsp; 17505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17187 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 3.222% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52555 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 2.789% | &nbsp;&nbsp;&nbsp;&nbsp;9/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9436 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11137 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 3.215% | &nbsp;&nbsp;&nbsp;&nbsp;9/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67058 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87658 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 3.557% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1476 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BAT International Finance plc | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67831 |
|  | &nbsp;&nbsp;&nbsp;BAT International Finance plc | 1.668% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;133090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120133 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;BAT International Finance plc | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3286 |
|  | &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19752 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cargill Inc. | 4.875% | 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26155 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;CK Hutchison Europe Finance 18 Ltd. | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/25 | &nbsp;&nbsp; 15010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15389 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;CK Hutchison Finance 16 II Ltd. | 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/3/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11191 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp; 33010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32198 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27835 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 4.750% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11538 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 4.400% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23128 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;12/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8045 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15172 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;5/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52586 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34747 |
|  | &nbsp;&nbsp;&nbsp;Diageo Capital plc | 5.200% | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31556 |
|  | &nbsp;&nbsp;&nbsp;Diageo Capital plc | 5.300% | 10/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40548 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18771 |
|  | &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6590 |
|  | &nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;140475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135077 |
|  | &nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54959 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9109 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;JDE Peet's NV | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31284 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5641 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 4.417% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29837 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14517 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9312 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19421 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53223 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25206 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 2.650% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2138 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Louis Dreyfus Co. Finance BV | 2.375% | 11/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10961 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8341 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18452 |
|  | &nbsp;&nbsp;&nbsp;Mead Johnson Nutrition Co. | 4.125% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4847 |
|  | &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23139 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mondelez International Holdings Netherlands BV | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69877 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mondelez International Holdings Netherlands BV | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/24/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18224 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mondelez International Holdings Netherlands BV | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/24/26 | &nbsp;&nbsp; 48010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42428 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57430 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27026 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Nestle Finance International Ltd. | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nestle Holdings Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14221 |
|  | &nbsp;&nbsp;&nbsp;Pepsico Inc. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;2/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45910 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Inc. | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Inc. | 5.500% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4188 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 5.125% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54911 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32526 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/11/25 | &nbsp;&nbsp; 7914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7674 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 5.000% | 11/17/25 | &nbsp;&nbsp; 57630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58406 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14801 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22755 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30200 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 5.125% | 11/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93333 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33825 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31749 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Treasury Services plc | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/26/24 | &nbsp;&nbsp; 113218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109935 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Treasury Services plc | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11292 |
|  | &nbsp;&nbsp;&nbsp;Reynolds American Inc. | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;144271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141620 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp; 27135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25043 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/24 | &nbsp;&nbsp; 87199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86112 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30982 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;206095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205130 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;9/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;136305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136293 |
|  |  |  |  |  | **3012122** |
| **Energy (5.7%)** | **Energy (5.7%)** | **Energy (5.7%)** | **Energy (5.7%)** | **Energy (5.7%)** | **Energy (5.7%)** |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc. | 2.061% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12936 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.796% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39743 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.410% | &nbsp;&nbsp;&nbsp;&nbsp;2/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36620 | &nbsp;&nbsp; 35647 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.119% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63745 | &nbsp;&nbsp; 61300 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.017% | &nbsp;&nbsp;&nbsp;&nbsp;1/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28626 | &nbsp;&nbsp;&nbsp; 27225 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;BP Capital Markets plc | 2.972% | &nbsp;&nbsp;&nbsp;&nbsp;2/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 428 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets plc | 3.279% | &nbsp;&nbsp;&nbsp;&nbsp;9/19/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49894 | &nbsp;&nbsp;&nbsp; 47840 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;BP Capital Markets plc | 0.831% | &nbsp;&nbsp;&nbsp;&nbsp;11/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp; 18392 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Partners LP | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp; 3201 |
|  | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18391 | &nbsp;&nbsp;&nbsp; 18114 |
|  | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12950 | &nbsp;&nbsp;&nbsp; 12670 |
|  | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18312 | &nbsp;&nbsp;&nbsp;&nbsp; 17145 |
|  | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70623 | &nbsp;&nbsp; 68259 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;126164 | &nbsp;&nbsp;&nbsp; 127453 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52787 | &nbsp;&nbsp;&nbsp; 53179 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | 4.625% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665 | &nbsp;&nbsp; 3493 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 1.554% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33324 | &nbsp;&nbsp; 31373 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 2.954% | &nbsp;&nbsp;&nbsp;&nbsp;5/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp; 4615 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp; 444 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips Co. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23370 | &nbsp;&nbsp; 22363 |
|  | &nbsp;&nbsp;&nbsp;Continental Resources Inc. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14571 | &nbsp;&nbsp;&nbsp; 14290 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Continental Resources Inc. | 2.268% | 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26650 | &nbsp;&nbsp; 23679 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16269 | &nbsp;&nbsp;&nbsp; 15623 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CrownRock LP / CrownRock Finance Inc. | 5.625% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp; 1810 |
|  | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 | &nbsp;&nbsp; 1833 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69058 | &nbsp;&nbsp; 69271 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 5.850% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13303 | &nbsp;&nbsp;&nbsp; 13639 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76025 | &nbsp;&nbsp; 71963 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795 | &nbsp;&nbsp; 3347 |
|  | &nbsp;&nbsp;&nbsp;Eastern Gas Transmission & Storage Inc. | 3.600% | 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6378 | &nbsp;&nbsp; 6224 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18819 | &nbsp;&nbsp;&nbsp; 18831 |
|  | &nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo | 4.375% | 10/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22304 | &nbsp;&nbsp; 21908 |
|  | &nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13839 | &nbsp;&nbsp;&nbsp; 13059 |
|  | &nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318 | &nbsp;&nbsp;&nbsp; 5189 |
|  | &nbsp;&nbsp;&nbsp;Enable Midstream Partners LP | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6970 | &nbsp;&nbsp; 6852 |
|  | &nbsp;&nbsp;&nbsp;Enable Midstream Partners LP | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48250 | &nbsp;&nbsp;&nbsp; 47148 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Energy Partners LP | 5.875% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24941 | &nbsp;&nbsp;&nbsp; 25517 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36445 | &nbsp;&nbsp; 35689 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32322 | &nbsp;&nbsp; 30809 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9714 | &nbsp;&nbsp; 9251 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 1.600% | &nbsp;&nbsp;&nbsp;&nbsp;10/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100 | &nbsp;&nbsp; 26020 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4461 | &nbsp;&nbsp; 4371 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33084 | &nbsp;&nbsp; 31773 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/83 | &nbsp;&nbsp; 17370 | &nbsp;&nbsp;&nbsp; 17382 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20013 | &nbsp;&nbsp;&nbsp; 19992 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40324 | &nbsp;&nbsp;&nbsp; 40173 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43468 | &nbsp;&nbsp; 42997 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40686 | &nbsp;&nbsp; 40353 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53734 | &nbsp;&nbsp;&nbsp; 52711 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10655 | &nbsp;&nbsp;&nbsp; 10903 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155 | &nbsp;&nbsp;&nbsp; 3132 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp; 7831 | &nbsp;&nbsp;&nbsp; 7947 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33780 | &nbsp;&nbsp; 34461 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Eni SpA | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/12/23 | &nbsp;&nbsp; 77305 | &nbsp;&nbsp;&nbsp; 76655 |
|  | &nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915 | &nbsp;&nbsp; 2830 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28502 | &nbsp;&nbsp; 28202 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48255 | &nbsp;&nbsp; 48964 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31438 | &nbsp;&nbsp; 30750 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp; 1051 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp; 3438 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18158 | &nbsp;&nbsp;&nbsp; 18364 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 5.678% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12790 | &nbsp;&nbsp;&nbsp; 12801 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;EQT Corp. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp; 2572 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp; 21337 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.709% | &nbsp;&nbsp;&nbsp;&nbsp;3/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9702 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.992% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/25 | &nbsp;&nbsp; 27951 | &nbsp;&nbsp;&nbsp; 27189 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.043% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35025 | &nbsp;&nbsp; 33771 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.275% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10813 | &nbsp;&nbsp;&nbsp; 10115 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp. | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;Harvest Operations Corp. | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/26/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19240 | &nbsp;&nbsp;&nbsp; 18308 |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp; 4707 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 6.375% | 10/24/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp; 2396 |
|  | &nbsp;&nbsp;&nbsp;KazTransGas JSC | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699 | &nbsp;&nbsp; 2477 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp; 11015 | &nbsp;&nbsp;&nbsp; 10919 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp; 17184 | &nbsp;&nbsp;&nbsp; 17067 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp; 5083 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25844 | &nbsp;&nbsp; 25589 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 1.750% | 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100 | &nbsp;&nbsp;&nbsp; 26115 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31830 | &nbsp;&nbsp; 31253 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;103522 | &nbsp;&nbsp;&nbsp; 103399 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 5.125% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55600 | &nbsp;&nbsp; 56220 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29939 | &nbsp;&nbsp; 29906 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20170 | &nbsp;&nbsp;&nbsp; 20132 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85686 | &nbsp;&nbsp;&nbsp; 77999 |
|  | &nbsp;&nbsp;&nbsp;Newfield Exploration Co. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32854 | &nbsp;&nbsp; 33070 |
|  | &nbsp;&nbsp;&nbsp;Nustar Logistics LP | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; 4067 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | &nbsp;&nbsp; 1873 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445 | &nbsp;&nbsp; 4500 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp; 2682 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19529 | &nbsp;&nbsp;&nbsp; 18841 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20076 | &nbsp;&nbsp;&nbsp; 18665 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69178 | &nbsp;&nbsp; 70929 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Partners LP | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 | &nbsp;&nbsp; 9642 |
|  | &nbsp;&nbsp;&nbsp;Pertamina Persero PT | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40975 | &nbsp;&nbsp; 40863 |
|  | &nbsp;&nbsp;&nbsp;Pertamina Persero PT | 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19433 | &nbsp;&nbsp;&nbsp; 17518 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24185 | &nbsp;&nbsp;&nbsp; 23188 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;4/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18475 | &nbsp;&nbsp;&nbsp; 18184 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28285 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Phillips 66 Co. | 3.605% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20794 |
|  | &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28153 |
|  | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP / PAA Finance Corp. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29906 |
|  | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP / PAA Finance Corp. | 4.650% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59699 |
|  | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP / PAA Finance Corp. | 4.500% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28913 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 0.946% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32835 |
|  | &nbsp;&nbsp;&nbsp;SA Global Sukuk Ltd. | 0.946% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28780 |
|  | &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56031 |
|  | &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/25 | &nbsp;&nbsp; 109015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110051 |
|  | &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80625 |
|  | &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15350 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 1.250% | 11/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2980 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 1.250% | 11/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14404 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger Finance Canada Ltd. | 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22023 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34018 |
|  | &nbsp;&nbsp;&nbsp;Solar Applied Materials Technology Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12443 |
| <sup>7,11</sup> | &nbsp;&nbsp;&nbsp;Southern Gas Corridor CJSC | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3247 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Southern Gas Corridor CJSC | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10780 |
|  | &nbsp;&nbsp;&nbsp;Spectra Energy Partners LP | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11379 |
|  | &nbsp;&nbsp;&nbsp;Spectra Energy Partners LP | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11643 |
|  | &nbsp;&nbsp;&nbsp;Spectra Energy Partners LP | 3.375% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19274 |
|  | &nbsp;&nbsp;&nbsp;State Oil Co. of the Azerbaijan Republic | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6575 |
|  | &nbsp;&nbsp;&nbsp;Suvidhaa Infoserve Ltd. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12764 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4214 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies Capital International SA | 2.434% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56302 |
|  | &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd. | 1.000% | 10/12/24 | &nbsp;&nbsp; 94119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88079 |
|  | &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28514 |
|  | &nbsp;&nbsp;&nbsp;Western Midstream Operating LP | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3491 |
|  | &nbsp;&nbsp;&nbsp;Western Midstream Operating LP | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5063 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13486 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;6/24/24 | &nbsp;&nbsp; 114409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113807 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9692 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22527 |
|  |  |  |  |  | **3424311** |
| **Financials (29.0%)** | **Financials (29.0%)** | **Financials (29.0%)** | **Financials (29.0%)** | **Financials (29.0%)** | **Financials (29.0%)** |
|  | &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21859 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63841 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 1.150% | 10/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55460 | &nbsp;&nbsp; 53805 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/24 | &nbsp;&nbsp; 57761 | &nbsp;&nbsp;&nbsp; 56312 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;8/14/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50233 | &nbsp;&nbsp;&nbsp; 48012 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 1.650% | 10/29/24 | &nbsp;&nbsp;&nbsp;&nbsp;172300 | &nbsp;&nbsp;&nbsp; 161323 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 1.750% | 10/29/24 | &nbsp;&nbsp; 87100 | &nbsp;&nbsp; 81257 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp; 27615 | &nbsp;&nbsp; 26544 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24230 | &nbsp;&nbsp; 24694 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp; 37600 | &nbsp;&nbsp;&nbsp; 36716 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/30/26 | &nbsp;&nbsp; 67076 | &nbsp;&nbsp;&nbsp; 60212 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 2.450% | 10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94267 | &nbsp;&nbsp; 84739 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/27 | &nbsp;&nbsp; 17898 | &nbsp;&nbsp;&nbsp; 16575 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp; 9413 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43772 | &nbsp;&nbsp; 39492 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18766 | &nbsp;&nbsp; 18536 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42260 | &nbsp;&nbsp; 39778 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp; 2791 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp; 37083 | &nbsp;&nbsp; 35392 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72485 | &nbsp;&nbsp; 68021 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3839 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100 | &nbsp;&nbsp;&nbsp; 26196 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp; 19274 |
|  | &nbsp;&nbsp;&nbsp;Aircastle Ltd. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790 | &nbsp;&nbsp; 6648 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | 0.750% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9670 | &nbsp;&nbsp; 8697 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/21/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46379 | &nbsp;&nbsp; 45531 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp; 3781 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp; 1963 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp; 28096 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 3.000% | 10/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15235 | &nbsp;&nbsp;&nbsp; 14820 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21382 | &nbsp;&nbsp; 20350 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;121125 | &nbsp;&nbsp;&nbsp; 119356 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;11/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16315 | &nbsp;&nbsp;&nbsp; 16192 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52837 | &nbsp;&nbsp;&nbsp; 49011 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;11/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43800 | &nbsp;&nbsp; 46342 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61070 | &nbsp;&nbsp;&nbsp; 58135 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;&nbsp; 9159 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20610 | &nbsp;&nbsp;&nbsp; 19893 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11645 | &nbsp;&nbsp;&nbsp; 10978 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Antares Holdings LP | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33939 | &nbsp;&nbsp; 28092 |
|  | &nbsp;&nbsp;&nbsp;Aon Corp. / Aon Global Holdings plc | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp;&nbsp; 25122 |
|  | &nbsp;&nbsp;&nbsp;Aon plc | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42490 | &nbsp;&nbsp;&nbsp; 41715 |
|  | &nbsp;&nbsp;&nbsp;Aon plc | 3.875% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10782 | &nbsp;&nbsp;&nbsp; 10563 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Apollo Management Holdings LP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835 | &nbsp;&nbsp; 4737 |
|  | &nbsp;&nbsp;&nbsp;Ares Capital Corp. | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp; 25366 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Athene Global Funding | 0.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34970 | &nbsp;&nbsp; 33540 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Athene Global Funding | 0.914% | &nbsp;&nbsp;&nbsp;&nbsp;8/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11320 | &nbsp;&nbsp;&nbsp; 10517 |
|  | &nbsp;&nbsp;&nbsp;Athene Holding Ltd. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31391 | &nbsp;&nbsp; 29881 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71004 | &nbsp;&nbsp;&nbsp; 65316 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., 3M Australian Bank Bill Rate + 2.000% | 5.382% | &nbsp;&nbsp;&nbsp;&nbsp;7/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49406 | &nbsp;&nbsp; 35051 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Aviva plc | 6.125% | 11/14/36 | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 9036 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21940 | &nbsp;&nbsp; 20809 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Banco Santander SA | 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 3124 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 0.701% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16085 | &nbsp;&nbsp;&nbsp; 15763 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 2.746% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60170 | &nbsp;&nbsp; 56931 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 5.147% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 26961 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 5.179% | 11/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | &nbsp;&nbsp;&nbsp; 5199 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 1.849% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29250 | &nbsp;&nbsp; 26346 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 5.294% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp; 9609 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 1.722% | &nbsp;&nbsp;&nbsp;&nbsp;9/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp; 19273 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/25 | &nbsp;&nbsp; 89110 | &nbsp;&nbsp;&nbsp; 87545 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1.843% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;104570 | &nbsp;&nbsp;&nbsp; 100926 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.458% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp; 9514 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76426 | &nbsp;&nbsp;&nbsp; 75141 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 0.976% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59888 | &nbsp;&nbsp;&nbsp; 56765 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.841% | &nbsp;&nbsp;&nbsp;&nbsp;4/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp; 23478 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 0.981% | &nbsp;&nbsp;&nbsp;&nbsp;9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49430 | &nbsp;&nbsp;&nbsp; 46130 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.093% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp; 74970 | &nbsp;&nbsp; 72534 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.456% | 10/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19250 | &nbsp;&nbsp;&nbsp; 18408 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.366% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52553 | &nbsp;&nbsp; 50786 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.015% | &nbsp;&nbsp;&nbsp;&nbsp;2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51370 | &nbsp;&nbsp; 48209 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53863 | &nbsp;&nbsp; 53387 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.384% | &nbsp;&nbsp;&nbsp;&nbsp;4/2/26 | &nbsp;&nbsp; 111500 | &nbsp;&nbsp;&nbsp;&nbsp; 107819 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1.319% | &nbsp;&nbsp;&nbsp;&nbsp;6/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84240 | &nbsp;&nbsp;&nbsp; 77143 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.827% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88970 | &nbsp;&nbsp; 88756 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.250% | 10/22/26 | &nbsp;&nbsp; 27110 | &nbsp;&nbsp; 26606 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1.197% | 10/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43560 | &nbsp;&nbsp; 39291 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 5.080% | &nbsp;&nbsp;&nbsp;&nbsp;1/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp; 25886 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1.658% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48515 | &nbsp;&nbsp; 43807 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.559% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/27 | &nbsp;&nbsp; 28110 | &nbsp;&nbsp;&nbsp; 26918 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1.734% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/27 | &nbsp;&nbsp; 137745 | &nbsp;&nbsp;&nbsp; 123414 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.248% | 10/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32908 | &nbsp;&nbsp; 31389 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.824% | &nbsp;&nbsp;&nbsp;&nbsp;1/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64779 | &nbsp;&nbsp; 62281 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.551% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/28 | &nbsp;&nbsp; 87966 | &nbsp;&nbsp; 80325 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.705% | &nbsp;&nbsp;&nbsp;&nbsp;4/24/28 | &nbsp;&nbsp; 45747 | &nbsp;&nbsp; 43630 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.376% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52150 | &nbsp;&nbsp; 51003 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.948% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/28 | &nbsp;&nbsp; 71115 | &nbsp;&nbsp; 71293 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 6.204% | 11/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40360 | &nbsp;&nbsp; 42565 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.419% | 12/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29511 | &nbsp;&nbsp;&nbsp; 27614 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21225 | &nbsp;&nbsp; 20729 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp; 27680 | &nbsp;&nbsp; 24581 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | 0.949% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24075 | &nbsp;&nbsp; 21541 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | 5.203% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp; 26520 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | 4.338% | &nbsp;&nbsp;&nbsp;&nbsp;10/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95383 | &nbsp;&nbsp;&nbsp; 94153 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 5.224% | 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42865 | &nbsp;&nbsp;&nbsp; 43164 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 4.414% | &nbsp;&nbsp;&nbsp;&nbsp;7/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53975 | &nbsp;&nbsp; 53605 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;8/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp; 9066 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 3.442% | &nbsp;&nbsp;&nbsp;&nbsp;2/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45782 | &nbsp;&nbsp; 43825 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 5.802% | 10/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp; 28041 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 4.873% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 | &nbsp;&nbsp;&nbsp; 39474 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp; 43329 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21605 | &nbsp;&nbsp; 20268 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;2/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59127 | &nbsp;&nbsp; 56231 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42075 | &nbsp;&nbsp; 40852 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39410 | &nbsp;&nbsp;&nbsp; 36417 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 4.500% | 12/16/25 | &nbsp;&nbsp; 47180 | &nbsp;&nbsp; 46708 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59200 | &nbsp;&nbsp;&nbsp; 59168 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55650 | &nbsp;&nbsp; 49834 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32080 | &nbsp;&nbsp; 30058 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;2/2/27 | &nbsp;&nbsp; 27540 | &nbsp;&nbsp; 25020 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55709 | &nbsp;&nbsp; 55066 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38535 | &nbsp;&nbsp;&nbsp; 37484 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 3.932% | &nbsp;&nbsp;&nbsp;&nbsp;5/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51325 | &nbsp;&nbsp; 50303 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51772 | &nbsp;&nbsp; 50856 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 2.852% | &nbsp;&nbsp;&nbsp;&nbsp;5/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28346 | &nbsp;&nbsp;&nbsp; 26915 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/12/26 | &nbsp;&nbsp; 27955 | &nbsp;&nbsp;&nbsp; 27829 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 5.304% | &nbsp;&nbsp;&nbsp;&nbsp;8/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34900 | &nbsp;&nbsp; 35042 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 2.279% | 11/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11880 | &nbsp;&nbsp;&nbsp; 10641 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 5.501% | &nbsp;&nbsp;&nbsp;&nbsp;8/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp; 25363 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 7.385% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79915 | &nbsp;&nbsp; 86571 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9267 | &nbsp;&nbsp; 9003 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp; 6025 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BPCE SA | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33030 | &nbsp;&nbsp;&nbsp; 31147 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33202 | &nbsp;&nbsp; 32922 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 3.945% | &nbsp;&nbsp;&nbsp;&nbsp;8/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39585 | &nbsp;&nbsp; 38937 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72565 | &nbsp;&nbsp; 64895 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/7/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp; 21737 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 0.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp; 15067 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 4.166% | &nbsp;&nbsp;&nbsp;&nbsp;5/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46250 | &nbsp;&nbsp; 45493 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 4.200% | 10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23563 | &nbsp;&nbsp; 23050 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 2.636% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72400 | &nbsp;&nbsp; 68525 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23488 | &nbsp;&nbsp; 22605 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1.878% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48250 | &nbsp;&nbsp; 42699 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 4.927% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp; 38074 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 5.468% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69650 | &nbsp;&nbsp; 70060 |
|  | &nbsp;&nbsp;&nbsp;Capital One NA | 2.280% | &nbsp;&nbsp;&nbsp;&nbsp;1/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38485 | &nbsp;&nbsp; 36378 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44839 | &nbsp;&nbsp; 43898 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;5/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49262 | &nbsp;&nbsp; 48495 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/26 | &nbsp;&nbsp; 26115 | &nbsp;&nbsp; 23390 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 1.150% | &nbsp;&nbsp;&nbsp;&nbsp;5/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29150 | &nbsp;&nbsp;&nbsp; 26196 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42975 | &nbsp;&nbsp; 39984 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp; 20174 | &nbsp;&nbsp;&nbsp; 19425 |
|  | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/24 | &nbsp;&nbsp; 37307 | &nbsp;&nbsp; 36706 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 0.300% | 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21768 | &nbsp;&nbsp;&nbsp; 22157 |
|  | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23558 | &nbsp;&nbsp; 22887 |
|  | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;5/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85984 | &nbsp;&nbsp; 83402 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26482 | &nbsp;&nbsp; 26004 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.352% | &nbsp;&nbsp;&nbsp;&nbsp;4/24/25 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 16629 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11650 | &nbsp;&nbsp;&nbsp; 11290 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 0.981% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28895 | &nbsp;&nbsp;&nbsp; 27359 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.140% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074 | &nbsp;&nbsp;&nbsp; 7978 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28325 | &nbsp;&nbsp;&nbsp; 28116 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp; 2654 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 1.281% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp; 17814 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 2.014% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40635 | &nbsp;&nbsp; 38200 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;3/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54240 | &nbsp;&nbsp;&nbsp; 53914 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.290% | &nbsp;&nbsp;&nbsp;&nbsp;3/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp; 23297 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.106% | &nbsp;&nbsp;&nbsp;&nbsp;4/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63180 | &nbsp;&nbsp; 60561 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp; 18489 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 5.610% | &nbsp;&nbsp;&nbsp;&nbsp;9/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38670 | &nbsp;&nbsp; 39261 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.200% | 10/21/26 | &nbsp;&nbsp; 74703 | &nbsp;&nbsp;&nbsp; 70765 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.300% | 11/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31424 | &nbsp;&nbsp; 30897 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 1.122% | &nbsp;&nbsp;&nbsp;&nbsp;1/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38800 | &nbsp;&nbsp;&nbsp; 34574 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 1.462% | &nbsp;&nbsp;&nbsp;&nbsp;6/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81460 | &nbsp;&nbsp; 72543 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/29/27 | &nbsp;&nbsp; 33114 | &nbsp;&nbsp; 32496 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.887% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38540 | &nbsp;&nbsp;&nbsp; 37033 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.070% | &nbsp;&nbsp;&nbsp;&nbsp;2/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48150 | &nbsp;&nbsp; 44754 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.658% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34780 | &nbsp;&nbsp; 34479 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.668% | &nbsp;&nbsp;&nbsp;&nbsp;7/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73016 | &nbsp;&nbsp;&nbsp; 69141 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.520% | 10/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650 | &nbsp;&nbsp; 9045 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22250 | &nbsp;&nbsp; 22257 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, 3M Australian Bank Bill Rate + 0.700% | 4.046% | &nbsp;&nbsp;&nbsp;&nbsp;1/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp; 13481 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, 3M Australian Bank Bill Rate + 1.800% | 4.942% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/30 | &nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp; 5118 |
|  | &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp; 18357 |
|  | &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48131 | &nbsp;&nbsp;&nbsp; 46018 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54043 | &nbsp;&nbsp; 52248 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84327 | &nbsp;&nbsp; 80593 |
|  | &nbsp;&nbsp;&nbsp;Credit Suisse AG | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/9/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 19412 |
|  | &nbsp;&nbsp;&nbsp;Credit Suisse AG | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/9/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29705 | &nbsp;&nbsp;&nbsp; 28315 |
|  | &nbsp;&nbsp;&nbsp;Credit Suisse AG | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp; 13212 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Credit Suisse AG | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 14422 |
|  | &nbsp;&nbsp;&nbsp;Credit Suisse Group AG | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49832 | &nbsp;&nbsp; 46926 |
|  | &nbsp;&nbsp;&nbsp;Credit Suisse Group AG | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/26 | &nbsp;&nbsp; 37913 | &nbsp;&nbsp; 34984 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Credit Suisse Group AG, 3M Australian Bank Bill Rate + 1.250% | 4.372% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9240 | &nbsp;&nbsp; 6283 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Danske Bank A/S | 0.976% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35390 | &nbsp;&nbsp; 32695 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Danske Bank A/S | 1.549% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9857 | &nbsp;&nbsp; 8621 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Danske Bank A/S | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp; 4314 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;de Volksbank NV | 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/22/26 | &nbsp;&nbsp; 27200 | &nbsp;&nbsp; 26062 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 0.898% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41065 | &nbsp;&nbsp; 38869 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 2.222% | &nbsp;&nbsp;&nbsp;&nbsp;9/18/24 | &nbsp;&nbsp; 27415 | &nbsp;&nbsp; 26818 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 1.447% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28940 | &nbsp;&nbsp;&nbsp; 27363 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp; 1212 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 2.129% | 11/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69850 | &nbsp;&nbsp;&nbsp; 63122 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 2.311% | 11/16/27 | &nbsp;&nbsp; 45176 | &nbsp;&nbsp;&nbsp; 40173 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 2.552% | &nbsp;&nbsp;&nbsp;&nbsp;1/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp; 3540 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 6.720% | &nbsp;&nbsp;&nbsp;&nbsp;1/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34630 | &nbsp;&nbsp; 36441 |
|  | &nbsp;&nbsp;&nbsp;Discover Bank | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34165 | &nbsp;&nbsp;&nbsp; 32701 |
|  | &nbsp;&nbsp;&nbsp;Discover Bank | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;7/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34435 | &nbsp;&nbsp; 32690 |
|  | &nbsp;&nbsp;&nbsp;Discover Bank | 4.682% | &nbsp;&nbsp;&nbsp;&nbsp;8/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 | &nbsp;&nbsp;&nbsp; 14021 |
|  | &nbsp;&nbsp;&nbsp;Discover Financial Services | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp; 4939 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DNB Bank ASA | 1.127% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21460 | &nbsp;&nbsp;&nbsp; 19160 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;DNB Bank ASA | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/28/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 435 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;F&G Global Funding | 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10936 | &nbsp;&nbsp;&nbsp; 10138 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;F&G Global Funding | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18649 | &nbsp;&nbsp;&nbsp; 16858 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 6.361% | 10/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32263 | &nbsp;&nbsp; 34091 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bank NA | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1931 |
|  | &nbsp;&nbsp;&nbsp;First-Citizens Bank & Trust Co. | 2.969% | &nbsp;&nbsp;&nbsp;&nbsp;9/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16692 | &nbsp;&nbsp;&nbsp; 15987 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Five Corners Funding Trust | 4.419% | 11/15/23 | &nbsp;&nbsp; 27243 | &nbsp;&nbsp;&nbsp; 27025 |
|  | &nbsp;&nbsp;&nbsp;FS KKR Capital Corp. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp; 17880 | &nbsp;&nbsp;&nbsp; 16339 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp; 2027 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp; 9177 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56400 | &nbsp;&nbsp;&nbsp; 57288 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41150 | &nbsp;&nbsp; 40093 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 1.757% | &nbsp;&nbsp;&nbsp;&nbsp;1/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59080 | &nbsp;&nbsp; 56871 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84540 | &nbsp;&nbsp; 82096 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78310 | &nbsp;&nbsp;&nbsp; 76528 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.272% | &nbsp;&nbsp;&nbsp;&nbsp;9/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55836 | &nbsp;&nbsp;&nbsp; 54124 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 4.250% | 10/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56569 | &nbsp;&nbsp; 55700 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 0.855% | &nbsp;&nbsp;&nbsp;&nbsp;2/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33975 | &nbsp;&nbsp;&nbsp; 31131 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23883 | &nbsp;&nbsp; 23329 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.500% | 11/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25155 | &nbsp;&nbsp;&nbsp; 24157 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 1.093% | &nbsp;&nbsp;&nbsp;&nbsp;12/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90585 | &nbsp;&nbsp; 80995 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 1.431% | &nbsp;&nbsp;&nbsp;&nbsp;3/9/27 | &nbsp;&nbsp; 97620 | &nbsp;&nbsp;&nbsp; 87381 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 1.542% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38150 | &nbsp;&nbsp;&nbsp; 33676 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 1.948% | 10/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72690 | &nbsp;&nbsp; 65048 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 2.640% | &nbsp;&nbsp;&nbsp;&nbsp;2/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61082 | &nbsp;&nbsp; 55989 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.615% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43804 | &nbsp;&nbsp; 41707 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp; 6386 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.691% | &nbsp;&nbsp;&nbsp;&nbsp;6/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44707 | &nbsp;&nbsp; 42642 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 4.482% | &nbsp;&nbsp;&nbsp;&nbsp;8/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;106300 | &nbsp;&nbsp;&nbsp; 104526 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp; 9608 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/14/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30082 | &nbsp;&nbsp; 29778 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 0.976% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59700 | &nbsp;&nbsp;&nbsp; 56141 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39693 | &nbsp;&nbsp;&nbsp; 38976 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.633% | &nbsp;&nbsp;&nbsp;&nbsp;11/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46895 | &nbsp;&nbsp; 44736 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24965 | &nbsp;&nbsp; 24466 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.999% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41330 | &nbsp;&nbsp; 39395 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 1.645% | &nbsp;&nbsp;&nbsp;&nbsp;4/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;103654 | &nbsp;&nbsp; 95542 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29850 | &nbsp;&nbsp; 28824 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.099% | &nbsp;&nbsp;&nbsp;&nbsp;6/4/26 | &nbsp;&nbsp; 115932 | &nbsp;&nbsp;&nbsp; 107655 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 4.292% | &nbsp;&nbsp;&nbsp;&nbsp;9/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55223 | &nbsp;&nbsp; 53772 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 1.589% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80846 | &nbsp;&nbsp;&nbsp; 71701 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp; 8983 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.251% | 11/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32600 | &nbsp;&nbsp; 29240 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 4.041% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58858 | &nbsp;&nbsp; 56452 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 4.755% | &nbsp;&nbsp;&nbsp;&nbsp;6/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44881 | &nbsp;&nbsp;&nbsp; 44126 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 5.210% | &nbsp;&nbsp;&nbsp;&nbsp;8/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36420 | &nbsp;&nbsp; 36596 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 7.390% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41230 | &nbsp;&nbsp; 44923 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;HSBC Holdings plc, 3M Australian Bank Bill Rate + 1.100% | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;2/16/24 | &nbsp;&nbsp; 17314 | &nbsp;&nbsp;&nbsp; 12219 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 4.443% | &nbsp;&nbsp;&nbsp;&nbsp;8/4/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19360 | &nbsp;&nbsp;&nbsp; 18901 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 1.726% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19420 | &nbsp;&nbsp;&nbsp; 17449 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;5/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp; 26035 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29498 | &nbsp;&nbsp; 29005 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52800 | &nbsp;&nbsp;&nbsp; 52112 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/23/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32450 | &nbsp;&nbsp; 31032 |
|  | &nbsp;&nbsp;&nbsp;Invesco Finance plc | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13760 | &nbsp;&nbsp;&nbsp; 13526 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;JAB Holdings BV | 1.000% | 12/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp; 4127 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.220% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/25 | &nbsp;&nbsp; 116368 | &nbsp;&nbsp;&nbsp; 113859 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 0.824% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;104030 | &nbsp;&nbsp;&nbsp; 97917 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 0.969% | &nbsp;&nbsp;&nbsp;&nbsp;6/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81300 | &nbsp;&nbsp;&nbsp; 76497 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41063 | &nbsp;&nbsp;&nbsp; 40519 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.301% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95250 | &nbsp;&nbsp; 90665 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.561% | 12/10/25 | &nbsp;&nbsp; 47600 | &nbsp;&nbsp; 44575 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.005% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/26 | &nbsp;&nbsp; 88017 | &nbsp;&nbsp; 82772 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.083% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/26 | &nbsp;&nbsp; 113870 | &nbsp;&nbsp;&nbsp; 106941 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.080% | &nbsp;&nbsp;&nbsp;&nbsp;4/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49005 | &nbsp;&nbsp;&nbsp; 48140 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35135 | &nbsp;&nbsp; 33705 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.045% | 11/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;140388 | &nbsp;&nbsp;&nbsp; 125783 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.125% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19304 | &nbsp;&nbsp;&nbsp; 19117 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.040% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79540 | &nbsp;&nbsp; 70897 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.578% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91550 | &nbsp;&nbsp; 82285 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.470% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59200 | &nbsp;&nbsp; 52505 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.782% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52032 | &nbsp;&nbsp; 50032 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.947% | &nbsp;&nbsp;&nbsp;&nbsp;2/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953 | &nbsp;&nbsp; 4591 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.323% | &nbsp;&nbsp;&nbsp;&nbsp;4/26/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89526 | &nbsp;&nbsp;&nbsp; 87569 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.182% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp; 13017 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.851% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73080 | &nbsp;&nbsp; 73067 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9059 | &nbsp;&nbsp; 8903 |
|  | &nbsp;&nbsp;&nbsp;KeyBank NA | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp; 22135 |
|  | &nbsp;&nbsp;&nbsp;KeyBank NA | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20036 |
|  | &nbsp;&nbsp;&nbsp;KeyBank NA | 5.850% | 11/15/27 | &nbsp;&nbsp; 27362 | &nbsp;&nbsp; 28675 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 | &nbsp;&nbsp; 3734 |
|  | &nbsp;&nbsp;&nbsp;Lazard Group LLC | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/13/25 | &nbsp;&nbsp; 7625 | &nbsp;&nbsp;&nbsp; 7425 |
| <sup>13,14</sup> | &nbsp;&nbsp;&nbsp;Lehman Brothers E-Capital Trust I | 3.589% | &nbsp;&nbsp;&nbsp;&nbsp;8/19/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9410 | &nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 4.582% | 12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42383 | &nbsp;&nbsp; 41502 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp; 1064 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 4.716% | &nbsp;&nbsp;&nbsp;&nbsp;8/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41290 | &nbsp;&nbsp; 40721 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33555 | &nbsp;&nbsp; 31986 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 1.627% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19415 | &nbsp;&nbsp;&nbsp;&nbsp; 17276 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp; 9211 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;LSEGA Financing plc | 0.650% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39665 | &nbsp;&nbsp;&nbsp; 37584 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Luminor Bank A/S | 0.792% | &nbsp;&nbsp;&nbsp;&nbsp;12/3/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5344 | &nbsp;&nbsp;&nbsp; 5513 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 4.553% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72600 | &nbsp;&nbsp; 72686 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Macquarie Bank Ltd., 3M Australian Bank Bill Rate + 2.900% | 6.010% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33130 | &nbsp;&nbsp; 23758 |
|  | &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust Co. | 5.400% | 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14890 | &nbsp;&nbsp;&nbsp; 15183 |
|  | &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust Co. | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56610 | &nbsp;&nbsp; 56525 |
|  | &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust Co. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;1/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56610 | &nbsp;&nbsp; 56487 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp; 28848 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 2.193% | &nbsp;&nbsp;&nbsp;&nbsp;2/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28877 | &nbsp;&nbsp;&nbsp; 27317 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 3.777% | &nbsp;&nbsp;&nbsp;&nbsp;3/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42199 | &nbsp;&nbsp; 41293 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 1.412% | &nbsp;&nbsp;&nbsp;&nbsp;7/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45665 | &nbsp;&nbsp;&nbsp; 41874 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 4.788% | &nbsp;&nbsp;&nbsp;&nbsp;7/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp; 16596 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 0.953% | &nbsp;&nbsp;&nbsp;&nbsp;7/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70480 | &nbsp;&nbsp; 66095 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 5.063% | &nbsp;&nbsp;&nbsp;&nbsp;9/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48400 | &nbsp;&nbsp; 48339 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 0.962% | 10/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp; 29434 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 2.757% | &nbsp;&nbsp;&nbsp;&nbsp;9/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp; 10510 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 1.538% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64598 | &nbsp;&nbsp;&nbsp; 57209 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 1.640% | 10/13/27 | &nbsp;&nbsp; 27700 | &nbsp;&nbsp; 24434 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 2.341% | &nbsp;&nbsp;&nbsp;&nbsp;1/19/28 | &nbsp;&nbsp; 47700 | &nbsp;&nbsp; 43073 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 5.017% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp; 16219 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc., 3M Australian Bank Bill Rate + 1.250% | 4.518% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp; 9606 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 2.555% | &nbsp;&nbsp;&nbsp;&nbsp;9/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp; 27338 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 3.477% | &nbsp;&nbsp;&nbsp;&nbsp;4/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp; 9245 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 2.226% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28890 | &nbsp;&nbsp; 26867 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 1.234% | &nbsp;&nbsp;&nbsp;&nbsp;5/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52063 | &nbsp;&nbsp; 45833 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 1.554% | &nbsp;&nbsp;&nbsp;&nbsp;7/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40700 | &nbsp;&nbsp; 36056 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 0.791% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50700 | &nbsp;&nbsp; 48370 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 0.790% | &nbsp;&nbsp;&nbsp;&nbsp;5/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;169995 | &nbsp;&nbsp;&nbsp; 159652 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.720% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;120485 | &nbsp;&nbsp;&nbsp; 116402 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70846 | &nbsp;&nbsp; 69739 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 0.864% | 10/21/25 | &nbsp;&nbsp; 11410 | &nbsp;&nbsp;&nbsp; 10587 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1.164% | 10/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp; 26833 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 5.000% | 11/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79980 | &nbsp;&nbsp; 80348 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90315 | &nbsp;&nbsp; 88234 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.188% | &nbsp;&nbsp;&nbsp;&nbsp;4/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp; 82674 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.103% | &nbsp;&nbsp;&nbsp;&nbsp;5/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20778 | &nbsp;&nbsp; 21737 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.679% | &nbsp;&nbsp;&nbsp;&nbsp;7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 24797 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12619 | &nbsp;&nbsp;&nbsp; 11964 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;9/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41130 | &nbsp;&nbsp;&nbsp; 40410 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 6.138% | 10/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 41191 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 0.985% | 12/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59465 | &nbsp;&nbsp; 52930 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66477 | &nbsp;&nbsp;&nbsp; 64412 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;1/28/27 | &nbsp;&nbsp; 37940 | &nbsp;&nbsp; 38066 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25965 | &nbsp;&nbsp; 25093 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1.593% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54835 | &nbsp;&nbsp; 49258 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1.512% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66650 | &nbsp;&nbsp; 59418 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley | 0.406% | 10/29/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8226 | &nbsp;&nbsp;&nbsp; 7851 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.475% | &nbsp;&nbsp;&nbsp;&nbsp;1/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81230 | &nbsp;&nbsp;&nbsp; 74079 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.210% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100 | &nbsp;&nbsp; 28285 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 3.591% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp; 13730 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 6.296% | 10/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89680 | &nbsp;&nbsp; 94789 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 5.123% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp; 27220 | &nbsp;&nbsp;&nbsp; 27515 |
|  | &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 4.944% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28960 | &nbsp;&nbsp; 29620 |
|  | &nbsp;&nbsp;&nbsp;National Bank of Canada | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16205 | &nbsp;&nbsp;&nbsp; 16311 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nationwide Building Society | 1.500% | 10/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13045 | &nbsp;&nbsp;&nbsp; 11528 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Nationwide Building Society | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48715 | &nbsp;&nbsp;&nbsp; 50617 |
|  | &nbsp;&nbsp;&nbsp;Natwest Group plc | 3.073% | &nbsp;&nbsp;&nbsp;&nbsp;5/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12286 | &nbsp;&nbsp;&nbsp; 11354 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | 4.269% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73550 | &nbsp;&nbsp; 72553 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;NatWest Group plc | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp; 14989 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24675 | &nbsp;&nbsp; 24604 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | 1.642% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp; 20131 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | 5.516% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp; 9885 |
|  | &nbsp;&nbsp;&nbsp;NatWest Group plc | 3.754% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30835 | &nbsp;&nbsp; 28977 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;NatWest Group plc | 2.105% | 11/28/31 | &nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp; 7736 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;NatWest Markets plc | 0.125% | 11/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp; 9523 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;NIBC Bank NV | 3.125% | 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp; 41651 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 1.851% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13236 | &nbsp;&nbsp;&nbsp; 12182 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 2.329% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp; 21849 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 5.386% | &nbsp;&nbsp;&nbsp;&nbsp;7/6/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp; 19580 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 5.842% | &nbsp;&nbsp;&nbsp;&nbsp;1/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp; 19794 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35185 | &nbsp;&nbsp; 34829 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nuveen Finance LLC | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14375 | &nbsp;&nbsp;&nbsp; 14090 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp; 2130 |
|  | &nbsp;&nbsp;&nbsp;Owl Rock Capital Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9580 | &nbsp;&nbsp; 9032 |
|  | &nbsp;&nbsp;&nbsp;Owl Rock Capital Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp; 1826 |
|  | &nbsp;&nbsp;&nbsp;Owl Rock Capital Corp. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38714 | &nbsp;&nbsp; 35026 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Pension Insurance Corp. plc | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/3/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19905 | &nbsp;&nbsp; 24546 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61827 | &nbsp;&nbsp; 60069 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp. | 1.200% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58335 | &nbsp;&nbsp; 52224 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Phoenix Group Holdings plc | 6.625% | 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23593 | &nbsp;&nbsp;&nbsp; 29714 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 4.758% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42475 | &nbsp;&nbsp; 42531 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 5.354% | &nbsp;&nbsp;&nbsp;&nbsp;12/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24130 | &nbsp;&nbsp; 24794 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | 3.100% | 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935 | &nbsp;&nbsp; 5602 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34943 | &nbsp;&nbsp; 32654 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Protective Life Global Funding | 1.618% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22570 | &nbsp;&nbsp; 20482 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc. | 2.875% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp; 6066 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Rothesay Life plc | 8.000% | 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19730 | &nbsp;&nbsp; 25483 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1.600% | &nbsp;&nbsp;&nbsp;&nbsp;1/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp; 19904 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26960 | &nbsp;&nbsp; 26287 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 4.784% | 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23170 | &nbsp;&nbsp; 23307 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70280 | &nbsp;&nbsp; 63366 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1.150% | &nbsp;&nbsp;&nbsp;&nbsp;7/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49384 | &nbsp;&nbsp;&nbsp; 44199 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33685 | &nbsp;&nbsp; 29982 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10880 | &nbsp;&nbsp;&nbsp; 10516 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 4.240% | &nbsp;&nbsp;&nbsp;&nbsp;8/3/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp; 3450 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp; 50982 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/28 | &nbsp;&nbsp; 37155 | &nbsp;&nbsp;&nbsp; 37483 |
|  | &nbsp;&nbsp;&nbsp;Santander Holdings USA Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/7/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36648 | &nbsp;&nbsp; 35786 |
|  | &nbsp;&nbsp;&nbsp;Santander Holdings USA Inc. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36885 | &nbsp;&nbsp; 35331 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | 4.796% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25877 | &nbsp;&nbsp; 25585 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | 1.532% | &nbsp;&nbsp;&nbsp;&nbsp;8/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33875 | &nbsp;&nbsp; 30432 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | 6.833% | 11/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49840 | &nbsp;&nbsp; 51562 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | 1.673% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63415 | &nbsp;&nbsp;&nbsp; 55762 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | 2.469% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38002 | &nbsp;&nbsp; 33783 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | 6.534% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19270 | &nbsp;&nbsp;&nbsp; 20110 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Scottish Widows Ltd. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29365 | &nbsp;&nbsp;&nbsp; 36190 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Security Benefit Global Funding | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13595 | &nbsp;&nbsp;&nbsp; 12853 |
|  | &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp; 8679 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Standard Chartered plc, 3M Australian Bank Bill Rate + 1.850% | 5.096% | &nbsp;&nbsp;&nbsp;&nbsp;6/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp; 14504 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 4.857% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11430 | &nbsp;&nbsp;&nbsp; 11470 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 5.751% | &nbsp;&nbsp;&nbsp;&nbsp;11/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp; 9863 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 5.820% | &nbsp;&nbsp;&nbsp;&nbsp;11/4/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp; 4728 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/18/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp; 14122 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2.696% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/24 | &nbsp;&nbsp; 114420 | &nbsp;&nbsp;&nbsp; 110750 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 3.784% | &nbsp;&nbsp;&nbsp;&nbsp;3/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23160 | &nbsp;&nbsp; 22567 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2.632% | &nbsp;&nbsp;&nbsp;&nbsp;7/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59284 | &nbsp;&nbsp; 55059 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 1.402% | &nbsp;&nbsp;&nbsp;&nbsp;9/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48900 | &nbsp;&nbsp; 43220 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 3.446% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23285 | &nbsp;&nbsp; 22186 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2.174% | &nbsp;&nbsp;&nbsp;&nbsp;1/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp; 17502 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 3.364% | &nbsp;&nbsp;&nbsp;&nbsp;7/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp; 9195 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 5.520% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29450 | &nbsp;&nbsp; 30386 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc., 3M Australian Bank Bill Rate + 1.250% | 4.596% | 10/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23465 | &nbsp;&nbsp;&nbsp; 16572 |
|  | &nbsp;&nbsp;&nbsp;SVB Financial Group | 1.800% | 10/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp; 25665 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Bank | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;8/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp; 24497 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20924 | &nbsp;&nbsp; 20532 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31729 | &nbsp;&nbsp; 30869 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23619 | &nbsp;&nbsp; 22040 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 4.285% | &nbsp;&nbsp;&nbsp;&nbsp;9/13/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30410 | &nbsp;&nbsp;&nbsp; 30175 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 3.766% | &nbsp;&nbsp;&nbsp;&nbsp;6/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22411 | &nbsp;&nbsp; 21945 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 1.150% | &nbsp;&nbsp;&nbsp;&nbsp;6/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp; 14720 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/11/25 | &nbsp;&nbsp; 57055 | &nbsp;&nbsp; 51694 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 5.103% | &nbsp;&nbsp;&nbsp;&nbsp;1/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32710 | &nbsp;&nbsp;&nbsp; 33139 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84936 | &nbsp;&nbsp; 75447 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89415 | &nbsp;&nbsp; 83898 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 4.108% | &nbsp;&nbsp;&nbsp;&nbsp;6/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44210 | &nbsp;&nbsp; 43452 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 4.693% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp; 4827 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 5.156% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46885 | &nbsp;&nbsp;&nbsp; 47838 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp; 10384 |
|  | &nbsp;&nbsp;&nbsp;Trinity Acquisition plc | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | &nbsp;&nbsp; 1346 |
|  | &nbsp;&nbsp;&nbsp;Truist Bank | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35380 | &nbsp;&nbsp; 33182 |
|  | &nbsp;&nbsp;&nbsp;Truist Bank | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21610 | &nbsp;&nbsp; 20992 |
|  | &nbsp;&nbsp;&nbsp;Truist Bank | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Truist Bank | 2.636% | &nbsp;&nbsp;&nbsp;&nbsp;9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10545 | &nbsp;&nbsp; 9945 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 1.267% | &nbsp;&nbsp;&nbsp;&nbsp;3/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15350 | &nbsp;&nbsp;&nbsp; 13892 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 4.873% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70120 | &nbsp;&nbsp; 70443 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10154 | &nbsp;&nbsp; 9737 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 5.727% | 10/21/26 | &nbsp;&nbsp; 57610 | &nbsp;&nbsp;&nbsp; 59158 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 4.548% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;143405 | &nbsp;&nbsp;&nbsp; 143069 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 4.653% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62230 | &nbsp;&nbsp;&nbsp; 62219 |
| <sup>13,14</sup> | &nbsp;&nbsp;&nbsp;Washington Mutual Bank / Debt not acquired by JPMorgan | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21983 | &nbsp;&nbsp; 2 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/27/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33810 | &nbsp;&nbsp; 23822 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86521 | &nbsp;&nbsp; 83497 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;9/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89983 | &nbsp;&nbsp;&nbsp; 87483 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 2.406% | 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71836 | &nbsp;&nbsp; 68604 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 2.164% | &nbsp;&nbsp;&nbsp;&nbsp;2/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60354 | &nbsp;&nbsp; 56946 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59637 | &nbsp;&nbsp; 56630 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 2.188% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79870 | &nbsp;&nbsp;&nbsp; 75142 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91330 | &nbsp;&nbsp; 89877 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.540% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16659 | &nbsp;&nbsp;&nbsp; 16498 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.000% | 10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73175 | &nbsp;&nbsp; 69034 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1.375% | 10/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43590 | &nbsp;&nbsp; 43429 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.196% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp; 23194 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25615 | &nbsp;&nbsp; 25333 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.526% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75025 | &nbsp;&nbsp;&nbsp; 71317 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.584% | &nbsp;&nbsp;&nbsp;&nbsp;5/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80097 | &nbsp;&nbsp;&nbsp; 76128 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 2.393% | &nbsp;&nbsp;&nbsp;&nbsp;6/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30569 | &nbsp;&nbsp;&nbsp; 27699 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.808% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65840 | &nbsp;&nbsp;&nbsp; 65712 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Bank NA | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41333 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 2.894% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54925 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 4.322% | 11/23/31 | &nbsp;&nbsp; 27918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26793 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 3M Australian Bank Bill Rate + 1.050% | 4.120% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/27 | &nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5169 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 3M Australian Bank Bill Rate + 1.230% | 4.261% | 11/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6836 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 3M Australian Bank Bill Rate + 1.400% | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2046 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 3M Australian Bank Bill Rate + 1.550% | 4.931% | &nbsp;&nbsp;&nbsp;&nbsp;1/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4713 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 3M Australian Bank Bill Rate + 1.800% | 5.010% | &nbsp;&nbsp;&nbsp;&nbsp;6/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32453 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 3M Australian Bank Bill Rate + 1.980% | 5.090% | &nbsp;&nbsp;&nbsp;&nbsp;8/27/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15155 |
|  | &nbsp;&nbsp;&nbsp;Willis North America Inc. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68599 |
|  | &nbsp;&nbsp;&nbsp;Willis North America Inc. | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19205 |
|  |  |  |  |  | **17391803** |
| **Health Care (7.0%)** | **Health Care (7.0%)** | **Health Care (7.0%)** | **Health Care (7.0%)** | **Health Care (7.0%)** | **Health Care (7.0%)** |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/24 | &nbsp;&nbsp; 11615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12306 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31420 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 2.600% | 11/21/24 | &nbsp;&nbsp; 227930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219666 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp; 112117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110023 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;5/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25695 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23779 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 2.950% | 11/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;129452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122803 |
|  | &nbsp;&nbsp;&nbsp;Aetna Inc. | 3.500% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9451 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Alcon Finance Corp. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18006 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;American Medical Systems Europe BV | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46294 |
|  | &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 3.450% | 12/15/27 | &nbsp;&nbsp; 17855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17062 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15153 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Amgen Inc. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/7/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1277 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;2/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31973 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/27 | &nbsp;&nbsp; 17780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16843 |
|  | &nbsp;&nbsp;&nbsp;Anthem Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11773 |
|  | &nbsp;&nbsp;&nbsp;Anthem Inc. | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23370 |
|  | &nbsp;&nbsp;&nbsp;Anthem Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35369 |
|  | &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69161 |
|  | &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8410 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 3.375% | 11/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24983 |
|  | &nbsp;&nbsp;&nbsp;Baxalta Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12076 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 1.322% | 11/29/24 | &nbsp;&nbsp;&nbsp;&nbsp;140925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132401 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 1.915% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;158915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143434 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 2.272% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26196 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Bayer US Finance II LLC | 3.875% | 12/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71181 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Bayer US Finance LLC | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/8/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23894 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 3.363% | &nbsp;&nbsp;&nbsp;&nbsp;6/6/24 | &nbsp;&nbsp; 31743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31124 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/6/27 | &nbsp;&nbsp; 77616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75519 |
|  | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20695 |
|  | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41154 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 3.450% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18934 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 | &nbsp;&nbsp;&nbsp; 8676 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | 3.079% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp; 8774 |
|  | &nbsp;&nbsp;&nbsp;Centene Corp. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/28 | &nbsp;&nbsp; 9674 | &nbsp;&nbsp; 8389 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 0.613% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp; 8009 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54665 | &nbsp;&nbsp;&nbsp; 53713 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp; 23307 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 4.125% | 11/15/25 | &nbsp;&nbsp; 91744 | &nbsp;&nbsp; 90708 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp; 9867 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22550 | &nbsp;&nbsp; 20339 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36217 | &nbsp;&nbsp; 34672 |
|  | &nbsp;&nbsp;&nbsp;CommonSpirit Health | 2.760% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/24 | &nbsp;&nbsp; 47745 | &nbsp;&nbsp;&nbsp; 46164 |
|  | &nbsp;&nbsp;&nbsp;CommonSpirit Health | 1.547% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32150 | &nbsp;&nbsp; 29681 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CSL UK Holdings Ltd. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 | &nbsp;&nbsp; 9399 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52900 | &nbsp;&nbsp; 51261 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25853 | &nbsp;&nbsp; 25651 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45617 | &nbsp;&nbsp;&nbsp; 44711 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp; 22898 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41970 | &nbsp;&nbsp; 39693 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59135 | &nbsp;&nbsp;&nbsp; 57165 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;8/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp; 25140 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp; 9430 |
|  | &nbsp;&nbsp;&nbsp;DH Europe Finance II Sarl | 2.200% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91491 | &nbsp;&nbsp;&nbsp; 87817 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;DH Europe Finance II Sarl | 0.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19435 | &nbsp;&nbsp;&nbsp; 19188 |
|  | &nbsp;&nbsp;&nbsp;Dignity Health | 3.812% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp; 949 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 5.350% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp; 11789 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 1013 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 5.550% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16345 | &nbsp;&nbsp;&nbsp; 16495 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 5.600% | 11/15/25 | &nbsp;&nbsp; 115085 | &nbsp;&nbsp;&nbsp; 116990 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 5.650% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92590 | &nbsp;&nbsp; 95865 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46615 | &nbsp;&nbsp;&nbsp; 46011 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82940 | &nbsp;&nbsp;&nbsp; 81162 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88187 | &nbsp;&nbsp; 85961 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8024 | &nbsp;&nbsp;&nbsp; 7615 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72140 | &nbsp;&nbsp; 71971 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24190 | &nbsp;&nbsp; 24284 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/25 | &nbsp;&nbsp; 47142 | &nbsp;&nbsp;&nbsp; 47193 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp; 44979 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33403 | &nbsp;&nbsp; 32841 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;HCA Inc. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28845 | &nbsp;&nbsp;&nbsp; 26812 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Highmark Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60053 | &nbsp;&nbsp; 53836 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/24 | &nbsp;&nbsp; 15019 | &nbsp;&nbsp;&nbsp; 14794 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29165 | &nbsp;&nbsp; 29036 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 5861 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10461 | &nbsp;&nbsp;&nbsp; 10909 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | 3.796% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53240 | &nbsp;&nbsp; 52523 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;12/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33440 | &nbsp;&nbsp; 30094 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33850 | &nbsp;&nbsp;&nbsp; 30212 |
|  | &nbsp;&nbsp;&nbsp;McKesson Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;2/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28940 | &nbsp;&nbsp;&nbsp; 27948 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42980 | &nbsp;&nbsp; 38829 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Organon & Co. / Organon Foreign Debt Co.-Issuer BV | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9705 | &nbsp;&nbsp; 8807 |
|  | &nbsp;&nbsp;&nbsp;PerkinElmer Inc. | 0.850% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58085 | &nbsp;&nbsp; 54338 |
|  | &nbsp;&nbsp;&nbsp;Providence St. Joseph Health Obligated Group | 2.746% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12893 | &nbsp;&nbsp;&nbsp; 12177 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11655 | &nbsp;&nbsp;&nbsp; 11327 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp; 6549 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Roche Holdings Inc. | 2.132% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/25 | &nbsp;&nbsp; 17925 | &nbsp;&nbsp;&nbsp;&nbsp; 17115 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Roche Holdings Inc. | 2.314% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48510 | &nbsp;&nbsp;&nbsp; 45108 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36950 | &nbsp;&nbsp; 33525 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26975 | &nbsp;&nbsp;&nbsp; 23413 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Shire Acquisitions Investments Ireland DAC | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/23/26 | &nbsp;&nbsp; 137061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130964 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | 1.150% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26877 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2869 |
|  | &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 5.000% | 11/26/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5080 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1523 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6086 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2352 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 1.215% | 10/18/24 | &nbsp;&nbsp;&nbsp;&nbsp;168585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159218 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7471 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 4.800% | 11/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53937 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5353 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9512 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60831 |
|  | &nbsp;&nbsp;&nbsp;Utah Acquisition Sub Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80092 |
|  | &nbsp;&nbsp;&nbsp;Viatris Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51991 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69901 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 4.500% | 11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38684 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 5.400% | 11/14/25 | &nbsp;&nbsp; 26740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27345 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17763 |
|  |  |  |  |  | **4184151** |
| **Industrials (6.1%)** | **Industrials (6.1%)** | **Industrials (6.1%)** | **Industrials (6.1%)** | **Industrials (6.1%)** | **Industrials (6.1%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Air Canada | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3335 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. | 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1617 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. / AAdvantage Loyalty IP Ltd. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/26 | &nbsp;&nbsp; 7985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7831 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;AP Moller - Maersk A/S | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/28/25 | &nbsp;&nbsp; 27700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26994 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Aurizon Network Pty Ltd. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/21/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15175 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Autoroutes du Sud de la France SA | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 1.433% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/24 | &nbsp;&nbsp;&nbsp;&nbsp;222050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214017 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28096 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 2.850% | 10/30/24 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7239 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;202401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202433 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 2.600% | 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9929 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28338 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 2.196% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;338851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312877 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp; 8748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8026 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21443 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Brisbane Airport Corp. Pty Ltd. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;4/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8469 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 7.000% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16873 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18803 |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9216 |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33312 |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19674 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cargo Aircraft Management Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2440 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 2.242% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15580 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;1/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31038 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;1/6/26 | &nbsp;&nbsp; 101040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102403 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. | 1.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17360 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;CNH Industrial Capital LLC | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74052 | &nbsp;&nbsp; 68547 |
|  | &nbsp;&nbsp;&nbsp;CNH Industrial Capital LLC | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38840 | &nbsp;&nbsp;&nbsp; 34912 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021 | &nbsp;&nbsp; 3897 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14470 | &nbsp;&nbsp;&nbsp; 14608 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | 3.150% | 11/15/25 | &nbsp;&nbsp; 6115 | &nbsp;&nbsp; 5873 |
|  | &nbsp;&nbsp;&nbsp;Embraer Overseas Ltd. | 5.696% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp; 1281 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 0.875% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575 | &nbsp;&nbsp; 8457 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 1.800% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp; 17412 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51654 | &nbsp;&nbsp; 50394 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18640 | &nbsp;&nbsp; 18271 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21740 | &nbsp;&nbsp;&nbsp; 21124 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 2.625% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp; 18106 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Heathrow Funding Ltd. | 1.500% | 10/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp; 5716 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Heathrow Funding Ltd. | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp; 12563 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/24 | &nbsp;&nbsp; 57660 | &nbsp;&nbsp;&nbsp; 58110 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76195 | &nbsp;&nbsp;&nbsp; 79154 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | 3.844% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60217 | &nbsp;&nbsp;&nbsp; 58374 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | 3.483% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31200 | &nbsp;&nbsp; 29093 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60095 | &nbsp;&nbsp; 58670 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;9/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33870 | &nbsp;&nbsp; 33556 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;1/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99786 | &nbsp;&nbsp;&nbsp; 101064 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 1.300% | 10/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10208 | &nbsp;&nbsp;&nbsp; 9159 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30820 | &nbsp;&nbsp; 28634 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;9/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 | &nbsp;&nbsp; 1262 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp; 77258 | &nbsp;&nbsp;&nbsp; 77007 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53080 | &nbsp;&nbsp; 54218 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/2/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998 | &nbsp;&nbsp; 8841 |
|  | &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp; 2494 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp; 13507 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 3.832% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp; 4515 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 3.850% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26108 | &nbsp;&nbsp; 25407 |
|  | &nbsp;&nbsp;&nbsp;Lennox International Inc. | 1.350% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770 | &nbsp;&nbsp; 6185 |
|  | &nbsp;&nbsp;&nbsp;Lennox International Inc. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp; 5952 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4.950% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29550 | &nbsp;&nbsp; 30021 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23082 | &nbsp;&nbsp; 22694 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 5.100% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32670 | &nbsp;&nbsp; 33929 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Lonsdale Finance Pty Ltd. | 2.450% | 11/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20730 | &nbsp;&nbsp;&nbsp; 13386 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;179577 | &nbsp;&nbsp;&nbsp; 181518 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Misc Capital Two Labuan Ltd. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48550 | &nbsp;&nbsp; 46830 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Misc Capital Two Labuan Ltd. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 | &nbsp;&nbsp; 6358 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;New Terminal Financing Co. Pty Ltd., 3M Australian Bank Bill Rate + 1.450% | 4.779% | &nbsp;&nbsp;&nbsp;&nbsp;7/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp; 4134 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/25 | &nbsp;&nbsp; 7852 | &nbsp;&nbsp;&nbsp; 7672 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16309 | &nbsp;&nbsp;&nbsp; 15478 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 2.930% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp; 57994 | &nbsp;&nbsp;&nbsp; 56165 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 2.056% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;106183 | &nbsp;&nbsp;&nbsp; 100164 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 2.293% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp; 1119 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Pacific National Finance Pty Ltd. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38120 | &nbsp;&nbsp; 26825 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp; 77360 | &nbsp;&nbsp;&nbsp; 76045 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29080 | &nbsp;&nbsp; 28756 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Qantas Airways Ltd. | 4.750% | 10/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp; 4030 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Qantas Airways Ltd. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650 | &nbsp;&nbsp; 5977 |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | 0.950% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14085 | &nbsp;&nbsp;&nbsp; 13103 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;103489 | &nbsp;&nbsp;&nbsp; 101745 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84150 | &nbsp;&nbsp;&nbsp; 83123 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38900 | &nbsp;&nbsp;&nbsp;&nbsp; 37747 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24137 | &nbsp;&nbsp; 22923 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 6.050% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/28 | &nbsp;&nbsp; 12740 | &nbsp;&nbsp;&nbsp; 12916 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp; 11715 | &nbsp;&nbsp;&nbsp; 11341 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 0.875% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp; 13071 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860 | &nbsp;&nbsp; 4598 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 3.375% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp; 18610 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rolls-Royce plc | 3.625% | 10/14/25 | &nbsp;&nbsp; 2115 | &nbsp;&nbsp;&nbsp; 1974 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rolls-Royce plc | 5.750% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001 | &nbsp;&nbsp;&nbsp; 7782 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/18/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72595 | &nbsp;&nbsp; 71428 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24290 | &nbsp;&nbsp; 21779 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29109 | &nbsp;&nbsp; 26877 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Siemens Financieringsmaatschappij NV | 0.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/28/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1055 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Siemens Financieringsmaatschappij NV | 0.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39366 | &nbsp;&nbsp;&nbsp; 37651 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Siemens Financieringsmaatschappij NV | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp; 38560 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41341 | &nbsp;&nbsp; 41629 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 3.000% | 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp; 6367 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45212 | &nbsp;&nbsp; 45700 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 3.450% | 11/16/27 | &nbsp;&nbsp; 8742 | &nbsp;&nbsp; 8256 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21105 | &nbsp;&nbsp;&nbsp; 20316 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. | 8.000% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15808 | &nbsp;&nbsp;&nbsp; 16134 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 5998 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Inc. | 5.500% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp; 1295 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23830 | &nbsp;&nbsp; 23857 |
|  | &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24334 | &nbsp;&nbsp; 23875 |
|  | &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23841 | &nbsp;&nbsp; 22452 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp; 37610 | &nbsp;&nbsp;&nbsp; 36974 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15077 | &nbsp;&nbsp;&nbsp; 14664 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8717 | &nbsp;&nbsp; 8322 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18214 | &nbsp;&nbsp;&nbsp; 17372 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;United Airlines Class B Series 2020-1 Pass Through Trust | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp; 7018 | &nbsp;&nbsp; 6803 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;United Airlines Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9885 | &nbsp;&nbsp; 9390 |
|  | &nbsp;&nbsp;&nbsp;United Rentals North America Inc. | 3.875% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608 | &nbsp;&nbsp; 6275 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,13,14</sup> | &nbsp;&nbsp;&nbsp;US Airways Series 2001-1C Pass Through Trust | 7.346% | &nbsp;&nbsp;&nbsp;&nbsp;9/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 0.750% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27408 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 3.150% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19083 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 1.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2477 |
|  |  |  |  |  | **3652063** |
| **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** | **Materials (1.9%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Air Liquide Finance SA | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16153 |
|  | &nbsp;&nbsp;&nbsp;ArcelorMittal SA | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8891 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Arconic Corp. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Arconic Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7853 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 0.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18235 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2245 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1871 |
|  | &nbsp;&nbsp;&nbsp;Berry Global Inc. | 0.950% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/24 | &nbsp;&nbsp; 67135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64178 |
|  | &nbsp;&nbsp;&nbsp;Berry Global Inc. | 1.570% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp; 113233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102272 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Berry Global Inc. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14748 |
|  | &nbsp;&nbsp;&nbsp;Berry Global Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp; 21744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19024 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Berry Global Inc. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22403 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Big River Steel LLC / BRS Finance Corp. | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4031 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Canpack SA / Canpack US LLC | 3.875% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1307 |
|  | &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC | 5.900% | &nbsp;&nbsp;&nbsp;&nbsp;7/5/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15993 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33610 |
|  | &nbsp;&nbsp;&nbsp;Dow Chemical Co. | 4.550% | 11/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24612 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | 4.493% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59586 |
|  | &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22049 |
|  | &nbsp;&nbsp;&nbsp;EIDP Inc. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13583 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Element Solutions Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5786 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11401 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Freeport Indonesia PT | 4.763% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5720 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 4.550% | 11/14/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26100 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7862 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC | 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66126 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61217 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC | 0.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64105 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45519 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Glencore Finance Europe Ltd. | 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC | 0.821% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/24 | &nbsp;&nbsp; 15743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14885 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hudbay Minerals Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2261 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Indonesia Asahan Aluminium Persero PT | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000 |
|  | &nbsp;&nbsp;&nbsp;Indonesia Asahan Aluminium Persero PT | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12803 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;INEOS Quattro Finance 2 plc | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1462 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1826 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;LYB International Finance III LLC | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47004 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9562 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24473 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9625 |
|  | &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 5.900% | &nbsp;&nbsp;&nbsp;&nbsp;11/7/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6832 |
|  | &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34404 |
|  | &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;11/7/25 | &nbsp;&nbsp; 17260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17789 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21003 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28534 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp; 37821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36121 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23757 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | 2.800% | 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13976 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14925 |
|  | &nbsp;&nbsp;&nbsp;WRKCo Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28065 |
|  | &nbsp;&nbsp;&nbsp;WRKCo Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7904 |
|  | &nbsp;&nbsp;&nbsp;WRKCo Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2860 |
|  |  |  |  |  | **1139466** |
| **Real Estate (4.3%)** | **Real Estate (4.3%)** | **Real Estate (4.3%)** | **Real Estate (4.3%)** | **Real Estate (4.3%)** | **Real Estate (4.3%)** |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Akelius Residential Property AB | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3037 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Akelius Residential Property AB | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30705 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62100 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8980 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 0.600% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;120940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116007 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26210 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51070 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55430 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31025 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 1.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp; 67714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61178 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30463 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 3.375% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24007 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;American Tower Corp. | 0.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18365 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26675 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;American Tower Corp. | 0.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/27 | &nbsp;&nbsp; 8744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8228 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10395 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Aroundtown SA | 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/9/25 | &nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7138 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Aroundtown SA | 3.375% | Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1887 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18337 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | 2.900% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5886 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings Sarl | 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22832 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings Sarl | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5866 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings Sarl | 1.000% | 10/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3579 |
|  | &nbsp;&nbsp;&nbsp;Boston Properties LP | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4999 |
|  | &nbsp;&nbsp;&nbsp;Boston Properties LP | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp; 7524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7265 |
|  | &nbsp;&nbsp;&nbsp;Boston Properties LP | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13371 |
|  | &nbsp;&nbsp;&nbsp;Boston Properties LP | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15360 |
|  | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13719 |
|  | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP | 3.950% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5134 |
|  | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69219 |
|  | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35686 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9690 | &nbsp;&nbsp;&nbsp; 9175 |
|  | &nbsp;&nbsp;&nbsp;Camden Property Trust | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46982 | &nbsp;&nbsp; 46528 |
|  | &nbsp;&nbsp;&nbsp;Camden Property Trust | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785 | &nbsp;&nbsp;&nbsp; 2717 |
|  | &nbsp;&nbsp;&nbsp;Corporate Office Properties LP | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59075 | &nbsp;&nbsp; 53535 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68894 | &nbsp;&nbsp;&nbsp;&nbsp; 67101 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 1.350% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29140 | &nbsp;&nbsp; 26809 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41232 | &nbsp;&nbsp; 40759 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56235 | &nbsp;&nbsp; 54228 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56719 | &nbsp;&nbsp; 50040 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp; 7199 | &nbsp;&nbsp;&nbsp; 7004 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19430 | &nbsp;&nbsp;&nbsp; 18083 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/28 | &nbsp;&nbsp; 37200 | &nbsp;&nbsp;&nbsp; 37639 |
|  | &nbsp;&nbsp;&nbsp;CubeSmart LP | 4.000% | 11/15/25 | &nbsp;&nbsp; 7260 | &nbsp;&nbsp;&nbsp; 7070 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Digital Dutch Finco BV | 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13205 | &nbsp;&nbsp;&nbsp; 13026 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Digital Euro Finco LLC | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744 | &nbsp;&nbsp; 3972 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15729 | &nbsp;&nbsp;&nbsp; 14960 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP | 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41295 | &nbsp;&nbsp; 42256 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp; 8715 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | 2.900% | 11/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18180 | &nbsp;&nbsp;&nbsp; 16935 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14550 | &nbsp;&nbsp;&nbsp; 12745 |
|  | &nbsp;&nbsp;&nbsp;ERP Operating LP | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;&nbsp; 19591 |
|  | &nbsp;&nbsp;&nbsp;ERP Operating LP | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/26 | &nbsp;&nbsp; 7965 | &nbsp;&nbsp;&nbsp; 7492 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Fastighets AB Balder | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp; 9224 |
|  | &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9677 | &nbsp;&nbsp; 9049 |
|  | &nbsp;&nbsp;&nbsp;Healthcare Realty Holdings LP Co. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp; 5563 |
|  | &nbsp;&nbsp;&nbsp;Healthcare Trust of America Holdings LP | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19305 | &nbsp;&nbsp;&nbsp; 18326 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942 | &nbsp;&nbsp;&nbsp; 3818 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | 1.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp; 21634 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Heimstaden Bostad AB | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/21/26 | &nbsp;&nbsp; 17200 | &nbsp;&nbsp;&nbsp; 15894 |
|  | &nbsp;&nbsp;&nbsp;Highwoods Realty LP | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22853 | &nbsp;&nbsp; 21484 |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12046 | &nbsp;&nbsp;&nbsp; 11741 |
|  | &nbsp;&nbsp;&nbsp;IIP Operating Partnership LP | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 | &nbsp;&nbsp; 6970 |
|  | &nbsp;&nbsp;&nbsp;Kilroy Realty LP | 3.450% | 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39295 | &nbsp;&nbsp; 38008 |
|  | &nbsp;&nbsp;&nbsp;Kilroy Realty LP | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685 | &nbsp;&nbsp; 5558 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11302 | &nbsp;&nbsp;&nbsp; 11187 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28329 | &nbsp;&nbsp;&nbsp; 27615 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52230 | &nbsp;&nbsp; 50686 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/26 | &nbsp;&nbsp; 7258 | &nbsp;&nbsp;&nbsp; 6745 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684 | &nbsp;&nbsp; 9250 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Kojamo OYJ | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp; 5033 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Logicor Financing Sarl | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068 | &nbsp;&nbsp; 5084 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Logicor Financing Sarl | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855 | &nbsp;&nbsp; 4855 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8923 | &nbsp;&nbsp; 8780 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 4.000% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11320 | &nbsp;&nbsp;&nbsp; 11109 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25130 | &nbsp;&nbsp; 22231 |
|  | &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. | 5.000% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp; 4143 |
|  | &nbsp;&nbsp;&nbsp;National Retail Properties Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25562 | &nbsp;&nbsp;&nbsp; 25142 |
|  | &nbsp;&nbsp;&nbsp;National Retail Properties Inc. | 4.000% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19893 | &nbsp;&nbsp;&nbsp; 19461 |
|  | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16340 | &nbsp;&nbsp;&nbsp; 16211 |
|  | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10390 | &nbsp;&nbsp;&nbsp; 10208 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32191 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5607 |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10672 |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9054 |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 3.375% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10164 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;11/9/26 | &nbsp;&nbsp; 17225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15583 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18456 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/25 | &nbsp;&nbsp; 27938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27419 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72045 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8808 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;103847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104456 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 4.125% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43952 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/14/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6866 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14631 |
|  | &nbsp;&nbsp;&nbsp;Regency Centers LP | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1087 |
|  | &nbsp;&nbsp;&nbsp;Sabra Health Care LP | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23421 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/13/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50822 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40905 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47500 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 3.250% | 11/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22389 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21627 |
|  | &nbsp;&nbsp;&nbsp;UDR Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1407 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/25 | &nbsp;&nbsp; 7904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7799 |
|  | &nbsp;&nbsp;&nbsp;Ventas Realty LP | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36093 |
|  | &nbsp;&nbsp;&nbsp;Ventas Realty LP | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16498 |
|  | &nbsp;&nbsp;&nbsp;Ventas Realty LP | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11750 |
|  | &nbsp;&nbsp;&nbsp;Ventas Realty LP | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4672 |
|  | &nbsp;&nbsp;&nbsp;Ventas Realty LP | 3.250% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23582 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co. Inc. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13439 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co. Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp; 7927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7681 |
|  | &nbsp;&nbsp;&nbsp;Vornado Realty LP | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10097 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Wea Finance LLC / Westfield UK & Europe Finance plc | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/17/24 | &nbsp;&nbsp; 7140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6809 |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27948 |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp; 67934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66485 |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6063 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Westfield America Management Ltd. | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7384 |
|  |  |  |  |  | **2594904** |
| **Technology (4.8%)** | **Technology (4.8%)** | **Technology (4.8%)** | **Technology (4.8%)** | **Technology (4.8%)** | **Technology (4.8%)** |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16468 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27569 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51889 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18553 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51828 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 3.625% | 10/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71863 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 3.150% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38193 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 3.459% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28172 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Clarivate Science Holdings Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3826 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28786 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58009 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 6.020% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;170854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175736 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20966 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40805 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9840 |
|  | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20438 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Entegris Escrow Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3640 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86100 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | 2.600% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45443 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 0.600% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29622 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 1.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17344 |
|  | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;162005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156984 |
|  | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48292 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | 1.500% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31796 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67436 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71655 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76676 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/26 | &nbsp;&nbsp; 90112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80431 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9143 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5081 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94638 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28799 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/26 | &nbsp;&nbsp; 118084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113981 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24164 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | 0.950% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1791 |
|  | &nbsp;&nbsp;&nbsp;Juniper Networks Inc. | 1.200% | 12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12391 |
|  | &nbsp;&nbsp;&nbsp;NXP BV / NXP Funding LLC | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78575 |
|  | &nbsp;&nbsp;&nbsp;NXP BV / NXP Funding LLC | 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp; 17480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17614 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.950% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23618 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;120121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114543 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp; 47433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45564 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 5.800% | 11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35390 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;131109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119583 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85830 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32502 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 3.250% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18350 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13011 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Qorvo Inc. | 1.750% | 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13610 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30922 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | 3.800% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11915 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;S&P Global Inc. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58410 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sabre GLBL Inc. | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2930 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80783 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies Inc. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3758 |
|  | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | 1.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59222 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/27 | &nbsp;&nbsp; 37280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35489 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp; 52010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50926 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Visa Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32753 |
|  | &nbsp;&nbsp;&nbsp;VMware Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;144807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143529 |
|  | &nbsp;&nbsp;&nbsp;VMware Inc. | 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64281 |
|  | &nbsp;&nbsp;&nbsp;Workday Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27876 |
|  |  |  |  |  | **2869853** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| **Utilities (4.5%)** | **Utilities (4.5%)** | **Utilities (4.5%)** | **Utilities (4.5%)** | **Utilities (4.5%)** | **Utilities (4.5%)** |
|  | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13890 | &nbsp;&nbsp;&nbsp; 13231 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;AGI Finance Pty Ltd., 3M Australian Bank Bill Rate + 1.000% | 4.329% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860 | &nbsp;&nbsp; 3395 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48385 | &nbsp;&nbsp;&nbsp; 47349 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32940 | &nbsp;&nbsp;&nbsp; 31712 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9007 | &nbsp;&nbsp; 8756 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26159 | &nbsp;&nbsp; 23531 |
|  | &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340 | &nbsp;&nbsp;&nbsp; 11033 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 2.031% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26630 | &nbsp;&nbsp; 25739 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9675 | &nbsp;&nbsp; 8735 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp; 20371 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Amprion GmbH | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp; 24096 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Australian Gas Networks Ltd., 3M Australian Bank Bill Rate + 0.400% | 3.676% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp; 6632 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19699 | &nbsp;&nbsp;&nbsp; 19462 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp. | 1.037% | &nbsp;&nbsp;&nbsp;&nbsp;8/23/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp; 27642 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Calpine Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp; 1380 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15667 | &nbsp;&nbsp;&nbsp; 15110 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46620 | &nbsp;&nbsp;&nbsp; 42135 |
|  | &nbsp;&nbsp;&nbsp;Consumers Energy Co. | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61435 | &nbsp;&nbsp; 62294 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;DBNGP Finance Co. Pty Ltd. | 4.225% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8050 | &nbsp;&nbsp;&nbsp; 5601 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/25 | &nbsp;&nbsp; 47212 | &nbsp;&nbsp;&nbsp; 45612 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39762 | &nbsp;&nbsp; 35906 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp; 4217 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35045 | &nbsp;&nbsp;&nbsp; 32123 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36880 | &nbsp;&nbsp; 34497 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas NC Storm Funding LLC | 1.679% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 | &nbsp;&nbsp;&nbsp; 7080 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33565 | &nbsp;&nbsp; 30390 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24130 | &nbsp;&nbsp; 24338 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16491 | &nbsp;&nbsp;&nbsp; 15428 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19290 | &nbsp;&nbsp;&nbsp; 19630 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24820 | &nbsp;&nbsp; 24472 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp; 9157 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp; 7798 | &nbsp;&nbsp;&nbsp; 7558 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;E.ON International Finance BV | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;12/6/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp; 3656 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;East Ohio Gas Co. | 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp; 8873 |
|  | &nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings LLC | 3.600% | 12/15/24 | &nbsp;&nbsp; 17106 | &nbsp;&nbsp;&nbsp; 16725 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Electricite de France SA | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16050 | &nbsp;&nbsp;&nbsp; 15693 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Enel Finance International NV | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 968 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Energias de Portugal SA | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp; 11258 |
|  | &nbsp;&nbsp;&nbsp;Entergy Arkansas LLC | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23522 | &nbsp;&nbsp; 22920 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48695 | &nbsp;&nbsp; 43854 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 84891 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 0.950% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/24 | &nbsp;&nbsp; 17460 | &nbsp;&nbsp;&nbsp; 16409 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 5.590% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22680 | &nbsp;&nbsp; 22949 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8562 | &nbsp;&nbsp; 8708 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16976 | &nbsp;&nbsp;&nbsp; 15628 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp; 46493 |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central Inc. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16138 | &nbsp;&nbsp;&nbsp; 15061 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 0.800% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11595 | &nbsp;&nbsp;&nbsp; 10457 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22250 | &nbsp;&nbsp;&nbsp; 19934 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41865 | &nbsp;&nbsp; 39271 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp; 24256 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30194 | &nbsp;&nbsp; 29724 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp; 4657 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35937 | &nbsp;&nbsp; 33555 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635 | &nbsp;&nbsp; 5286 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 1.600% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12317 | &nbsp;&nbsp;&nbsp; 11119 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp; 3817 |
|  | &nbsp;&nbsp;&nbsp;Georgia Power Co. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23973 | &nbsp;&nbsp; 23021 |
|  | &nbsp;&nbsp;&nbsp;ITC Holdings Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp; 8930 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;ITC Holdings Corp. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12920 | &nbsp;&nbsp;&nbsp; 13084 |
|  | &nbsp;&nbsp;&nbsp;ITC Holdings Corp. | 3.350% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24120 | &nbsp;&nbsp; 22867 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mid-Atlantic Interstate Transmission LLC | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650 | &nbsp;&nbsp; 9326 |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9705 | &nbsp;&nbsp;&nbsp; 9747 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;National Grid Electricity Distribution plc | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/6/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14458 | &nbsp;&nbsp;&nbsp; 17675 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;National Grid Electricity Transmission plc | 0.190% | &nbsp;&nbsp;&nbsp;&nbsp;1/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13007 | &nbsp;&nbsp;&nbsp; 13252 |
|  | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24290 | &nbsp;&nbsp; 23036 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20853 | &nbsp;&nbsp; 18829 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp; 29047 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NextEra Energy Operating Partners LP | 3.875% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp; 1356 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18522 | &nbsp;&nbsp;&nbsp; 16678 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp; 1515 |
|  | &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 3.250% | 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp; 9276 |
|  | &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33850 | &nbsp;&nbsp; 32353 |
|  | &nbsp;&nbsp;&nbsp;NTPC Ltd. | 4.375% | 11/26/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp; 4226 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33785 | &nbsp;&nbsp; 32926 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 0.550% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10695 | &nbsp;&nbsp; 9639 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp; 15544 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14525 | &nbsp;&nbsp;&nbsp; 13924 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/26 | &nbsp;&nbsp; 100743 | &nbsp;&nbsp; 95384 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/27 | &nbsp;&nbsp; 13019 | &nbsp;&nbsp;&nbsp; 11418 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp; 17120 | &nbsp;&nbsp;&nbsp; 16538 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 3.150% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885 | &nbsp;&nbsp; 3757 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Gas Negara Tbk PT | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692 | &nbsp;&nbsp; 1686 |
|  | &nbsp;&nbsp;&nbsp;PG&E Recovery Funding LLC | 5.045% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52800 | &nbsp;&nbsp; 53651 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8340 | &nbsp;&nbsp; 8059 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65543 | &nbsp;&nbsp;&nbsp; 63719 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 0.800% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48415 | &nbsp;&nbsp; 43950 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 5.850% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59480 | &nbsp;&nbsp; 62455 |
|  | &nbsp;&nbsp;&nbsp;Puget Energy Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13272 | &nbsp;&nbsp;&nbsp; 12731 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rayburn Country Securitization LLC | 2.307% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10158 | &nbsp;&nbsp;&nbsp; 9219 |
|  | &nbsp;&nbsp;&nbsp;Sempra Energy | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36889 | &nbsp;&nbsp; 35728 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13471 | &nbsp;&nbsp;&nbsp; 13125 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6329 | &nbsp;&nbsp; 5697 |
|  | &nbsp;&nbsp;&nbsp;Southern California Gas Co. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16150 | &nbsp;&nbsp;&nbsp; 15160 |
|  | &nbsp;&nbsp;&nbsp;Southern California Gas Co. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19425 | &nbsp;&nbsp; 18384 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 4.475% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29620 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;10/6/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15051 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 5.113% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39163 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3837 |
|  | &nbsp;&nbsp;&nbsp;Southern Power Co. | 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8706 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Electric Power Co. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31926 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41131 |
|  | &nbsp;&nbsp;&nbsp;Tampa Electric Co. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/12/24 | &nbsp;&nbsp; 17470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17190 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11885 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;United Energy Distribution Pty Ltd. | 3.850% | 10/23/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16924 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Victoria Power Networks Finance Pty Ltd., 3M Australian Bank Bill Rate + 0.500% | 3.570% | &nbsp;&nbsp;&nbsp;&nbsp;8/23/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20427 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Vier Gas Transport GmbH | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1603 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16269 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8299 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11921 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 2.950% | 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43927 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18791 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18032 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9500 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20832 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3761 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 0.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46357 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13431 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85089 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24739 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64003 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Public Service Corp. | 5.350% | 11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20231 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19896 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28438 |
|  |  |  |  |  | **2693963** |
| **Total Corporate Bonds (Cost $50,464,990)** | **Total Corporate Bonds (Cost $50,464,990)** | **Total Corporate Bonds (Cost $50,464,990)** | **Total Corporate Bonds (Cost $50,464,990)** | **Total Corporate Bonds (Cost $50,464,990)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47743235** |
| **Floating Rate Loan Interests (0.3%)** | **Floating Rate Loan Interests (0.3%)** | **Floating Rate Loan Interests (0.3%)** | **Floating Rate Loan Interests (0.3%)** | **Floating Rate Loan Interests (0.3%)** | **Floating Rate Loan Interests (0.3%)** |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. Term Loan, 3M USD LIBOR + 4.750% | 9.558% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1231 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Berry Global Inc. Term Loan Z, 1M USD LIBOR + 1.750% | 6.152% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CDK Global Inc. Term Loan B, TSFR1M + 4.500% | 9.080% | &nbsp;&nbsp;&nbsp;&nbsp;7/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1436 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. Term Loan B, 1M USD LIBOR + 2.000% | 6.570% | 12/27/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2821 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. Term Loan B, 1M USD LIBOR +1.750% | 6.338% | &nbsp;&nbsp;&nbsp;&nbsp;8/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2708 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC Term Loan, 1M USD LIBOR + 5.000% | 9.570% | &nbsp;&nbsp;&nbsp;&nbsp;8/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866 | &nbsp;&nbsp;&nbsp; 2814 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Hilton Worldwide Finance LLC Term Loan B-2, 1M USD LIBOR + 1.750% | 6.380% | &nbsp;&nbsp;&nbsp;&nbsp;6/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255 | &nbsp;&nbsp; 6244 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;McAfee Corp. Term Loan B, TSFR1M + 3.750% | 8.184% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp; 1335 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP Term Loan B, 1M USD LIBOR + 3.500% | 7.820% | 10/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779 | &nbsp;&nbsp; 2696 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Oracle Corp. Term Loan A1, TSFR3M + 1.600% | 6.198% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96625 | &nbsp;&nbsp; 93485 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SBA Senior Finance II LLC. Term Loan B, 1M USD LIBOR + 1.750% | 6.320% | &nbsp;&nbsp;&nbsp;&nbsp;4/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp; 220 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Setanta Aircraft Leasing DAC Term Loan B, 3M USD LIBOR + 2.000% | 6.730% | &nbsp;&nbsp;&nbsp;&nbsp;11/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35555 | &nbsp;&nbsp; 35481 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SkyMiles IP Ltd. Term Loan B, 3M USD LIBOR + 3.750% | 8.558% | 10/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667 | &nbsp;&nbsp; 3789 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Inc. Term Loan, TSFR3M + 4.500% | 9.176% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp; 963 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies Inc. Term Loan B-6, TSFR1M + 2.250% | 6.911% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp; 839 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies Inc. Term Loan B-7, TSFR1M + 2.250% | 6.911% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp; 1264 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. Term Loan B, 1M USD LIBOR + 1.750% | 6.320% | &nbsp;&nbsp;&nbsp;&nbsp;5/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp; 3003 |
| **Total Floating Rate Loan Interests (Cost $163,627)** | **Total Floating Rate Loan Interests (Cost $163,627)** | **Total Floating Rate Loan Interests (Cost $163,627)** | **Total Floating Rate Loan Interests (Cost $163,627)** | **Total Floating Rate Loan Interests (Cost $163,627)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**161384** |
| **Sovereign Bonds (1.9%)** | **Sovereign Bonds (1.9%)** | **Sovereign Bonds (1.9%)** | **Sovereign Bonds (1.9%)** | **Sovereign Bonds (1.9%)** | **Sovereign Bonds (1.9%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Airport Authority | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28945 | &nbsp;&nbsp; 29263 |
|  | &nbsp;&nbsp;&nbsp;Arab Petroleum Investments Corp. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14518 | &nbsp;&nbsp;&nbsp; 14450 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Banque Ouest Africaine de Developpement | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/27/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358 | &nbsp;&nbsp;&nbsp; 7972 |
|  | &nbsp;&nbsp;&nbsp;Corp. Andina de Fomento | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19340 | &nbsp;&nbsp;&nbsp; 19186 |
|  | &nbsp;&nbsp;&nbsp;Corp. Andina de Fomento | 1.250% | 10/26/24 | &nbsp;&nbsp; 77708 | &nbsp;&nbsp; 72707 |
|  | &nbsp;&nbsp;&nbsp;Corp. Andina de Fomento | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43416 | &nbsp;&nbsp; 43391 |
|  | &nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6018 | &nbsp;&nbsp; 5864 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/28/27 | &nbsp;&nbsp; 2117 | &nbsp;&nbsp; 1834 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19566 | &nbsp;&nbsp;&nbsp; 19241 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14168 | &nbsp;&nbsp;&nbsp; 13377 |
|  | &nbsp;&nbsp;&nbsp;Export-Import Bank of India | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9516 | &nbsp;&nbsp; 9387 |
|  | &nbsp;&nbsp;&nbsp;Export-Import Bank of Korea | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42820 | &nbsp;&nbsp; 43221 |
|  | &nbsp;&nbsp;&nbsp;Export-Import Bank of Korea | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/28 | &nbsp;&nbsp; 37260 | &nbsp;&nbsp;&nbsp; 38184 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Fondo MIVIVIENDA SA | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11758 | &nbsp;&nbsp;&nbsp; 11450 |
| <sup>7,9</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/26 | &nbsp;&nbsp; 17304 | &nbsp;&nbsp;&nbsp; 17318 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp; 4804 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69240 | &nbsp;&nbsp; 70358 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11373 |
|  | &nbsp;&nbsp;&nbsp;Korea National Oil Corp. | 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17401 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;MFB Magyar Fejlesztesi Bank Zrt | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16289 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/6/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14931 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Chile | 0.100% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17829 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3684 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8042 |
|  | &nbsp;&nbsp;&nbsp;Republic of Croatia | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64113 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/21/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79669 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.750% | 11/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11742 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/24 | &nbsp;&nbsp; 7154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7178 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30504 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6245 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Korea | 0.000% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8396 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6261 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/25 | &nbsp;&nbsp; 37165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36171 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 7.350% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36718 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.844% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37358 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.783% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9079 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Philippines | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43246 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Philippines | 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9608 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.500% | 11/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13089 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61025 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8379 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10024 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18117 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.250% | 11/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18917 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.250% | 11/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10516 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Romania | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6703 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5772 |
| <sup>7,9</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2557 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 3.854% | &nbsp;&nbsp;&nbsp;&nbsp;4/3/26 | &nbsp;&nbsp; 16074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15459 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76929 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 2.659% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4372 |
| **Total Sovereign Bonds (Cost $1,202,834)** | **Total Sovereign Bonds (Cost $1,202,834)** | **Total Sovereign Bonds (Cost $1,202,834)** | **Total Sovereign Bonds (Cost $1,202,834)** | **Total Sovereign Bonds (Cost $1,202,834)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1149703** |
| **Taxable Municipal Bonds (0.0%)** | **Taxable Municipal Bonds (0.0%)** | **Taxable Municipal Bonds (0.0%)** | **Taxable Municipal Bonds (0.0%)** | **Taxable Municipal Bonds (0.0%)** | **Taxable Municipal Bonds (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Florida State Board of Administration Finance Corp. Miscellaneous Revenue | 1.705% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19932 |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 7.425% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14734 |
|  | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. Miscellaneous Revenue | 4.248% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3658 |
| **Total Taxable Municipal Bonds (Cost $39,505)** | **Total Taxable Municipal Bonds (Cost $39,505)** | **Total Taxable Municipal Bonds (Cost $39,505)** | **Total Taxable Municipal Bonds (Cost $39,505)** | **Total Taxable Municipal Bonds (Cost $39,505)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38324** |
|  |  |  |  | &nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (1.7%)** | **Temporary Cash Investments (1.7%)** | **Temporary Cash Investments (1.7%)** | **Temporary Cash Investments (1.7%)** | **Temporary Cash Investments (1.7%)** | **Temporary Cash Investments (1.7%)** |
| **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** | **Money Market Fund (1.7%)** |
| <sup>16</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund **(Cost** $**1,031,828**) | 4.437% |  | 10319678 | &nbsp;&nbsp; **1031865** |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Counterparty | Expiration<br> Date | Exercise<br> Rate | &nbsp;&nbsp;Notional<br> Amount on<br> Underlying<br> Swap<br> ($000) | Market<br> Value•  ($000) |
| **Options Purchased (0.0%)** | **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%)** | **Over-the-Counter Swaptions (0.0%)** |
| **Call Swaptions** | **Call Swaptions** | **Call Swaptions** | **Call Swaptions** | **Call Swaptions** | **Call Swaptions** |
| &nbsp;&nbsp;&nbsp;2-Year Interest Rate Swap, Pays 3M USD LIBOR Quarterly, Receives 0.603% Semiannually | BNPSW | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;0.603% | &nbsp;&nbsp; 623250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;2-Year Interest Rate Swap, Pays 3M USD LIBOR Quarterly, Receives 0.630% Semiannually | MSCS | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;0.630% | &nbsp;&nbsp; 623250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | **—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Rate** | &nbsp;&nbsp;**Notional<br> Amount on<br> Underlying<br> Swap<br> ($000)** | **Market<br> Value•  ($000)** |
| **Put Swaptions** | **Put Swaptions** | **Put Swaptions** | **Put Swaptions** | **Put Swaptions** | **Put Swaptions** |
| &nbsp;&nbsp;&nbsp;5-Year CDX-NA-IG-S39-V1, Credit Protection Purchased, Pay 1.000% Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;GSB | 3/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;0.900% | &nbsp;&nbsp; 675800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
| **Total Options Purchased (Cost $6,237)** | **Total Options Purchased (Cost $6,237)** | **Total Options Purchased (Cost $6,237)** | **Total Options Purchased (Cost $6,237)** | **Total Options Purchased (Cost $6,237)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**402** |
| **Total Investments (102.5%) (Cost $64,573,807)** | **Total Investments (102.5%) (Cost $64,573,807)** | **Total Investments (102.5%) (Cost $64,573,807)** | **Total Investments (102.5%) (Cost $64,573,807)** | **Total Investments (102.5%) (Cost $64,573,807)** | **61430652** |
| **Other Assets and Liabilities—Net (-2.5%)** | **Other Assets and Liabilities—Net (-2.5%)** | **Other Assets and Liabilities—Net (-2.5%)** | **Other Assets and Liabilities—Net (-2.5%)** | **Other Assets and Liabilities—Net (-2.5%)** | &nbsp;&nbsp;**(1518986)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;**59911666** |
| 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 $2,502,000 have been segregated as initial margin for open centrally cleared swap contracts. |
| 2 | Securities with a value of $47,629,000 have been segregated as collateral for open forward currency contracts and over-the-counter swap contracts. |
| 3 | Securities with a value of $37,128,000 have been segregated as initial margin for open futures contracts. |
| 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 | 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. |
| 6 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2023. |
| 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 January 31, 2023, the aggregate value was $5,186,768,000, representing 8.7% 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 | Face amount denominated in euro. |
| 10 | Face amount denominated in British pounds. |
| 11 | Guaranteed by the Republic of Azerbaijan. |
| 12 | Face amount denominated in Australian dollars. |
| 13 | Non-income-producing security—security in default. |
| 14 | Security value determined using significant unobservable inputs. |
| 15 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 16 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | 1M—1-month. |
|  | 3M—3-month. |
|  | 6M—6-month. |
|  | BNPSW—BNP Paribas. |
|  | DAC—Designated Activity Company. |
|  | GSB—Goldman Sachs Bank USA. |
|  | LIBOR—London Interbank Offered Rate. |
|  | MSCS—Morgan Stanley Capital Services LLC. |
|  | REMIC—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. |
|  | UMBS—Uniform Mortgage-Backed Securities. |
|  | USD—U.S. dollar. |

---

------

Short-Term Investment-Grade Fund

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2023 | 5205 | 1070400 | &nbsp;&nbsp;139 |
| 5-Year U.S. Treasury Note | March 2023 | 6611 | 722200 | &nbsp;&nbsp;(750) |
| Euro-Schatz | March 2023 | 1692 | 194514 | &nbsp;&nbsp;(695) |
|  |  |  |  | &nbsp;&nbsp;(1306) |
| Short Futures Contracts |  |  |  |  |
| 5-Year Government of Canada Bond | March 2023 | (178) | (15133) | &nbsp;&nbsp;(145) |
| 10-Year U.S. Treasury Note | March 2023 | (1615) | (184943) | &nbsp;&nbsp;51 |
| AUD 3-Year Treasury Bond | March 2023 | (851) | (64860) | &nbsp;&nbsp;161 |
| Euro-Bobl | March 2023 | (5182) | (660823) | &nbsp;&nbsp;10396 |
| Euro-Bund | March 2023 | (66) | (9817) | &nbsp;&nbsp;312 |
| Long Gilt | March 2023 | (528) | (68030) | &nbsp;&nbsp;549 |
| Long U.S. Treasury Bond | March 2023 | (53) | (6883) | &nbsp;&nbsp;(176) |
| Ultra 10-Year U.S. Treasury Note | March 2023 | (2636) | (319491) | &nbsp;&nbsp;(2078) |
| Ultra Long U.S. Treasury Bond | March 2023 | (191) | (27074) | &nbsp;&nbsp;(1278) |
|  |  |  |  | &nbsp;&nbsp;7792 |
|  |  |  |  | &nbsp;&nbsp;6486 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
|  | 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;Receive | &nbsp;&nbsp;&nbsp;Deliver | &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. | 3/15/23 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;31597 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;34458 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(11) |  |
| JPMorgan Chase Bank, N.A. | 3/15/23 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;22690 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;24722 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;— |  |
| Morgan Stanley Capital Services Inc. | 3/15/23 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;20155 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;16256 | &nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;— |  |
| Standard Chartered Bank | 3/15/23 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;189591 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;270991 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;379309 | &nbsp;&nbsp;&nbsp;2793 | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;87860 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;124566 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(217) |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5) |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;581530 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;532618 | &nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;— |  |
| Bank of America, N.A. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;280029 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;256191 | &nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;— |  |
| BNP Paribas | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;279444 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;256191 | &nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;— |  |
| BNP Paribas | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;18460 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(74) |  |
| Bank of Montreal | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;9956 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;9141 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10) |  |

---

------

Short-Term Investment-Grade 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) | Forward Currency Contracts (continued) |
|  | 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;Receive | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;7731 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;7097 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6) |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;383215 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;310779 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(302) |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;4652 | &nbsp;&nbsp;&nbsp;(625) |  |

---

---

| |
|:---|
| AUD—Australian dollar. |
| CAD—Canadian dollar. |
| EUR—euro. |
| GBP—British pound. |
| JPY—Japanese yen. |
| USD—U.S. dollar. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 Purchased |  |  |  |  |  |  |
| CDX-NA-HY-S37-V2 | 12/22/26 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;38471 | &nbsp;&nbsp;&nbsp;(5.000) | &nbsp;&nbsp;&nbsp;(1943) | &nbsp;&nbsp;&nbsp;1699 |
| iTraxx Europe-S38-V1 | 12/21/27 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;47500 | &nbsp;&nbsp;&nbsp;(1.000) | &nbsp;&nbsp;&nbsp;(538) | &nbsp;&nbsp;&nbsp;(97) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(2481) | &nbsp;&nbsp;&nbsp;1602 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Ally Financial Inc./Baa3 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | (71) | 14 |  | (85) |
| American Express Co./A2 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 68 | 62 | 6 |  |
| American International Group Inc./Baa2 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 44 | 27 | 17 |  |
| AT&T Inc./Baa2 | 12/21/23 | BARC | 179110 | &nbsp;&nbsp;1.000 | 924 | 951 |  | (27) |
| AT&T Inc./Baa2 | 12/21/23 | BARC | 44560 | &nbsp;&nbsp;1.000 | 229 | 236 |  | (7) |
| Boeing Co./Baa2 | &nbsp;&nbsp;6/21/24 | GSI | 24365 | &nbsp;&nbsp;1.000 | 160 | 164 |  | (4) |
| Boeing Co./Baa2 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 24 | (11) | 35 |  |
| Chubb INA Holdings Inc./A3 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 78 | 70 | 8 |  |
| Comcast Corp./A3 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 60 | 56 | 4 |  |
| CVS Health Corp./Baa2 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 58 | 44 | 14 |  |
| Dominion Energy Inc./Baa2 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 55 | 55 |  |  |
| Dow Chemical Co./Baa1 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 38 | 36 | 2 |  |
| Enbridge Inc./Baa1 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 36 | 32 | 4 |  |
| Federation of Malaysia/A3 | 12/21/27 | MSCS | 3890 | &nbsp;&nbsp;1.000 | 60 | (25) | 85 |  |
| General Electric Co./Baa1 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 45 | 11 | 34 |  |
| General Motors Co./Baa3 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | (23) | (2) |  | (21) |

---

------

Short-Term Investment-Grade Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) |
| 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) |
| International Business Machines Corp./A3 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 60 | 58 | 2 |  |
| Kroger Co./Baa1 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 48 | 44 | 4 |  |
| Lincoln National Corp./Baa1 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 10 | 25 |  | (15) |
| Lowe's Cos. Inc./Baa1 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 63 | 58 | 5 |  |
| Marathon Petroleum Corp./Baa2 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 49 | 17 | 32 |  |
| Marsh & McLennan Cos. Inc./Baa1 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 79 | 67 | 12 |  |
| Metlife Inc./A3 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 52 | 43 | 9 |  |
| Mondelez International Inc./Baa1 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 66 | 52 | 14 |  |
| People's Republic of China/ A1 | &nbsp;&nbsp;6/21/24 | GSI | 20715 | &nbsp;&nbsp;1.000 | 242 | 132 | 110 |  |
| Prudential Financial Inc./A3 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 51 | 43 | 8 |  |
| Republic of Chile/A2 | 12/21/27 | CITNA | 37340 | &nbsp;&nbsp;1.000 | 46 | (884) | 930 |  |
| Republic of Chile/A2 | 12/21/27 | JPMC | 9180 | &nbsp;&nbsp;1.000 | 11 | (232) | 243 |  |
| Republic of Chile/A2 | 12/21/27 | MSCS | 16510 | &nbsp;&nbsp;1.000 | 21 | (349) | 370 |  |
| Republic of Philippines/Baa2 | 12/21/27 | BARC | 23320 | &nbsp;&nbsp;1.000 | 122 | (372) | 494 |  |
| Simon Property Group LP/A3 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 46 | 27 | 19 |  |
| UnitedHealth Group Inc./A3 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 65 | 62 | 3 |  |
| Verizon Communications Inc./Baa1 | 12/23/25 | GSI | 3270 | &nbsp;&nbsp;1.000 | 29 | 43 |  | (14) |
|  |  |  |  |  | 2845 | 554 | 2464 | (173) |
| 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 |
| Bank of China Ltd. | &nbsp;&nbsp;6/21/23 | BNPSW | 19485 | (1.000) | (80) | (24) |  | (56) |
| Boeing Co. | 12/21/24 | JPMC | 9690 | (1.000) | (68) | 309 |  | (377) |
| Republic of Colombia | &nbsp;&nbsp;6/22/27 | MSCS | 1850 | (1.000) | 100 | 74 | 26 |  |
|  |  |  |  |  | (48) | 359 | 26 | (433) |
|  |  |  |  |  | 2797 | 913 | 2490 | (606) |

---

1 Periodic premium received/paid quarterly.

---

| |
|:---|
| BARC—Barclays Bank plc. |
| BNPSW—BNP Paribas. |
| CITNA—Citibank, NA. |
| GSI—Goldman Sachs International. |
| JPMC—JPMorgan Chase Bank, N.A. |
| MSCS—Morgan Stanley Capital Services LLC. |

---

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 January 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $3,822,000 in connection with open forward currency contracts and open over-the-counter swap contracts.

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

------

Short-Term Investment-Grade Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $63,541,979) | 60398787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,031,828) | &nbsp;&nbsp;&nbsp;1031865 |
| Total Investments in Securities | 61430652 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 |
| Foreign Currency, at Value (Cost $16,366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16475 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;1737731 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462915 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91090 |
| Swap Premiums Paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4652 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |
| **Total Assets** | &nbsp;&nbsp;**63751740** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;3751604 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61330 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19494 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759 |
| Swap Premiums Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |
| Variation Margin Payable—Centrally Cleared Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;**3840074** |
| **Net Assets** | &nbsp;&nbsp;**59911666** |
| **At January 31, 2023, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;64888118 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(4976452) |
| **Net Assets** | &nbsp;&nbsp;**59911666** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 647,676,359 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**6532148** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.09** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 4,149,329,772 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;**41848112** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.09** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 1,143,361,285 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;**11531406** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.09** |

---

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

------

Short-Term Investment-Grade Fund

#### Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> January 31, 2023 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 |
| Interest—Unaffiliated Issuers | 1399510 |
| Interest—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11247 |
| Total Income | &nbsp;&nbsp;1411631 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—<br> Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—<br> Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—<br> Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—<br> Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—<br> Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—<br> Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 |
| Shareholders' Reports—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70177 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70002 |
| **Net Investment Income** | **1341629** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Unaffiliated Issuers | (1693778) |
| Investment Securities Sold—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6495) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(301219) |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7274) |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4095) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;181091 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27148) |
| **Realized Net Gain (Loss)** | **(1856600)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated<br> Issuers | (2057131) |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25109 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287 |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(34554) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 |
| **Change in Unrealized Appreciation (Depreciation)** | **(2056882)** |

---

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (continued) | Statement of Assets and Liabilities (continued) |
|  | Year Ended<br> January 31, 2023 |
|  | ($000) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(2571853)** |

---

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

------

Short-Term Investment-Grade Fund

#### Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;1341629 | &nbsp;&nbsp;&nbsp;&nbsp;1214741 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;(1856600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751955 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(2056882) | &nbsp;&nbsp;&nbsp;&nbsp;(3215463) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(2571853) | &nbsp;&nbsp;&nbsp;&nbsp;(1248767) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(963438) | &nbsp;&nbsp;&nbsp;&nbsp;(1102577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297838) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(1370347) | &nbsp;&nbsp;&nbsp;&nbsp;(1569260) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;(1451328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(9570838) | &nbsp;&nbsp;&nbsp;&nbsp;4902787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;(1824378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351031 |
| Net Increase (Decrease) from Capital Share Transactions | (12846544) | &nbsp;&nbsp;&nbsp;&nbsp;5352641 |
| Total Increase (Decrease) | &nbsp;&nbsp;(16788744) | &nbsp;&nbsp;&nbsp;&nbsp;2534614 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;**76700410** | &nbsp;&nbsp;&nbsp;**74165796** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**59911666** | &nbsp;&nbsp;&nbsp;**76700410** |

---

------

Short-Term Investment-Grade Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.63** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.80** | &nbsp;&nbsp;&nbsp;**$10.50** | &nbsp;&nbsp;&nbsp;**$10.57** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.283 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.069) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.214 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.284) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.039) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.284) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$10.09** | &nbsp;&nbsp;&nbsp;**$10.63** | &nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.80** | &nbsp;&nbsp;&nbsp;**$10.50** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-3.18%** | &nbsp;&nbsp;&nbsp;**-1.66%** | &nbsp;&nbsp;&nbsp;**4.29%** | &nbsp;&nbsp;&nbsp;**5.79%** | &nbsp;&nbsp;&nbsp;**2.07%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$6532 | &nbsp;&nbsp;&nbsp;$8400 | &nbsp;&nbsp;&nbsp;$8617 | &nbsp;&nbsp;&nbsp;$8179 | &nbsp;&nbsp;&nbsp;$7846 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;2.71% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;71% |

---

---

| | |
|:---|:---|
| 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 0.20%. |
| 4 | Includes 11%, 3%, 13%, 1%, and 1%, respectively, attributable to mortgage-dollar-roll activity. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.63** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.80** | &nbsp;&nbsp;&nbsp;**$10.50** | &nbsp;&nbsp;&nbsp;**$10.57** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.294 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.070) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.224 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.294) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.039) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.294) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$10.09** | &nbsp;&nbsp;&nbsp;**$10.63** | &nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.80** | &nbsp;&nbsp;&nbsp;**$10.50** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-3.09%** | &nbsp;&nbsp;&nbsp;**-1.56%** | &nbsp;&nbsp;&nbsp;**4.39%** | &nbsp;&nbsp;&nbsp;**5.90%** | &nbsp;&nbsp;&nbsp;**2.17%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$41848 | &nbsp;&nbsp;&nbsp;$54200 | &nbsp;&nbsp;&nbsp;$51282 | &nbsp;&nbsp;&nbsp;$44211 | &nbsp;&nbsp;&nbsp;$40218 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;2.81% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;71% |

---

---

| | |
|:---|:---|
| 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 0.10%. |
| 4 | Includes 11%, 3%, 13%, 1%, and 1%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

------

Short-Term Investment-Grade Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.63** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.80** | &nbsp;&nbsp;&nbsp;**$10.50** | &nbsp;&nbsp;&nbsp;**$10.57** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.297 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.070) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.227 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.297) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.039) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.297) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$10.09** | &nbsp;&nbsp;&nbsp;**$10.63** | &nbsp;&nbsp;&nbsp;**$11.02** | &nbsp;&nbsp;&nbsp;**$10.80** | &nbsp;&nbsp;&nbsp;**$10.50** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**-3.06%** | &nbsp;&nbsp;&nbsp;**-1.53%** | &nbsp;&nbsp;&nbsp;**4.42%** | &nbsp;&nbsp;&nbsp;**5.93%** | &nbsp;&nbsp;&nbsp;**2.20%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$11531 | &nbsp;&nbsp;&nbsp;$14101 | &nbsp;&nbsp;&nbsp;$14267 | &nbsp;&nbsp;&nbsp;$10830 | &nbsp;&nbsp;&nbsp;$10100 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.07%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;0.07% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;2.84% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;71% |

---

---

| | |
|:---|:---|
| 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 0.07%. |
| 3 | Includes 11%, 3%, 13%, 1%, and 1%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

------

Short-Term Investment-Grade Fund

Notes to Financial Statements

Vanguard Short-Term Investment-Grade Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: Investor 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.

Certain of the fund's investments are in corporate debt instruments; the issuers' abilities to meet their obligations may be affected by economic developments in their respective industries. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. To minimize the currency risk associated with investment in securities denominated in currencies other than the U.S. dollar, the fund attempts to hedge its currency exposure. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

**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 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. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. 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.

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. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.

At January 31, 2023, counterparties had deposited in segregated accounts securities with a value of $8,411,000 and cash of $1,010,000 in connection with TBA transactions.

------

Short-Term Investment-Grade Fund

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 similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased 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 when 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, 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

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Short-Term Investment-Grade Fund

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 year ended January 31, 2023, 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 year ended January 31, 2023, the fund's average investments in long and short futures contracts represented 6% and 3% 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.

The fund's risks in using these 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 year ended January 31, 2023, the fund's average investment in forward currency contracts represented 4% 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

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Short-Term Investment-Grade Fund

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 year ended January 31, 2023, the fund's average amounts of investments in credit protection sold and credit protection purchased represented 1% and less than 1% of net assets,

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Short-Term Investment-Grade Fund

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. The fund had no open interest rate swap contracts at January 31, 2023.

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 from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

13. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. 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.

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.** 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.

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Short-Term Investment-Grade Fund

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At January 31, 2023, the fund had contributed to Vanguard capital in the amount of $2,243,000, representing less than 0.01% of the fund's net assets and 0.90% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset
arrangements reduced the fund's expenses by $175,000 (an annual rate of less than 0.01% of average net assets).

**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 January 31, 2023, 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;&nbsp;&nbsp;8551193 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8551193 |
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2754546 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2754546 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47743198 | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;47743235 |
| Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161384 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161384 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1149703 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1149703 |
| Taxable Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38324 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38324 |
| Temporary Cash Investments | 1031865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1031865 |
| Options Purchased | &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;402 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
| Total | 1031865 | &nbsp;&nbsp;&nbsp;60398750 | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;61430652 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;11608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11608 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4652 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4652 |
| Swap Contracts | &nbsp;&nbsp;1699<sup>1</sup> | &nbsp;&nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4189 |
| Total | 13307 | &nbsp;&nbsp;&nbsp;7142 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20449 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;5122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5122 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| Total | &nbsp;&nbsp;&nbsp;5219 | &nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6450 |

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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.

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Short-Term Investment-Grade Fund

**E.** At January 31, 2023, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

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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) |  |  | 402 | &nbsp;&nbsp;402 |
| Swap Premiums Paid |  |  | 2812 | &nbsp;&nbsp;2812 |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 11608 |  |  | &nbsp;&nbsp;11608 |
| Unrealized Appreciation—Centrally Cleared Swap Contracts<sup>1</sup> |  |  | 1699 | &nbsp;&nbsp;1699 |
| Unrealized Appreciation—Forward Currency Contracts |  | 4652 |  | &nbsp;&nbsp;4652 |
| Unrealized Appreciation—<br> Over-the-Counter Swap Contracts |  |  | 2490 | &nbsp;&nbsp;2490 |
| Total Assets | 11608 | 4652 | 7403 | &nbsp;&nbsp;23663 |
| Swap Premiums Received |  |  | 1899 | &nbsp;&nbsp;1899 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | 5122 |  |  | &nbsp;&nbsp;5122 |
| Unrealized Depreciation—Centrally Cleared Swap Contracts<sup>1</sup> |  |  | 97 | &nbsp;&nbsp;97 |
| Unrealized Depreciation—Forward Currency Contracts |  | 625 |  | &nbsp;&nbsp;625 |
| Unrealized Depreciation—<br> Over-the-Counter Swap Contracts |  |  | 606 | &nbsp;&nbsp;606 |
| Total Liabilities | 5122 | 625 | 2602 | &nbsp;&nbsp;8349 |

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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.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended January 31, 2023, were:

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | (301219) |  |  | &nbsp;&nbsp;(301219) |
| Options Purchased | (5349) |  | (1925) | &nbsp;&nbsp;(7274) |
| Options Written |  |  | 2318 | &nbsp;&nbsp;2318 |
| Swap Contracts |  |  | (4095) | &nbsp;&nbsp;(4095) |
| Forward Currency Contracts |  | 181091 |  | &nbsp;&nbsp;181091 |
| Realized Net Gain (Loss) on Derivatives | (306568) | 181091 | (3702) | &nbsp;&nbsp;(129179) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives |
| Futures Contracts | 25109 |  |  | &nbsp;&nbsp;25109 |
| Options Purchased | 3678 |  | (391) | &nbsp;&nbsp;3287 |
| Options Written |  |  | (45) | &nbsp;&nbsp;(45) |
| Swap Contracts |  |  | 4613 | &nbsp;&nbsp;4613 |
| Forward Currency Contracts |  | (34554) |  | &nbsp;&nbsp;(34554) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 28787 | (34554) | 4177 | &nbsp;&nbsp;(1590) |

---

**F.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable foreign currency transactions and swap agreements were reclassified
between the individual components of total distributable earnings (loss).

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The

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Short-Term Investment-Grade Fund

differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; the recognition of gain or loss from foreign currency hedges; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47064 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(1957414) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;(3046608) |

---

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;1370347 | &nbsp;&nbsp;&nbsp;&nbsp;1285421 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283839 |
| Total | &nbsp;&nbsp;&nbsp;1370347 | &nbsp;&nbsp;&nbsp;&nbsp;1569260 |

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\* Includes short-term capital gains, if any.

As of January 31, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;64481465 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262912 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3309520) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(3046608) |

---

**G.** During the year ended January 31, 2023, the fund purchased $20,865,564,000 of investment securities and sold $31,609,688,000 of investment securities, other than U.S. government securities and temporary cash
investments. Purchases and sales of U.S. government securities were $30,348,800,000 and $30,178,109,000, respectively.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $3,626,865,000 and sales were $2,809,826,000, resulting in net realized loss of $65,575,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;664217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181610 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14596 |
| Redeemed | &nbsp;&nbsp;(2245367) | &nbsp;&nbsp;&nbsp;&nbsp;(221029) | &nbsp;&nbsp;&nbsp;&nbsp;(2046844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187822) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;(1451328) | &nbsp;&nbsp;&nbsp;&nbsp;(142691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384 |

---

------

Short-Term Investment-Grade Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;10354155 | &nbsp;&nbsp;&nbsp;&nbsp;1021772 | &nbsp;&nbsp;&nbsp;&nbsp;18548849 | &nbsp;&nbsp;&nbsp;&nbsp;1698725 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81245 |
| Redeemed | (20691028) | &nbsp;&nbsp;(2048397) | &nbsp;&nbsp;(14529467) | &nbsp;&nbsp;(1334000) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;(9570838) | &nbsp;&nbsp;&nbsp;&nbsp;(950701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445970 |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;2932351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372794 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25509 |
| Redeemed | &nbsp;&nbsp;(5005004) | &nbsp;&nbsp;&nbsp;&nbsp;(496496) | &nbsp;&nbsp;&nbsp;&nbsp;(3998416) | &nbsp;&nbsp;&nbsp;&nbsp;(366280) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;(1824378) | &nbsp;&nbsp;&nbsp;&nbsp;(183469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32023 |

---

**I.** Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Jan. 31,<br> 2022<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Jan. 31,<br> 2023<br> Market<br> Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;994617 | NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(317) | &nbsp;&nbsp;(63) | 11247 |  | 1031865 |
| Vanguard Short- Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77702 | &nbsp;&nbsp;&nbsp;&nbsp;— | 72124 | (6178) | 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | 1072319 | &nbsp;&nbsp;&nbsp;&nbsp;— | 72124 | (6495) | 537 | 12121 |  | 1031865 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

**J.** Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

------

Intermediate-Term Investment-Grade Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1corpbondfundsi006.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1corpbondfundsi003.jpg) | &nbsp;&nbsp;&nbsp;Intermediate-Term Investment-Grade Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;-8.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;$12323 |
| ![](tm234052d1corpbondfundsi004.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. 5-10 Year Credit Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12819 |
| ![](tm234052d1corpbondfundsi005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| Intermediate-Term Investment-Grade Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;-8.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;$62231 |
| Bloomberg U.S. 5-10 Year Credit Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;64097 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57651 |

---

See Financial Highlights for dividend and capital gains information.

------

Intermediate-Term Investment-Grade Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;1.2% |
| Corporate Bonds - Communications | &nbsp;&nbsp;&nbsp;7.0 |
| Corporate Bonds - Consumer Discretionary | &nbsp;&nbsp;&nbsp;4.7 |
| Corporate Bonds - Consumer Staples | &nbsp;&nbsp;&nbsp;5.9 |
| Corporate Bonds - Energy | &nbsp;&nbsp;&nbsp;7.0 |
| Corporate Bonds - Financials | 26.2 |
| Corporate Bonds - Health Care | &nbsp;&nbsp;&nbsp;9.3 |
| Corporate Bonds - Industrials | &nbsp;&nbsp;&nbsp;5.6 |
| Corporate Bonds - Materials | &nbsp;&nbsp;&nbsp;2.0 |
| Corporate Bonds - Real Estate | &nbsp;&nbsp;&nbsp;5.5 |
| Corporate Bonds - Technology | &nbsp;&nbsp;&nbsp;6.4 |
| Corporate Bonds - Utilities | &nbsp;&nbsp;&nbsp;6.4 |
| Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;0.1 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;2.8 |
| Taxable Municipal Bonds | &nbsp;&nbsp;&nbsp;0.2 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;9.7 |

---

The table reflects the fund's investments, except for short-term investments and derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

------

Intermediate-Term Investment-Grade Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (9.7%)** | **U.S. Government and Agency Obligations (9.7%)** | **U.S. Government and Agency Obligations (9.7%)** | **U.S. Government and Agency Obligations (9.7%)** | **U.S. Government and Agency Obligations (9.7%)** | **U.S. Government and Agency Obligations (9.7%)** |
| **U.S. Government Securities (7.9%)** | **U.S. Government Securities (7.9%)** | **U.S. Government Securities (7.9%)** | **U.S. Government Securities (7.9%)** | **U.S. Government Securities (7.9%)** | **U.S. Government Securities (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.375% | 10/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154875 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.500% | 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155750 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113320 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125909 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;276280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263157 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19606 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;25390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23994 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29498 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.000% | 10/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;69500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71238 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.875% | 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;414830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422349 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79725 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;291900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253907 |
| <sup>1,2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293563 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.375% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210781 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;243500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229118 |
|  |  |  |  |  | **2446790** |
| **Conventional Mortgage-Backed Securities (1.8%)** | **Conventional Mortgage-Backed Securities (1.8%)** | **Conventional Mortgage-Backed Securities (1.8%)** | **Conventional Mortgage-Backed Securities (1.8%)** | **Conventional Mortgage-Backed Securities (1.8%)** | **Conventional Mortgage-Backed Securities (1.8%)** |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/52–<br> 3/13/53 | &nbsp;&nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343564 |
| <sup>4,5,6</sup> | &nbsp;&nbsp;&nbsp;UMBS Pool | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/53 | &nbsp;&nbsp;&nbsp;&nbsp;231500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232169 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **575733** |
| **Total U.S. Government and Agency Obligations (Cost $3,181,686)** | **Total U.S. Government and Agency Obligations (Cost $3,181,686)** | **Total U.S. Government and Agency Obligations (Cost $3,181,686)** | **Total U.S. Government and Agency Obligations (Cost $3,181,686)** | **Total U.S. Government and Agency Obligations (Cost $3,181,686)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3022523** |
| **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust Class A Series 2014-SFR2 | 3.786% | 10/17/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3463 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust Class A Series 2015-SFR2 | 3.732% | 10/17/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2483 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust Class B Series 2014-SFR2 | 4.290% | 10/17/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1029 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;American Homes 4 Rent Trust Class B Series 2015-SFR2 | 4.295% | 10/17/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Banc of America Commercial Mortgage Trust Class A4 Series 2017-BNK3 | 3.574% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1467 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Banc of America Commercial Mortgage Trust Class C Series 2015-UBS7 | 4.339% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp; 326 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2017-BNK4 | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 | &nbsp;&nbsp; 1579 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2018-BNK12 | 4.255% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp; 3867 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2018-BNK14 | 4.231% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985 | &nbsp;&nbsp; 4850 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2019-BNK17 | 3.714% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3782 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2019-BNK18 | 3.584% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3732 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;BANK Class A4 Series 2022-BNK40 | 3.394% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp; 3662 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class A5 Series 2022-BNK43 | 4.399% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/55 | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp; 7049 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;BANK Class AS Series 2017-BNK6 | 3.741% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp; 1194 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class ASB Series 2018-BNK14 | 4.185% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp; 2144 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class ASB Series 2019-BN23 | 2.846% | 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9970 | &nbsp;&nbsp;&nbsp; 9179 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BANK Class ASB Series 2019-BNK17 | 3.623% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437 | &nbsp;&nbsp; 1366 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Barclays Commercial Mortgage Trust Class A5 Series 2022-C16 | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp; 3807 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Class A4 Series 2020-C6 | 2.639% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp; 2004 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Class A5 Series 2022-C17 | 4.441% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp; 4174 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;BBCMS Trust Class A5 Series 2021-C10 | 2.492% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp; 3623 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A4 Series 2018-B6 | 4.261% | 10/10/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770 | &nbsp;&nbsp; 6594 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A4 Series 2018-B8 | 3.963% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp; 1138 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A5 Series 2018-B1 | 3.666% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630 | &nbsp;&nbsp;&nbsp; 4415 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A5 Series 2018-B2 | 3.882% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp; 4847 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A5 Series 2019-B15 | 2.928% | 12/15/72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3567 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A5 Series 2020-B16 | 2.732% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp; 3220 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class A5 Series 2022-B36 | 4.470% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp; 8361 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class AAB Series 2019-B15 | 2.859% | 12/15/72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735 | &nbsp;&nbsp;&nbsp; 6197 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Class ASB Series 2019-B10 | 3.615% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp; 1457 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Canadian Pacer Auto Receivables Trust Class A4 Series 2019-1A | 2.960% | &nbsp;&nbsp;&nbsp;&nbsp;6/19/24 | &nbsp;&nbsp; 1117 | &nbsp;&nbsp;&nbsp; 1115 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Cantor Commercial Real Estate Lending Class A4 Series 2019-CF3 | 3.006% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3585 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A3 Series 2018-CD7 | 4.013% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp; 2764 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A4 Series 2017-CD4 | 3.514% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp; 2319 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A4 Series 2018-CD7 | 4.279% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045 | &nbsp;&nbsp; 4846 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class A5 Series 2017-CD6 | 3.456% | 11/13/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341 | &nbsp;&nbsp;&nbsp; 2173 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class AM Series 2016-CD1 | 2.926% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp; 1069 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class AM Series 2017-CD6 | 3.709% | 11/13/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp; 2667 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class AS Series 2016-CD1 | 3.684% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp; 745 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class C Series 2016-CD1 | 3.631% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 838 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CD Mortgage Trust Class C Series 2018-CD7 | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp; 1154 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust Class A4 Series 2016-C4 | 3.283% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp; 877 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A3 Series 2014-GC19 | 3.753% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp; 410 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A3 Series 2017-P8 | 3.203% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp; 1412 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A3 Series 2019-C7 | 2.860% | 12/15/72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3564 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class A4 Series 2018-C5 | 4.228% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 388 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class B Series 2014-GC23 | 4.175% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp; 759 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class B Series 2017-P8 | 4.192% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 893 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class C Series 2014-GC23 | 4.427% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp; 1176 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class C Series 2015-GC33 | 4.573% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp; 814 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Class C Series 2017-P8 | 4.260% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 867 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class A3 Series 2014-CR14 | 3.955% | &nbsp;&nbsp;&nbsp;&nbsp;2/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 492 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class ASB Series 2019-GC44 | 2.873% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp; 166 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class B Series 2013-CR6 | 3.397% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp; 1310 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;COMM Mortgage Trust Class C Series 2015-CR27 | 4.449% | 10/10/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp; 1599 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust Class A3 Series 2020-C19 | 2.561% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp; 4517 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust Class A5 Series 2016-C7 | 3.502% | 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp; 1478 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust Class C Series 2015-C3 | 4.359% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp; 823 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;DBGS Mortgage Trust Class A4 Series 2018-C1 | 4.466% | 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp; 5471 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Discover Card Execution Note Trust Class A2 Series 2021-A2 | 1.030% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp; 2636 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Edsouth Indenture No. 9 LLC Class A Series 2015-1, 1M USD LIBOR + 0.800% | 5.306% | 10/25/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508 | &nbsp;&nbsp; 2438 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;EDvestinU Private Education Loan Issue No. 1 LLC Class A Series 2019-A | 3.580% | 11/25/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp; 1395 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class A Series 2020-1 | 2.040% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp; 3688 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class B Series 2020-1 | 2.290% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp; 2386 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class B Series 2020-2 | 1.490% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp; 2439 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class C Series 2018-2 | 3.760% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp; 2672 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Class C Series 2020-1 | 2.540% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2827 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust Class A Series 2020-2 | 1.060% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp; 511 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class B Series 2021-4 | 1.250% | 10/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp; 683 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class C Series 2020-4 | 1.050% | &nbsp;&nbsp;&nbsp;&nbsp;5/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp; 1113 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust Class C Series 2021-1 | 1.040% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp; 492 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;GM Financial Revolving Receivables Trust Class B Series 2021-1 | 1.490% | &nbsp;&nbsp;&nbsp;&nbsp;6/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 442 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;GM Financial Revolving Receivables Trust Class C Series 2021-1 | 1.670% | &nbsp;&nbsp;&nbsp;&nbsp;6/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp; 783 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Golden Credit Card Trust Class A Series 2021-1A | 1.140% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6680 | &nbsp;&nbsp; 5924 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. II Class A5 Series 2018-GS10 | 4.155% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp; 1029 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A4 Series 2016-GS3 | 2.850% | 10/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp; 2044 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A4 Series 2019-GC38 | 3.968% | &nbsp;&nbsp;&nbsp;&nbsp;2/10/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp; 2886 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A4 Series 2019-GC40 | 3.160% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3649 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class A5 Series 2020-GC45 | 2.911% | &nbsp;&nbsp;&nbsp;&nbsp;2/13/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp; 2820 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class AAB Series 2020-GC45 | 2.843% | &nbsp;&nbsp;&nbsp;&nbsp;2/13/53 | &nbsp;&nbsp; 7336 | &nbsp;&nbsp;&nbsp; 6746 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class AS Series 2014-GC20 | 4.258% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp; 552 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class AS Series 2014-GC24 | 4.162% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp; 19 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class B Series 2013-GC12 | 3.777% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp; 1535 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class B Series 2014-GC24 | 4.504% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp; 2466 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class C Series 2013-GC13 | 4.079% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp; 1052 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class C Series 2014-GC24 | 4.525% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp; 4230 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Class C Series 2015-GC34 | 4.639% | 10/10/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp; 834 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class A Series 2022-1A | 1.990% | &nbsp;&nbsp;&nbsp;&nbsp;6/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp; 1041 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class A Series 2022-1A | 2.630% | &nbsp;&nbsp;&nbsp;&nbsp;6/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp; 1023 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LLC Class C Series 2022-3A | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp; 262 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing LLC Class A Series 2021-2A | 1.680% | 12/27/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190 | &nbsp;&nbsp;&nbsp; 2816 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust Class A7 Series 2015-HB7 | 3.914% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp; 4270 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class B Series 2021-B | 0.910% | &nbsp;&nbsp;&nbsp;&nbsp;2/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp; 1138 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust Class C Series 2021-B | 1.120% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp; 1196 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust Class A3 Series 2013-C16 | 3.881% | 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp; 306 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust Class A4 Series 2013-C13 | 3.994% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp; 195 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust Class D Series 2010-C2 | 5.766% | 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp; 875 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A4 Series 2013-C17 | 4.199% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp; 750 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class A5 Series 2013-C12 | 3.664% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp; 909 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class AS Series 2013-C12 | 4.052% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4956 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class AS Series 2014-C18 | 4.439% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 583 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class B Series 2014-C18 | 4.735% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp; 2414 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust Class C Series 2014-C18 | 4.735% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2350 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust Class A3 Series 2016-C4 | 3.141% | 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840 | &nbsp;&nbsp; 2628 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust Class A4 Series 2018-C8 | 4.211% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp; 143 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust Class A5 Series 2017-C7 | 3.409% | 10/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp; 1748 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Laurel Road Prime Student Loan Trust Class A2B Series 2017-C | 2.810% | 11/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp; 676 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Laurel Road Prime Student Loan Trust Class A2FX Series 2018-B | 3.540% | &nbsp;&nbsp;&nbsp;&nbsp;5/26/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp; 884 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Laurel Road Prime Student Loan Trust Class A2FX Series 2019-A | 2.730% | 10/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp; 1900 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Master Credit Card Trust II Class A2 Series 2022-1 | 1.660% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp; 4769 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC Class A5 Series 2018-A | 3.610% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp; 1536 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC Class A5 Series 2019-A | 3.080% | 11/12/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 | &nbsp;&nbsp; 2529 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class AS Series 2014-C17 | 4.011% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp; 1323 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class C Series 2013-C10 | 4.070% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp; 1692 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class C Series 2014-C15 | 4.891% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp; 1091 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class C Series 2014-C16 | 4.734% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp; 2248 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust Class C Series 2016-C29 | 4.722% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 | &nbsp;&nbsp;&nbsp; 2163 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust Class A Series 2014-150E | 3.912% | &nbsp;&nbsp;&nbsp;&nbsp;9/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670 | &nbsp;&nbsp; 3272 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust Class A4 Series 2016-UB11 | 2.782% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778 | &nbsp;&nbsp;&nbsp; 2576 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust Class A4 Series 2021-L6 | 2.444% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp; 1577 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust Class C Series 2015-UBS8 | 4.579% | 12/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp; 1420 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;MSBAM Commercial Mortgage Securities Trust Class A2 Series 2012-CKSV | 3.277% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594 | &nbsp;&nbsp; 3050 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust Class A2A Series 2017-A | 2.880% | 12/16/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp; 1314 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust Class A2A Series 2018-BA | 3.610% | 12/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306 | &nbsp;&nbsp; 2231 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Palisades Center Trust Class A Series 2016-PLSD | 2.713% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5780 | &nbsp;&nbsp;&nbsp; 4113 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Pepper Residential Securities Trust Class A1U Series 21A, 1M USD LIBOR + 0.880% | 5.339% | &nbsp;&nbsp;&nbsp;&nbsp;1/16/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp; 402 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Pepper Residential Securities Trust No. 22 Class A1U Series 22A, 1M USD LIBOR + 1.000% | 5.486% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp; 440 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;Pepper Residential Securities Trust No. 23 Class A1U Series 23A, 1M USD LIBOR + 0.950% | 5.415% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp; 264 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;PHEAA Student Loan Trust Class A Series 2016-2A, 1M USD LIBOR + 0.950% | 5.456% | 11/25/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876 | &nbsp;&nbsp; 3848 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class A Series 2022-SFR3 | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp; 442 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class A Series 2022-SFR5 | 4.451% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp; 343 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class B Series 2022-SFR3 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp; 193 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Progress Residential Trust Class B Series 2022-SFR5 | 4.896% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; 240 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;RESIMAC Bastille Trust Class A1 Series 2018-1NCA, 1M USD LIBOR + 0.850% | 5.251% | &nbsp;&nbsp;&nbsp;&nbsp;12/5/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp; 539 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;RESIMAC MBS Trust Class A1A Series 2018-2A, 1M USD LIBOR + 0.850% | 5.252% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp; 153 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class A3 Series 2022-3 | 3.400% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp; 856 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Class C Series 2022-2 | 3.760% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp; 1516 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Santander Retail Auto Lease Trust Class D Series 2020-B | 1.980% | 10/20/25 | &nbsp;&nbsp; 7460 | &nbsp;&nbsp;&nbsp;&nbsp; 7110 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Class A2A Series 2016-A | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp; 1091 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Class A2A Series 2017-B | 2.820% | 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601 | &nbsp;&nbsp; 3452 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Class A2A Series 2018-B | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 | &nbsp;&nbsp;&nbsp; 4711 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust Class A2A Series 2018-C | 3.630% | 11/15/35 | &nbsp;&nbsp; 7015 | &nbsp;&nbsp;&nbsp; 6765 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A1 Series 2016-D, 1M USD LIBOR + 0.950% | 5.456% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp; 103 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A1 Series 2017-C, 1M USD LIBOR + 0.600% | 5.106% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp; 44 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A2B Series 2017-A | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/26/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp; 39 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A2FX Series 2017-B | 2.740% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp; 356 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program LLC Class A2FX Series 2017-F | 2.840% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp; 1196 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;TMSQ Mortgage Trust Class A Series 2014-1500 | 3.680% | 10/10/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2355 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;Trinity Rail Leasing LLC Class A2 Series 2018-1A | 4.620% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp; 2580 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;UBS Commercial Mortgage Trust Class ASB Series 2019-C16 | 3.460% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;&nbsp; 2144 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;UBS-BAMLL Trust Class A Series 2012-WRM | 3.663% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp; 197 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;UBS-Barclays Commercial Mortgage Trust Class AS Series 2013-C6 | 3.469% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp; 1154 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A3 Series 2017-C40 | 3.317% | 10/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp; 2406 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2016-C37 | 3.525% | 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp; 2098 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2017-C40 | 3.581% | 10/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp; 2723 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2017-RC1 | 3.631% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | &nbsp;&nbsp; 2580 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2018-C46 | 4.152% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/51 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1078 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2018-C47 | 4.442% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp; 1068 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class A4 Series 2019-C54 | 3.146% | 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp; 2153 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class AS Series 2014-LC16 | 4.020% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp; 676 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class ASB Series 2019-C49 | 3.933% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp; 3125 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class B Series 2014-LC16 | 4.322% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp; 1145 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class C Series 2014-LC16 | 4.458% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp; 1018 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Class C Series 2018-C43 | 4.514% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp; 1180 |
| <sup>4,7,8</sup> | &nbsp;&nbsp;&nbsp;WFLD Mortgage Trust Class A Series 2014-MONT | 3.755% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640 | &nbsp;&nbsp; 4439 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class A4 Series 2014-LC14 | 3.766% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp; 601 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class AS Series 2013-C13 | 3.345% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp; 2203 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class AS Series 2014-C21 | 3.891% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp; 673 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class B Series 2013-C18 | 4.849% | 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp; 1042 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class B Series 2014-C20 | 4.378% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp; 2170 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust Class C Series 2014-C20 | 4.513% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp; 1228 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class C Series 2021-C | 1.060% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp; 455 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Class C Series 2021-D | 1.720% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp; 2023 |
| **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $396,766)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $396,766)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $396,766)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $396,766)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $396,766)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**364774** |
| **Corporate Bonds (86.5%)** | **Corporate Bonds (86.5%)** | **Corporate Bonds (86.5%)** | **Corporate Bonds (86.5%)** | **Corporate Bonds (86.5%)** | **Corporate Bonds (86.5%)** |
| **Communications (7.0%)** | **Communications (7.0%)** | **Communications (7.0%)** | **Communications (7.0%)** | **Communications (7.0%)** | **Communications (7.0%)** |
|  | &nbsp;&nbsp;&nbsp;Activision Blizzard Inc. | 1.350% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20703 | &nbsp;&nbsp;&nbsp; 16786 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;46893 | &nbsp;&nbsp;&nbsp; 41140 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;14733 | &nbsp;&nbsp;&nbsp; 14473 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;41556 | &nbsp;&nbsp; 40821 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;58644 | &nbsp;&nbsp;&nbsp; 57207 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp; 53520 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/32 | &nbsp;&nbsp; 32117 | &nbsp;&nbsp; 26241 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9970 | &nbsp;&nbsp; 8054 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;AT&T Inc. | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 288 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;35630 | &nbsp;&nbsp; 35796 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | 4.750% | 11/15/34 | &nbsp;&nbsp; 1374 | &nbsp;&nbsp; 1589 |
|  | &nbsp;&nbsp;&nbsp;British Telecommunications plc | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;12/4/28 | &nbsp;&nbsp;&nbsp;&nbsp;23102 | &nbsp;&nbsp;&nbsp; 23214 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;British Telecommunications plc | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 26795 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cable One Inc. | 4.000% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp; 2163 |
|  | &nbsp;&nbsp;&nbsp;CBS Corp. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1855 |
|  | &nbsp;&nbsp;&nbsp;CBS Corp. | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp; 335 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 | &nbsp;&nbsp;&nbsp; 2154 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp; 5712 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885 | &nbsp;&nbsp;&nbsp; 5146 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;46533 | &nbsp;&nbsp; 44185 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;28980 | &nbsp;&nbsp; 24283 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;34184 | &nbsp;&nbsp; 33253 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;14025 | &nbsp;&nbsp;&nbsp; 11465 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 4189 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;CK Hutchison Group Telecom Finance SA | 2.625% | 10/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp; 705 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cogent Communications Group Inc. | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp; 2209 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Comcast Corp. | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp; 8875 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp; 35747 | &nbsp;&nbsp; 33859 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 14428 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.150% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;51690 | &nbsp;&nbsp; 51183 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;15290 | &nbsp;&nbsp;&nbsp; 13664 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;72518 | &nbsp;&nbsp; 68091 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.250% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753 | &nbsp;&nbsp; 6680 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp; 21337 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp; 9696 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 5.500% | 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;39310 | &nbsp;&nbsp; 42288 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Comcast Corp. | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp; 2177 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3466 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.937% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 3416 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cox Communications Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 24906 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cox Communications Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp; 2330 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CSC Holdings LLC | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp; 2321 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CSC Holdings LLC | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527 | &nbsp;&nbsp; 1494 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CSC Holdings LLC | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp; 1022 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp; 9228 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 591 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor Inc. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp; 2952 |
|  | &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;19696 | &nbsp;&nbsp; 18407 |
|  | &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;25186 | &nbsp;&nbsp;&nbsp; 22177 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DISH DBS Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp; 1581 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DISH DBS Corp. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/28 | &nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp; 918 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp; 1428 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DISH Network Corp. | 11.750% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095 | &nbsp;&nbsp; 4247 |
|  | &nbsp;&nbsp;&nbsp;Electronic Arts Inc. | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;49437 | &nbsp;&nbsp; 40377 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;43363 | &nbsp;&nbsp; 40992 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020 | &nbsp;&nbsp;&nbsp; 4414 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp; 7278 | &nbsp;&nbsp;&nbsp; 6129 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. | 4.709% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;45031 | &nbsp;&nbsp; 44507 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp; 21958 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC | 5.875% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp; 768 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp; 1977 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458 | &nbsp;&nbsp;&nbsp; 2017 |
|  | &nbsp;&nbsp;&nbsp;Interpublic Group of Cos. Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp;Interpublic Group of Cos. Inc. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/31 | &nbsp;&nbsp; 16016 | &nbsp;&nbsp;&nbsp; 13261 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Level 3 Financing Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | &nbsp;&nbsp; 1720 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Level 3 Financing Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp; 432 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Level 3 Financing Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp; 1428 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 4.054% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;24530 | &nbsp;&nbsp; 22508 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 4.279% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;54260 | &nbsp;&nbsp; 48255 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 5.391% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 4994 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;50635 | &nbsp;&nbsp;&nbsp; 47152 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810 | &nbsp;&nbsp; 4660 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;25069 | &nbsp;&nbsp; 25048 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 5.875% | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935 | &nbsp;&nbsp;&nbsp; 6179 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;11566 | &nbsp;&nbsp;&nbsp; 12403 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;News Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843 | &nbsp;&nbsp; 4339 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nexstar Media Inc. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753 | &nbsp;&nbsp; 3575 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nexstar Media Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp; 2107 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NTT Finance Corp. | 2.065% | &nbsp;&nbsp;&nbsp;&nbsp;4/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;&nbsp; 4143 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1924 |
|  | &nbsp;&nbsp;&nbsp;Omnicom Group Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 33971 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Orange SA | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;20773 | &nbsp;&nbsp;&nbsp; 19238 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global Inc. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;44871 | &nbsp;&nbsp; 41394 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2580 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rogers Communications Inc. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;28616 | &nbsp;&nbsp; 25753 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Scripps Escrow II Inc. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp; 1499 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Scripps Escrow Inc. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843 | &nbsp;&nbsp; 1646 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sirius XM Radio Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp; 1713 |
|  | &nbsp;&nbsp;&nbsp;Sprint LLC | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555 | &nbsp;&nbsp; 5679 |
|  | &nbsp;&nbsp;&nbsp;Sprint LLC | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777 | &nbsp;&nbsp;&nbsp; 6109 |
|  | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;16475 | &nbsp;&nbsp;&nbsp; 15409 |
|  | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA | 5.520% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp; 4200 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Telia Co. AB | 4.625% | 12/21/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339 | &nbsp;&nbsp; 3823 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;42545 | &nbsp;&nbsp;&nbsp; 37294 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;31773 | &nbsp;&nbsp; 29021 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;124735 | &nbsp;&nbsp;&nbsp; 116811 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8496 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;41920 | &nbsp;&nbsp; 35877 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 49312 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 2.250% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;26520 | &nbsp;&nbsp; 21725 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 15295 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283 | &nbsp;&nbsp;&nbsp;&nbsp; 7311 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Univision Communications Inc. | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | &nbsp;&nbsp; 1805 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;UPC Broadband Finco BV | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp; 1425 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5252 | &nbsp;&nbsp;&nbsp; 5676 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;58343 | &nbsp;&nbsp; 52062 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 4.329% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;40128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39565 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3408 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 4.016% | &nbsp;&nbsp;&nbsp;&nbsp;12/3/29 | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49829 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;30626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27799 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/18/30 | &nbsp;&nbsp; 10107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8172 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 1.680% | 10/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;19550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15773 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 4.250% | 10/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1360 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;44634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35936 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;80107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68224 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2.355% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;106142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87453 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Videotron Ltd. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2287 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Vodafone Group plc | 2.875% | 11/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Vodafone Group plc | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3220 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Vodafone Group plc | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/12/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;VZ Secured Financing BV | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1908 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4696 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;44664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38600 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17641 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;WMG Acquisition Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/29 | &nbsp;&nbsp; 7825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6853 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Zayo Group Holdings Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2595 |
|  |  |  |  |  | **2188922** |
| **Consumer Discretionary (4.8%)** | **Consumer Discretionary (4.8%)** | **Consumer Discretionary (4.8%)** | **Consumer Discretionary (4.8%)** | **Consumer Discretionary (4.8%)** | **Consumer Discretionary (4.8%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3202 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;5/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35270 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20354 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/3/30 | &nbsp;&nbsp;&nbsp;&nbsp;23961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19875 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;5/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;38500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32796 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7605 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;48580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49731 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;American Builders & Contractors Supply Co. Inc. | 3.875% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1424 |
|  | &nbsp;&nbsp;&nbsp;American Honda Finance Corp. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16499 |
|  | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3894 |
|  | &nbsp;&nbsp;&nbsp;AutoZone Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;29868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28485 |
|  | &nbsp;&nbsp;&nbsp;AutoZone Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;39857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31977 |
|  | &nbsp;&nbsp;&nbsp;AutoZone Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15035 |
|  | &nbsp;&nbsp;&nbsp;AutoZone Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;29970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29816 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BMW US Capital LLC | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17186 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Caesars Resort Collection LLC / CRC Finco Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2145 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Camelot Return Merger Sub Inc. | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3481 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5192 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2772 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Carnival Holdings Bermuda Ltd. | 10.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp; 885 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 | &nbsp;&nbsp; 1473 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp; 2598 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6159 | &nbsp;&nbsp;&nbsp; 5762 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Clarios Global LP | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp; 589 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Clarios Global LP / Clarios US Finance Co. | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 | &nbsp;&nbsp; 2820 |
|  | &nbsp;&nbsp;&nbsp;DaVita Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5256 | &nbsp;&nbsp; 4431 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/30 | &nbsp;&nbsp; 36017 | &nbsp;&nbsp; 31666 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17076 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | 6.300% | 11/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;15790 | &nbsp;&nbsp;&nbsp;&nbsp; 17210 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 9.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6205 | &nbsp;&nbsp; 5956 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp; 534 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 3.815% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp; 2510 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/16/28 | &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 1734 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379 | &nbsp;&nbsp; 5325 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 4.000% | 11/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp; 1421 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986 | &nbsp;&nbsp; 4977 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;25424 | &nbsp;&nbsp; 24583 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/28 | &nbsp;&nbsp; 17675 | &nbsp;&nbsp;&nbsp; 17466 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 5.400% | 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 24833 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 5.600% | 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 19746 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;1/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp; 435 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;30168 | &nbsp;&nbsp; 26294 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 2.400% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp; 5143 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 13214 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 7996 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co. Inc. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp; 18652 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 | &nbsp;&nbsp; 1273 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co. Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632 | &nbsp;&nbsp;&nbsp; 2610 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;18090 | &nbsp;&nbsp;&nbsp; 15765 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;12/6/28 | &nbsp;&nbsp; 18511 | &nbsp;&nbsp; 18278 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;80075 | &nbsp;&nbsp;&nbsp; 74305 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;21645 | &nbsp;&nbsp;&nbsp; 19485 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8057 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;32630 | &nbsp;&nbsp;&nbsp; 27041 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;24815 | &nbsp;&nbsp; 22823 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;12155 | &nbsp;&nbsp;&nbsp; 12302 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 2126 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2031 |
|  | &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 2.967% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/32 | &nbsp;&nbsp;&nbsp;&nbsp;21035 | &nbsp;&nbsp;&nbsp; 18744 |
|  | &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp; 570 |
|  | &nbsp;&nbsp;&nbsp;KB Home | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp; 2243 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | 4.625% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp; 1518 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp; 7084 | &nbsp;&nbsp; 6023 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 85 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp; 529 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3320 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;48038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40968 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;19610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16895 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;25404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24044 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 1.700% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;25190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20499 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14616 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;36090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33465 |
|  | &nbsp;&nbsp;&nbsp;Magna International Inc. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;35820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30655 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;39345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38361 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;35554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30357 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1392 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 5.875% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1457 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;35736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32224 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp; 15311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13180 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7556 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4474 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7327 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1713 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd. | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553 |
|  | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17218 |
|  | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5823 |
|  | &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7983 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Penn National Gaming Inc. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 4.000% | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;10131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9580 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11427 |
|  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 2.550% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;24866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21678 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Studio City Co. Ltd. | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1353 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;29686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28709 |
|  | &nbsp;&nbsp;&nbsp;Toll Brothers Finance Corp. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;22966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20591 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Toyota Finance Australia Ltd. | 2.280% | 10/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9020 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/28 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24033 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;33466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32330 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23500 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4095 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/12/31 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22289 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12868 |
|  | &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/33 | &nbsp;&nbsp;&nbsp;&nbsp;10715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10893 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Toyota Motor Finance Netherlands BV | 0.000% | 10/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vail Resorts Inc. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp; 7771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7814 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC | 1.625% | 11/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16836 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Volkswagen International Finance NV | 2.625% | 11/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Volkswagen Leasing GmbH | 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;14052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13523 |
|  | &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;14575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14472 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4057 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2236 |
|  |  |  |  |  | **1481357** |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** | **Consumer Staples (5.9%)** |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;29405 | &nbsp;&nbsp; 29089 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;32835 | &nbsp;&nbsp; 29073 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/32 | &nbsp;&nbsp; 67090 | &nbsp;&nbsp; 52233 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;18830 | &nbsp;&nbsp; 18488 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;124201 | &nbsp;&nbsp;&nbsp; 126075 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;49890 | &nbsp;&nbsp;&nbsp; 47035 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 36215 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp; 8576 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1899 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 17991 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 2.259% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;28184 | &nbsp;&nbsp; 24224 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 3.462% | &nbsp;&nbsp;&nbsp;&nbsp;9/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;40690 | &nbsp;&nbsp; 35978 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 4.906% | &nbsp;&nbsp;&nbsp;&nbsp;4/2/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4730 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 2.726% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;43478 | &nbsp;&nbsp; 34993 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 4.742% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4618 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 4.758% | &nbsp;&nbsp;&nbsp;&nbsp;9/6/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3906 |
|  | &nbsp;&nbsp;&nbsp;BAT International Finance plc | 4.448% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 47871 |
|  | &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp; 11139 | &nbsp;&nbsp;&nbsp; 10937 |
|  | &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp; 16942 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cargill Inc. | 5.125% | 10/11/32 | &nbsp;&nbsp; 7925 | &nbsp;&nbsp; 8254 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;CK Hutchison Europe Finance 18 Ltd. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp; 8213 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;63468 | &nbsp;&nbsp; 60537 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 8419 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/5/31 | &nbsp;&nbsp;&nbsp;&nbsp;34575 | &nbsp;&nbsp;&nbsp; 29519 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8085 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;22180 | &nbsp;&nbsp; 20834 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610 | &nbsp;&nbsp;&nbsp; 9141 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 4.650% | 11/15/28 | &nbsp;&nbsp; 37806 | &nbsp;&nbsp;&nbsp; 37548 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;30705 | &nbsp;&nbsp;&nbsp; 27991 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;14970 | &nbsp;&nbsp;&nbsp; 13240 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;14709 | &nbsp;&nbsp;&nbsp; 12126 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;63935 | &nbsp;&nbsp;&nbsp; 54118 |
|  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8789 | &nbsp;&nbsp;&nbsp; 7248 |
|  | &nbsp;&nbsp;&nbsp;Diageo Capital plc | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp; 7830 |
|  | &nbsp;&nbsp;&nbsp;Diageo Capital plc | 2.375% | 10/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;19465 | &nbsp;&nbsp;&nbsp; 17130 |
|  | &nbsp;&nbsp;&nbsp;Diageo Capital plc | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/29/30 | &nbsp;&nbsp; 11765 | &nbsp;&nbsp;&nbsp; 10040 |
|  | &nbsp;&nbsp;&nbsp;Diageo Capital plc | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/24/33 | &nbsp;&nbsp;&nbsp;&nbsp;11755 | &nbsp;&nbsp;&nbsp; 12727 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/3/30 | &nbsp;&nbsp;&nbsp;&nbsp;29752 | &nbsp;&nbsp;&nbsp; 27433 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10146 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802 | &nbsp;&nbsp; 3403 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710 | &nbsp;&nbsp;&nbsp; 3216 |
|  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos. Inc. | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;15250 | &nbsp;&nbsp;&nbsp; 13524 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;21570 | &nbsp;&nbsp; 21323 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;22125 | &nbsp;&nbsp;&nbsp; 19815 |
|  | &nbsp;&nbsp;&nbsp;General Mills Inc. | 2.250% | 10/14/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960 | &nbsp;&nbsp;&nbsp; 4149 |
|  | &nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 59954 |
|  | &nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/32 | &nbsp;&nbsp;&nbsp;&nbsp;30070 | &nbsp;&nbsp;&nbsp; 27594 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4176 |
|  | &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9121 | &nbsp;&nbsp; 8098 |
|  | &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;16695 | &nbsp;&nbsp;&nbsp; 14101 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Imperial Brands Finance plc | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp; 616 |
|  | &nbsp;&nbsp;&nbsp;J M Smucker Co. | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915 | &nbsp;&nbsp;&nbsp; 8116 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 24504 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 16502 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 14763 |
|  | &nbsp;&nbsp;&nbsp;Kellogg Co. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 5984 |
|  | &nbsp;&nbsp;&nbsp;Kellogg Co. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;35364 | &nbsp;&nbsp; 29860 |
|  | &nbsp;&nbsp;&nbsp;Kellogg Co. | 7.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp; 668 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9865 | &nbsp;&nbsp; 9495 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 18079 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 2517 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/32 | &nbsp;&nbsp; 37860 | &nbsp;&nbsp; 35870 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/52 | &nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp; 15834 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp; 5447 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;3/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9250 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;10379 | &nbsp;&nbsp; 9826 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4369 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248 | &nbsp;&nbsp;&nbsp; 2103 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;30618 | &nbsp;&nbsp;&nbsp; 25719 |
|  | &nbsp;&nbsp;&nbsp;Kroger Co. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3875 | &nbsp;&nbsp;&nbsp; 3101 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp; 2451 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 1029 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;29469 | &nbsp;&nbsp; 26243 |
|  | &nbsp;&nbsp;&nbsp;Mondelez International Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;26471 | &nbsp;&nbsp;&nbsp; 21174 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Nestle Finance International Ltd. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 491 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nestle Holdings Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp; 5671 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Nestle Holdings Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;15694 | &nbsp;&nbsp;&nbsp; 15328 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/6/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 951 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/29/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8065 | &nbsp;&nbsp;&nbsp; 7337 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/30 | &nbsp;&nbsp; 40112 | &nbsp;&nbsp; 36497 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;18355 | &nbsp;&nbsp;&nbsp; 15392 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 1.950% | 10/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;23570 | &nbsp;&nbsp;&nbsp; 19751 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;7/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp; 12507 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Inc. | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp; 771 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp; 468 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;20382 | &nbsp;&nbsp;&nbsp; 19096 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;11460 | &nbsp;&nbsp;&nbsp; 10613 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 5.625% | 11/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;30015 | &nbsp;&nbsp; 31349 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp; 16569 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 5.750% | 11/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;35355 | &nbsp;&nbsp;&nbsp; 37231 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp; 1546 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 0.625% | 10/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1563 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 1.200% | 10/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 494 |
|  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;21570 | &nbsp;&nbsp; 21602 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;13391 | &nbsp;&nbsp;&nbsp; 11609 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;18090 | &nbsp;&nbsp;&nbsp; 15882 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067 | &nbsp;&nbsp; 5399 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;10680 | &nbsp;&nbsp;&nbsp; 10682 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp; 11113 | &nbsp;&nbsp;&nbsp; 10920 |
|  | &nbsp;&nbsp;&nbsp;Unilever Capital Corp. | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;43983 | &nbsp;&nbsp; 38384 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Walmart Inc. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp; 601 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp; 5464 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75140 |
|  |  |  |  |  | **1843633** |
| **Energy (7.0%)** | **Energy (7.0%)** | **Energy (7.0%)** | **Energy (7.0%)** | **Energy (7.0%)** | **Energy (7.0%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1844 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc. | 3.337% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;25339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24023 |
|  | &nbsp;&nbsp;&nbsp;Boardwalk Pipelines LP | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4358 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Bonanza Creek Energy Inc. | 5.000% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1469 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.937% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8529 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 4.234% | &nbsp;&nbsp;&nbsp;&nbsp;11/6/28 | &nbsp;&nbsp;&nbsp;&nbsp;26842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26735 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 1.749% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;35390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29413 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 2.721% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55068 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 2.939% | &nbsp;&nbsp;&nbsp;&nbsp;6/4/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3575 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.379% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2246 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;BP Capital Markets plc | 2.519% | &nbsp;&nbsp;&nbsp;&nbsp;4/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets plc | 3.723% | 11/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;18250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17761 |
|  | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;36700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32134 |
|  | &nbsp;&nbsp;&nbsp;Cenovus Energy Inc. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14156 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC | 3.700% | 11/15/29 | &nbsp;&nbsp; 22749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21372 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | 4.625% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2521 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2902 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1305 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 2.236% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;16050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14244 |
|  | &nbsp;&nbsp;&nbsp;Chevron USA Inc. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;25037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24715 |
|  | &nbsp;&nbsp;&nbsp;Chevron USA Inc. | 3.250% | 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22653 |
|  | &nbsp;&nbsp;&nbsp;Chevron USA Inc. | 2.343% | &nbsp;&nbsp;&nbsp;&nbsp;8/12/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4060 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips Co. | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;41876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47443 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips Co. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2570 |
|  | &nbsp;&nbsp;&nbsp;Continental Resources Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5872 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;30923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29687 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CrownRock LP / CrownRock Finance Inc. | 5.625% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1335 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CrownRock LP / CrownRock Finance Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1127 |
|  | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005 |
|  | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;12702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12687 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 5.250% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3411 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1169 |
|  | &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp; 28745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27763 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;16529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15067 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;34730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30334 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2870 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094 |
|  | &nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo | 4.375% | 10/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;13883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13637 |
|  | &nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/26 | &nbsp;&nbsp; 17930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16920 |
|  | &nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;31480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30718 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Enable Midstream Partners LP | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;31246 | &nbsp;&nbsp; 30891 |
|  | &nbsp;&nbsp;&nbsp;Enable Midstream Partners LP | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/29 | &nbsp;&nbsp; 37887 | &nbsp;&nbsp; 35581 |
|  | &nbsp;&nbsp;&nbsp;Enbridge Inc. | 3.125% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;15998 | &nbsp;&nbsp;&nbsp; 14479 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Endeavor Energy Resources LP / EER Finance Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 | &nbsp;&nbsp; 2637 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;29465 | &nbsp;&nbsp;&nbsp; 29746 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;10487 | &nbsp;&nbsp; 9623 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;24210 | &nbsp;&nbsp; 24918 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;EnLink Midstream LLC | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp; 895 |
|  | &nbsp;&nbsp;&nbsp;EnLink Midstream LLC | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp; 1948 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 4.150% | 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp; 23946 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;15250 | &nbsp;&nbsp;&nbsp; 13935 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/30 | &nbsp;&nbsp; 17897 | &nbsp;&nbsp; 15900 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;12135 | &nbsp;&nbsp;&nbsp; 12621 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp; 1068 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp; 2547 |
|  | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078 | &nbsp;&nbsp;&nbsp; 1917 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp; 1031 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 28450 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp; 6355 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 5318 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;EQT Corp. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;11658 | &nbsp;&nbsp;&nbsp; 10207 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191 | &nbsp;&nbsp; 2855 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.482% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;65105 | &nbsp;&nbsp; 62551 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.610% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;52186 | &nbsp;&nbsp;&nbsp; 47060 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 1.408% | &nbsp;&nbsp;&nbsp;&nbsp;6/26/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp; 451 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.095% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp; 809 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.452% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4077 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/36 | &nbsp;&nbsp;&nbsp;&nbsp;25900 | &nbsp;&nbsp;&nbsp; 21173 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp. | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp; 247 |
|  | &nbsp;&nbsp;&nbsp;Helmerich & Payne Inc. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;26930 | &nbsp;&nbsp;&nbsp; 22741 |
|  | &nbsp;&nbsp;&nbsp;Hess Corp. | 7.300% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738 | &nbsp;&nbsp;&nbsp; 4192 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP | 5.500% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp; 716 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp; 647 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp; 761 |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp; 3229 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 6.375% | 10/24/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp; 4622 |
|  | &nbsp;&nbsp;&nbsp;KazTransGas JSC | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627 | &nbsp;&nbsp;&nbsp; 2411 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;31386 | &nbsp;&nbsp; 30803 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4044 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp; 1154 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/33 | &nbsp;&nbsp; 7555 | &nbsp;&nbsp;&nbsp; 7325 |
|  | &nbsp;&nbsp;&nbsp;Magellan Midstream Partners LP | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607 | &nbsp;&nbsp; 3264 |
|  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;13175 | &nbsp;&nbsp;&nbsp; 12478 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;MEG Energy Corp. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 384 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;51530 | &nbsp;&nbsp; 43995 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp; 21686 |
|  | &nbsp;&nbsp;&nbsp;Nustar Logistics LP | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp; 628 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Nustar Logistics LP | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp; 2433 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559 | &nbsp;&nbsp; 2587 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;13464 | &nbsp;&nbsp;&nbsp; 14896 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;30812 | &nbsp;&nbsp; 32043 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;30975 | &nbsp;&nbsp;&nbsp; 32913 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;16046 | &nbsp;&nbsp;&nbsp; 16774 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/31 | &nbsp;&nbsp; 17195 | &nbsp;&nbsp;&nbsp; 19125 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;14085 | &nbsp;&nbsp;&nbsp; 14820 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.600% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp; 1124 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/28 | &nbsp;&nbsp; 27710 | &nbsp;&nbsp;&nbsp; 27076 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183 | &nbsp;&nbsp; 3987 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;29767 | &nbsp;&nbsp; 26722 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129 | &nbsp;&nbsp;&nbsp; 5413 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438 | &nbsp;&nbsp; 5789 |
|  | &nbsp;&nbsp;&nbsp;ONEOK Inc. | 6.100% | 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 15755 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. | 7.200% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp; 1910 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;12232 | &nbsp;&nbsp;&nbsp; 13617 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Parkland Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp; 2098 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp; 1445 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3851 | &nbsp;&nbsp;&nbsp; 3617 |
|  | &nbsp;&nbsp;&nbsp;Petroleos del Peru SA | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/19/47 | &nbsp;&nbsp;&nbsp;&nbsp;25083 | &nbsp;&nbsp;&nbsp; 16668 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.875% | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;12289 | &nbsp;&nbsp;&nbsp; 12313 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.490% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;13143 | &nbsp;&nbsp;&nbsp; 12397 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6070 | &nbsp;&nbsp; 5731 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/2/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp; 612 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp; 744 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178 | &nbsp;&nbsp; 4292 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/12/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694 | &nbsp;&nbsp; 1799 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp; 1999 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp; 37683 |
|  | &nbsp;&nbsp;&nbsp;Petronas Energy Canada Ltd. | 2.112% | &nbsp;&nbsp;&nbsp;&nbsp;3/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp; 853 |
|  | &nbsp;&nbsp;&nbsp;Phillips 66 | 2.150% | 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp; 7343 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Phillips 66 Co. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;20984 | &nbsp;&nbsp;&nbsp; 19881 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Phillips 66 Co. | 3.150% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;21299 | &nbsp;&nbsp;&nbsp; 19238 |
|  | &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;44700 | &nbsp;&nbsp; 36652 |
|  | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP / PAA Finance Corp. | 3.550% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;16733 | &nbsp;&nbsp;&nbsp; 15050 |
|  | &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;66277 | &nbsp;&nbsp; 64230 |
|  | &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;59588 | &nbsp;&nbsp;&nbsp; 57856 |
|  | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4700 |
|  | &nbsp;&nbsp;&nbsp;Schlumberger Investment SA | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp; 10687 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 3.875% | 11/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9843 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;11/7/29 | &nbsp;&nbsp; 59118 | &nbsp;&nbsp; 52960 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;55535 | &nbsp;&nbsp; 50660 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 6254 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Southern Gas Corridor CJSC | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;10873 | &nbsp;&nbsp;&nbsp; 11217 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Tap Rock Resources LLC | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;14663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14341 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4199 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;34595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32529 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;16002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14068 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies Capital International SA | 3.455% | &nbsp;&nbsp;&nbsp;&nbsp;2/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;39067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37280 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies Capital International SA | 2.829% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3451 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA | 3.883% | 10/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18385 |
|  | &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22455 |
|  | &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19084 |
|  | &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd. | 2.500% | 10/12/31 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14145 |
|  | &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242 |
|  | &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;14065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12682 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Transocean Inc. | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Transocean Titan Financing Ltd. | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;14628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13164 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/31 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23067 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2796 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611 |
|  | &nbsp;&nbsp;&nbsp;Western Midstream Operating LP | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp; 7771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7341 |
|  | &nbsp;&nbsp;&nbsp;Western Midstream Operating LP | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;18194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17303 |
|  | &nbsp;&nbsp;&nbsp;Western Midstream Operating LP | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;13644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12491 |
|  | &nbsp;&nbsp;&nbsp;Williams Companies Inc. | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12194 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 3.500% | 11/15/30 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15564 |
|  | &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35580 |
|  |  |  |  |  | **2188890** |
| **Financials (26.3%)** | **Financials (26.3%)** | **Financials (26.3%)** | **Financials (26.3%)** | **Financials (26.3%)** | **Financials (26.3%)** |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3589 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.000% | 10/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;72700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63952 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;1/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;63850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53496 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;25223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21839 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9491 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3820 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1770 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;24670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21231 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4538 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1458 |
|  | &nbsp;&nbsp;&nbsp;Alleghany Corp. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;13328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12657 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;21497 | &nbsp;&nbsp;&nbsp; 17961 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 21952 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;5/3/29 | &nbsp;&nbsp;&nbsp;&nbsp;18638 | &nbsp;&nbsp;&nbsp; 18213 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 4.989% | &nbsp;&nbsp;&nbsp;&nbsp;5/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9909 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | 4.420% | &nbsp;&nbsp;&nbsp;&nbsp;8/3/33 | &nbsp;&nbsp;&nbsp;&nbsp;38720 | &nbsp;&nbsp;&nbsp; 37699 |
|  | &nbsp;&nbsp;&nbsp;Aon Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2846 |
|  | &nbsp;&nbsp;&nbsp;Aon Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;32426 | &nbsp;&nbsp; 28756 |
|  | &nbsp;&nbsp;&nbsp;Aon Corp. / Aon Global Holdings plc | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;8/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8207 |
|  | &nbsp;&nbsp;&nbsp;Aon Corp. / Aon Global Holdings plc | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;12/2/31 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5942 |
|  | &nbsp;&nbsp;&nbsp;Aon Corp. / Aon Global Holdings plc | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10231 |
|  | &nbsp;&nbsp;&nbsp;Ares Capital Corp. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp; 8696 |
|  | &nbsp;&nbsp;&nbsp;Athene Holding Ltd. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;16561 | &nbsp;&nbsp;&nbsp; 14142 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;AXA SA | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp; 6073 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;AXA SA | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/16/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp; 4602 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;30200 | &nbsp;&nbsp; 28426 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 4.379% | &nbsp;&nbsp;&nbsp;&nbsp;4/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp; 4260 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 3.490% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850 | &nbsp;&nbsp;&nbsp; 8743 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA | 2.749% | &nbsp;&nbsp;&nbsp;&nbsp;12/3/30 | &nbsp;&nbsp; 27133 | &nbsp;&nbsp; 21871 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.419% | 12/20/28 | &nbsp;&nbsp; 47280 | &nbsp;&nbsp; 44240 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.970% | &nbsp;&nbsp;&nbsp;&nbsp;3/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;40165 | &nbsp;&nbsp; 38304 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.087% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp; 36306 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.271% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;22622 | &nbsp;&nbsp; 21875 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.974% | &nbsp;&nbsp;&nbsp;&nbsp;2/7/30 | &nbsp;&nbsp;&nbsp;&nbsp;42723 | &nbsp;&nbsp; 40423 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.194% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;34921 | &nbsp;&nbsp; 31293 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.884% | 10/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;32946 | &nbsp;&nbsp;&nbsp; 28876 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.496% | &nbsp;&nbsp;&nbsp;&nbsp;2/13/31 | &nbsp;&nbsp; 47013 | &nbsp;&nbsp; 40043 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.592% | &nbsp;&nbsp;&nbsp;&nbsp;4/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;45990 | &nbsp;&nbsp; 39322 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1.898% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;65770 | &nbsp;&nbsp; 53181 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1.922% | 10/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;69206 | &nbsp;&nbsp; 55618 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 0.654% | 10/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp; 5316 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.651% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/32 | &nbsp;&nbsp;&nbsp;&nbsp;68320 | &nbsp;&nbsp;&nbsp; 57602 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.687% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;73107 | &nbsp;&nbsp;&nbsp; 61814 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.299% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;53325 | &nbsp;&nbsp; 43409 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.572% | 10/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;61630 | &nbsp;&nbsp; 51037 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.972% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/33 | &nbsp;&nbsp;&nbsp;&nbsp;86415 | &nbsp;&nbsp; 73699 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.571% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/33 | &nbsp;&nbsp;&nbsp;&nbsp;60890 | &nbsp;&nbsp; 58855 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 5.015% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/33 | &nbsp;&nbsp;&nbsp;&nbsp;84250 | &nbsp;&nbsp; 84206 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.482% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/36 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 19484 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.846% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/37 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 30541 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | 3.803% | 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1825 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal | 3.088% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/37 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 12185 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;1/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;11250 | &nbsp;&nbsp;&nbsp; 10730 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 3.000% | 10/30/28 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6418 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 4.596% | &nbsp;&nbsp;&nbsp;&nbsp;7/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;16635 | &nbsp;&nbsp;&nbsp; 16675 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 4.289% | &nbsp;&nbsp;&nbsp;&nbsp;6/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4840 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 5.834% | 10/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;51065 | &nbsp;&nbsp; 55263 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 4.706% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;26050 | &nbsp;&nbsp; 25944 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 4.849% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;33900 | &nbsp;&nbsp; 33992 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8231 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/2/32 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp; 10470 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 4.588% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/37 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 13628 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel SA | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp; 5151 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel SA | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp; 5282 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 4.836% | &nbsp;&nbsp;&nbsp;&nbsp;5/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;35836 | &nbsp;&nbsp; 34608 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 4.972% | &nbsp;&nbsp;&nbsp;&nbsp;5/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;20952 | &nbsp;&nbsp; 20499 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 2.645% | &nbsp;&nbsp;&nbsp;&nbsp;6/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;23035 | &nbsp;&nbsp; 18989 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 2.667% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/32 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 16225 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 2.894% | 11/24/32 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 16311 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 5.746% | &nbsp;&nbsp;&nbsp;&nbsp;8/9/33 | &nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp; 16238 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 7.437% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/33 | &nbsp;&nbsp;&nbsp;&nbsp;58675 | &nbsp;&nbsp; 66096 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 3.564% | &nbsp;&nbsp;&nbsp;&nbsp;9/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;13075 | &nbsp;&nbsp;&nbsp; 10764 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Belrose Funding Trust | 2.330% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6880 | &nbsp;&nbsp; 5428 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;11795 | &nbsp;&nbsp;&nbsp; 10569 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5801 | &nbsp;&nbsp; 3942 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. | 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1742 |
|  | &nbsp;&nbsp;&nbsp;BlackRock Inc. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;13141 | &nbsp;&nbsp;&nbsp; 11561 |
|  | &nbsp;&nbsp;&nbsp;BlackRock Inc. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;1/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 16724 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BNP Paribas SA | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35271 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;BPCE SA, 3M Australian Bank Bill Rate + 0.780% | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;40510 | &nbsp;&nbsp;&nbsp; 27993 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;BPCE SA, 3M Australian Bank Bill Rate + 1.600% | 4.666% | &nbsp;&nbsp;&nbsp;&nbsp;6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp; 1776 |
|  | &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp; 1552 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp; 2091 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 3.273% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;41980 | &nbsp;&nbsp;&nbsp; 37334 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 2.359% | &nbsp;&nbsp;&nbsp;&nbsp;7/29/32 | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp; 17555 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 2.618% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/32 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 16289 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 5.268% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/33 | &nbsp;&nbsp;&nbsp;&nbsp;30107 | &nbsp;&nbsp; 29526 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 5.817% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp; 49419 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | 1.625% | 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;12719 | &nbsp;&nbsp;&nbsp; 10356 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp; 9171 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;24693 | &nbsp;&nbsp; 23546 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 17980 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp; 17652 | &nbsp;&nbsp;&nbsp; 17208 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3739 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp; 1729 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 8102 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp; 9309 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 1.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp; 3038 |
|  | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;38681 | &nbsp;&nbsp; 31336 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;39250 | &nbsp;&nbsp;&nbsp; 37643 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.075% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;19086 | &nbsp;&nbsp;&nbsp; 18237 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.980% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;64793 | &nbsp;&nbsp; 60983 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 2.976% | &nbsp;&nbsp;&nbsp;&nbsp;11/5/30 | &nbsp;&nbsp;&nbsp;&nbsp;40076 | &nbsp;&nbsp; 35233 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 2.666% | &nbsp;&nbsp;&nbsp;&nbsp;1/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;42659 | &nbsp;&nbsp;&nbsp; 36710 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.412% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;71386 | &nbsp;&nbsp; 68591 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 2.572% | &nbsp;&nbsp;&nbsp;&nbsp;6/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;43377 | &nbsp;&nbsp; 36773 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 2.561% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;71728 | &nbsp;&nbsp; 59772 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 2.520% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp; 31170 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.057% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/33 | &nbsp;&nbsp; 57009 | &nbsp;&nbsp; 48856 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.785% | &nbsp;&nbsp;&nbsp;&nbsp;3/17/33 | &nbsp;&nbsp;&nbsp;&nbsp;31244 | &nbsp;&nbsp; 28262 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.910% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/33 | &nbsp;&nbsp;&nbsp;&nbsp;31145 | &nbsp;&nbsp; 30720 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 6.270% | 11/17/33 | &nbsp;&nbsp;&nbsp;&nbsp;83150 | &nbsp;&nbsp; 90525 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4780 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5948 | &nbsp;&nbsp; 5054 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;11061 | &nbsp;&nbsp; 9982 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Cloverie plc for Zurich Insurance Co. Ltd. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988 | &nbsp;&nbsp; 5258 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;15385 | &nbsp;&nbsp;&nbsp; 13439 |
|  | &nbsp;&nbsp;&nbsp;CNA Financial Corp. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp; 9800 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;16377 | &nbsp;&nbsp;&nbsp; 15974 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, 3M Australian Bank Bill Rate + 1.320% | 4.390% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;22100 | &nbsp;&nbsp;&nbsp; 15120 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, 3M Australian Bank Bill Rate + 1.800% | 4.942% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;51700 | &nbsp;&nbsp; 36246 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;45120 | &nbsp;&nbsp; 42283 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/32 | &nbsp;&nbsp;&nbsp;&nbsp;46491 | &nbsp;&nbsp; 42334 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4284 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Credit Agricole SA | 3.875% | 11/28/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 327 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Credit Suisse Group AG | 2.125% | 10/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312 | &nbsp;&nbsp;&nbsp; 5102 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 1102 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 6.720% | &nbsp;&nbsp;&nbsp;&nbsp;1/18/29 | &nbsp;&nbsp; 17765 | &nbsp;&nbsp;&nbsp; 18694 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 3.547% | &nbsp;&nbsp;&nbsp;&nbsp;9/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;54310 | &nbsp;&nbsp;&nbsp; 47220 |
|  | &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 3.742% | &nbsp;&nbsp;&nbsp;&nbsp;1/7/33 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp; 17395 |
|  | &nbsp;&nbsp;&nbsp;Discover Bank | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;9/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;31600 | &nbsp;&nbsp; 30669 |
|  | &nbsp;&nbsp;&nbsp;Discover Bank | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;23788 | &nbsp;&nbsp;&nbsp; 19900 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;DNB Bank ASA | 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;11936 | &nbsp;&nbsp;&nbsp; 12342 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;DNB Bank ASA | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/28/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 543 |
|  | &nbsp;&nbsp;&nbsp;Enstar Group Ltd. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;20380 | &nbsp;&nbsp;&nbsp; 19193 |
|  | &nbsp;&nbsp;&nbsp;Enstar Group Ltd. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp; 9300 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/28 | &nbsp;&nbsp; 27444 | &nbsp;&nbsp; 26778 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 5.594% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/33 | &nbsp;&nbsp;&nbsp;&nbsp;30805 | &nbsp;&nbsp; 31540 |
|  | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp; 549 |
|  | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/29/30 | &nbsp;&nbsp;&nbsp;&nbsp;20330 | &nbsp;&nbsp;&nbsp; 19159 |
|  | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp; 13132 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20371 | &nbsp;&nbsp; 18000 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 4.337% | &nbsp;&nbsp;&nbsp;&nbsp;4/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;16313 | &nbsp;&nbsp;&nbsp; 15524 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Five Corners Funding Trust II | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp; 13000 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | 1.600% | 10/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 12023 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093 | &nbsp;&nbsp; 3794 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 19429 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;15985 | &nbsp;&nbsp;&nbsp; 13982 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 15479 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.814% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;44483 | &nbsp;&nbsp;&nbsp; 42019 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 4.223% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp; 22189 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;2/7/30 | &nbsp;&nbsp;&nbsp;&nbsp;32416 | &nbsp;&nbsp;&nbsp; 28194 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 1.992% | &nbsp;&nbsp;&nbsp;&nbsp;1/27/32 | &nbsp;&nbsp;&nbsp;&nbsp;58460 | &nbsp;&nbsp; 46799 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 2.615% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;91278 | &nbsp;&nbsp;&nbsp; 76366 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 2.383% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;86346 | &nbsp;&nbsp; 70430 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 2.650% | 10/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;55650 | &nbsp;&nbsp;&nbsp; 46212 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.102% | &nbsp;&nbsp;&nbsp;&nbsp;2/24/33 | &nbsp;&nbsp;&nbsp;&nbsp;69600 | &nbsp;&nbsp; 59626 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/18/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1388 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3969 |
|  | &nbsp;&nbsp;&nbsp;Hartford Financial Services Group Inc. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;8/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926 | &nbsp;&nbsp; 3508 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 7.390% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;49788 | &nbsp;&nbsp; 54247 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 4.583% | &nbsp;&nbsp;&nbsp;&nbsp;6/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;41640 | &nbsp;&nbsp; 40342 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.206% | &nbsp;&nbsp;&nbsp;&nbsp;8/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 12706 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/30 | &nbsp;&nbsp; 17320 | &nbsp;&nbsp;&nbsp; 17348 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 3.973% | &nbsp;&nbsp;&nbsp;&nbsp;5/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;54752 | &nbsp;&nbsp; 50442 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.848% | &nbsp;&nbsp;&nbsp;&nbsp;6/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;36495 | &nbsp;&nbsp; 30858 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.357% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;23560 | &nbsp;&nbsp;&nbsp; 19177 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.804% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/32 | &nbsp;&nbsp;&nbsp;&nbsp;46067 | &nbsp;&nbsp;&nbsp; 37978 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.871% | 11/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp; 13164 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 4.762% | &nbsp;&nbsp;&nbsp;&nbsp;3/29/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp; 7376 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 5.402% | &nbsp;&nbsp;&nbsp;&nbsp;8/11/33 | &nbsp;&nbsp;&nbsp;&nbsp;63700 | &nbsp;&nbsp; 63540 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 8.113% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/33 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 17190 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/29/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 2550 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8599 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 5.023% | &nbsp;&nbsp;&nbsp;&nbsp;5/17/33 | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp; 16359 |
|  | &nbsp;&nbsp;&nbsp;Huntington National Bank | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;18750 | &nbsp;&nbsp;&nbsp; 19499 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;10/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp; 8789 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;4/9/29 | &nbsp;&nbsp;&nbsp;&nbsp;13264 | &nbsp;&nbsp;&nbsp; 12613 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 4.252% | &nbsp;&nbsp;&nbsp;&nbsp;3/28/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp; 5126 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp; 20156 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;24270 | &nbsp;&nbsp; 20547 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp; 3772 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/33 | &nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp; 17356 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6064 | &nbsp;&nbsp; 5975 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3397 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;JAB Holdings BV | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/29/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp; 1919 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;JAB Holdings BV | 2.250% | 12/19/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 778 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;15440 | &nbsp;&nbsp;&nbsp; 14441 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | 2.625% | 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4104 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.005% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;46001 | &nbsp;&nbsp;&nbsp; 44105 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.069% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 6498 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.203% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;31355 | &nbsp;&nbsp; 30263 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.452% | &nbsp;&nbsp;&nbsp;&nbsp;12/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp; 22245 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.702% | &nbsp;&nbsp;&nbsp;&nbsp;5/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;50239 | &nbsp;&nbsp; 46770 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.565% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 39180 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.739% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;81229 | &nbsp;&nbsp; 70977 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.493% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp; 14716 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.522% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp; 18817 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.956% | &nbsp;&nbsp;&nbsp;&nbsp;5/13/31 | &nbsp;&nbsp;&nbsp;&nbsp;36400 | &nbsp;&nbsp; 31448 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.764% | 11/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 51763 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1.953% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 52235 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.580% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;43950 | &nbsp;&nbsp;&nbsp; 37025 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.545% | &nbsp;&nbsp;&nbsp;&nbsp;11/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 37372 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.963% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;81430 | &nbsp;&nbsp; 69802 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.586% | &nbsp;&nbsp;&nbsp;&nbsp;4/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;34100 | &nbsp;&nbsp;&nbsp; 33103 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.912% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;70270 | &nbsp;&nbsp; 70002 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 5.717% | &nbsp;&nbsp;&nbsp;&nbsp;9/14/33 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 46240 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4837 | &nbsp;&nbsp; 3879 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/23/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8723 |
|  | &nbsp;&nbsp;&nbsp;KeyBank NA | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9759 |
|  | &nbsp;&nbsp;&nbsp;KeyBank NA | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;21475 | &nbsp;&nbsp; 21524 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 14609 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp | 4.789% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 19611 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664 | &nbsp;&nbsp;&nbsp; 2214 |
|  | &nbsp;&nbsp;&nbsp;Lazard Group LLC | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;31409 | &nbsp;&nbsp; 30451 |
|  | &nbsp;&nbsp;&nbsp;Lazard Group LLC | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp; 534 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;29752 | &nbsp;&nbsp; 28878 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp; 13435 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 4.976% | &nbsp;&nbsp;&nbsp;&nbsp;8/11/33 | &nbsp;&nbsp;&nbsp;&nbsp;24100 | &nbsp;&nbsp; 23547 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 7.953% | 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8785 | &nbsp;&nbsp;&nbsp; 10036 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 5.053% | &nbsp;&nbsp;&nbsp;&nbsp;1/27/34 | &nbsp;&nbsp; 38740 | &nbsp;&nbsp; 38635 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Macquarie Bank Ltd. | 3.052% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/36 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 11670 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Macquarie Bank Ltd., 3M Australian Bank Bill Rate + 2.900% | 6.010% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;40710 | &nbsp;&nbsp;&nbsp; 29194 |
|  | &nbsp;&nbsp;&nbsp;Markel Corp. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;19039 | &nbsp;&nbsp;&nbsp; 17293 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;21129 | &nbsp;&nbsp; 20923 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 2.250% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;23675 | &nbsp;&nbsp; 20025 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp; 24942 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 12042 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;11824 | &nbsp;&nbsp;&nbsp; 12015 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 5071 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10413 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp; 1905 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 3.961% | &nbsp;&nbsp;&nbsp;&nbsp;3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;10136 | &nbsp;&nbsp; 9803 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;9/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4815 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 3.741% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/29 | &nbsp;&nbsp; 37150 | &nbsp;&nbsp; 35252 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 3.195% | &nbsp;&nbsp;&nbsp;&nbsp;7/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;41735 | &nbsp;&nbsp;&nbsp; 37718 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 2.559% | &nbsp;&nbsp;&nbsp;&nbsp;2/25/30 | &nbsp;&nbsp; 37878 | &nbsp;&nbsp; 32553 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 2.309% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;49920 | &nbsp;&nbsp; 40461 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 2.494% | 10/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 6545 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 2.852% | &nbsp;&nbsp;&nbsp;&nbsp;1/19/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp; 1312 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 5.133% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/33 | &nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp; 16265 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 5.472% | &nbsp;&nbsp;&nbsp;&nbsp;9/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 5130 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 4.018% | &nbsp;&nbsp;&nbsp;&nbsp;3/5/28 | &nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp; 7437 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 4.254% | &nbsp;&nbsp;&nbsp;&nbsp;9/11/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1912 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 3.153% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp; 18909 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 2.869% | &nbsp;&nbsp;&nbsp;&nbsp;9/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;10620 | &nbsp;&nbsp;&nbsp; 9190 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 2.591% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;19607 | &nbsp;&nbsp;&nbsp; 16426 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 2.201% | &nbsp;&nbsp;&nbsp;&nbsp;7/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp; 10570 |
|  | &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | 2.260% | &nbsp;&nbsp;&nbsp;&nbsp;7/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp; 9571 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 5.123% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;16060 | &nbsp;&nbsp;&nbsp; 16234 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley | 0.495% | 10/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2236 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.431% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;65640 | &nbsp;&nbsp; 63905 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.699% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;51418 | &nbsp;&nbsp; 44583 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 3.622% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp; 87909 | &nbsp;&nbsp;&nbsp; 80801 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1.794% | &nbsp;&nbsp;&nbsp;&nbsp;2/13/32 | &nbsp;&nbsp; 47634 | &nbsp;&nbsp;&nbsp; 37663 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1.928% | &nbsp;&nbsp;&nbsp;&nbsp;4/28/32 | &nbsp;&nbsp;&nbsp;&nbsp;61429 | &nbsp;&nbsp; 48844 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/7/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1987 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.239% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;62078 | &nbsp;&nbsp; 50388 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.511% | 10/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 24788 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.943% | &nbsp;&nbsp;&nbsp;&nbsp;1/21/33 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 21313 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.889% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/33 | &nbsp;&nbsp;&nbsp;&nbsp;45554 | &nbsp;&nbsp;&nbsp; 45142 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 6.342% | 10/18/33 | &nbsp;&nbsp;&nbsp;&nbsp;73993 | &nbsp;&nbsp; 81346 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Morgan Stanley | 5.148% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp; 2687 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.484% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 23218 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 5.297% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;30652 | &nbsp;&nbsp; 29707 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 5.948% | &nbsp;&nbsp;&nbsp;&nbsp;1/19/38 | &nbsp;&nbsp; 37820 | &nbsp;&nbsp; 38528 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;21156 | &nbsp;&nbsp;&nbsp; 16893 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 2.500% | 12/21/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3484 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195 | &nbsp;&nbsp; 5077 |
|  | &nbsp;&nbsp;&nbsp;Natwest Group plc | 4.892% | &nbsp;&nbsp;&nbsp;&nbsp;5/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;23355 | &nbsp;&nbsp; 23032 |
|  | &nbsp;&nbsp;&nbsp;Natwest Group plc | 5.076% | &nbsp;&nbsp;&nbsp;&nbsp;1/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;24601 | &nbsp;&nbsp; 24248 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Natwest Group plc | 4.445% | &nbsp;&nbsp;&nbsp;&nbsp;5/8/30 | &nbsp;&nbsp; 7550 | &nbsp;&nbsp;&nbsp;&nbsp; 7176 |
|  | &nbsp;&nbsp;&nbsp;Natwest Group plc | 3.032% | 11/28/35 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 11895 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;New York Life Global Funding | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;1/28/33 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10025 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;NIBC Bank NV | 3.125% | 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp; 23368 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 2.172% | &nbsp;&nbsp;&nbsp;&nbsp;7/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;25300 | &nbsp;&nbsp; 21543 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 2.679% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4158 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 2.608% | &nbsp;&nbsp;&nbsp;&nbsp;7/14/31 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp; 8906 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 2.999% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8270 |
|  | &nbsp;&nbsp;&nbsp;Nomura Holdings Inc. | 6.181% | &nbsp;&nbsp;&nbsp;&nbsp;1/18/33 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 21106 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp; 5574 | &nbsp;&nbsp; 4730 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5036 | &nbsp;&nbsp;&nbsp; 4674 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/32 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 43955 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp; 1620 |
|  | &nbsp;&nbsp;&nbsp;ORIX Corp. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217 | &nbsp;&nbsp; 4290 |
|  | &nbsp;&nbsp;&nbsp;Owl Rock Capital Corp. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 249 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Pine Street Trust I | 4.572% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; 242 |
|  | &nbsp;&nbsp;&nbsp;PNC Bank NA | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;28085 | &nbsp;&nbsp; 26842 |
|  | &nbsp;&nbsp;&nbsp;PNC Bank NA | 2.700% | 10/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;29415 | &nbsp;&nbsp; 25796 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;32603 | &nbsp;&nbsp; 30884 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;1/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 30801 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 2.307% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 8417 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 4.626% | &nbsp;&nbsp;&nbsp;&nbsp;6/6/33 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9637 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 6.037% | 10/28/33 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 54037 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 5.068% | &nbsp;&nbsp;&nbsp;&nbsp;1/24/34 | &nbsp;&nbsp;&nbsp;&nbsp;31580 | &nbsp;&nbsp; 31841 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;18767 | &nbsp;&nbsp;&nbsp; 17836 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp; 1054 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;14172 | &nbsp;&nbsp;&nbsp; 13134 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp; 3342 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Protective Life Corp. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp; 21824 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp; 2355 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3453 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/51 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp; 6190 |
|  | &nbsp;&nbsp;&nbsp;Prudential plc | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1359 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;8/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 21768 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp; 6428 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp; 2588 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Rothesay Life plc | 8.000% | 10/30/25 | &nbsp;&nbsp; 3748 | &nbsp;&nbsp; 4841 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;16485 | &nbsp;&nbsp;&nbsp; 16631 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 16595 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/32 | &nbsp;&nbsp; 7700 | &nbsp;&nbsp;&nbsp; 7241 |
|  | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35528 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | 3.823% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp; 2319 |
|  | &nbsp;&nbsp;&nbsp;Santander UK Group Holdings plc | 6.534% | &nbsp;&nbsp;&nbsp;&nbsp;1/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10436 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Scottish Widows Ltd. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9259 | &nbsp;&nbsp;&nbsp; 11411 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 5.820% | &nbsp;&nbsp;&nbsp;&nbsp;11/4/28 | &nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp; 7669 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;1/24/30 | &nbsp;&nbsp; 7030 | &nbsp;&nbsp;&nbsp; 6190 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 3.152% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997 | &nbsp;&nbsp; 4509 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 2.623% | &nbsp;&nbsp;&nbsp;&nbsp;2/7/33 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 21261 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 4.421% | &nbsp;&nbsp;&nbsp;&nbsp;5/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 14702 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 4.821% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/34 | &nbsp;&nbsp;&nbsp;&nbsp;23240 | &nbsp;&nbsp; 23364 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | 3.031% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2633 |
|  | &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3598 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 1.902% | &nbsp;&nbsp;&nbsp;&nbsp;9/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;42100 | &nbsp;&nbsp; 36049 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 4.306% | 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp; 730 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 3.040% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;54077 | &nbsp;&nbsp; 48383 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2.724% | &nbsp;&nbsp;&nbsp;&nbsp;9/27/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2597 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;32727 | &nbsp;&nbsp; 28536 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2.130% | &nbsp;&nbsp;&nbsp;&nbsp;7/8/30 | &nbsp;&nbsp; 27368 | &nbsp;&nbsp;&nbsp; 22617 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2.142% | &nbsp;&nbsp;&nbsp;&nbsp;9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;14237 | &nbsp;&nbsp;&nbsp; 11483 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 1.710% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp; 7393 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2.222% | &nbsp;&nbsp;&nbsp;&nbsp;9/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4074 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 5.766% | &nbsp;&nbsp;&nbsp;&nbsp;1/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;20450 | &nbsp;&nbsp; 21635 |
|  | &nbsp;&nbsp;&nbsp;SVB Financial Group | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;30625 | &nbsp;&nbsp;&nbsp; 26173 |
|  | &nbsp;&nbsp;&nbsp;SVB Financial Group | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/5/30 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6034 |
|  | &nbsp;&nbsp;&nbsp;SVB Financial Group | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 7638 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | 2.875% | 10/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 11676 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Temasek Financial I Ltd. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/2/61 | &nbsp;&nbsp;&nbsp;&nbsp;15650 | &nbsp;&nbsp;&nbsp; 11027 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 8159 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;14045 | &nbsp;&nbsp;&nbsp; 11788 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/10/32 | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp; 37311 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 4.456% | &nbsp;&nbsp;&nbsp;&nbsp;6/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp; 16394 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 5338 |
|  | &nbsp;&nbsp;&nbsp;Truist Bank | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;34140 | &nbsp;&nbsp; 28726 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9466 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 1.887% | &nbsp;&nbsp;&nbsp;&nbsp;6/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 12967 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/5/30 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 12539 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 4.916% | &nbsp;&nbsp;&nbsp;&nbsp;7/28/33 | &nbsp;&nbsp;&nbsp;&nbsp;11373 | &nbsp;&nbsp;&nbsp; 11201 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 6.123% | 10/28/33 | &nbsp;&nbsp;&nbsp;&nbsp;30125 | &nbsp;&nbsp; 32827 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 5.122% | &nbsp;&nbsp;&nbsp;&nbsp;1/26/34 | &nbsp;&nbsp;&nbsp;&nbsp;31120 | &nbsp;&nbsp; 31509 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp; 19849 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/30 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 21918 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 4.967% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/33 | &nbsp;&nbsp;&nbsp;&nbsp;50025 | &nbsp;&nbsp; 49597 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 5.850% | 10/21/33 | &nbsp;&nbsp;&nbsp;&nbsp;66770 | &nbsp;&nbsp; 71775 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 4.839% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;46925 | &nbsp;&nbsp; 46793 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 2.491% | &nbsp;&nbsp;&nbsp;&nbsp;11/3/36 | &nbsp;&nbsp; 7250 | &nbsp;&nbsp; 5784 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Utmost Group plc | 4.000% | 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp; 1106 |
| <sup>13,14</sup> | &nbsp;&nbsp;&nbsp;Washington Mutual Bank / Debt not acquired by JPMorgan | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147 | &nbsp;&nbsp; 1 |
| <sup>13,14</sup> | &nbsp;&nbsp;&nbsp;Washington Mutual Bank / Debt not acquired by JPMorgan | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/14 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 1 |
| <sup>13,14</sup> | &nbsp;&nbsp;&nbsp;Washington Mutual Bank / Debt not acquired by JPMorgan | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp; 1 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/27 | &nbsp;&nbsp;&nbsp;&nbsp;13972 | &nbsp;&nbsp; 9361 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.808% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp; 10979 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;1/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;35949 | &nbsp;&nbsp; 34897 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 2.879% | 10/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;71832 | &nbsp;&nbsp; 63547 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 2.572% | &nbsp;&nbsp;&nbsp;&nbsp;2/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;42900 | &nbsp;&nbsp;&nbsp; 37045 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.478% | &nbsp;&nbsp;&nbsp;&nbsp;4/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1947 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/2/33 | &nbsp;&nbsp; 57030 | &nbsp;&nbsp; 50294 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.897% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;89330 | &nbsp;&nbsp; 88973 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 2522 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.875% | 11/29/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp; 1905 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo Bank NA | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;11950 | &nbsp;&nbsp;&nbsp; 14766 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 1.953% | 11/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;25400 | &nbsp;&nbsp; 22338 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4487 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;6/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;12780 | &nbsp;&nbsp;&nbsp; 10986 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 5.405% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/33 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9894 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 4.110% | &nbsp;&nbsp;&nbsp;&nbsp;7/24/34 | &nbsp;&nbsp; 11175 | &nbsp;&nbsp;&nbsp; 10094 |
|  | &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 2.668% | 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 11765 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;Westpac Banking Corp., 3M Australian Bank Bill Rate + 1.550% | 4.931% | &nbsp;&nbsp;&nbsp;&nbsp;1/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp; 8456 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Willis North America Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13632 |
|  | &nbsp;&nbsp;&nbsp;Willis North America Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;52892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46738 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Zurich Finance Ireland DAC | 5.125% | 11/23/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2557 |
|  |  |  |  |  | **8176863** |
| **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** | **Health Care (9.4%)** |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4135 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 4.250% | 11/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;78636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77900 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 3.200% | 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;100066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92946 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 4.875% | 11/14/48 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9797 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8889 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20994 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Alcon Finance Corp. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/6/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5394 |
|  | &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5276 |
|  | &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;86844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75421 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;19824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18192 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24169 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Amgen Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;29420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25584 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;46020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38782 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;19065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17268 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19192 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9495 |
|  | &nbsp;&nbsp;&nbsp;Anthem Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;39704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35847 |
|  | &nbsp;&nbsp;&nbsp;Anthem Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5501 |
|  | &nbsp;&nbsp;&nbsp;Anthem Inc. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6916 |
|  | &nbsp;&nbsp;&nbsp;Anthem Inc. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9612 |
|  | &nbsp;&nbsp;&nbsp;Ascension Health | 2.532% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 |
|  | &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;61477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54113 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;15121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14971 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;93854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77030 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 2.272% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;44445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38809 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20709 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 1.730% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11802 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 2.539% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;88700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72634 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 2.823% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3081 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 1.957% | &nbsp;&nbsp;&nbsp;&nbsp;2/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;22587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18611 |
|  | &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 4.298% | &nbsp;&nbsp;&nbsp;&nbsp;8/22/32 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26356 |
|  | &nbsp;&nbsp;&nbsp;Bon Secours Mercy Health Inc. | 4.302% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12191 |
|  | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp; 77567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68850 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;7/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;49536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47231 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1.450% | 11/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;51570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42200 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;62300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56471 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4329 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 2.550% | 11/13/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3407 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4223 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4226 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Catalent Pharma Solutions Inc. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Catalent Pharma Solutions Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928 |
|  | &nbsp;&nbsp;&nbsp;Cedars-Sinai Health System | 2.288% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1679 |
|  | &nbsp;&nbsp;&nbsp;Centene Corp. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;19825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17192 |
|  | &nbsp;&nbsp;&nbsp;Centene Corp. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13209 |
|  | &nbsp;&nbsp;&nbsp;Centene Corp. | 3.000% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;11830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10112 |
|  | &nbsp;&nbsp;&nbsp;Centene Corp. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6993 |
|  | &nbsp;&nbsp;&nbsp;CHRISTUS Health | 4.341% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19481 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 4.375% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;64260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63724 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;35139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30334 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp; 37985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32235 |
|  | &nbsp;&nbsp;&nbsp;Cigna Corp. | 6.125% | 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5595 |
|  | &nbsp;&nbsp;&nbsp;CommonSpirit Health | 2.782% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CSL UK Holdings Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/32 | &nbsp;&nbsp;&nbsp;&nbsp;26665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26018 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;69564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68412 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;53383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48966 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp; 17849 | &nbsp;&nbsp;&nbsp; 16724 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;24635 | &nbsp;&nbsp;&nbsp; 19922 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 28362 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682 | &nbsp;&nbsp; 2862 |
|  | &nbsp;&nbsp;&nbsp;DH Europe Finance II Sarl | 2.600% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp; 19768 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 5.500% | 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp; 34036 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 6.100% | 10/15/52 | &nbsp;&nbsp; 10210 | &nbsp;&nbsp;&nbsp; 11674 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp; 7967 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2365 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 5.857% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;22180 | &nbsp;&nbsp; 23527 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 5.905% | 11/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;31925 | &nbsp;&nbsp; 34570 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 6.377% | 11/22/52 | &nbsp;&nbsp;&nbsp;&nbsp;11570 | &nbsp;&nbsp;&nbsp; 13352 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 3710 |
|  | &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2238 |
|  | &nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;42224 | &nbsp;&nbsp;&nbsp; 41414 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;HCA Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 13578 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;86425 | &nbsp;&nbsp;&nbsp; 77477 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 32500 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;HCA Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;33135 | &nbsp;&nbsp; 29362 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Highmark Inc. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;5/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 15835 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp; 1766 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 21434 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp; 1120 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp; 764 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 1.900% | 12/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184 | &nbsp;&nbsp; 3692 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;40459 | &nbsp;&nbsp; 38883 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/24/30 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 14116 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 2.150% | 12/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;54631 | &nbsp;&nbsp; 46361 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2278 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 2.750% | 12/10/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3607 |
|  | &nbsp;&nbsp;&nbsp;Mylan Inc. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp; 14367 |
|  | &nbsp;&nbsp;&nbsp;Northwestern Memorial Healthcare Obligated Group | 2.633% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 1708 |
|  | &nbsp;&nbsp;&nbsp;Novartis Capital Corp. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;8/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;29570 | &nbsp;&nbsp; 26068 |
|  | &nbsp;&nbsp;&nbsp;Novartis Capital Corp. | 4.000% | 11/20/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2353 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Novartis Finance SA | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp; 734 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Organon & Co. / Organon Foreign Debt Co.-Issuer BV | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 | &nbsp;&nbsp; 2892 |
|  | &nbsp;&nbsp;&nbsp;PerkinElmer Inc. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;42366 | &nbsp;&nbsp;&nbsp; 36218 |
|  | &nbsp;&nbsp;&nbsp;PerkinElmer Inc. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4499 |
|  | &nbsp;&nbsp;&nbsp;PerkinElmer Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp; 8910 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;30721 | &nbsp;&nbsp; 29630 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp; 17395 | &nbsp;&nbsp;&nbsp; 15749 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;34770 | &nbsp;&nbsp;&nbsp; 29515 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;13540 | &nbsp;&nbsp;&nbsp; 11320 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3650 |
|  | &nbsp;&nbsp;&nbsp;Providence St. Joseph Health Obligated Group | 2.532% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4315 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;16761 | &nbsp;&nbsp;&nbsp; 14958 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655 | &nbsp;&nbsp; 5792 |
|  | &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 12098 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Roche Holdings Inc. | 1.930% | 12/13/28 | &nbsp;&nbsp; 47500 | &nbsp;&nbsp; 41972 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Roche Holdings Inc. | 2.076% | 12/13/31 | &nbsp;&nbsp;&nbsp;&nbsp;36730 | &nbsp;&nbsp; 31005 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Roche Holdings Inc. | 2.607% | 12/13/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3527 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/2/30 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 20401 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp; 3183 |
|  | &nbsp;&nbsp;&nbsp;Stanford Health Care | 3.310% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 15669 |
|  | &nbsp;&nbsp;&nbsp;STERIS Irish FinCo UnLtd Co. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp; 18828 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;&nbsp; 11187 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 5.000% | 11/26/28 | &nbsp;&nbsp;&nbsp;&nbsp;35329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35897 |
|  | &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;102037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86145 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/9/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044 |
|  | &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 3.175% | &nbsp;&nbsp;&nbsp;&nbsp;7/9/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/26 | &nbsp;&nbsp; 3474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3383 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1604 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1877 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Finance I BV | 2.000% | 10/18/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1589 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;1/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7205 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 1.750% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;24050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20958 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;25879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23419 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 2.000% | 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;58981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49452 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 4.950% | 11/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;23525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24698 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12916 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;29398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28737 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3.875% | 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;20288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19772 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5178 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;63375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66530 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8529 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;16697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16458 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;33535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35693 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;21700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21184 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;19148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16229 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 5.600% | 11/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;33590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36156 |
|  | &nbsp;&nbsp;&nbsp;Zoetis Inc. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4778 |
|  |  |  |  |  | **2910201** |
| **Industrials (5.6%)** | **Industrials (5.6%)** | **Industrials (5.6%)** | **Industrials (5.6%)** | **Industrials (5.6%)** | **Industrials (5.6%)** |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;10087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9453 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8753 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;15359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13836 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Air Canada | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Airbus SE | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/9/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Allison Transmission Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3736 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. | 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. / AAdvantage Loyalty IP Ltd. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2878 |
| <sup>4,7</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. / AAdvantage Loyalty IP Ltd. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/29 | &nbsp;&nbsp; 7985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7730 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Aramark Services Inc. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Aurizon Finance Pty Ltd. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;40230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24387 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Aurizon Network Pty Ltd. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/21/24 | &nbsp;&nbsp;&nbsp;&nbsp;24840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17378 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;BAE Systems plc | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5420 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;34203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32268 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2922 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;19969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18253 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;81841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82521 |
|  | &nbsp;&nbsp;&nbsp;Boeing Co. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4582 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Bouygues SA | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2414 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3746 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4771 |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/32 | &nbsp;&nbsp;&nbsp;&nbsp;26585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25695 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4750 |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1960 |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/5/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2561 |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;12/2/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9990 | &nbsp;&nbsp; 8626 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Cargo Aircraft Management Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp; 1415 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 2.722% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp; 27094 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;9/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp; 7244 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/9/30 | &nbsp;&nbsp; 17345 | &nbsp;&nbsp;&nbsp; 15686 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Chart Industries Inc. | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp; 393 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Chart Industries Inc. | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp; 288 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;18470 | &nbsp;&nbsp;&nbsp; 18014 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8663 | &nbsp;&nbsp;&nbsp; 7584 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 4.100% | 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp; 29149 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 4.500% | 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4639 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Daimler Trucks Finance North America LLC | 2.375% | 12/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4361 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1854 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Delta Air Lines Class AA Series 2020-1 Pass Through Trust | 2.000% | 12/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505 | &nbsp;&nbsp;&nbsp; 7415 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 2.900% | 10/28/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp; 1197 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 3.750% | 10/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp; 1790 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;11/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2675 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 48404 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/23/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885 | &nbsp;&nbsp; 3783 |
|  | &nbsp;&nbsp;&nbsp;Embraer Overseas Ltd. | 5.696% | &nbsp;&nbsp;&nbsp;&nbsp;9/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp; 582 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2.000% | 12/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;51791 | &nbsp;&nbsp; 45553 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2.200% | 12/21/31 | &nbsp;&nbsp; 17775 | &nbsp;&nbsp;&nbsp; 14834 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2.800% | 12/21/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 2105 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp; 452 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;12359 | &nbsp;&nbsp;&nbsp; 11290 |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;32544 | &nbsp;&nbsp;&nbsp; 27481 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Gates Global LLC / Gates Corp. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;GE Capital Funding LLC | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;12131 | &nbsp;&nbsp; 12004 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;26285 | &nbsp;&nbsp; 25590 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;28207 | &nbsp;&nbsp;&nbsp; 27210 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8694 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;General Electric Co. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 220 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Heathrow Funding Ltd. | 1.500% | 10/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp; 5308 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Heathrow Funding Ltd. | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp; 3145 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp; 22854 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;14138 | &nbsp;&nbsp;&nbsp; 12847 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;18680 | &nbsp;&nbsp;&nbsp; 15942 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;35142 | &nbsp;&nbsp; 28808 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;31865 | &nbsp;&nbsp; 33558 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp; 3928 |
|  | &nbsp;&nbsp;&nbsp;Hubbell Inc. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 12394 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | 2.043% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;25450 | &nbsp;&nbsp; 21557 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;15053 | &nbsp;&nbsp;&nbsp; 14082 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2859 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;7/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;12294 | &nbsp;&nbsp;&nbsp; 11251 |
|  | &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | 4.850% | 10/11/29 | &nbsp;&nbsp;&nbsp;&nbsp;28760 | &nbsp;&nbsp; 29652 |
|  | &nbsp;&nbsp;&nbsp;JSW Infrastructure Ltd. | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708 | &nbsp;&nbsp; 3291 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;33284 | &nbsp;&nbsp; 33063 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6273 | &nbsp;&nbsp; 6205 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 2.900% | 12/15/29 | &nbsp;&nbsp; 7831 | &nbsp;&nbsp; 6965 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;34540 | &nbsp;&nbsp;&nbsp; 27773 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp; 7138 | &nbsp;&nbsp; 6050 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;25330 | &nbsp;&nbsp; 24599 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;13340 | &nbsp;&nbsp;&nbsp; 14239 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 5011 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/53 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 6879 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Lonsdale Finance Pty Ltd. | 2.100% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp; 19823 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;10803 | &nbsp;&nbsp;&nbsp; 10562 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2649 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8549 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | &nbsp;&nbsp; 4786 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp; 77009 | &nbsp;&nbsp;&nbsp; 73157 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;32630 | &nbsp;&nbsp; 32291 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 4.030% | 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8068 | &nbsp;&nbsp;&nbsp; 7128 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 2.565% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;28769 | &nbsp;&nbsp;&nbsp; 25105 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Pacific National Finance Pty Ltd. | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;22860 | &nbsp;&nbsp;&nbsp; 15800 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Pacific National Finance Pty Ltd. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;9/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;18940 | &nbsp;&nbsp;&nbsp; 11490 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2779 |
|  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 24844 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Qantas Airways Ltd. | 4.750% | 10/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;32930 | &nbsp;&nbsp; 22842 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Qantas Airways Ltd. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp; 12697 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Qantas Airways Ltd. | 2.950% | 11/27/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp; 2471 |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp; 7203 |
|  | &nbsp;&nbsp;&nbsp;Quanta Services Inc. | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5599 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 4.125% | 11/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;34770 | &nbsp;&nbsp;&nbsp; 34143 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;38811 | &nbsp;&nbsp; 33357 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/31 | &nbsp;&nbsp; 37505 | &nbsp;&nbsp; 30579 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;15351 | &nbsp;&nbsp;&nbsp; 12911 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;11750 | &nbsp;&nbsp;&nbsp; 12033 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8005 |
|  | &nbsp;&nbsp;&nbsp;Republic Services Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;12620 | &nbsp;&nbsp;&nbsp; 10169 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp; 6156 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rolls-Royce plc | 5.750% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5966 | &nbsp;&nbsp; 5803 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Siemens Financieringsmaatschappij NV | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 22157 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sitios Latinoamerica SAB de CV | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044 | &nbsp;&nbsp; 2841 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 | &nbsp;&nbsp; 5294 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;31710 | &nbsp;&nbsp;&nbsp; 27622 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Inc. | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Inc. | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp; 752 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Inc. | 9.375% | 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp; 1080 |
|  | &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20888 | &nbsp;&nbsp;&nbsp; 17647 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp; 536 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp; 1267 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. | 8.000% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp; 3496 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/26 | &nbsp;&nbsp; 7569 | &nbsp;&nbsp;&nbsp; 7566 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Inc. | 5.500% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp; 846 |
|  | &nbsp;&nbsp;&nbsp;Triton Container International Ltd. / TAL International Container Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;18030 | &nbsp;&nbsp;&nbsp; 14645 |
|  | &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/32 | &nbsp;&nbsp; 7990 | &nbsp;&nbsp; 6861 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;9/10/28 | &nbsp;&nbsp; 17542 | &nbsp;&nbsp;&nbsp; 17265 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8149 | &nbsp;&nbsp;&nbsp; 7920 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/5/30 | &nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp; 30979 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp; 11512 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;United Airlines Class AA Series 2019-2 Pass Through Trust | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;31816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32134 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;United Airlines Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5984 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;United Airlines Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4439 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;12227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10952 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 1.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;12099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10335 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;15320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13344 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;40182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32580 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9833 |
|  |  |  |  |  | **1749964** |
| **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 |
|  | &nbsp;&nbsp;&nbsp;Air Products and Chemicals Inc. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4826 |
|  | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America Inc. | 2.690% | &nbsp;&nbsp;&nbsp;&nbsp;5/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16914 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Antofagasta plc | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6857 |
|  | &nbsp;&nbsp;&nbsp;ArcelorMittal SA | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9574 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Arconic Corp. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Arconic Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1801 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Avient Corp. | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1824 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1316 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1417 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1861 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Big River Steel LLC / BRS Finance Corp. | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2761 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Canpack SA / Canpack US LLC | 3.875% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4626 |
|  | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC | 6.330% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5079 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Chemours Co. | 4.625% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4128 |
|  | &nbsp;&nbsp;&nbsp;Dow Chemical Co. | 4.800% | 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4033 |
|  | &nbsp;&nbsp;&nbsp;Dow Chemical Co. | 2.100% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36884 |
|  | &nbsp;&nbsp;&nbsp;Dow Chemical Co. | 6.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22044 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | 4.725% | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12175 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;1/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7985 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8361 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Element Solutions Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1691 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7360 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7900 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9250 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;22881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22698 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;12603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11788 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5699 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/30 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14584 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Graham Packaging Co. Inc. | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1970 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1973 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Hudbay Minerals Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4113 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;INEOS Quattro Finance 2 plc | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1306 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2482 |
|  | &nbsp;&nbsp;&nbsp;Linde Inc. | 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;8/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4465 |
|  | &nbsp;&nbsp;&nbsp;LYB International Finance III LLC | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4159 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20824 |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;32675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28769 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Newmont Corp. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;39770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33291 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Novelis Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Novelis Corp. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;15060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13364 |
|  | &nbsp;&nbsp;&nbsp;Nucor Corp. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;15620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13962 |
|  | &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp; 17656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17165 |
|  | &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;13207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11795 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 3.000% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11519 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;POSCO | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44064 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9759 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8167 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA Ltd. | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2251 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA Ltd. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/2/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2147 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp; 17250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16400 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2813 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;12106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10891 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17590 |
|  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6736 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SPCM SA | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SPCM SA | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2477 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp; 27891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25700 |
|  | &nbsp;&nbsp;&nbsp;Steel Dynamics Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2660 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Unifrax Escrow Issuer Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 |
|  | &nbsp;&nbsp;&nbsp;Vale Overseas Ltd. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4486 |
|  | &nbsp;&nbsp;&nbsp;WRKCo Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;26734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25453 |
|  | &nbsp;&nbsp;&nbsp;WRKCo Inc. | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11921 |
|  |  |  |  |  | **612385** |
| **Real Estate (5.5%)** | **Real Estate (5.5%)** | **Real Estate (5.5%)** | **Real Estate (5.5%)** | **Real Estate (5.5%)** | **Real Estate (5.5%)** |
|  | &nbsp;&nbsp;&nbsp;Agree LP | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;15750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13449 |
|  | &nbsp;&nbsp;&nbsp;Agree LP | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5540 |
|  | &nbsp;&nbsp;&nbsp;Agree LP | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/32 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6777 |
|  | &nbsp;&nbsp;&nbsp;Agree LP | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4580 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 2.750% | 12/15/29 | &nbsp;&nbsp; 27005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23673 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 4.900% | 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;14347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14433 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2608 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;12233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9762 |
|  | &nbsp;&nbsp;&nbsp;American Assets Trust LP | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;11292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9214 |
|  | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;13372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12821 |
|  | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8189 |
|  | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8887 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp; 27234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25610 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8473 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;41188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38495 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21950 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;14909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12233 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16873 |
|  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4859 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Aroundtown SA | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2449 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Aroundtown SA | 2.875% | Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;ATF Netherlands BV | 7.078% | 12/29/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1339 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;13750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12952 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp; 11470 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4613 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;14752 | &nbsp;&nbsp;&nbsp; 12755 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4319 |
|  | &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp; 6951 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings Sarl | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp; 2311 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings Sarl | 1.000% | 10/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267 | &nbsp;&nbsp; 4834 |
|  | &nbsp;&nbsp;&nbsp;Boston Properties LP | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;28868 | &nbsp;&nbsp; 24384 |
|  | &nbsp;&nbsp;&nbsp;Boston Properties LP | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;10806 | &nbsp;&nbsp; 9267 |
|  | &nbsp;&nbsp;&nbsp;Boston Properties LP | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 7902 |
|  | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP | 3.950% | 11/15/27 | &nbsp;&nbsp; 27776 | &nbsp;&nbsp; 23944 |
|  | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp; 11169 |
|  | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp; 7412 |
|  | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8018 | &nbsp;&nbsp;&nbsp; 7331 |
|  | &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 16070 |
|  | &nbsp;&nbsp;&nbsp;Corporate Office Properties LP | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 15875 |
|  | &nbsp;&nbsp;&nbsp;Corporate Office Properties LP | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/31 | &nbsp;&nbsp; 27226 | &nbsp;&nbsp; 21253 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;23240 | &nbsp;&nbsp;&nbsp; 23514 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8758 | &nbsp;&nbsp; 8359 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;10930 | &nbsp;&nbsp;&nbsp; 10607 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 3.100% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;20966 | &nbsp;&nbsp;&nbsp; 18875 |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;13715 | &nbsp;&nbsp;&nbsp; 11445 |
|  | &nbsp;&nbsp;&nbsp;CubeSmart LP | 2.250% | 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17194 |
|  | &nbsp;&nbsp;&nbsp;CubeSmart LP | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp; 11423 |
|  | &nbsp;&nbsp;&nbsp;CubeSmart LP | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;19558 | &nbsp;&nbsp;&nbsp; 15419 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Digital Euro Finco LLC | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;15223 | &nbsp;&nbsp;&nbsp; 16151 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP | 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10233 |
|  | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/29 | &nbsp;&nbsp; 37195 | &nbsp;&nbsp;&nbsp; 34161 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | 1.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2559 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8702 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | 3.200% | 11/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp; 6103 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8320 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8355 |
|  | &nbsp;&nbsp;&nbsp;ERP Operating LP | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8836 | &nbsp;&nbsp; 8349 |
|  | &nbsp;&nbsp;&nbsp;ERP Operating LP | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/28 | &nbsp;&nbsp; 27426 | &nbsp;&nbsp; 26531 |
|  | &nbsp;&nbsp;&nbsp;ERP Operating LP | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/29 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6337 |
|  | &nbsp;&nbsp;&nbsp;ERP Operating LP | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp; 9574 |
|  | &nbsp;&nbsp;&nbsp;ERP Operating LP | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp; 1014 |
|  | &nbsp;&nbsp;&nbsp;Essential Properties LP | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 15166 |
|  | &nbsp;&nbsp;&nbsp;Essex Portfolio LP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;Essex Portfolio LP | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 8743 |
|  | &nbsp;&nbsp;&nbsp;Essex Portfolio LP | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp; 7533 | &nbsp;&nbsp; 5854 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage LP | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 13897 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage LP | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 16358 |
|  | &nbsp;&nbsp;&nbsp;Extra Space Storage LP | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 7939 |
|  | &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8905 |
|  | &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp; 1778 |
|  | &nbsp;&nbsp;&nbsp;Healthcare Realty Holdings LP Co. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 800 |
|  | &nbsp;&nbsp;&nbsp;Healthcare Realty Holdings LP Co. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 11422 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Healthcare Trust of America Holdings LP | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp; 437 |
|  | &nbsp;&nbsp;&nbsp;Healthcare Trust of America Holdings LP | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;28349 | &nbsp;&nbsp; 22396 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp; 10430 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;16479 | &nbsp;&nbsp;&nbsp; 15119 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp; 13239 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;18507 | &nbsp;&nbsp;&nbsp; 16094 |
|  | &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | 5.250% | 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;25355 | &nbsp;&nbsp; 25868 |
|  | &nbsp;&nbsp;&nbsp;Highwoods Realty LP | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450 | &nbsp;&nbsp;&nbsp; 3160 |
|  | &nbsp;&nbsp;&nbsp;Highwoods Realty LP | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;10406 | &nbsp;&nbsp; 9246 |
|  | &nbsp;&nbsp;&nbsp;Highwoods Realty LP | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;12090 | &nbsp;&nbsp; 9826 |
|  | &nbsp;&nbsp;&nbsp;Highwoods Realty LP | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp; 891 |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP | 3.375% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252 | &nbsp;&nbsp; 2832 |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;10512 | &nbsp;&nbsp;&nbsp; 9017 |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP | 2.900% | 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;16025 | &nbsp;&nbsp;&nbsp; 12811 |
|  | &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership LP | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp; 3107 |
|  | &nbsp;&nbsp;&nbsp;Invitation Homes Operating Partnership LP | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9182 |
|  | &nbsp;&nbsp;&nbsp;Kilroy Realty LP | 4.750% | 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705 | &nbsp;&nbsp; 6260 |
|  | &nbsp;&nbsp;&nbsp;Kilroy Realty LP | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp; 3122 |
|  | &nbsp;&nbsp;&nbsp;Kilroy Realty LP | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;16188 | &nbsp;&nbsp;&nbsp; 13272 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;11343 | &nbsp;&nbsp; 9647 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8047 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty OP LLC | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp; 2308 |
|  | &nbsp;&nbsp;&nbsp;Life Storage LP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6494 | &nbsp;&nbsp;&nbsp; 6015 |
|  | &nbsp;&nbsp;&nbsp;Life Storage LP | 2.200% | 10/15/30 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5645 |
|  | &nbsp;&nbsp;&nbsp;Life Storage LP | 2.400% | 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp; 12415 |
|  | &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3937 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp; 17673 | &nbsp;&nbsp;&nbsp;&nbsp; 17111 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;16850 | &nbsp;&nbsp;&nbsp; 15016 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp; 1535 |
|  | &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp; 2474 |
|  | &nbsp;&nbsp;&nbsp;National Retail Properties Inc. | 4.300% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp; 1652 |
|  | &nbsp;&nbsp;&nbsp;National Retail Properties Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;13948 | &nbsp;&nbsp;&nbsp; 11791 |
|  | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;10137 | &nbsp;&nbsp; 9728 |
|  | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8659 |
|  | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp; 7198 | &nbsp;&nbsp; 5839 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/27 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6541 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp; 10999 |
|  | &nbsp;&nbsp;&nbsp;Phillips Edison Grocery Center Operating Partnership I LP | 2.625% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 15454 |
|  | &nbsp;&nbsp;&nbsp;Physicians Realty LP | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp; 5439 |
|  | &nbsp;&nbsp;&nbsp;Physicians Realty LP | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8347 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Operating Partnership LP | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 7338 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Prologis Euro Finance LLC | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 2744 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Prologis Euro Finance LLC | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp; 1013 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Prologis International Funding II SA | 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6353 | &nbsp;&nbsp; 5429 |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 14805 |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 2.875% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4494 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;14022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12099 |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 1.250% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7910 |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp; 7690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6291 |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7797 |
|  | &nbsp;&nbsp;&nbsp;Prologis LP | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22089 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17728 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;11/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7728 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | 3.385% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;18527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17448 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;10830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9241 |
|  | &nbsp;&nbsp;&nbsp;Public Storage | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/9/31 | &nbsp;&nbsp; 18742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15770 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2940 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6651 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 3.100% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;21990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19995 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;29715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29777 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;15607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14105 |
|  | &nbsp;&nbsp;&nbsp;Realty Income Corp. | 5.625% | 10/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15907 |
|  | &nbsp;&nbsp;&nbsp;Regency Centers LP | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8543 |
|  | &nbsp;&nbsp;&nbsp;Regency Centers LP | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;29150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26435 |
|  | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty LP | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4483 |
|  | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty LP | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/31 | &nbsp;&nbsp; 17430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13941 |
|  | &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp; 3740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3170 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;29800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26164 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/30 | &nbsp;&nbsp; 17630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15333 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4952 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8135 |
|  | &nbsp;&nbsp;&nbsp;Spirit Realty LP | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8454 |
|  | &nbsp;&nbsp;&nbsp;Spirit Realty LP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4507 |
|  | &nbsp;&nbsp;&nbsp;Spirit Realty LP | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2966 |
|  | &nbsp;&nbsp;&nbsp;Spirit Realty LP | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7756 |
|  | &nbsp;&nbsp;&nbsp;STORE Capital Corp. | 2.750% | 11/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3894 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Operating LP | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16915 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Operating LP | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8244 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Operating LP | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4660 |
|  | &nbsp;&nbsp;&nbsp;Tanger Properties LP | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9227 |
|  | &nbsp;&nbsp;&nbsp;UDR Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4431 |
|  | &nbsp;&nbsp;&nbsp;UDR Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp; 7660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6676 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Vonovia SE | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5432 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Vonovia SE | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/14/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1382 |
|  | &nbsp;&nbsp;&nbsp;Vornado Realty LP | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7931 |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;18955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15940 |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;19120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16743 |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5730 |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/32 | &nbsp;&nbsp; 11104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9949 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Westfield America Management Ltd. | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;16858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19154 |
|  | &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 4.000% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;15516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14712 |
|  | &nbsp;&nbsp;&nbsp;WP Carey Inc. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8162 |
|  |  |  |  |  | **1713977** |
| **Technology (6.5%)** | **Technology (6.5%)** | **Technology (6.5%)** | **Technology (6.5%)** | **Technology (6.5%)** | **Technology (6.5%)** |
|  | &nbsp;&nbsp;&nbsp;Adobe Inc. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8833 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;10650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9265 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;15970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13443 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/28 | &nbsp;&nbsp;&nbsp;&nbsp;45670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39740 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73820 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Apple Inc. | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/29 | &nbsp;&nbsp; 67030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63682 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;15030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12660 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5291 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/31 | &nbsp;&nbsp; 27770 | &nbsp;&nbsp; 23049 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp; 1769 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp; 1013 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp; 7137 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;26610 | &nbsp;&nbsp; 23718 |
|  | &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp; 19465 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;14398 | &nbsp;&nbsp;&nbsp; 12516 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 4.110% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9411 | &nbsp;&nbsp; 9065 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;35843 | &nbsp;&nbsp; 35436 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp; 37571 | &nbsp;&nbsp;&nbsp; 37091 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 4.150% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20850 | &nbsp;&nbsp;&nbsp; 19452 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp; 57484 | &nbsp;&nbsp;&nbsp; 47212 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 913 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 4.300% | 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;45806 | &nbsp;&nbsp;&nbsp; 42164 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Broadcom Inc. | 3.419% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8393 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CommScope Inc. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp; 1160 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CommScope Inc. | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517 | &nbsp;&nbsp; 1977 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp; 27330 | &nbsp;&nbsp;&nbsp; 27543 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 6.200% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;41995 | &nbsp;&nbsp; 44322 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;61885 | &nbsp;&nbsp; 61881 |
|  | &nbsp;&nbsp;&nbsp;DXC Technology Co. | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 12903 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Entegris Escrow Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;24932 | &nbsp;&nbsp; 23392 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Entegris Escrow Corp. | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945 | &nbsp;&nbsp;&nbsp; 5711 |
|  | &nbsp;&nbsp;&nbsp;Equifax Inc. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 14919 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Experian Finance plc | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/7/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 449 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;32250 | &nbsp;&nbsp;&nbsp; 27792 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2825 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;19692 | &nbsp;&nbsp;&nbsp; 16156 |
|  | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/28 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 6816 |
|  | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;55450 | &nbsp;&nbsp; 51623 |
|  | &nbsp;&nbsp;&nbsp;Fiserv Inc. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;36950 | &nbsp;&nbsp; 32209 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9480 | &nbsp;&nbsp;&nbsp; 8417 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp; 3906 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | 2.900% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 29186 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;28960 | &nbsp;&nbsp;&nbsp; 27334 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725 | &nbsp;&nbsp; 8618 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;22881 | &nbsp;&nbsp; 18566 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp; 13569 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Imola Merger Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887 | &nbsp;&nbsp; 1642 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 1.600% | &nbsp;&nbsp;&nbsp;&nbsp;8/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp; 18216 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 2.450% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;58413 | &nbsp;&nbsp; 51375 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363 | &nbsp;&nbsp;&nbsp; 6106 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp; 7626 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/32 | &nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp; 19300 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;7/27/32 | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp; 20659 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/33 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 25113 |
|  | &nbsp;&nbsp;&nbsp;Juniper Networks Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9827 | &nbsp;&nbsp; 9068 |
|  | &nbsp;&nbsp;&nbsp;Juniper Networks Inc. | 2.000% | 12/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;15554 | &nbsp;&nbsp;&nbsp; 12345 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;14510 | &nbsp;&nbsp;&nbsp; 14740 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 5178 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Mastercard Inc. | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476 | &nbsp;&nbsp; 4306 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp; 17719 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp; 3580 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;McAfee Corp. | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261 | &nbsp;&nbsp; 2697 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.675% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1041 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20741 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;MSCI Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2158 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18161 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8367 |
|  | &nbsp;&nbsp;&nbsp;NXP BV / NXP Funding LLC | 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833 |
|  | &nbsp;&nbsp;&nbsp;NXP BV / NXP Funding LLC / NXP USA Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24644 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 3.250% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;14885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14007 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;34630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30927 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 6.150% | &nbsp;&nbsp;&nbsp;&nbsp;11/9/29 | &nbsp;&nbsp;&nbsp;&nbsp;29960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32020 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;70260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61856 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;82257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70961 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;55760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60625 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp;11/9/52 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11563 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5405 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14479 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4899 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 1.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;36811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32015 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;15336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12317 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4304 |
|  | &nbsp;&nbsp;&nbsp;RELX Capital Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7807 |
|  | &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;18380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15316 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;S&P Global Inc. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;49410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44778 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;10438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9249 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5390 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;S&P Global Inc. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/32 | &nbsp;&nbsp; 27147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24043 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Sabre GLBL Inc. | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Sage Group plc | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;salesforce.com Inc. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;24040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19936 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;SAP SE | 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SK Hynix Inc. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;1/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12902 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;31290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25781 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies Inc. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1811 |
|  | &nbsp;&nbsp;&nbsp;Teledyne FLIR LLC | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12502 |
|  | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;34661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30791 |
|  | &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;24091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20470 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1776 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/30 | &nbsp;&nbsp;&nbsp;&nbsp;10755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9151 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8370 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;8/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;13635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13093 |
|  | &nbsp;&nbsp;&nbsp;Verisk Analytics Inc. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;22755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21734 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Visa Inc. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. | 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7969 |
|  | &nbsp;&nbsp;&nbsp;VMware Inc. | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;41394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34905 |
|  | &nbsp;&nbsp;&nbsp;VMware Inc. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;40665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39497 |
|  | &nbsp;&nbsp;&nbsp;Workday Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;18140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17111 |
|  | &nbsp;&nbsp;&nbsp;Workday Inc. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10060 |
|  |  |  |  |  | **2007184** |
| **Utilities (6.5%)** | **Utilities (6.5%)** | **Utilities (6.5%)** | **Utilities (6.5%)** | **Utilities (6.5%)** | **Utilities (6.5%)** |
|  | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2698 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;AGI Finance Pty Ltd. | 1.815% | 11/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1970 |
| <sup>8,12</sup> | &nbsp;&nbsp;&nbsp;AGI Finance Pty Ltd., 3M Australian Bank Bill Rate + 1.000% | 4.329% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;22260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15552 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2946 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 3.940% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23776 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;20321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17747 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;20245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18586 |
|  | &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | 1.550% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7961 |
|  | &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28795 |
|  | &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | 5.900% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2034 |
|  | &nbsp;&nbsp;&nbsp;American Water Capital Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3586 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;American Water Capital Corp. | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4983 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Amprion GmbH | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp; 12535 |
|  | &nbsp;&nbsp;&nbsp;Appalachian Power Co. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;22030 | &nbsp;&nbsp; 21427 |
|  | &nbsp;&nbsp;&nbsp;Baltimore Gas and Electric Co. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 | &nbsp;&nbsp; 4346 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;25632 | &nbsp;&nbsp; 24468 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 20101 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Calpine Corp. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp; 3557 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920 | &nbsp;&nbsp; 8538 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;12002 | &nbsp;&nbsp;&nbsp; 10779 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/32 | &nbsp;&nbsp; 37034 | &nbsp;&nbsp;&nbsp; 37090 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/28 | &nbsp;&nbsp; 7193 | &nbsp;&nbsp; 6927 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;11305 | &nbsp;&nbsp;&nbsp; 10040 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp; 16968 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp; 7407 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4968 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Centrica plc | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp; 4837 |
|  | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad | 4.688% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658 | &nbsp;&nbsp;&nbsp; 6126 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/26/33 | &nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp; 5763 |
|  | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp; 376 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;11850 | &nbsp;&nbsp;&nbsp; 10687 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;15705 | &nbsp;&nbsp;&nbsp; 16202 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Light and Power Co. | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2525 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9285 |
|  | &nbsp;&nbsp;&nbsp;Consumers Energy Co. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp; 4160 |
|  | &nbsp;&nbsp;&nbsp;Consumers Energy Co. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp; 4283 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;DBNGP Finance Co. Pty Ltd. | 4.225% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;20550 | &nbsp;&nbsp;&nbsp; 14299 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;24620 | &nbsp;&nbsp; 22464 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4151 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 19312 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4708 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina Inc. | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;11291 | &nbsp;&nbsp; 9487 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina Inc. | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470 | &nbsp;&nbsp; 3942 |
|  | &nbsp;&nbsp;&nbsp;DTE Electric Co. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;30694 | &nbsp;&nbsp; 26652 |
|  | &nbsp;&nbsp;&nbsp;DTE Electric Co. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp; 10105 |
|  | &nbsp;&nbsp;&nbsp;DTE Electric Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;12237 | &nbsp;&nbsp;&nbsp; 10911 |
|  | &nbsp;&nbsp;&nbsp;DTE Electric Co. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6539 | &nbsp;&nbsp; 4795 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;25883 | &nbsp;&nbsp; 23738 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;13783 | &nbsp;&nbsp;&nbsp; 12140 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;11375 | &nbsp;&nbsp;&nbsp; 10021 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;25081 | &nbsp;&nbsp;&nbsp; 22017 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/31 | &nbsp;&nbsp; 7190 | &nbsp;&nbsp;&nbsp; 6219 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250 | &nbsp;&nbsp;&nbsp; 7223 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;26520 | &nbsp;&nbsp;&nbsp; 27232 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3789 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas NC Storm Funding LLC | 1.679% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp; 1871 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8335 | &nbsp;&nbsp;&nbsp; 8218 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp; 7194 | &nbsp;&nbsp;&nbsp; 7402 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 14533 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 16976 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 38952 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9557 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;25380 | &nbsp;&nbsp; 22506 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;34710 | &nbsp;&nbsp; 28786 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 2.400% | 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8507 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Ohio Inc. | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;11650 | &nbsp;&nbsp; 9858 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446 | &nbsp;&nbsp; 6245 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221 | &nbsp;&nbsp; 3999 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp; 10276 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 13753 |
|  | &nbsp;&nbsp;&nbsp;Edison International | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1900 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Electricite de France SA | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4889 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Engie SA | 0.500% | 10/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2569 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Engie SA | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/28/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp; 3016 |
|  | &nbsp;&nbsp;&nbsp;Entergy Arkansas LLC | 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230 | &nbsp;&nbsp; 4398 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp; 9572 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp; 13939 |
|  | &nbsp;&nbsp;&nbsp;Entergy Corp. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp; 9098 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8150 | &nbsp;&nbsp;&nbsp; 7653 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 1.600% | 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050 | &nbsp;&nbsp; 4029 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6442 | &nbsp;&nbsp; 5357 |
|  | &nbsp;&nbsp;&nbsp;Entergy Texas Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129 | &nbsp;&nbsp; 3026 |
|  | &nbsp;&nbsp;&nbsp;Entergy Texas Inc. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4055 |
|  | &nbsp;&nbsp;&nbsp;Eskom Holdings SOC Ltd. | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp; 2690 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp; 20476 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;16165 | &nbsp;&nbsp;&nbsp; 12991 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8610 | &nbsp;&nbsp;&nbsp; 7349 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 22583 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 43431 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp; 25284 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;20526 | &nbsp;&nbsp;&nbsp; 17535 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp; 7896 | &nbsp;&nbsp; 6488 |
|  | &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp; 19431 |
|  | &nbsp;&nbsp;&nbsp;ITC Holdings Corp. | 3.350% | 11/15/27 | &nbsp;&nbsp; 18745 | &nbsp;&nbsp;&nbsp; 17771 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;National Grid Electricity Distribution East Midlands plc | 3.530% | &nbsp;&nbsp;&nbsp;&nbsp;9/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp; 860 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;National Grid plc | 2.179% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp; 4662 |
|  | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;11680 | &nbsp;&nbsp;&nbsp; 11165 |
|  | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;13055 | &nbsp;&nbsp;&nbsp; 12632 |
|  | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;32016 | &nbsp;&nbsp; 30230 |
|  | &nbsp;&nbsp;&nbsp;Nevada Power Co. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;11640 | &nbsp;&nbsp;&nbsp; 10153 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp; 27158 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8191 | &nbsp;&nbsp;&nbsp; 7628 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 22204 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 25438 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | 2.440% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;15850 | &nbsp;&nbsp;&nbsp; 13236 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;15630 | &nbsp;&nbsp;&nbsp; 15903 |
|  | &nbsp;&nbsp;&nbsp;NiSource Inc. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5136 | &nbsp;&nbsp; 4598 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp; 471 |
|  | &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616 | &nbsp;&nbsp; 6390 |
|  | &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp; 698 |
|  | &nbsp;&nbsp;&nbsp;NTPC Ltd. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp; 3401 |
|  | &nbsp;&nbsp;&nbsp;Ohio Power Co. | 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;18491 | &nbsp;&nbsp;&nbsp; 14868 |
|  | &nbsp;&nbsp;&nbsp;Oklahoma Gas and Electric Co. | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220 | &nbsp;&nbsp; 8594 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;19475 | &nbsp;&nbsp; 20664 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;14960 | &nbsp;&nbsp;&nbsp; 13120 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;23191 | &nbsp;&nbsp; 21304 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;70397 | &nbsp;&nbsp; 63060 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp; 67175 | &nbsp;&nbsp; 54278 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;20357 | &nbsp;&nbsp;&nbsp; 17262 |
|  | &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. | 6.150% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;10940 | &nbsp;&nbsp;&nbsp; 11250 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;19585 | &nbsp;&nbsp; 18553 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;13815 | &nbsp;&nbsp;&nbsp; 12314 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450 | &nbsp;&nbsp; 3038 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp; 16342 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1457 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4752 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;5/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp; 2234 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp; 3862 |
| <sup>7,10</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;11/5/31 | &nbsp;&nbsp;&nbsp;&nbsp;13940 | &nbsp;&nbsp;&nbsp; 11131 |
|  | &nbsp;&nbsp;&nbsp;PG&E Recovery Funding LLC | 5.045% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp; 3658 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Natural Gas Co. Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9462 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Natural Gas Co. Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4254 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 249 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp; 5287 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp; 5356 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;10290 | &nbsp;&nbsp;&nbsp; 10657 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. | 4.900% | 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 15616 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/29 | &nbsp;&nbsp; 17458 | &nbsp;&nbsp;&nbsp; 16298 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp; 9627 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp; 9952 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 1.600% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;53551 | &nbsp;&nbsp; 42982 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 2.450% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4178 |
|  | &nbsp;&nbsp;&nbsp;Sempra Energy | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 18880 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp; 8767 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 8564 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6833 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/32 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6058 |
|  | &nbsp;&nbsp;&nbsp;Southern California Gas Co. | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5078 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2262 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Electric Power Co. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;26793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25956 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8109 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16305 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6620 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 2.300% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8404 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6759 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/48 | &nbsp;&nbsp; 5176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4810 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2318 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1714 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 1.375% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;35195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30684 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 2.200% | 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8744 |
|  | &nbsp;&nbsp;&nbsp;WEC Energy Group Inc. | 1.800% | 10/15/30 | &nbsp;&nbsp; 17178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13933 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21410 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9767 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4395 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18414 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 2.350% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17436 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11882 |
|  |  |  |  |  | **2015258** |
| **Total Corporate Bonds (Cost $29,418,568)** | **Total Corporate Bonds (Cost $29,418,568)** | **Total Corporate Bonds (Cost $29,418,568)** | **Total Corporate Bonds (Cost $29,418,568)** | **Total Corporate Bonds (Cost $29,418,568)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26888634** |
| **Floating Rate Loan Interests (0.1%)** | **Floating Rate Loan Interests (0.1%)** | **Floating Rate Loan Interests (0.1%)** | **Floating Rate Loan Interests (0.1%)** | **Floating Rate Loan Interests (0.1%)** | **Floating Rate Loan Interests (0.1%)** |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. Term Loan, 3M USD LIBOR + 4.750% | 9.558% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CDK Global Inc. Term Loan B, TSFR1M + 4.500% | 9.080% | &nbsp;&nbsp;&nbsp;&nbsp;7/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Clark Equipment Co. Term Loan B, TSFR3M + 2.500% | 7.180% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. Term Loan B, 1M USD LIBOR +1.750% | 6.338% | &nbsp;&nbsp;&nbsp;&nbsp;8/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1955 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC Term Loan, 1M USD LIBOR + 5.000% | 9.570% | &nbsp;&nbsp;&nbsp;&nbsp;8/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2603 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;First Student Bidco Inc. Term Loan B, TSFR3M + 4.000% | 8.680% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2742 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;First Student Bidco Inc. Term Loan C, TSFR3M + 4.000% | 8.680% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Hilton Worldwide Finance LLC Term Loan B-2, 1M USD LIBOR + 1.750% | 6.380% | &nbsp;&nbsp;&nbsp;&nbsp;6/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;McAfee Corp. Term Loan B, TSFR1M + 3.750% | 8.184% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP Term Loan B, 1M USD LIBOR + 3.500% | 7.820% | 10/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1271 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SBA Senior Finance II LLC. Term Loan B, 1M USD LIBOR + 1.750% | 6.320% | &nbsp;&nbsp;&nbsp;&nbsp;4/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp; 154 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Setanta Aircraft Leasing DAC Term Loan B, 3M USD LIBOR + 2.000% | 6.730% | &nbsp;&nbsp;&nbsp;&nbsp;11/5/28 | &nbsp;&nbsp; 11145 | &nbsp;&nbsp;&nbsp; 11122 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SkyMiles IP Ltd. Term Loan B, 3M USD LIBOR + 3.750% | 8.558% | 10/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp; 888 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Inc. Term Loan, TSFR3M + 4.500% | 9.176% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp; 57 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies Inc. Term Loan B-6, TSFR1M + 2.250% | 6.911% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp; 627 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies Inc. Term Loan B-7, TSFR1M + 2.250% | 6.911% | &nbsp;&nbsp;&nbsp;&nbsp;3/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp; 944 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. Term Loan B, 1M USD LIBOR + 1.750% | 6.320% | &nbsp;&nbsp;&nbsp;&nbsp;5/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp; 1432 |
| **Total Floating Rate Loan Interests (Cost $28,174)** | **Total Floating Rate Loan Interests (Cost $28,174)** | **Total Floating Rate Loan Interests (Cost $28,174)** | **Total Floating Rate Loan Interests (Cost $28,174)** | **Total Floating Rate Loan Interests (Cost $28,174)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28388** |
| **Sovereign Bonds (2.9%)** | **Sovereign Bonds (2.9%)** | **Sovereign Bonds (2.9%)** | **Sovereign Bonds (2.9%)** | **Sovereign Bonds (2.9%)** | **Sovereign Bonds (2.9%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Banque Ouest Africaine de Developpement | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/27/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp; 597 |
|  | &nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226 | &nbsp;&nbsp;&nbsp; 3143 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8234 | &nbsp;&nbsp;&nbsp; 7132 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp; 2360 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;32007 | &nbsp;&nbsp; 30220 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950 | &nbsp;&nbsp; 6073 |
|  | &nbsp;&nbsp;&nbsp;Export-Import Bank of India | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp; 3847 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Export-Import Bank of India | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9675 | &nbsp;&nbsp;&nbsp; 9184 |
|  | &nbsp;&nbsp;&nbsp;Export-Import Bank of India | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9493 |
|  | &nbsp;&nbsp;&nbsp;Export-Import Bank of Korea | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;21185 | &nbsp;&nbsp;&nbsp; 21710 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Fondo MIVIVIENDA SA | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 | &nbsp;&nbsp; 4702 |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;12860 | &nbsp;&nbsp;&nbsp; 12937 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Government of Bermuda | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 6039 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Government of Bermuda | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;21840 | &nbsp;&nbsp; 22040 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;1/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;21180 | &nbsp;&nbsp; 21522 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.500% | 10/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;39384 | &nbsp;&nbsp; 42358 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/18/53 | &nbsp;&nbsp; 7350 | &nbsp;&nbsp;&nbsp; 7053 |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;Mexican Bonos | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 35146 |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;Mexican Bonos | 10.000% | 11/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;783860 | &nbsp;&nbsp;&nbsp; 45917 |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;Mexican Bonos | 7.750% | 11/13/42 | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp; 37120 |
|  | &nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro | 3.362% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/31 | &nbsp;&nbsp; 27149 | &nbsp;&nbsp; 23260 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp; 463 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6587 | &nbsp;&nbsp; 6300 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/21/23 | &nbsp;&nbsp; 17268 | &nbsp;&nbsp;&nbsp; 17268 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.750% | 11/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668 | &nbsp;&nbsp; 3679 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp; 11092 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/16/29 | &nbsp;&nbsp; 7540 | &nbsp;&nbsp;&nbsp; 7450 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;12824 | &nbsp;&nbsp; 9980 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 14384 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 5014 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;1/11/53 | &nbsp;&nbsp;&nbsp;&nbsp;15520 | &nbsp;&nbsp;&nbsp; 16371 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Republic of Korea | 0.000% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp; 8643 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 8.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/28/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9236 | &nbsp;&nbsp;&nbsp; 10481 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/14/35 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 7420 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/16/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp; 275 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.870% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/60 | &nbsp;&nbsp;&nbsp;&nbsp;13375 | &nbsp;&nbsp; 8961 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 7.350% | &nbsp;&nbsp;&nbsp;&nbsp;7/21/25 | &nbsp;&nbsp; 6274 | &nbsp;&nbsp;&nbsp; 6613 |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.844% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;21951 | &nbsp;&nbsp;&nbsp; 18985 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.783% | &nbsp;&nbsp;&nbsp;&nbsp;1/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp; 10349 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;7/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp; 5669 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.609% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;14499 | &nbsp;&nbsp;&nbsp; 15580 |
|  | &nbsp;&nbsp;&nbsp;Republic of Philippines | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/17/33 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp; 30696 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Republic of Philippines | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/28/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp; 635 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.500% | 11/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp; 6451 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;28367 | &nbsp;&nbsp;&nbsp; 27581 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.300% | 10/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;12855 | &nbsp;&nbsp;&nbsp; 11710 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 18252 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/30/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp; 5052 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 3.900% | 10/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;13567 | &nbsp;&nbsp;&nbsp; 11156 |
| <sup>7,10</sup> | &nbsp;&nbsp;&nbsp;Romania | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/27/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9450 | &nbsp;&nbsp;&nbsp; 10566 |
| <sup>7,10</sup> | &nbsp;&nbsp;&nbsp;Romania | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;19120 | &nbsp;&nbsp;&nbsp; 15234 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Romania | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 | &nbsp;&nbsp;&nbsp; 7203 |
| <sup>7,10</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953 | &nbsp;&nbsp;&nbsp; 3678 |
| <sup>7,10</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5410 | &nbsp;&nbsp;&nbsp; 3514 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506 | &nbsp;&nbsp;&nbsp; 2278 |
|  | &nbsp;&nbsp;&nbsp;Sharjah Sukuk Program Ltd. | 3.854% | &nbsp;&nbsp;&nbsp;&nbsp;4/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;15057 | &nbsp;&nbsp;&nbsp; 14481 |
|  | &nbsp;&nbsp;&nbsp;Socialist Republic of Vietnam | 4.800% | 11/19/24 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 9908 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/3/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8277 | &nbsp;&nbsp;&nbsp; 7192 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;United Kingdom Gilt | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/7/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8959 | &nbsp;&nbsp;&nbsp; 10924 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;25510 | &nbsp;&nbsp;&nbsp; 26274 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;24429 | &nbsp;&nbsp; 24000 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 2.659% | &nbsp;&nbsp;&nbsp;&nbsp;5/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 841 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/19/33 | &nbsp;&nbsp; 17050 | &nbsp;&nbsp;&nbsp; 16443 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/9/35 | &nbsp;&nbsp;&nbsp;&nbsp;49243 | &nbsp;&nbsp;&nbsp; 52478 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/12/52 | &nbsp;&nbsp;&nbsp;&nbsp;32982 | &nbsp;&nbsp;&nbsp; 25923 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC | 4.750% | 11/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;18889 | &nbsp;&nbsp;&nbsp; 15901 |
| **Total Sovereign Bonds (Cost $923,116)** | **Total Sovereign Bonds (Cost $923,116)** | **Total Sovereign Bonds (Cost $923,116)** | **Total Sovereign Bonds (Cost $923,116)** | **Total Sovereign Bonds (Cost $923,116)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**895201** |
| **Taxable Municipal Bonds (0.2%)** | **Taxable Municipal Bonds (0.2%)** | **Taxable Municipal Bonds (0.2%)** | **Taxable Municipal Bonds (0.2%)** | **Taxable Municipal Bonds (0.2%)** | **Taxable Municipal Bonds (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue | 1.753% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;25540 | &nbsp;&nbsp;&nbsp; 21676 |
| <sup>16</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 7.425% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;10675 | &nbsp;&nbsp;&nbsp; 11730 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp; 1505 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Lease Revenue | 3.892% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1982 |
|  | &nbsp;&nbsp;&nbsp;New York State Urban Development Corp. Income Tax Revenue | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp; 382 |
|  | &nbsp;&nbsp;&nbsp;New York Transportation Development Corp. Miscellaneous Revenue | 4.248% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890 | &nbsp;&nbsp;&nbsp; 3805 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.859% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 2047 |
|  | &nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority Port, Airport & Marina Revenue | 5.594% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045 | &nbsp;&nbsp;&nbsp; 6047 |
|  | &nbsp;&nbsp;&nbsp;Sonoma County CA Miscellaneous Revenue | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/29 | &nbsp;&nbsp; 4010 | &nbsp;&nbsp;&nbsp; 4198 |
|  | &nbsp;&nbsp;&nbsp;State Board of Administration Finance Corp. Miscellaneous Revenue | 2.154% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp; 15936 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. Highway Revenue | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. Highway Revenue | 3.922% | 12/31/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6951 |
| **Total Taxable Municipal Bonds (Cost $79,241)** | **Total Taxable Municipal Bonds (Cost $79,241)** | **Total Taxable Municipal Bonds (Cost $79,241)** | **Total Taxable Municipal Bonds (Cost $79,241)** | **Total Taxable Municipal Bonds (Cost $79,241)** | **Total Taxable Municipal Bonds (Cost $79,241)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**76259** |
|  |  |  |  |  | &nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** |
| **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** | **Money Market Fund (1.2%)** |
| <sup>17</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund **(Cost** $**377,628**) | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund **(Cost** $**377,628**) | 4.437% |  | 3776653 | &nbsp;&nbsp; **377627** |
|  |  | Counterparty | Expiration<br> Date | 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%)** | **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%)** | **Over-the-Counter Swaptions (0.0%)** | **Over-the-Counter Swaptions (0.0%)** |
| **Call Swaptions** | **Call Swaptions** | **Call Swaptions** | **Call Swaptions** | **Call Swaptions** | **Call Swaptions** | **Call Swaptions** |
|  | &nbsp;&nbsp;&nbsp;2-Year Interest Rate Swap, Pays 3M USD LIBOR Quarterly, Receives 0.603% Semiannually | BNPSW | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;0.603% | &nbsp;&nbsp;&nbsp; 316703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;2-Year Interest Rate Swap, Pays 3M USD LIBOR Quarterly, Receives 0.630% Semiannually | MSCS | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;0.630% | &nbsp;&nbsp;&nbsp; 316703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Rate** | &nbsp;&nbsp;**Notional<br> Amount on<br> Underlying<br> Swap<br> ($000)** | **Market<br> Value•  ($000)** |
| **Put Swaptions** | **Put Swaptions** | **Put Swaptions** | **Put Swaptions** | **Put Swaptions** | **Put Swaptions** |
| &nbsp;&nbsp;&nbsp;5-Year CDX-NA-IG-S39-V1, Credit Protection Purchased, Pay 1.000% Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;GSI | 3/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;0.900% | &nbsp;&nbsp; 696600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
| **Total Options Purchased (Cost $3,466)** | **Total Options Purchased (Cost $3,466)** | **Total Options Purchased (Cost $3,466)** | **Total Options Purchased (Cost $3,466)** | **Total Options Purchased (Cost $3,466)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**415** |
| **Total Investments (101.8%) (Cost $34,408,645)** | **Total Investments (101.8%) (Cost $34,408,645)** | **Total Investments (101.8%) (Cost $34,408,645)** | **Total Investments (101.8%) (Cost $34,408,645)** | **Total Investments (101.8%) (Cost $34,408,645)** | **31653821** |
| **Other Assets and Liabilities—Net (-1.8%)** | **Other Assets and Liabilities—Net (-1.8%)** | **Other Assets and Liabilities—Net (-1.8%)** | **Other Assets and Liabilities—Net (-1.8%)** | **Other Assets and Liabilities—Net (-1.8%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(563256)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **31090565** |
| 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 $31,478,000 have been segregated as collateral for open forward currency contracts and over-the-counter swap contracts. |
| 2 | Securities with a value of $4,834,000 have been segregated as initial margin for open centrally cleared swap contracts. |
| 3 | Securities with a value of $29,329,000 have been segregated as initial margin for open futures contracts. |
| 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 | 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. |
| 6 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2023. |
| 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 January 31, 2023, the aggregate value was $1,803,293,000, representing 5.8% 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 | Face amount denominated in British pounds. |
| 10 | Face amount denominated in euro. |
| 11 | Guaranteed by the Republic of Azerbaijan. |
| 12 | Face amount denominated in Australian dollars. |
| 13 | Non-income-producing security—security in default. |
| 14 | Security value determined using significant unobservable inputs. |
| 15 | Face amount denominated in Mexican pesos. |
| 16 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 17 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | 1M—1-month. |
|  | 3M—3-month. |
|  | BNPSW—BNP Paribas. |
|  | DAC—Designated Activity Company. |
|  | GSI—Goldman Sachs International. |
|  | LIBOR—London Interbank Offered Rate. |
|  | MSCS—Morgan Stanley Capital Services LLC. |
|  | TSFR1M—CME Term Secured Overnight Financing Rate 1-Month. |
|  | TSFR3M—CME Term Secured Overnight Financing Rate 3-Month. |
|  | UMBS—Uniform Mortgage-Backed Securities. |
|  | USD—U.S. dollar. |

---

------

Intermediate-Term Investment-Grade Fund

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 10-Year U.S. Treasury Note | March 2023 | 12709 | 1455379 | &nbsp;&nbsp;15623 |
| Short Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2023 | (1776) | (365232) | &nbsp;&nbsp;305 |
| 5-Year U.S. Treasury Note | March 2023 | (796) | (86957) | &nbsp;&nbsp;161 |
| AUD 3-Year Treasury Bond | March 2023 | (1179) | (89860) | &nbsp;&nbsp;189 |
| AUD 10-Year Treasury Bond | March 2023 | (400) | (34001) | &nbsp;&nbsp;492 |
| Euro-Bobl | March 2023 | (1205) | (153665) | &nbsp;&nbsp;2371 |
| Euro-Bund | March 2023 | (442) | (65745) | &nbsp;&nbsp;1451 |
| Euro-Buxl | March 2023 | (94) | (14716) | &nbsp;&nbsp;1868 |
| Euro-Schatz | March 2023 | (34) | (3909) | &nbsp;&nbsp;30 |
| Long Gilt | March 2023 | (209) | (26929) | &nbsp;&nbsp;113 |
| Long U.S. Treasury Bond | March 2023 | (1188) | (154292) | &nbsp;&nbsp;(2176) |
| Ultra 10-Year U.S. Treasury Note | March 2023 | (314) | (38058) | &nbsp;&nbsp;28 |
| Ultra Long U.S. Treasury Bond | March 2023 | (2979) | (422273) | &nbsp;&nbsp;(15922) |
|  |  |  |  | &nbsp;&nbsp;(11090) |
|  |  |  |  | &nbsp;&nbsp;4533 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
|  | 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;Receive | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;11008 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;7805 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(21) |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;18261 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;19891 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;— |  |
| JPMorgan Chase Bank, N.A. | 3/15/23 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;15243 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;16626 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8) |  |
| Standard Chartered Bank | 3/15/23 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;48744 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |  |
| Standard Chartered Bank | 3/15/23 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;23961 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1383 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12) |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;224273 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;313881 | &nbsp;&nbsp;&nbsp;2336 | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;73797 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;104627 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(182) |  |
| Bank of America, N.A. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3949 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;5570 | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;352407 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;322766 | &nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;10025 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;9202 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7) |  |
| Toronto-Dominion Bank | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;3685 | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;— |  |
| Bank of America, N.A. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1) |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;114764 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;93071 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(90) |  |

---

------

Intermediate-Term Investment-Grade 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) | Forward Currency Contracts (continued) |
|  | 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;Receive | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Bank of America, N.A. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3719 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;— |  |
| HSBC Bank plc | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;119136 | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;2259864 | &nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;— |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;2978 | &nbsp;&nbsp;&nbsp;(321) |  |

---

---

| |
|:---|
| AUD—Australian dollar. |
| CAD—Canadian dollar. |
| EUR—euro. |
| GBP—British pound. |
| JPY—Japanese yen. |
| MXN—Mexican peso. |
| USD—U.S. dollar. |
| ZAR—South African rand. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |  |  |  |  |  |  |
| CDX-NA-IG-S39-V1 | 12/21/27 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;&nbsp;3659 |
| Credit Protection Purchased |  |  |  |  |  |  |
| CDX-NA-HY-S37-V2 | 12/22/26 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;18325 | &nbsp;&nbsp;&nbsp;(5.000) | &nbsp;&nbsp;&nbsp;(925) | &nbsp;&nbsp;&nbsp;809 |
| iTraxx Europe-S38-V1 | 12/21/27 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;24100 | &nbsp;&nbsp;&nbsp;(1.000) | &nbsp;&nbsp;&nbsp;(273) | &nbsp;&nbsp;&nbsp;(49) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(1198) | &nbsp;&nbsp;&nbsp;760 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;4419 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Ally Financial Inc./Baa3 | 12/23/25 | GSI | 1630 | 1.000 | (35) | 7 |  | (42) |
| American Express Co./A2 | 12/23/25 | GSI | 1630 | 1.000 | 34 | 31 | 3 |  |
| American International Group Inc./Baa2 | 12/23/25 | GSI | 1630 | 1.000 | 22 | 13 | 9 |  |
| Berkshire Hathaway Inc./Aa2 | 12/21/24 | BARC | 19400 | 1.000 | 340 | 217 | 123 |  |
| Berkshire Hathaway Inc./Aa2 | 12/21/24 | JPMC | 9400 | 1.000 | 165 | 102 | 63 |  |
| Boeing Co./Baa2 | 12/23/25 | GSI | 1630 | 1.000 | 12 | (5) | 17 |  |
| Chubb INA Holdings Inc./A3 | 12/23/25 | GSI | 1630 | 1.000 | 39 | 35 | 4 |  |
| Comcast Corp./A3 | 12/23/25 | GSI | 1630 | 1.000 | 30 | 28 | 2 |  |
| Credit Suisse Group Funding Guernsey Ltd./WR | &nbsp;&nbsp;6/22/27 | JPMC | 4900<sup>2</sup> | 1.000 | (345) | (52) |  | (293) |
| CVS Health Corp./Baa2 | 12/23/25 | GSI | 1630 | 1.000 | 29 | 22 | 7 |  |
| Dominion Energy Inc./Baa2 | 12/23/25 | GSI | 1630 | 1.000 | 27 | 27 |  |  |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) |
| 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) |
| Dow Chemical Co./Baa1 | 12/23/25 | GSI | 1630 | 1.000 | 19 | 18 | 1 |  |
| Enbridge Inc./Baa1 | 12/23/25 | GSI | 1630 | 1.000 | 18 | 16 | 2 |  |
| Federation of Malaysia/A3 | 12/21/27 | MSCS | 2610 | 1.000 | 40 | (17) | 57 |  |
| General Electric Co./Baa1 | 12/23/25 | GSI | 1630 | 1.000 | 22 | 5 | 17 |  |
| General Motors Co./Baa3 | 12/23/25 | GSI | 1630 | 1.000 | (12) | (1) |  | (11) |
| International Business Machines Corp./A3 | 12/23/25 | GSI | 1630 | 1.000 | 30 | 29 | 1 |  |
| Kroger Co./Baa1 | 12/23/25 | GSI | 1630 | 1.000 | 24 | 22 | 2 |  |
| Lincoln National Corp./Baa1 | 12/23/25 | GSI | 1630 | 1.000 | 5 | 12 |  | (7) |
| Lowe's Cos. Inc./Baa1 | 12/23/25 | GSI | 1630 | 1.000 | 31 | 29 | 2 |  |
| Marathon Petroleum Corp./Baa2 | 12/23/25 | GSI | 1630 | 1.000 | 25 | 9 | 16 |  |
| Marsh & McLennan Cos. Inc./Baa1 | 12/23/25 | GSI | 1630 | 1.000 | 40 | 34 | 6 |  |
| Metlife Inc./A3 | &nbsp;&nbsp;6/21/24 | BARC | 24300 | 1.000 | 268 | 6 | 262 |  |
| Metlife Inc./A3 | 12/23/25 | GSI | 1630 | 1.000 | 25 | 21 | 4 |  |
| Mondelez International Inc./Baa1 | 12/23/25 | GSI | 1630 | 1.000 | 33 | 26 | 7 |  |
| Prudential Financial Inc./A3 | 12/23/25 | GSI | 1630 | 1.000 | 25 | 21 | 4 |  |
| Republic of Chile/A2 | 12/21/27 | BARC | 21500 | 1.000 | 26 | (435) | 461 |  |
| Republic of Chile/A2 | 12/21/27 | BARC | 11400 | 1.000 | 15 | (242) | 257 |  |
| Republic of Chile/A2 | 12/21/27 | CITNA | 5145 | 1.000 | 6 | (122) | 128 |  |
| Republic of Chile/A2 | 12/21/27 | JPMC | 18080 | 1.000 | 22 | (457) | 479 |  |
| Republic of Chile/A2 | 12/21/27 | MSCS | 50765 | 1.000 | 63 | (1074) | 1137 |  |
| Republic of Indonesia/Baa2 | 12/21/27 | GSI | 48090 | 1.000 | 298 | (474) | 772 |  |
| Republic of Indonesia/Baa2 | 12/21/27 | GSI | 46500 | 1.000 | 288 | (1077) | 1365 |  |
| Republic of Indonesia/Baa2 | 12/21/27 | JPMC | 20850 | 1.000 | 129 | (496) | 625 |  |
| Republic of Peru/Baa1 | 12/21/27 | CITNA | 2835 | 1.000 | (19) | (68) | 49 |  |
| Republic of Philippines/Baa2 | 12/21/27 | BARC | 1470 | 1.000 | 8 | (23) | 31 |  |
| Republic of Philippines/Baa2 | 12/21/27 | GSI | 29530 | 1.000 | 155 | (95) | 250 |  |
| Republic of South Africa/Ba2 | 12/21/27 | BANA | 7860 | 1.000 | (499) | (595) | 96 |  |
| Simon Property Group LP/A3 | 12/23/25 | GSI | 1630 | 1.000 | 22 | 13 | 9 |  |

---

------

Intermediate-Term Investment-Grade Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) |
| 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) |
| UnitedHealth Group Inc./A3 | 12/23/25 | GSI | 1630 | 1.000 | 33 | 31 | 2 |  |
| Verizon Communications Inc./Baa1 | 12/23/25 | GSI | 1630 | 1.000 | 14 | 21 |  | (7) |
|  |  |  |  |  | 1472 | (4438) | 6270 | (360) |

---

---

| | |
|:---|:---|
| 1 | Periodic premium received/paid quarterly. |
| 2 | Notional amount denominated in euro. |

---

---

| |
|:---|
| BANA—Bank of America, N.A. |
| BARC—Barclays Bank plc. |
| CITNA—Citibank, NA. |
| GSI—Goldman Sachs International. |
| JPMC—JPMorgan Chase Bank, N.A. |
| MSCS—Morgan Stanley Capital Services LLC. |

---

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 January 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $2,128,000 and cash of $520,000 in connection with open forward currency contracts and open over-the-counter swap contracts.

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

------

Intermediate-Term Investment-Grade Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $34,031,017) | &nbsp;&nbsp;31276194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $377,628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377627 |
| Total Investments in Securities | 31653821 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 |
| Foreign Currency, at Value (Cost $9,123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931135 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289937 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26577 |
| Swap Premiums Paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432 |
| Variation Margin Receivable—Centrally Cleared Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| **Total Assets** | **32926450** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21570 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;1765468 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29412 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12099 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 |
| Swap Premiums Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;**1835885** |
| **Net Assets** | **31090565** |
| **At January 31, 2023, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;35722612 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;(4632047) |
| **Net Assets** | **31090565** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 176,438,057 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**1521499** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.62** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 3,428,926,450 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **29569066** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.62** |

---

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

------

Intermediate-Term Investment-Grade Fund

#### Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> January 31, 2023 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;971746 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;971746 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—<br> Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—<br> Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—<br> Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—<br> Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32841 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32788 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**938958** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | (1691083) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;(208255) |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3636) |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7351) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48156 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17502) |
| **Realized Net Gain (Loss)** | **(1878583)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (1928529) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13265 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597 |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11779 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(16005) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
| **Change in Unrealized Appreciation (Depreciation)** | **(1917336)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(2856961)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,829,000, ($218000), $1,000, and ($5000), respectively. Purchases and sales are for temporary cash investment purposes. |

---

#### Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832700 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;(1878583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481908 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(1917336) | &nbsp;&nbsp;&nbsp;(2522389) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(2856961) | &nbsp;&nbsp;&nbsp;&nbsp;(1207781) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(928367) | &nbsp;&nbsp;&nbsp;(1370724) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(976398) | &nbsp;&nbsp;&nbsp;(1451252) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(173065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(810969) | &nbsp;&nbsp;&nbsp;&nbsp;1429707 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(984034) | &nbsp;&nbsp;&nbsp;&nbsp;1169206 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(4817393) | &nbsp;&nbsp;&nbsp;(1489827) |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;**35907958** | &nbsp;&nbsp;&nbsp;**37397785** |
| **End of Period** | **31090565** | &nbsp;&nbsp;&nbsp;**35907958** |

---

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

------

Intermediate-Term Investment-Grade Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$9.67** | &nbsp;&nbsp;&nbsp;**$10.39** | &nbsp;&nbsp;&nbsp;**$10.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.52** | &nbsp;&nbsp;&nbsp;**$9.61** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.300 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.087) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.213 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.303) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.335) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.303) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$8.62** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.67** | &nbsp;&nbsp;&nbsp;**$10.39** | &nbsp;&nbsp;&nbsp;**$10.23** | &nbsp;&nbsp;&nbsp;**$9.52** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-8.09%** | &nbsp;&nbsp;&nbsp;**-3.27%** | &nbsp;&nbsp;&nbsp;**7.49%** | &nbsp;&nbsp;&nbsp;**10.76%** | &nbsp;&nbsp;&nbsp;**2.31%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$1521 | &nbsp;&nbsp;&nbsp;$1895 | &nbsp;&nbsp;&nbsp;$2305 | &nbsp;&nbsp;&nbsp;$2459 | &nbsp;&nbsp;&nbsp;$2115 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;3.20% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;113%<sup>5</sup> | &nbsp;&nbsp;&nbsp;114% | &nbsp;&nbsp;&nbsp;73% |

---

---

| | |
|:---|:---|
| 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 0.20%. |
| 4 | Includes 11%, 1%, 12%, 1%, and 1%, 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. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$9.67** | &nbsp;&nbsp;&nbsp;**$10.39** | &nbsp;&nbsp;&nbsp;**$10.23** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.52** | &nbsp;&nbsp;&nbsp;**$9.61** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.310 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.087) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.223 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.313) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.335) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.313) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$8.62** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.67** | &nbsp;&nbsp;&nbsp;**$10.39** | &nbsp;&nbsp;&nbsp;**$10.23** | &nbsp;&nbsp;&nbsp;**$9.52** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-8.00%** | &nbsp;&nbsp;&nbsp;**-3.17%** | &nbsp;&nbsp;&nbsp;**7.59%** | &nbsp;&nbsp;&nbsp;**10.87%** | &nbsp;&nbsp;&nbsp;**2.41%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$29569 | &nbsp;&nbsp;&nbsp;$34013 | &nbsp;&nbsp;&nbsp;$35093 | &nbsp;&nbsp;&nbsp;$31146 | &nbsp;&nbsp;&nbsp;$27011 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;3.02% | &nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;3.30% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;113%<sup>5</sup> | &nbsp;&nbsp;&nbsp;114% | &nbsp;&nbsp;&nbsp;73% |

---

---

| | |
|:---|:---|
| 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 0.10%. |
| 4 | Includes 11%, 1%, 12%, 1%, and 1%, 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. |

---

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

------

Intermediate-Term Investment-Grade Fund

Notes to Financial Statements

Vanguard Intermediate-Term Investment-Grade 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.

Certain of the fund's investments are in corporate debt instruments; the issuers' abilities to meet their obligations may be affected by economic developments in their respective industries. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. To minimize the currency risk associated with investment in securities denominated in currencies other than the U.S. dollar, the fund attempts to hedge its currency exposure. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

**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 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. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.

At January 31, 2023, counterparties had deposited in segregated accounts securities with a value of $3,912,000 and cash of $881,200 in connection with TBA transactions.

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 similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll

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Intermediate-Term Investment-Grade Fund

transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased 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 when 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, 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.

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Intermediate-Term Investment-Grade Fund

During the year ended January 31, 2023, 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 year ended January 31, 2023, the fund's average investments in long and short futures contracts represented 7% 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.

The fund's risks in using these 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 year ended January 31, 2023, the fund's average investment in forward currency contracts represented 4% 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

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Intermediate-Term Investment-Grade Fund

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 year ended January 31, 2023, the fund's average amounts of investments in credit protection sold and credit protection purchased represented 7% and less than 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 less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period. The fund had no open interest rate swap contracts at January 31, 2023.

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Intermediate-Term Investment-Grade Fund

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 from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

13. 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.

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.** 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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $1,122,000, representing less than 0.01% of the fund's net assets and 0.45% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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Intermediate-Term Investment-Grade Fund

**C.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset
arrangements reduced the fund's expenses by $53,000 (an annual rate of less than 0.01% of average net assets).

**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 January 31, 2023, 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;3022523 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3022523 |
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364774 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364774 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;26888631 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;26888634 |
| Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28388 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28388 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895201 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895201 |
| Taxable Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76259 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76259 |
| Temporary Cash Investments | 377627 | &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;377627 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
| Total | 377627 | &nbsp;&nbsp;&nbsp;31276191 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;31653821 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 22631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;22631 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2978 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2978 |
| Swap Contracts | &nbsp;&nbsp;4468<sup>1</sup> | &nbsp;&nbsp;&nbsp;6270 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10738 |
| Total | &nbsp;&nbsp;27099 | &nbsp;&nbsp;&nbsp;9248 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;36347 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;18098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;18098 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |
| Total | &nbsp;&nbsp;18147 | &nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;18828 |

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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 January 31, 2023, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

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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) |  |  | 415 | &nbsp;&nbsp;415 |
| Swap Premiums Paid |  |  | 795 | &nbsp;&nbsp;795 |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 22631 |  |  | &nbsp;&nbsp;22631 |
| Unrealized Appreciation—Centrally Cleared Swap Contracts<sup>1</sup> |  |  | 4468 | &nbsp;&nbsp;4468 |

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Intermediate-Term Investment-Grade Fund

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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) |
| Unrealized Appreciation—Forward Currency Contracts |  | 2978 |  | &nbsp;&nbsp;2978 |
| Unrealized Appreciation—<br> Over-the-Counter Swap Contracts |  |  | 6270 | &nbsp;&nbsp;6270 |
| Total Assets | 22631 | 2978 | 11948 | &nbsp;&nbsp;37557 |
| Swap Premiums Received |  |  | 5233 | &nbsp;&nbsp;5233 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | 18098 |  |  | &nbsp;&nbsp;18098 |
| Unrealized Depreciation—Centrally Cleared Swap Contracts<sup>1</sup> |  |  | 49 | &nbsp;&nbsp;49 |
| Unrealized Depreciation—Forward Currency Contracts |  | 321 |  | &nbsp;&nbsp;321 |
| Unrealized Depreciation—<br> Over-the-Counter Swap Contracts |  |  | 360 | &nbsp;&nbsp;360 |
| Total Liabilities | 18098 | 321 | 5642 | &nbsp;&nbsp;24061 |

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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.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended January 31, 2023, were:

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | (208255) |  |  | &nbsp;&nbsp;(208255) |
| Options Purchased | (2726) |  | (910) | &nbsp;&nbsp;(3636) |
| Options Written |  |  | 1088 | &nbsp;&nbsp;1088 |
| Swap Contracts | (9859) |  | 2508 | &nbsp;&nbsp;(7351) |
| Forward Currency Contracts |  | 48156 |  | &nbsp;&nbsp;48156 |
| Realized Net Gain (Loss) on Derivatives | (220840) | 48156 | 2686 | &nbsp;&nbsp;(169998) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives |
| Futures Contracts | 13265 |  |  | &nbsp;&nbsp;13265 |
| Options Purchased | 1875 |  | (278) | &nbsp;&nbsp;1597 |
| Options Written |  |  | (21) | &nbsp;&nbsp;(21) |
| Swap Contracts | 2702 |  | 9077 | &nbsp;&nbsp;11779 |
| Forward Currency Contracts |  | (16005) |  | &nbsp;&nbsp;(16005) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 17842 | (16005) | 8778 | &nbsp;&nbsp;10615 |

---

**F.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable foreign currency transactions and swap agreements were reclassified
between the individual components of total distributable earnings (loss).

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; the recognition of gain or loss from foreign currency hedges; and the treatment of

------

Intermediate-Term Investment-Grade Fund

amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29348 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(1887648) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;(2761648) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;976398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906103 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545149 |
| Total | &nbsp;&nbsp;&nbsp;976398 | &nbsp;&nbsp;&nbsp;&nbsp;1451252 |

---

\* Includes short-term capital gains, if any.

As of January 31, 2023, 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;34420763 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282570 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3044218) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(2761648) |

---

**G.** During the year ended January 31, 2023, the fund purchased $15,091,291,000 of investment securities and sold $15,173,042,000 of investment securities, other than U.S. government securities and temporary cash
investments. Purchases and sales of U.S. government securities were $13,745,792,000 and $14,018,927,000, respectively.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $123,169,000 and sales were $3,586,733,000, resulting in net realized loss of $225,862,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;242343 | &nbsp;&nbsp;&nbsp;&nbsp;28167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373603 | &nbsp;&nbsp;&nbsp;&nbsp;36840 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179 |
| Redeemed | &nbsp;&nbsp;&nbsp;(457992) | &nbsp;&nbsp;&nbsp;(52676) | &nbsp;&nbsp;&nbsp;&nbsp;(706097) | &nbsp;&nbsp;&nbsp;(69748) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;(173065) | &nbsp;&nbsp;&nbsp;(19568) | &nbsp;&nbsp;&nbsp;&nbsp;(260501) | &nbsp;&nbsp;(25729) |
| **Admiral Shares** |  |  |  |  |
| Issued | 6368494 | &nbsp;&nbsp;&nbsp;736413 | &nbsp;&nbsp;&nbsp;&nbsp;7799964 | &nbsp;&nbsp;770507 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;795930 | &nbsp;&nbsp;&nbsp;&nbsp;92412 | &nbsp;&nbsp;&nbsp;&nbsp;1182976 | &nbsp;&nbsp;&nbsp;118004 |
| Redeemed | (7975393) | &nbsp;&nbsp;(917389) | &nbsp;&nbsp;(7553233) | &nbsp;&nbsp;(747411) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;(810969) | &nbsp;&nbsp;&nbsp;(88564) | &nbsp;&nbsp;&nbsp;1429707 | &nbsp;&nbsp;&nbsp;141100 |

---

------

Intermediate-Term Investment-Grade Fund

**I.** Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

------

Long-Term Investment-Grade Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1corpbondfundsi007.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1corpbondfundsi003.jpg) | &nbsp;&nbsp;&nbsp;Long-Term Investment-Grade Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;-16.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;$13528 |
| ![](tm234052d1corpbondfundsi004.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Long Credit A or Better Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-16.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;13221 |
| ![](tm234052d1corpbondfundsi005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| Long-Term Investment-Grade Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;-15.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;$68316 |
| Bloomberg U.S. Long Credit A or Better Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-16.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;66105 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57651 |

---

See Financial Highlights for dividend and capital gains information.

------

Long-Term Investment-Grade Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;0.3% |
| Corporate Bonds - Communications | &nbsp;&nbsp;5.6 |
| Corporate Bonds - Consumer Discretionary | &nbsp;&nbsp;5.9 |
| Corporate Bonds - Consumer Staples | &nbsp;&nbsp;3.7 |
| Corporate Bonds - Energy | &nbsp;&nbsp;5.5 |
| Corporate Bonds - Financials | 18.0 |
| Corporate Bonds - Health Care | 10.4 |
| Corporate Bonds - Industrials | &nbsp;&nbsp;4.6 |
| Corporate Bonds - Materials | &nbsp;&nbsp;0.8 |
| Corporate Bonds - Real Estate | &nbsp;&nbsp;0.4 |
| Corporate Bonds - Technology | 10.2 |
| Corporate Bonds - Utilities | 15.9 |
| Floating Rate Loan Interests | &nbsp;&nbsp;0.0 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;1.4 |
| Taxable Municipal Bonds | &nbsp;&nbsp;9.7 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;7.6 |

---

The table reflects the fund's investments, except for short-term investments and derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

------

Long-Term Investment-Grade Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (7.4%)** | **U.S. Government and Agency Obligations (7.4%)** | **U.S. Government and Agency Obligations (7.4%)** | **U.S. Government and Agency Obligations (7.4%)** | **U.S. Government and Agency Obligations (7.4%)** | **U.S. Government and Agency Obligations (7.4%)** |
| **U.S. Government Securities (6.8%)** | **U.S. Government Securities (6.8%)** | **U.S. Government Securities (6.8%)** | **U.S. Government Securities (6.8%)** | **U.S. Government Securities (6.8%)** | **U.S. Government Securities (6.8%)** |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.375% | 10/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 25008 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.750% | 5/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.250% | 11/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp; 1003 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.625% | 5/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;16850 | &nbsp;&nbsp;&nbsp; 16144 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.875% | 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;11550 | &nbsp;&nbsp;&nbsp; 11759 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 0.625% | 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 16356 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.375% | 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 25294 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.750% | 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;63660 | &nbsp;&nbsp; 59900 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 5.000% | 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp; 7573 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.375% | 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;34818 | &nbsp;&nbsp;&nbsp; 38175 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.500% | 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;94700 | &nbsp;&nbsp;&nbsp; 105221 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.125% | 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;72590 | &nbsp;&nbsp; 48091 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.375% | 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 34547 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.250% | 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp; 2947 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.750% | 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp; 691 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.750% | 8/15/41 | &nbsp;&nbsp; 47094 | &nbsp;&nbsp;&nbsp; 47345 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.000% | 11/15/41 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 12907 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.375% | 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;90975 | &nbsp;&nbsp; 73562 |
| <sup>1,2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.250% | 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;208490 | &nbsp;&nbsp;&nbsp; 193309 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.375% | 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;162580 | &nbsp;&nbsp;&nbsp; 153638 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.750% | 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp; 20490 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.000% | 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;13906 | &nbsp;&nbsp;&nbsp; 14371 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.000% | 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.000% | 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp; 24631 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.250% | 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 15263 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.000% | 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp; 4221 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.750% | 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp; 18473 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.125% | 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp; 10824 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.000% | 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;31800 | &nbsp;&nbsp; 22538 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.875% | 11/15/51 | &nbsp;&nbsp; 37500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25723 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.250% | 2/15/52 | &nbsp;&nbsp; 37885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28455 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 2.875% | 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;55500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47817 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.000% | 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10347 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Strip Principal | 0.000% | 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5992 |
|  |  |  |  |  | **1122924** |
| **Agency Bonds and Notes (0.3%)** | **Agency Bonds and Notes (0.3%)** | **Agency Bonds and Notes (0.3%)** | **Agency Bonds and Notes (0.3%)** | **Agency Bonds and Notes (0.3%)** | **Agency Bonds and Notes (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Tennessee Valley Authority | 5.250% | 9/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36778 |
|  | &nbsp;&nbsp;&nbsp;Tennessee Valley Authority | 4.250% | 9/15/65 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9246 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **46024** |
| **Conventional Mortgage-Backed Securities (0.3%)** | **Conventional Mortgage-Backed Securities (0.3%)** | **Conventional Mortgage-Backed Securities (0.3%)** | **Conventional Mortgage-Backed Securities (0.3%)** | **Conventional Mortgage-Backed Securities (0.3%)** | **Conventional Mortgage-Backed Securities (0.3%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Fannie Mae Pool | 2.320% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/36 | &nbsp;&nbsp; 37423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29998 |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Fannie Mae Pool | 2.120% | 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17820 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **47818** |
| **Total U.S. Government and Agency Obligations (Cost $1,311,934)** | **Total U.S. Government and Agency Obligations (Cost $1,311,934)** | **Total U.S. Government and Agency Obligations (Cost $1,311,934)** | **Total U.S. Government and Agency Obligations (Cost $1,311,934)** | **Total U.S. Government and Agency Obligations (Cost $1,311,934)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1216766** |
| **Asset-Backed/Commercial Mortgage-Backed Securities (0.3%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (0.3%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (0.3%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (0.3%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (0.3%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (0.3%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates Class A2 Series K-1521 | 2.184% | 8/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;21675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16795 |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certificates Class A2 Series K-1522 | 2.361% | 10/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;29170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 |
| **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $52,261)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $52,261)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $52,261)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $52,261)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $52,261)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39795** |
| **Corporate Bonds (79.1%)** | **Corporate Bonds (79.1%)** | **Corporate Bonds (79.1%)** | **Corporate Bonds (79.1%)** | **Corporate Bonds (79.1%)** | **Corporate Bonds (79.1%)** |
| **Communications (5.5%)** | **Communications (5.5%)** | **Communications (5.5%)** | **Communications (5.5%)** | **Communications (5.5%)** | **Communications (5.5%)** |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. | 1.900% | 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;33925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23880 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. | 2.250% | 8/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;15758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9711 |
|  | &nbsp;&nbsp;&nbsp;America Movil SAB de CV | 4.375% | 4/22/49 | &nbsp;&nbsp;&nbsp;&nbsp;34805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31596 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;AT&T Inc. | 7.000% | 4/30/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8691 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;13690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10528 |
|  | &nbsp;&nbsp;&nbsp;AT&T Inc. | 3.800% | 12/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2797 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | 4.750% | 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cable One Inc. | 4.000% | 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
|  | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2983 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;CK Hutchison Group Telecom Finance SA | 2.625% | 10/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cogent Communications Group Inc. | 7.000% | 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 5.650% | 6/15/35 | &nbsp;&nbsp; 17896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19516 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 6.500% | 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 | &nbsp;&nbsp; 5035 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Comcast Corp. | 1.875% | 2/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp; 635 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.200% | 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;16810 | &nbsp;&nbsp;&nbsp; 14410 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;39335 | &nbsp;&nbsp; 35997 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.600% | 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;19518 | &nbsp;&nbsp;&nbsp; 19171 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.250% | 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp; 9985 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/40 | &nbsp;&nbsp; 17100 | &nbsp;&nbsp;&nbsp; 15105 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.500% | 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp; 1089 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045 | &nbsp;&nbsp;&nbsp; 4910 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.400% | 7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;14755 | &nbsp;&nbsp;&nbsp; 11746 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.000% | 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;18875 | &nbsp;&nbsp;&nbsp; 16338 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.969% | 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;80688 | &nbsp;&nbsp; 69690 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;12025 | &nbsp;&nbsp;&nbsp; 10439 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.700% | 10/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8835 | &nbsp;&nbsp; 8529 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.999% | 11/1/49 | &nbsp;&nbsp; 30176 | &nbsp;&nbsp; 25981 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp; 6739 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.800% | 1/15/51 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 4852 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.887% | 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;41693 | &nbsp;&nbsp; 29089 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.450% | 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1287 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.049% | 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837 | &nbsp;&nbsp;&nbsp; 3315 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.937% | 11/1/56 | &nbsp;&nbsp; 117626 | &nbsp;&nbsp; 80353 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 4.950% | 10/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp; 1257 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.650% | 8/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp; 3776 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. | 2.987% | 11/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;128190 | &nbsp;&nbsp; 85566 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CSC Holdings LLC | 4.625% | 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp; 157 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CSC Holdings LLC | 3.375% | 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp; 73 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 3.625% | 1/21/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp; 2484 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor Inc. | 5.875% | 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;Discovery Communications LLC | 4.650% | 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp; 7030 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DISH DBS Corp. | 5.250% | 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp; 121 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DISH DBS Corp. | 5.750% | 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp; 74 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp; 107 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DISH Network Corp. | 11.750% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. | 5.476% | 1/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 969 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. | 5.576% | 1/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp; 933 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC | 5.875% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp; 43 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp; 109 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC | 6.000% | 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp; 148 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Level 3 Financing Inc. | 4.625% | 9/15/27 | &nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 100 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Level 3 Financing Inc. | 3.625% | 1/15/29 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 86 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 4.279% | 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 26680 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 5.050% | 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535 | &nbsp;&nbsp; 4726 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 5.141% | 3/15/52 | &nbsp;&nbsp; 16740 | &nbsp;&nbsp;&nbsp; 13906 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Magallanes Inc. | 5.391% | 3/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;10460 | &nbsp;&nbsp; 8706 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. | 4.450% | 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380 | &nbsp;&nbsp; 2951 |
|  | &nbsp;&nbsp;&nbsp;NBCUniversal Media LLC | 4.450% | 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8827 | &nbsp;&nbsp; 8251 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | 3.625% | 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 4.875% | 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp; 1149 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 5.875% | 11/15/28 | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 120 |
|  | &nbsp;&nbsp;&nbsp;Netflix Inc. | 6.375% | 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp; 911 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;News Corp. | 3.875% | 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp; 305 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Nexstar Media Inc. | 5.625% | 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp; 183 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Nexstar Media Inc. | 4.750% | 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global Inc. | 4.950% | 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;14055 | &nbsp;&nbsp;&nbsp; 12966 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global Inc. | 4.375% | 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;11065 | &nbsp;&nbsp;&nbsp; 8165 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Scripps Escrow II Inc. | 5.375% | 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp; 125 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Scripps Escrow Inc. | 5.875% | 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp; 138 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Sirius XM Radio Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp; 94 |
|  | &nbsp;&nbsp;&nbsp;Sprint LLC | 7.125% | 6/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp; 352 |
|  | &nbsp;&nbsp;&nbsp;Sprint LLC | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 423 |
|  | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA | 4.665% | &nbsp;&nbsp;&nbsp;&nbsp;3/6/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp; 822 |
|  | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA | 5.213% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1761 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA | 4.895% | &nbsp;&nbsp;&nbsp;&nbsp;3/6/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090 |
|  | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC | 6.550% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;11975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12205 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 2.625% | 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1352 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 3.375% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 3.000% | 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile USA Inc. | 5.800% | 9/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;14850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15583 |
|  | &nbsp;&nbsp;&nbsp;TWDC Enterprises 18 Corp. | 3.000% | 7/30/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4363 |
|  | &nbsp;&nbsp;&nbsp;TWDC Enterprises 18 Corp. | 7.550% | 7/15/93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2609 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Univision Communications Inc. | 7.375% | 6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;UPC Broadband Finco BV | 4.875% | 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 4.750% | 10/31/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2.875% | 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 3.400% | 3/22/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4451 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 4.862% | 8/21/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2495 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 3.550% | 3/22/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/52 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6160 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Videotron Ltd. | 3.625% | 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vodafone Group plc | 2.500% | 5/24/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Vodafone Group plc | 3.000% | 8/12/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;VZ Secured Financing BV | 5.000% | 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 6.200% | 12/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3814 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 6.400% | 12/15/35 | &nbsp;&nbsp; 17218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19814 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 6.650% | 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3201 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 4.625% | 3/23/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1694 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3.500% | 5/13/40 | &nbsp;&nbsp;&nbsp;&nbsp;58715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50273 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 4.750% | 9/15/44 | &nbsp;&nbsp; 8474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8299 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;58270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41572 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3.600% | 1/13/51 | &nbsp;&nbsp;&nbsp;&nbsp;41516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34288 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;WMG Acquisition Corp. | 3.750% | 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Zayo Group Holdings Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  |  |  |  |  | **902518** |
| **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** | **Consumer Discretionary (5.8%)** |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance Inc. | 3.875% | 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;1011778 BC ULC / New Red Finance Inc. | 4.375% | 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.000% | 12/6/37 | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27074 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.200% | 12/6/47 | &nbsp;&nbsp;&nbsp;&nbsp;14873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12451 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.400% | 12/6/57 | &nbsp;&nbsp;&nbsp;&nbsp;13080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10935 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 3.875% | 8/22/37 | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39093 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 2.875% | 5/12/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3549 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4.950% | 12/5/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6230 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4.050% | 8/22/47 | &nbsp;&nbsp;&nbsp;&nbsp;80075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72669 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/3/50 | &nbsp;&nbsp;&nbsp;&nbsp;28720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19466 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 3.100% | 5/12/51 | &nbsp;&nbsp; 22740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17289 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 3.950% | 4/13/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4976 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4.250% | 8/22/57 | &nbsp;&nbsp;&nbsp;&nbsp;50348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46134 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;6/3/60 | &nbsp;&nbsp;&nbsp;&nbsp;22830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14925 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 3.250% | 5/12/61 | &nbsp;&nbsp;&nbsp;&nbsp;31975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23629 |
|  | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 4.100% | 4/13/62 | &nbsp;&nbsp;&nbsp;&nbsp;43035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37748 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;American Builders & Contractors Supply Co. Inc. | 3.875% | 11/15/29 | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;American University | 3.672% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2125 |
|  | &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1029 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | 7.500% | 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Caesars Resort Collection LLC / CRC Finco Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;California Institute of Technology | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242 | &nbsp;&nbsp; 3046 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Camelot Return Merger Sub Inc. | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp; 291 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp; 382 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Carnival Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp; 207 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Carnival Holdings Bermuda Ltd. | 10.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp; 76 |
|  | &nbsp;&nbsp;&nbsp;Case Western Reserve University | 5.405% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp; 1926 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp; 179 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp; 228 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Churchill Downs Inc. | 4.750% | 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp; 269 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Clarios Global LP | 6.750% | 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp; 31 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Clarios Global LP / Clarios US Finance Co. | 8.500% | 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp;&nbsp;DaVita Inc. | 4.500% | 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp; 350 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Duke University | 2.682% | 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp; 2406 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Duke University | 2.832% | 10/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9635 | &nbsp;&nbsp;&nbsp; 7083 |
|  | &nbsp;&nbsp;&nbsp;Ford Foundation | 2.815% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/70 | &nbsp;&nbsp;&nbsp;&nbsp;11950 | &nbsp;&nbsp;&nbsp; 7806 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co. | 9.625% | 4/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp; 12 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 3.815% | 11/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp; 176 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 2.900% | 2/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp; 735 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 4.000% | 11/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp; 122 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | 3.625% | 6/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp; 262 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 911 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1308 |
|  | &nbsp;&nbsp;&nbsp;General Motors Co. | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 884 |
|  | &nbsp;&nbsp;&nbsp;George Washington University | 4.300% | 9/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 | &nbsp;&nbsp; 2634 |
|  | &nbsp;&nbsp;&nbsp;Georgetown University | 4.315% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;14755 | &nbsp;&nbsp;&nbsp; 13173 |
|  | &nbsp;&nbsp;&nbsp;Georgetown University | 2.943% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;18790 | &nbsp;&nbsp;&nbsp; 13088 |
|  | &nbsp;&nbsp;&nbsp;Georgetown University | 5.215% | 10/1/18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945 | &nbsp;&nbsp;&nbsp; 5576 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. | 5.000% | 7/15/29 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 97 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co. Inc. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp; 104 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 5.875% | 12/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;24525 | &nbsp;&nbsp;&nbsp; 27577 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3.300% | 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 847 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 5.400% | 9/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp; 1023 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;18480 | &nbsp;&nbsp; 21066 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 4.875% | 2/15/44 | &nbsp;&nbsp; 55115 | &nbsp;&nbsp;&nbsp; 56107 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 4.400% | 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp; 12308 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;21515 | &nbsp;&nbsp; 20028 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3.900% | 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;28950 | &nbsp;&nbsp; 25575 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 4.500% | 12/6/48 | &nbsp;&nbsp; 17825 | &nbsp;&nbsp;&nbsp; 17239 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3.125% | 12/15/49 | &nbsp;&nbsp; 7950 | &nbsp;&nbsp; 6081 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3.350% | 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1601 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 2.375% | 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 1634 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 2.750% | 9/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;26130 | &nbsp;&nbsp;&nbsp; 18519 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3.625% | 4/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp; 2604 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 4.950% | 9/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp; 3221 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | 3.500% | 9/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp; 769 |
|  | &nbsp;&nbsp;&nbsp;Indiana University Foundation Inc. | 2.820% | 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp; 4195 |
|  | &nbsp;&nbsp;&nbsp;KB Home | 7.250% | 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Leland Stanford Junior University | 3.647% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;16833 | &nbsp;&nbsp;&nbsp; 14843 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | 4.625% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 558 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp; 474 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lithia Motors Inc. | 4.375% | 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 426 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 5.625% | 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp; 29 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 6.500% | 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp; 337 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | 3.750% | 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp; 9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/62 | &nbsp;&nbsp; 17510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14866 |
|  | &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | 5.800% | 9/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9754 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Institute of Technology | 3.959% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;24140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22912 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 5.875% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 3.875% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd. | 5.875% | 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd. | 7.750% | 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 6.375% | 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 6.625% | 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;30604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27027 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. | 3.375% | 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;19180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15986 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Northeastern University | 2.894% | 10/1/50 | &nbsp;&nbsp; 17647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12569 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Penn National Gaming Inc. | 5.625% | 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
|  | &nbsp;&nbsp;&nbsp;President and Fellows of Harvard College | 5.625% | 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2811 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;President and Fellows of Harvard College | 6.500% | 1/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4574 |
|  | &nbsp;&nbsp;&nbsp;President and Fellows of Harvard College | 4.875% | 10/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785 |
|  | &nbsp;&nbsp;&nbsp;President and Fellows of Harvard College | 3.150% | 7/15/46 | &nbsp;&nbsp; 17450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14277 |
|  | &nbsp;&nbsp;&nbsp;President and Fellows of Harvard College | 3.745% | 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;31590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28335 |
|  | &nbsp;&nbsp;&nbsp;Rockefeller Foundation | 2.492% | 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;36482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24855 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 8.250% | 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Studio City Co. Ltd. | 7.000% | 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  | &nbsp;&nbsp;&nbsp;Thomas Jefferson University | 3.847% | 11/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;24350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19076 |
|  | &nbsp;&nbsp;&nbsp;Trustees of Princeton University | 4.201% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;18865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18396 |
|  | &nbsp;&nbsp;&nbsp;Trustees of the University of Pennsylvania | 3.610% | 2/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;20230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14689 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;University of Chicago | 2.761% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;11735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9424 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;University of Chicago | 2.547% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7142 |
|  | &nbsp;&nbsp;&nbsp;University of Chicago | 3.000% | 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4205 |
|  | &nbsp;&nbsp;&nbsp;University of Miami | 4.063% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;12840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11406 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Vail Resorts Inc. | 6.250% | 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598 |
|  | &nbsp;&nbsp;&nbsp;Washington University | 4.349% | 4/15/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1596 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;WK Kellogg Foundation Trust | 2.443% | 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;42390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27862 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc. | 4.375% | 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | 7.750% | 4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp;Yale University | 2.402% | 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;19845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13716 |
|  |  |  |  |  | **950017** |
| **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 5.800% | 2/14/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2169 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;5/6/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC | 6.750% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1983 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7812 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Finance Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1886 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 4.375% | 4/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2850 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 8.200% | 1/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;12383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16290 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3964 |
|  | &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide Inc. | 5.550% | 1/23/49 | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34304 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 4.500% | 3/15/49 | &nbsp;&nbsp; 18749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18265 |
|  | &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 2.700% | 9/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;21850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15575 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 4.390% | 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1133 |
|  | &nbsp;&nbsp;&nbsp;BAT Capital Corp. | 4.540% | 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cargill Inc. | 4.760% | 11/23/45 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19311 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cargill Inc. | 3.125% | 5/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;13715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10163 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cargill Inc. | 4.375% | 4/22/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5856 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;CK Hutchison Europe Finance 18 Ltd. | 2.000% | 4/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/5/41 | &nbsp;&nbsp;&nbsp;&nbsp;10925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8900 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22059 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/5/51 | &nbsp;&nbsp; 47160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36949 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2.500% | 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;22750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16071 |
|  | &nbsp;&nbsp;&nbsp;Constellation Brands Inc. | 5.250% | 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2493 |
|  | &nbsp;&nbsp;&nbsp;Diageo Capital plc | 5.500% | 1/24/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1776 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | 4.750% | 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | 4.375% | 3/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 |
|  | &nbsp;&nbsp;&nbsp;Hershey Co. | 3.125% | 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19905 |
|  | &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 4.500% | 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913 |
|  | &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 3.200% | 7/30/46 | &nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11431 |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. | 4.875% | 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2012 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc. | 4.875% | 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Nestle Holdings Inc. | 3.900% | 9/24/38 | &nbsp;&nbsp;&nbsp;&nbsp;39785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37378 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Nestle Holdings Inc. | 4.000% | 9/24/48 | &nbsp;&nbsp;&nbsp;&nbsp;23255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21045 |
|  | &nbsp;&nbsp;&nbsp;Pepsico Inc. | 4.200% | 7/18/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6621 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 4.450% | 4/14/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4810 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/2/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3006 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 3.375% | 7/29/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2481 |
|  | &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 2.750% | 10/21/51 | &nbsp;&nbsp;&nbsp;&nbsp;18335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13621 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Inc. | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 5.750% | 11/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;14575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15348 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 6.375% | 5/16/38 | &nbsp;&nbsp;&nbsp;&nbsp;14871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16593 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 1.450% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 4.375% | 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 3.875% | 8/21/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1412 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/43 | &nbsp;&nbsp; 17345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14589 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 4.875% | 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8635 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 4.250% | 11/10/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1703 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SC Johnson & Son Inc. | 4.000% | 5/15/43 | &nbsp;&nbsp; 28110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23953 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 2.950% | 1/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;32895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24377 |
|  | &nbsp;&nbsp;&nbsp;Target Corp. | 4.800% | 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;41510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41963 |
|  | &nbsp;&nbsp;&nbsp;Unilever Capital Corp. | 2.625% | 8/12/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1428 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 3.950% | 6/28/38 | &nbsp;&nbsp;&nbsp;&nbsp;24957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23977 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2063 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 5.625% | 4/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4204 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 4.000% | 4/11/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 3.625% | 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;13145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11484 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 2.950% | 9/24/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2910 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 2.650% | 9/22/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2193 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/9/52 | &nbsp;&nbsp;&nbsp;&nbsp;31965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32103 |
|  |  |  |  |  | **594482** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| **Energy (5.4%)** | **Energy (5.4%)** | **Energy (5.4%)** | **Energy (5.4%)** | **Energy (5.4%)** | **Energy (5.4%)** |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp; 140 |
|  | &nbsp;&nbsp;&nbsp;Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc. | 4.080% | 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2097 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Bonanza Creek Energy Inc. | 5.000% | 10/15/26 | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 108 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.060% | 6/17/41 | &nbsp;&nbsp;&nbsp;&nbsp;25555 | &nbsp;&nbsp; 20388 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.000% | 2/24/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1459 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 2.772% | 11/10/50 | &nbsp;&nbsp; 37140 | &nbsp;&nbsp; 25772 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 2.939% | &nbsp;&nbsp;&nbsp;&nbsp;6/4/51 | &nbsp;&nbsp;&nbsp;&nbsp;54570 | &nbsp;&nbsp; 39021 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.001% | 3/17/52 | &nbsp;&nbsp;&nbsp;&nbsp;26280 | &nbsp;&nbsp; 18938 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | 3.379% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/61 | &nbsp;&nbsp;&nbsp;&nbsp;50005 | &nbsp;&nbsp;&nbsp; 37440 |
|  | &nbsp;&nbsp;&nbsp;Burlington Resources LLC | 5.950% | 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 2185 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cameron LNG LLC | 3.701% | 1/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp; 1106 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | 4.625% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp; 138 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 3.250% | 1/31/32 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 96 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 3.078% | 5/11/50 | &nbsp;&nbsp;&nbsp;&nbsp;19305 | &nbsp;&nbsp;&nbsp; 15042 |
|  | &nbsp;&nbsp;&nbsp;Chevron USA Inc. | 2.343% | 8/12/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620 | &nbsp;&nbsp; 2450 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | 7.375% | 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp; 63 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 5.900% | 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp; 1481 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips Co. | 3.758% | 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp; 8633 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips Co. | 4.300% | 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9878 | &nbsp;&nbsp; 9240 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips Co. | 3.800% | 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;41665 | &nbsp;&nbsp; 35691 |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips Co. | 4.025% | 3/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;38905 | &nbsp;&nbsp;&nbsp; 33615 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CrownRock LP / CrownRock Finance Inc. | 5.625% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp; 83 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CrownRock LP / CrownRock Finance Inc. | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp; 69 |
|  | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP | 5.625% | 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp; 57 |
|  | &nbsp;&nbsp;&nbsp;DCP Midstream Operating LP | 5.125% | 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp; 180 |
|  | &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | 4.250% | 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp; 1569 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | 4.125% | 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp; 207 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | 4.375% | 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp; 153 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Endeavor Energy Resources LP / EER Finance Inc. | 5.750% | 1/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp; 148 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 5.750% | 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp; 3170 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer Operating LP | 5.000% | 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2624 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;EnLink Midstream LLC | 5.625% | 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp; 49 |
|  | &nbsp;&nbsp;&nbsp;EnLink Midstream LLC | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp; 121 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 4.850% | 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 14249 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 4.900% | 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp; 1414 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 4.200% | 1/31/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1283 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp; 1558 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 4.950% | 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;16580 | &nbsp;&nbsp;&nbsp;&nbsp; 17116 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp; 85 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 5.500% | 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp; 157 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/40 | &nbsp;&nbsp;&nbsp;&nbsp;19225 | &nbsp;&nbsp;&nbsp; 16791 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | 4.250% | 11/23/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp; 1819 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | 3.950% | 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;35350 | &nbsp;&nbsp; 31629 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | 3.250% | 11/18/49 | &nbsp;&nbsp;&nbsp;&nbsp;18640 | &nbsp;&nbsp;&nbsp; 14639 |
|  | &nbsp;&nbsp;&nbsp;Equinor ASA | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/50 | &nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp; 16904 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 1.408% | 6/26/39 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.995% | 8/16/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178 | &nbsp;&nbsp; 4242 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 4.227% | 3/19/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4779 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.567% | &nbsp;&nbsp;&nbsp;&nbsp;3/6/45 | &nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp; 9047 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 4.114% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/46 | &nbsp;&nbsp; 35010 | &nbsp;&nbsp; 31920 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.095% | 8/16/49 | &nbsp;&nbsp;&nbsp;&nbsp;14590 | &nbsp;&nbsp;&nbsp; 11218 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 4.327% | 3/19/50 | &nbsp;&nbsp;&nbsp;&nbsp;68181 | &nbsp;&nbsp;&nbsp; 64198 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.452% | 4/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;34295 | &nbsp;&nbsp;&nbsp; 27964 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | 2.940% | 9/30/40 | &nbsp;&nbsp;&nbsp;&nbsp;28861 | &nbsp;&nbsp; 23690 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp. | 6.500% | 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp; 20 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP | 5.500% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp; 51 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp; 33 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp; 41 |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 6.375% | 10/24/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp; 1220 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan Inc. | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp; 3616 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;MEG Energy Corp. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp; 19 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP | 5.500% | 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9543 |
|  | &nbsp;&nbsp;&nbsp;MPLX LP | 4.950% | 3/14/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp; 664 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Northern Natural Gas Co. | 3.400% | 10/16/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp; 2052 |
|  | &nbsp;&nbsp;&nbsp;Nustar Logistics LP | 5.750% | 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;Nustar Logistics LP | 6.375% | 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 5.500% | 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp; 30 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 5.550% | 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp; 296 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp; 136 |
|  | &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 6.600% | 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp; 85 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Parkland Corp. | 4.500% | 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp; 129 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC | 7.750% | 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp; 120 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp; 268 |
|  | &nbsp;&nbsp;&nbsp;Petroleos del Peru SA | 5.625% | 6/19/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp; 3037 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.625% | 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp; 63 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/2/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp; 342 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.750% | 9/21/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.350% | 2/12/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp; 766 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 3.500% | 4/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8245 | &nbsp;&nbsp;&nbsp; 7710 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 4.125% | 5/11/35 | &nbsp;&nbsp;&nbsp;&nbsp;19405 | &nbsp;&nbsp; 18850 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 6.375% | 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 | &nbsp;&nbsp; 2479 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 5.500% | 3/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;13990 | &nbsp;&nbsp;&nbsp; 15082 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 2.875% | 11/26/41 | &nbsp;&nbsp;&nbsp;&nbsp;15345 | &nbsp;&nbsp;&nbsp; 11954 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 3.625% | 8/21/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 862 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 4.550% | 8/12/43 | &nbsp;&nbsp;&nbsp;&nbsp;19195 | &nbsp;&nbsp; 18586 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 4.375% | 5/11/45 | &nbsp;&nbsp;&nbsp;&nbsp;40595 | &nbsp;&nbsp; 38334 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 4.000% | 5/10/46 | &nbsp;&nbsp; 37137 | &nbsp;&nbsp; 33070 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 3.750% | 9/12/46 | &nbsp;&nbsp;&nbsp;&nbsp;63375 | &nbsp;&nbsp; 54066 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 3.125% | 11/7/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3821 |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/50 | &nbsp;&nbsp;&nbsp;&nbsp;16730 | &nbsp;&nbsp;&nbsp; 13079 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Shell International Finance BV | 3.000% | 11/26/51 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16203 |
|  | &nbsp;&nbsp;&nbsp;Suncor Energy Inc. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Tap Rock Resources LLC | 7.000% | 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 6.500% | 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
|  | &nbsp;&nbsp;&nbsp;Total Capital International SA | 2.986% | 6/29/41 | &nbsp;&nbsp;&nbsp;&nbsp;28045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22456 |
|  | &nbsp;&nbsp;&nbsp;Total Capital International SA | 3.461% | 7/12/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 |
|  | &nbsp;&nbsp;&nbsp;Total Capital International SA | 3.127% | 5/29/50 | &nbsp;&nbsp;&nbsp;&nbsp;44285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33838 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Transocean Inc. | 8.750% | 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Transocean Titan Financing Ltd. | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 3.650% | 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1224 |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC | 3.875% | 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC | 6.250% | 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
|  | &nbsp;&nbsp;&nbsp;Western Midstream Operating LP | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp;Western Midstream Operating LP | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Western Midstream Operating LP | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1939 |
|  |  |  |  |  | **878195** |
| **Financials (17.5%)** | **Financials (17.5%)** | **Financials (17.5%)** | **Financials (17.5%)** | **Financials (17.5%)** | **Financials (17.5%)** |
|  | &nbsp;&nbsp;&nbsp;ACE Capital Trust II | 9.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp; 3745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4719 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.850% | 10/29/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4782 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | 4.000% | 10/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1432 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | 4.200% | 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;12485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11060 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | 4.375% | 6/30/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3012 |
|  | &nbsp;&nbsp;&nbsp;Aon Corp. / Aon Global Holdings plc | 3.900% | 2/28/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3799 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;AXA SA | 5.625% | 1/16/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.572% | 10/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;14175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11739 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.972% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/33 | &nbsp;&nbsp;&nbsp;&nbsp;13415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11441 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 5.015% | 7/22/33 | &nbsp;&nbsp;&nbsp;&nbsp;18835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18825 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 6.110% | 1/29/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4274 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.244% | 4/24/38 | &nbsp;&nbsp;&nbsp;&nbsp;73876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68128 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.078% | 4/23/40 | &nbsp;&nbsp;&nbsp;&nbsp;28585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25564 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.676% | 6/19/41 | &nbsp;&nbsp;&nbsp;&nbsp;66163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48857 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/7/42 | &nbsp;&nbsp;&nbsp;&nbsp;19230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21363 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.311% | 4/22/42 | &nbsp;&nbsp;&nbsp;&nbsp;62940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50637 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.443% | 1/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;24655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22820 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 3.946% | 1/23/49 | &nbsp;&nbsp;&nbsp;&nbsp;64760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55060 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.330% | 3/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;29336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26691 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 4.083% | 3/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;39475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34051 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.831% | 10/24/51 | &nbsp;&nbsp;&nbsp;&nbsp;18395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12598 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.972% | 7/21/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2994 |
|  | &nbsp;&nbsp;&nbsp;Bank of America NA | 6.000% | 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5393 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 4.289% | 6/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;26880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26021 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 5.834% | 10/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2435 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 4.706% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6135 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. | 4.400% | 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. | 4.300% | 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1926 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. | 4.200% | 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp; 10755 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. | 4.250% | 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;44185 | &nbsp;&nbsp; 41667 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. | 2.850% | 10/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420 | &nbsp;&nbsp; 6077 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. | 2.500% | 1/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2039 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. | 3.850% | 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;62665 | &nbsp;&nbsp; 54039 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. | 1.625% | 3/16/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. | 4.500% | 2/11/43 | &nbsp;&nbsp;&nbsp;&nbsp;25247 | &nbsp;&nbsp;&nbsp; 25153 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;BNP Paribas SA | 3.132% | 1/20/33 | &nbsp;&nbsp;&nbsp;&nbsp;18335 | &nbsp;&nbsp;&nbsp; 15493 |
|  | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 4.150% | 3/13/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1377 |
|  | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 4.350% | 11/3/45 | &nbsp;&nbsp;&nbsp;&nbsp;20125 | &nbsp;&nbsp;&nbsp; 19107 |
|  | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 2.850% | 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 724 |
|  | &nbsp;&nbsp;&nbsp;Chubb INA Holdings Inc. | 3.050% | 12/15/61 | &nbsp;&nbsp; 7235 | &nbsp;&nbsp;&nbsp; 5147 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3.878% | 1/24/39 | &nbsp;&nbsp;&nbsp;&nbsp;65730 | &nbsp;&nbsp;&nbsp; 57648 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 5.316% | 3/26/41 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10262 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 5.875% | 1/30/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290 | &nbsp;&nbsp; 4672 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 2.904% | 11/3/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8685 | &nbsp;&nbsp; 6504 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.650% | 7/30/45 | &nbsp;&nbsp;&nbsp;&nbsp;13142 | &nbsp;&nbsp;&nbsp; 12343 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 4.650% | 7/23/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8202 | &nbsp;&nbsp;&nbsp; 7842 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | 3.305% | 3/11/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2243 |
|  | &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA | 5.250% | 5/24/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp; 1503 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065 | &nbsp;&nbsp; 4439 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;4/5/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp; 5654 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Credit Suisse Group AG | 0.625% | 1/18/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 340 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | 5.000% | 4/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890 | &nbsp;&nbsp; 5561 |
|  | &nbsp;&nbsp;&nbsp;Everest Reinsurance Holdings Inc. | 3.125% | 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp; 3001 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;FMR LLC | 6.450% | 11/15/39 | &nbsp;&nbsp; 16010 | &nbsp;&nbsp;&nbsp; 17500 |
|  | &nbsp;&nbsp;&nbsp;GATX Corp. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp; 1796 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 6.875% | 1/18/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 555 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 4.017% | 10/31/38 | &nbsp;&nbsp;&nbsp;&nbsp;139440 | &nbsp;&nbsp;&nbsp; 123682 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 4.411% | 4/23/39 | &nbsp;&nbsp;&nbsp;&nbsp;43422 | &nbsp;&nbsp;&nbsp; 40128 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;12170 | &nbsp;&nbsp;&nbsp; 13810 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.210% | 4/22/42 | &nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp; 17514 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 2.908% | 7/21/42 | &nbsp;&nbsp;&nbsp;&nbsp;20480 | &nbsp;&nbsp;&nbsp; 15316 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 3.436% | 2/24/43 | &nbsp;&nbsp;&nbsp;&nbsp;20660 | &nbsp;&nbsp;&nbsp; 16633 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;7/8/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2899 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 5.150% | 5/22/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1980 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | 4.750% | 10/21/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 | &nbsp;&nbsp; 5681 |
|  | &nbsp;&nbsp;&nbsp;Hartford Financial Services Group Inc. | 2.900% | 9/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp; 3325 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 7.625% | 5/17/32 | &nbsp;&nbsp; 3010 | &nbsp;&nbsp;&nbsp; 3210 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2.804% | 5/24/32 | &nbsp;&nbsp;&nbsp;&nbsp;23660 | &nbsp;&nbsp;&nbsp; 19506 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 5.402% | 8/11/33 | &nbsp;&nbsp;&nbsp;&nbsp;19150 | &nbsp;&nbsp;&nbsp; 19102 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 8.113% | 11/3/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp; 6876 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 6.500% | 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;20522 | &nbsp;&nbsp; 21692 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 6.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/38 | &nbsp;&nbsp; 48749 | &nbsp;&nbsp; 51893 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 6.000% | 3/29/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 486 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 6.100% | 1/14/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp; 3361 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 5.250% | 3/14/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp; 2104 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 1.850% | 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060 | &nbsp;&nbsp;&nbsp; 3191 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 2.650% | 9/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 745 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 4.250% | 9/21/48 | &nbsp;&nbsp; 7225 | &nbsp;&nbsp; 6492 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 3.000% | 6/15/50 | &nbsp;&nbsp; 7920 | &nbsp;&nbsp;&nbsp; 5716 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 4.950% | 6/15/52 | &nbsp;&nbsp; 57395 | &nbsp;&nbsp; 56557 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 3.000% | 9/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 408 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 5.200% | 6/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;44205 | &nbsp;&nbsp; 44065 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Invesco Finance plc | 5.375% | 11/30/43 | &nbsp;&nbsp; 3113 | &nbsp;&nbsp; 3081 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;JAB Holdings BV | 2.250% | 12/19/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 233 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 6.400% | 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;40799 | &nbsp;&nbsp; 46920 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.882% | 7/24/38 | &nbsp;&nbsp;&nbsp;&nbsp;49712 | &nbsp;&nbsp; 44053 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 5.500% | 10/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;32390 | &nbsp;&nbsp; 34504 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.109% | 4/22/41 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp; 14252 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 5.600% | 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6286 | &nbsp;&nbsp;&nbsp; 6749 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;1/6/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 3163 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.157% | 4/22/42 | &nbsp;&nbsp; 27500 | &nbsp;&nbsp;&nbsp; 21710 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.260% | 2/22/48 | &nbsp;&nbsp;&nbsp;&nbsp;36921 | &nbsp;&nbsp; 33407 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4.032% | 7/24/48 | &nbsp;&nbsp;&nbsp;&nbsp;32890 | &nbsp;&nbsp; 28731 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.964% | 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;105345 | &nbsp;&nbsp; 91072 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.897% | 1/23/49 | &nbsp;&nbsp;&nbsp;&nbsp;42355 | &nbsp;&nbsp;&nbsp; 36113 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.109% | 4/22/51 | &nbsp;&nbsp;&nbsp;&nbsp;19160 | &nbsp;&nbsp;&nbsp; 14088 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3.328% | 4/22/52 | &nbsp;&nbsp;&nbsp;&nbsp;35205 | &nbsp;&nbsp; 26833 |
|  | &nbsp;&nbsp;&nbsp;KeyBank NA | 5.000% | 1/26/33 | &nbsp;&nbsp; 7565 | &nbsp;&nbsp;&nbsp; 7582 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 4.750% | 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp; 170 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;LSEGA Financing plc | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/41 | &nbsp;&nbsp;&nbsp;&nbsp;24545 | &nbsp;&nbsp;&nbsp; 19543 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 5.053% | 1/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;30130 | &nbsp;&nbsp; 30048 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 4.350% | 1/30/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp; 3646 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 2.900% | 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515 | &nbsp;&nbsp; 4663 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 6.250% | 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1806 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Mutual Life Insurance Co. | 3.375% | 4/15/50 | &nbsp;&nbsp; 7366 | &nbsp;&nbsp; 5628 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Mutual Life Insurance Co. | 3.729% | 10/15/70 | &nbsp;&nbsp;&nbsp;&nbsp;15195 | &nbsp;&nbsp;&nbsp; 11092 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 4.125% | 8/13/42 | &nbsp;&nbsp;&nbsp;&nbsp;56081 | &nbsp;&nbsp; 50952 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 4.875% | 11/13/43 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9942 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/45 | &nbsp;&nbsp; 7236 | &nbsp;&nbsp; 6460 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 5.000% | 7/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;10705 | &nbsp;&nbsp;&nbsp; 10857 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | 5.250% | 1/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;38440 | &nbsp;&nbsp; 40028 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust | 5.625% | 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.699% | 1/22/31 | &nbsp;&nbsp;&nbsp;&nbsp;16850 | &nbsp;&nbsp;&nbsp; 14610 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6870 | &nbsp;&nbsp; 8063 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.239% | 7/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;35310 | &nbsp;&nbsp; 28661 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.889% | 7/20/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8375 | &nbsp;&nbsp; 8299 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 5.948% | 1/19/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8990 | &nbsp;&nbsp;&nbsp; 9158 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 3.971% | 7/22/38 | &nbsp;&nbsp;&nbsp;&nbsp;94455 | &nbsp;&nbsp; 84834 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.457% | 4/22/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp; 6478 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 3.217% | 4/22/42 | &nbsp;&nbsp;&nbsp;&nbsp;16915 | &nbsp;&nbsp;&nbsp; 13531 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 6.375% | 7/24/42 | &nbsp;&nbsp;&nbsp;&nbsp;36920 | &nbsp;&nbsp;&nbsp; 43101 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.300% | 1/27/45 | &nbsp;&nbsp;&nbsp;&nbsp;21686 | &nbsp;&nbsp;&nbsp; 19938 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 4.375% | 1/22/47 | &nbsp;&nbsp;&nbsp;&nbsp;22750 | &nbsp;&nbsp;&nbsp; 21314 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 5.597% | 3/24/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp; 819 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 2.802% | 1/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp; 1875 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 2.500% | 12/21/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042 | &nbsp;&nbsp;&nbsp; 4210 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 820 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Nationwide Mutual Insurance Co. | 9.375% | 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;24046 | &nbsp;&nbsp; 32987 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Nationwide Mutual Insurance Co. | 4.950% | 4/22/44 | &nbsp;&nbsp;&nbsp;&nbsp;13215 | &nbsp;&nbsp;&nbsp; 11847 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Nationwide Mutual Insurance Co. | 4.350% | 4/30/50 | &nbsp;&nbsp;&nbsp;&nbsp;13720 | &nbsp;&nbsp;&nbsp; 11245 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;New York Life Insurance Co. | 5.875% | 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;36125 | &nbsp;&nbsp;&nbsp; 38762 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;New York Life Insurance Co. | 4.450% | 5/15/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2222 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8944 | &nbsp;&nbsp;&nbsp; 7376 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/59 | &nbsp;&nbsp; 33074 | &nbsp;&nbsp; 24897 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;OneAmerica Financial Partners Inc. | 4.250% | 10/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp; 1195 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. | 3.500% | 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp; 122 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | 5.068% | 1/24/34 | &nbsp;&nbsp;&nbsp;&nbsp;12025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12124 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 4.125% | 4/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3106 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | 3.950% | 3/26/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1463 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 3.000% | 3/10/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2583 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 4.600% | 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 3.905% | 12/7/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1213 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 4.418% | 3/27/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 3.935% | 12/7/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 4.350% | 2/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1408 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | 3.700% | 3/13/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5352 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Securian Financial Group Inc. | 4.800% | 4/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Societe Generale SA | 6.691% | 1/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;12655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13525 |
|  | &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc. | 2.930% | 9/17/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1663 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Teachers Insurance & Annuity Assn. of America | 3.300% | 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;16150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12129 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Temasek Financial I Ltd. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/2/61 | &nbsp;&nbsp;&nbsp;&nbsp;41455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29208 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1056 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 3.750% | 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2472 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 4.000% | 5/30/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2290 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/49 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13194 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;6/8/51 | &nbsp;&nbsp;&nbsp;&nbsp;41465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31289 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 5.122% | 1/26/34 | &nbsp;&nbsp; 7155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7244 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;UBS Group AG | 5.959% | 1/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;15140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15943 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 2.491% | 11/3/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1595 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | 5.700% | 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809 |
|  | &nbsp;&nbsp;&nbsp;Wachovia Corp. | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2388 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/2/33 | &nbsp;&nbsp;&nbsp;&nbsp;59060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52084 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.897% | 7/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5124 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.625% | 11/2/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.068% | 4/30/41 | &nbsp;&nbsp;&nbsp;&nbsp;16910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13213 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 5.375% | 11/2/43 | &nbsp;&nbsp;&nbsp;&nbsp;55167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55687 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 5.606% | 1/15/44 | &nbsp;&nbsp; 119265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123600 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.650% | 11/4/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3649 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3268 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.900% | 11/17/45 | &nbsp;&nbsp;&nbsp;&nbsp;18930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17961 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.400% | 6/14/46 | &nbsp;&nbsp;&nbsp;&nbsp;33292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29409 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.750% | 12/7/46 | &nbsp;&nbsp;&nbsp;&nbsp;43559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40105 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 5.013% | &nbsp;&nbsp;&nbsp;&nbsp;4/4/51 | &nbsp;&nbsp;&nbsp;&nbsp;46250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45544 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4.611% | 4/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4944 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Bank NA | 6.600% | 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 |
|  |  |  |  |  | **2866670** |
| **Health Care (10.2%)** | **Health Care (10.2%)** | **Health Care (10.2%)** | **Health Care (10.2%)** | **Health Care (10.2%)** | **Health Care (10.2%)** |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 4.750% | 11/30/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6271 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 5.300% | 5/27/40 | &nbsp;&nbsp; 15015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16280 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | 4.900% | 11/30/46 | &nbsp;&nbsp;&nbsp;&nbsp;62345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65072 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 4.300% | 5/14/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 4.050% | 11/21/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901 |
|  | &nbsp;&nbsp;&nbsp;AbbVie Inc. | 4.875% | 11/14/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483 |
|  | &nbsp;&nbsp;&nbsp;AdventHealth Obligated Group | 2.795% | 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2055 |
|  | &nbsp;&nbsp;&nbsp;Advocate Health & Hospitals Corp. | 4.272% | 8/15/48 | &nbsp;&nbsp; 7315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6665 |
|  | &nbsp;&nbsp;&nbsp;Advocate Health & Hospitals Corp. | 3.387% | 10/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;15205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11770 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Allina Health System | 3.887% | 4/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3033 |
|  | &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 4.300% | 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 3.150% | 2/21/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 4.400% | 2/22/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2831 |
|  | &nbsp;&nbsp;&nbsp;Ascension Health | 3.106% | 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2435 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 4.375% | 11/16/45 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6775 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/6/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1281 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | 3.000% | 5/28/51 | &nbsp;&nbsp; 27190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20708 |
|  | &nbsp;&nbsp;&nbsp;Baptist Health South Florida Obligated Group | 3.115% | 11/15/71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1383 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Baptist Healthcare System Obligated Group | 3.540% | 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp; 1085 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 3.132% | 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp; 16358 |
|  | &nbsp;&nbsp;&nbsp;Baylor Scott & White Holdings | 2.839% | 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710 | &nbsp;&nbsp; 6221 |
|  | &nbsp;&nbsp;&nbsp;Beth Israel Lahey Health Inc. | 3.080% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;11255 | &nbsp;&nbsp;&nbsp; 7710 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4.125% | 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;24337 | &nbsp;&nbsp; 22891 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 2.350% | 11/13/40 | &nbsp;&nbsp;&nbsp;&nbsp;28285 | &nbsp;&nbsp; 20656 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4.350% | 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4715 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4.550% | 2/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp; 756 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4.250% | 10/26/49 | &nbsp;&nbsp;&nbsp;&nbsp;99690 | &nbsp;&nbsp; 91840 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 2.550% | 11/13/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 3407 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 3.700% | 3/15/52 | &nbsp;&nbsp; 7380 | &nbsp;&nbsp; 6234 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 3.900% | 3/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;42835 | &nbsp;&nbsp; 36205 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Catalent Pharma Solutions Inc. | 3.125% | 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp; 124 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Catalent Pharma Solutions Inc. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp; 70 |
|  | &nbsp;&nbsp;&nbsp;Children's Health System of Texas | 2.511% | 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 1596 |
|  | &nbsp;&nbsp;&nbsp;Children's Hospital of Philadelphia | 2.704% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp; 847 |
|  | &nbsp;&nbsp;&nbsp;City of Hope | 5.623% | 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp; 1999 |
|  | &nbsp;&nbsp;&nbsp;City of Hope | 4.378% | 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp; 1462 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CSL Finance plc | 4.750% | 4/27/52 | &nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp; 15781 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | 2.700% | 8/21/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 1518 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;DaVita Inc. | 3.750% | 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Dignity Health | 4.500% | 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp; 925 |
|  | &nbsp;&nbsp;&nbsp;Dignity Health | 5.267% | 11/1/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp; 732 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. | 6.100% | 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685 | &nbsp;&nbsp; 5357 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 3.950% | 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 | &nbsp;&nbsp; 5320 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2.250% | 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;10335 | &nbsp;&nbsp; 6982 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2.500% | 9/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1336 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 5.905% | 11/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;15555 | &nbsp;&nbsp;&nbsp; 16844 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | 6.377% | 11/22/52 | &nbsp;&nbsp;&nbsp;&nbsp;11890 | &nbsp;&nbsp;&nbsp; 13721 |
|  | &nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital Inc. | 6.375% | 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;33294 | &nbsp;&nbsp;&nbsp; 39819 |
|  | &nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital Inc. | 4.200% | 3/18/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1849 |
|  | &nbsp;&nbsp;&nbsp;Hackensack Meridian Health Inc. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp; 872 |
|  | &nbsp;&nbsp;&nbsp;HCA Inc. | 5.500% | 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1887 |
|  | &nbsp;&nbsp;&nbsp;Inova Health System Foundation | 4.068% | 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;11245 | &nbsp;&nbsp;&nbsp; 10010 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;42310 | &nbsp;&nbsp;&nbsp; 39501 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/37 | &nbsp;&nbsp;&nbsp;&nbsp;48652 | &nbsp;&nbsp;&nbsp; 45515 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.400% | 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;43125 | &nbsp;&nbsp;&nbsp; 39012 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp; 2382 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;26329 | &nbsp;&nbsp; 23698 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/47 | &nbsp;&nbsp;&nbsp;&nbsp;22355 | &nbsp;&nbsp; 20230 |
|  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1335 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Foundation Hospitals | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/41 | &nbsp;&nbsp; 17350 | &nbsp;&nbsp;&nbsp; 13401 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Foundation Hospitals | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;10390 | &nbsp;&nbsp;&nbsp; 10557 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Foundation Hospitals | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/47 | &nbsp;&nbsp; 17944 | &nbsp;&nbsp;&nbsp; 16469 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Foundation Hospitals | 3.266% | 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp; 914 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Foundation Hospitals | 3.002% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;44155 | &nbsp;&nbsp; 32807 |
|  | &nbsp;&nbsp;&nbsp;Mass General Brigham Inc. | 3.192% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050 | &nbsp;&nbsp;&nbsp; 6874 |
|  | &nbsp;&nbsp;&nbsp;Mass General Brigham Inc. | 3.342% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;34775 | &nbsp;&nbsp; 25545 |
|  | &nbsp;&nbsp;&nbsp;Mayo Clinic | 3.774% | 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;11795 | &nbsp;&nbsp;&nbsp; 10262 |
|  | &nbsp;&nbsp;&nbsp;Mayo Clinic | 3.196% | 11/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;23785 | &nbsp;&nbsp;&nbsp; 16943 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 94 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP | 5.250% | 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp; 59 |
|  | &nbsp;&nbsp;&nbsp;Medtronic Inc. | 4.375% | 3/15/35 | &nbsp;&nbsp; 4115 | &nbsp;&nbsp; 4093 |
|  | &nbsp;&nbsp;&nbsp;Medtronic Inc. | 4.625% | 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;16809 | &nbsp;&nbsp;&nbsp; 16898 |
|  | &nbsp;&nbsp;&nbsp;Memorial Sloan-Kettering Cancer Center | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1798 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1846 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 3.700% | 2/10/45 | &nbsp;&nbsp;&nbsp;&nbsp;70945 | &nbsp;&nbsp; 62775 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp; 5415 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 2.750% | 12/10/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp; 2525 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 2.900% | 12/10/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp; 1519 |
|  | &nbsp;&nbsp;&nbsp;Mount Sinai Hospitals Group Inc. | 3.391% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1420 |
|  | &nbsp;&nbsp;&nbsp;New York and Presbyterian Hospital | 2.256% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077 | &nbsp;&nbsp; 2889 |
|  | &nbsp;&nbsp;&nbsp;New York and Presbyterian Hospital | 4.024% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;12210 | &nbsp;&nbsp;&nbsp; 10856 |
|  | &nbsp;&nbsp;&nbsp;New York and Presbyterian Hospital | 4.063% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/56 | &nbsp;&nbsp; 3743 | &nbsp;&nbsp; 3272 |
|  | &nbsp;&nbsp;&nbsp;New York and Presbyterian Hospital | 4.763% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp; 4714 |
|  | &nbsp;&nbsp;&nbsp;Northwell Healthcare Inc. | 4.800% | 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp; 936 |
|  | &nbsp;&nbsp;&nbsp;Northwell Healthcare Inc. | 3.979% | 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp; 1580 |
|  | &nbsp;&nbsp;&nbsp;Northwell Healthcare Inc. | 4.260% | 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp; 809 |
|  | &nbsp;&nbsp;&nbsp;Northwell Healthcare Inc. | 3.809% | 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp; 2915 |
|  | &nbsp;&nbsp;&nbsp;Northwestern Memorial Healthcare Obligated Group | 2.633% | 7/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp; 2391 |
|  | &nbsp;&nbsp;&nbsp;Novant Health Inc. | 2.637% | 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1567 |
|  | &nbsp;&nbsp;&nbsp;Novant Health Inc. | 3.168% | 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp; 4074 |
|  | &nbsp;&nbsp;&nbsp;Novant Health Inc. | 3.318% | 11/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;26665 | &nbsp;&nbsp;&nbsp; 19400 |
|  | &nbsp;&nbsp;&nbsp;Novartis Capital Corp. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/6/44 | &nbsp;&nbsp;&nbsp;&nbsp;24840 | &nbsp;&nbsp;&nbsp; 24676 |
|  | &nbsp;&nbsp;&nbsp;NYU Langone Hospitals | 4.784% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp; 1872 |
|  | &nbsp;&nbsp;&nbsp;OhioHealth Corp. | 2.834% | 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp; 3667 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Organon & Co. / Organon Foreign Debt Co.-Issuer BV | 4.125% | 4/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp; 191 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Orlando Health Obligated Group | 3.327% | 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp; 987 |
|  | &nbsp;&nbsp;&nbsp;Partners Healthcare System Inc. | 3.765% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6455 | &nbsp;&nbsp;&nbsp; 5415 |
|  | &nbsp;&nbsp;&nbsp;PeaceHealth Obligated Group | 4.787% | 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 | &nbsp;&nbsp; 5604 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 4.100% | 9/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;20280 | &nbsp;&nbsp;&nbsp; 19511 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 3.900% | 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;34185 | &nbsp;&nbsp; 31735 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 7.200% | 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;31767 | &nbsp;&nbsp; 40755 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 4.300% | 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp; 2786 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 4.400% | 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8165 | &nbsp;&nbsp; 8056 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 4.125% | 12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;10834 | &nbsp;&nbsp;&nbsp; 10235 |
|  | &nbsp;&nbsp;&nbsp;Pfizer Inc. | 4.200% | 9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;14686 | &nbsp;&nbsp;&nbsp; 13949 |
|  | &nbsp;&nbsp;&nbsp;Piedmont Healthcare Inc. | 2.719% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1452 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Providence St. Joseph Health Obligated Group | 3.744% | 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605 | &nbsp;&nbsp; 3724 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Roche Holdings Inc. | 2.607% | 12/13/51 | &nbsp;&nbsp;&nbsp;&nbsp;39700 | &nbsp;&nbsp; 28008 |
|  | &nbsp;&nbsp;&nbsp;Stanford Health Care | 3.310% | 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp; 1972 |
|  | &nbsp;&nbsp;&nbsp;Stanford Health Care | 3.027% | 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 17949 |
|  | &nbsp;&nbsp;&nbsp;Sutter Health | 3.161% | 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;22915 | &nbsp;&nbsp;&nbsp; 18001 |
|  | &nbsp;&nbsp;&nbsp;Sutter Health | 3.361% | 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;11962 | &nbsp;&nbsp; 9073 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/9/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp; 88 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 6.125% | 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp; 118 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Finance I BV | 2.000% | 10/18/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | 2.800% | 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp; 3141 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 5.350% | 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;14260 | &nbsp;&nbsp;&nbsp; 15177 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.625% | 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10100 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 5.800% | 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;34886 | &nbsp;&nbsp; 38709 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 6.875% | 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6575 | &nbsp;&nbsp; 8041 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3.500% | 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;20796 | &nbsp;&nbsp;&nbsp; 18056 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 2.750% | 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp; 1175 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3.050% | 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;21325 | &nbsp;&nbsp;&nbsp; 17046 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.375% | 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;23917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22670 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3.950% | 10/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3937 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.750% | 7/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;48920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49121 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.200% | 1/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.250% | 4/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;14906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13745 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3.750% | 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;25610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21915 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.250% | 6/15/48 | &nbsp;&nbsp; 27767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25593 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.450% | 12/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2746 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3.700% | 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;21722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18388 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 2.900% | 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2195 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 3.250% | 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;25845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20227 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.750% | 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9079 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 5.875% | 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;45155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51756 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 4.950% | 5/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;20415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20580 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | 6.050% | 2/15/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11012 |
|  | &nbsp;&nbsp;&nbsp;Wyeth LLC | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1450 |
|  | &nbsp;&nbsp;&nbsp;Wyeth LLC | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;53438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60616 |
|  | &nbsp;&nbsp;&nbsp;Yale-New Haven Health Services Corp. | 2.496% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797 |
|  |  |  |  |  | **1662102** |
| **Industrials (4.5%)** | **Industrials (4.5%)** | **Industrials (4.5%)** | **Industrials (4.5%)** | **Industrials (4.5%)** | **Industrials (4.5%)** |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 3.250% | 8/26/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245 |
|  | &nbsp;&nbsp;&nbsp;3M Co. | 3.700% | 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17836 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Air Canada | 3.875% | 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Airbus SE | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/9/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Allison Transmission Inc. | 4.750% | 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. | 11.750% | 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. / AAdvantage Loyalty IP Ltd. | 5.500% | 4/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;American Airlines Inc. / AAdvantage Loyalty IP Ltd. | 5.750% | 4/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Aramark Services Inc. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Bouygues SA | 5.375% | 6/30/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 7.950% | 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11003 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.950% | 9/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.400% | 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;24790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23452 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;41150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38874 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.450% | 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10699 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19089 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;43085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41612 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;12335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11283 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.125% | 6/15/47 | &nbsp;&nbsp; 11910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10800 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.050% | 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2802 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.150% | 12/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;18399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16668 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 3.550% | 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;19445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15997 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 3.050% | 2/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2997 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 3.300% | 9/15/51 | &nbsp;&nbsp; 17015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13388 |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 2.875% | 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4207 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 4.450% | 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 | &nbsp;&nbsp; 4794 |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;8/2/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 792 |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/3/48 | &nbsp;&nbsp;&nbsp;&nbsp;28169 | &nbsp;&nbsp; 24069 |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 4.450% | 1/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;10180 | &nbsp;&nbsp;&nbsp; 9761 |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp; 2285 |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. | 3.100% | 12/2/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp; 3317 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Cargo Aircraft Management Inc. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | 6.050% | 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968 | &nbsp;&nbsp;&nbsp; 3411 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | 3.803% | 8/15/42 | &nbsp;&nbsp; 26112 | &nbsp;&nbsp; 23670 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Chart Industries Inc. | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp; 31 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Chart Industries Inc. | 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp; 21 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp; 35 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | 4.500% | 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp; 3479 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 2.900% | 10/28/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp; 67 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 3.750% | 10/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp; 142 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. | 4.700% | 8/23/52 | &nbsp;&nbsp;&nbsp;&nbsp;11065 | &nbsp;&nbsp;&nbsp; 10776 |
|  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2.800% | 12/21/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp; 2197 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Empresa de los Ferrocarriles del Estado | 3.830% | 9/14/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp; 2303 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Gates Global LLC / Gates Corp. | 6.250% | 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp; 52 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Gatwick Funding Ltd. | 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/5/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/40 | &nbsp;&nbsp; 7325 | &nbsp;&nbsp;&nbsp;&nbsp; 7113 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp; 671 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;General Electric Co. | 2.125% | 5/17/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 263 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 5.000% | 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990 | &nbsp;&nbsp;&nbsp; 7361 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 4.125% | 11/2/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp; 400 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 5.700% | 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp; 11398 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 5.700% | 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp; 6909 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;JetBlue Class AA Series 2019-1 Pass Through Trust | 2.750% | 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp; 1037 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;LBJ Infrastructure Group LLC | 3.797% | 12/31/57 | &nbsp;&nbsp;&nbsp;&nbsp;14570 | &nbsp;&nbsp;&nbsp; 10017 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 5.250% | 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 | &nbsp;&nbsp; 2850 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1851 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4.500% | 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;12189 | &nbsp;&nbsp;&nbsp; 12139 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4.070% | 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284 | &nbsp;&nbsp; 4855 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8572 | &nbsp;&nbsp;&nbsp; 7498 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4.700% | 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp; 4554 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 2.800% | 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;26945 | &nbsp;&nbsp;&nbsp; 19833 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4.090% | 9/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;29552 | &nbsp;&nbsp;&nbsp; 27183 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4.150% | 6/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;61695 | &nbsp;&nbsp; 56589 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4.300% | 6/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp; 2330 |
|  | &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 5.900% | 11/15/63 | &nbsp;&nbsp;&nbsp;&nbsp;12770 | &nbsp;&nbsp;&nbsp; 14960 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | 6.500% | 6/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp; 370 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390 | &nbsp;&nbsp;&nbsp; 3163 |
|  | &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp; 733 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp; 1323 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 5.700% | 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1075 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 4.200% | 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 856 |
|  | &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3548 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | 2.800% | 8/15/61 | &nbsp;&nbsp; 17445 | &nbsp;&nbsp;&nbsp; 11518 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Rolls-Royce plc | 5.750% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp; 739 |
|  | &nbsp;&nbsp;&nbsp;Sitios Latinoamerica SAB de CV | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/4/32 | &nbsp;&nbsp; 7583 | &nbsp;&nbsp;&nbsp; 7104 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Inc. | 7.500% | 4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp; 29 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Inc. | 4.600% | 6/15/28 | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Inc. | 9.375% | 11/30/29 | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | 3.625% | 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TopBuild Corp. | 4.125% | 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. | 8.000% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;TransDigm Inc. | 6.250% | 3/15/26 | &nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Inc. | 5.500% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.600% | 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;18335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16271 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.375% | 2/14/42 | &nbsp;&nbsp;&nbsp;&nbsp;18525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15630 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2.950% | 3/10/52 | &nbsp;&nbsp;&nbsp;&nbsp;39160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28323 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.500% | 2/14/53 | &nbsp;&nbsp;&nbsp;&nbsp;38165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30845 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.550% | 5/20/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4415 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 5.150% | 1/20/63 | &nbsp;&nbsp;&nbsp;&nbsp;31730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32837 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3.850% | 2/14/72 | &nbsp;&nbsp;&nbsp;&nbsp;20415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16449 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;United Airlines Class AA Series 2019-2 Pass Through Trust | 2.700% | 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;United Airlines Inc. | 4.375% | 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;United Airlines Inc. | 4.625% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. | 4.875% | 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3059 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. | 4.250% | 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1881 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. | 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3173 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. | 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2413 |
|  |  |  |  |  | **728716** |
| **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | 6.375% | 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;Air Products and Chemicals Inc. | 2.700% | 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2376 |
|  | &nbsp;&nbsp;&nbsp;Air Products and Chemicals Inc. | 2.800% | 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Arconic Corp. | 6.000% | 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Arconic Corp. | 6.125% | 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | 5.250% | 4/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Avient Corp. | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV | 4.750% | 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | 6.875% | 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | 2.875% | 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
|  | &nbsp;&nbsp;&nbsp;Ball Corp. | 3.125% | 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Berry Global Inc. | 4.875% | 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
|  | &nbsp;&nbsp;&nbsp;BHP Billiton Finance USA Ltd. | 4.125% | 2/24/42 | &nbsp;&nbsp; 17947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16778 |
|  | &nbsp;&nbsp;&nbsp;BHP Billiton Finance USA Ltd. | 5.000% | 9/30/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4466 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Big River Steel LLC / BRS Finance Corp. | 6.625% | 1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Canpack SA / Canpack US LLC | 3.875% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Chemours Co. | 4.625% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 3.700% | 1/30/50 | &nbsp;&nbsp;&nbsp;&nbsp;16105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12423 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Dow Chemical Co. | 1.875% | 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 3.950% | 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1368 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 2.125% | 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841 |
|  | &nbsp;&nbsp;&nbsp;Ecolab Inc. | 2.700% | 12/15/51 | &nbsp;&nbsp; 34110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23136 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Element Solutions Inc. | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 5.400% | 11/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | 5.450% | 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Graham Packaging Co. Inc. | 7.125% | 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC | 3.500% | 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Hudbay Minerals Inc. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;INEOS Quattro Finance 2 plc | 3.375% | 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | 3.875% | 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
|  | &nbsp;&nbsp;&nbsp;Linde Inc. | 3.550% | 11/7/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Novelis Corp. | 4.750% | 1/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Novelis Corp. | 3.875% | 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp. | 4.250% | 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA Ltd. | 5.200% | 11/2/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA Ltd. | 2.750% | 11/2/51 | &nbsp;&nbsp;&nbsp;&nbsp;31810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22768 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA plc | 4.125% | 8/21/42 | &nbsp;&nbsp;&nbsp;&nbsp;29895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27596 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SPCM SA | 3.125% | 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SPCM SA | 3.375% | 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Unifrax Escrow Issuer Corp. | 5.250% | 9/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
|  |  |  |  |  | **120983** |
| **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Agree LP | 2.600% | 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1409 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 4.850% | 4/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1586 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 3.000% | 5/18/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2421 |
|  | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | 3.550% | 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3554 |
|  | &nbsp;&nbsp;&nbsp;American Homes 4 Rent LP | 3.375% | 7/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327 |
|  | &nbsp;&nbsp;&nbsp;Boston Properties LP | 2.450% | 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1256 |
|  | &nbsp;&nbsp;&nbsp;Corporate Office Properties LP | 2.900% | 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1272 |
|  | &nbsp;&nbsp;&nbsp;Equinix Inc. | 3.400% | 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2486 |
|  | &nbsp;&nbsp;&nbsp;ERP Operating LP | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2396 |
|  | &nbsp;&nbsp;&nbsp;Essex Portfolio LP | 4.500% | 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472 |
|  | &nbsp;&nbsp;&nbsp;Mid-America Apartments LP | 2.875% | 9/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1566 |
|  | &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. | 3.500% | 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;National Retail Properties Inc. | 4.800% | 10/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445 |
|  | &nbsp;&nbsp;&nbsp;National Retail Properties Inc. | 3.100% | 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2267 |
|  | &nbsp;&nbsp;&nbsp;National Retail Properties Inc. | 3.500% | 4/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2426 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2773 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Prologis International Funding II SA | 1.625% | 6/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 |
|  | &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 4.250% | 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 3.250% | 9/13/49 | &nbsp;&nbsp;&nbsp;&nbsp;33520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24430 |
|  | &nbsp;&nbsp;&nbsp;Simon Property Group LP | 3.800% | 7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3625 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC | 7.875% | 2/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Vonovia Finance BV | 1.625% | 10/7/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; **59307** |
| **Technology (9.9%)** | **Technology (9.9%)** | **Technology (9.9%)** | **Technology (9.9%)** | **Technology (9.9%)** | **Technology (9.9%)** |
|  | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | 4.393% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3178 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/41 | &nbsp;&nbsp; 18015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13423 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/43 | &nbsp;&nbsp;&nbsp;&nbsp;49484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44941 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/9/45 | &nbsp;&nbsp;&nbsp;&nbsp;45360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38701 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 4.375% | 5/13/45 | &nbsp;&nbsp;&nbsp;&nbsp;25166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24487 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 4.650% | 2/23/46 | &nbsp;&nbsp;&nbsp;&nbsp;35107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35358 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/4/46 | &nbsp;&nbsp;&nbsp;&nbsp;42955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38575 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/9/47 | &nbsp;&nbsp;&nbsp;&nbsp;39099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37570 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 3.750% | 11/13/47 | &nbsp;&nbsp;&nbsp;&nbsp;24095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21182 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.950% | 9/11/49 | &nbsp;&nbsp;&nbsp;&nbsp;34025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25762 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.400% | 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1351 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/8/51 | &nbsp;&nbsp;&nbsp;&nbsp;59650 | &nbsp;&nbsp; 42205 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/51 | &nbsp;&nbsp;&nbsp;&nbsp;53725 | &nbsp;&nbsp; 38247 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/52 | &nbsp;&nbsp;&nbsp;&nbsp;33965 | &nbsp;&nbsp; 30495 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.550% | 8/20/60 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 4569 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp; 1114 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/62 | &nbsp;&nbsp; 27070 | &nbsp;&nbsp;&nbsp; 24151 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | 5.100% | 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp; 100 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp; 1701 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 5.900% | 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;23465 | &nbsp;&nbsp; 26831 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 5.500% | 1/15/40 | &nbsp;&nbsp; 17202 | &nbsp;&nbsp; 19005 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CommScope Inc. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp; 62 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CommScope Inc. | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp; 107 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9783 | &nbsp;&nbsp; 9782 |
|  | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 8.100% | 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727 | &nbsp;&nbsp; 2021 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. | 3.375% | 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 2158 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Entegris Escrow Corp. | 4.750% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp; 1858 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Entegris Escrow Corp. | 5.950% | 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp; 471 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Imola Merger Corp. | 4.750% | 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp; 126 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 4.100% | 5/19/46 | &nbsp;&nbsp; 7330 | &nbsp;&nbsp; 6326 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 4.100% | 5/11/47 | &nbsp;&nbsp;&nbsp;&nbsp;33355 | &nbsp;&nbsp;&nbsp; 28411 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 3.734% | 12/8/47 | &nbsp;&nbsp;&nbsp;&nbsp;56122 | &nbsp;&nbsp; 44593 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 3.250% | 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp; 30760 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 4.750% | 3/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp; 5083 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 3.050% | 8/12/51 | &nbsp;&nbsp; 17768 | &nbsp;&nbsp;&nbsp; 12341 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/52 | &nbsp;&nbsp;&nbsp;&nbsp;30645 | &nbsp;&nbsp;&nbsp; 28911 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 3.100% | 2/15/60 | &nbsp;&nbsp; 19740 | &nbsp;&nbsp;&nbsp; 13103 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 3.200% | 8/12/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp; 2293 |
|  | &nbsp;&nbsp;&nbsp;Intel Corp. | 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;8/5/62 | &nbsp;&nbsp;&nbsp;&nbsp;33265 | &nbsp;&nbsp;&nbsp; 31124 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4.150% | 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;39305 | &nbsp;&nbsp; 35563 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4.000% | 6/20/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp; 1859 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4.250% | 5/15/49 | &nbsp;&nbsp; 37215 | &nbsp;&nbsp; 32964 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 3.430% | &nbsp;&nbsp;&nbsp;&nbsp;2/9/52 | &nbsp;&nbsp;&nbsp;&nbsp;13845 | &nbsp;&nbsp;&nbsp; 10506 |
|  | &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4.900% | 7/27/52 | &nbsp;&nbsp;&nbsp;&nbsp;23500 | &nbsp;&nbsp; 22863 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | 5.000% | 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 | &nbsp;&nbsp; 1249 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | 4.950% | 7/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp;&nbsp; 3810 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. | 3.950% | 2/26/48 | &nbsp;&nbsp;&nbsp;&nbsp;25075 | &nbsp;&nbsp;&nbsp; 23175 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422 | &nbsp;&nbsp;&nbsp; 2132 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. | 3.850% | 3/26/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp; 4083 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. | 2.950% | 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 2319 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;McAfee Corp. | 7.375% | 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp; 198 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3.500% | 2/12/35 | &nbsp;&nbsp;&nbsp;&nbsp;14553 | &nbsp;&nbsp;&nbsp; 13712 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.525% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;200363 | &nbsp;&nbsp;&nbsp; 142834 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.921% | 3/17/52 | &nbsp;&nbsp; 119501 | &nbsp;&nbsp; 91349 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.675% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;68199 | &nbsp;&nbsp;&nbsp; 47352 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 3.041% | 3/17/62 | &nbsp;&nbsp;&nbsp;&nbsp;49409 | &nbsp;&nbsp;&nbsp; 37414 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;MSCI Inc. | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp; 109 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;22525 | &nbsp;&nbsp;&nbsp; 19588 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;22660 | &nbsp;&nbsp; 18542 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;13140 | &nbsp;&nbsp;&nbsp; 10716 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 6.500% | 4/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;42605 | &nbsp;&nbsp;&nbsp; 47003 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 5.375% | 7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;19240 | &nbsp;&nbsp; 18785 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 4.125% | 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;24805 | &nbsp;&nbsp;&nbsp; 20114 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 4.000% | 7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;22790 | &nbsp;&nbsp; 18072 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | 6.900% | 11/9/52 | &nbsp;&nbsp; 7600 | &nbsp;&nbsp; 8788 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 4.800% | 5/20/45 | &nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp; 12291 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 4.300% | 5/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;41225 | &nbsp;&nbsp; 38203 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 4.500% | 5/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp; 18453 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 6.000% | 5/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;25365 | &nbsp;&nbsp;&nbsp; 29115 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | 3.250% | 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1560 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;S&P Global Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;64678 | &nbsp;&nbsp; 54582 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Sabre GLBL Inc. | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
|  | &nbsp;&nbsp;&nbsp;salesforce.com Inc. | 2.700% | 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2886 |
|  | &nbsp;&nbsp;&nbsp;salesforce.com Inc. | 2.900% | 7/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;30670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21908 |
|  | &nbsp;&nbsp;&nbsp;salesforce.com Inc. | 3.050% | 7/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;26175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18072 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;SS&C Technologies Inc. | 5.500% | 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 3.875% | 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5657 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 4.100% | 8/16/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1191 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. | 4.150% | 12/14/35 | &nbsp;&nbsp;&nbsp;&nbsp;20145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19922 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. | 2.700% | 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3595 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. | 4.300% | 12/14/45 | &nbsp;&nbsp;&nbsp;&nbsp;38196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37144 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. | 3.650% | 9/15/47 | &nbsp;&nbsp; 37123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32696 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. | 2.000% | 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2127 |
|  |  |  |  |  | **1627346** |
| **Utilities (15.6%)** | **Utilities (15.6%)** | **Utilities (15.6%)** | **Utilities (15.6%)** | **Utilities (15.6%)** | **Utilities (15.6%)** |
|  | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC | 3.750% | 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;38300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32237 |
|  | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC | 4.250% | 9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5056 |
|  | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC | 3.800% | 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4578 |
|  | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC | 3.150% | 9/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4340 |
|  | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 |
|  | &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC | 4.500% | 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8529 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/39 | &nbsp;&nbsp; 7535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8225 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 5.500% | 3/15/41 | &nbsp;&nbsp; 26874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27242 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;14920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14688 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 3.850% | 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;23325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19308 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 3.450% | 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 3.125% | 7/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1973 |
|  | &nbsp;&nbsp;&nbsp;Alabama Power Co. | 3.000% | 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3504 |
|  | &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | 4.500% | 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;26150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25381 |
|  | &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | 2.900% | 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2156 |
|  | &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | 5.900% | 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3847 |
|  | &nbsp;&nbsp;&nbsp;American Water Capital Corp. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986 |
|  | &nbsp;&nbsp;&nbsp;American Water Capital Corp. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/50 | &nbsp;&nbsp; 17780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13989 |
|  | &nbsp;&nbsp;&nbsp;Appalachian Power Co. | 6.700% | 8/15/37 | &nbsp;&nbsp; 17970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19830 |
|  | &nbsp;&nbsp;&nbsp;Appalachian Power Co. | 4.400% | 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1753 |
|  | &nbsp;&nbsp;&nbsp;Appalachian Power Co. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3008 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 4.150% | 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 4.125% | 10/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1891 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 3.375% | 9/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2263 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 5.750% | 10/15/52 | &nbsp;&nbsp; 17575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19754 |
|  | &nbsp;&nbsp;&nbsp;Baltimore Gas and Electric Co. | 6.350% | 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 |
|  | &nbsp;&nbsp;&nbsp;Baltimore Gas and Electric Co. | 4.250% | 9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;26475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23615 |
|  | &nbsp;&nbsp;&nbsp;Baltimore Gas and Electric Co. | 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3492 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7342 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. | 5.950% | 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5316 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. | 5.150% | 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25326 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;43625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40686 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. | 4.450% | 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4639 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co. | 2.850% | 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. | 4.487% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/49 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28860 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Calpine Corp. | 5.125% | 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3751 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1051 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1657 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | 4.850% | 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp; 3846 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp; 991 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp. | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp; 2264 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Centrica plc | 7.000% | 9/19/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 279 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Centrica plc | 5.375% | 10/16/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp; 3578 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp; 1816 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad | 3.875% | 7/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp; 453 |
|  | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad | 3.875% | 7/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp; 1334 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 5.900% | 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp; 2584 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 3.800% | 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;20733 | &nbsp;&nbsp;&nbsp; 17945 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 4.600% | 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;15205 | &nbsp;&nbsp;&nbsp; 14630 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 4.700% | 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;15891 | &nbsp;&nbsp;&nbsp; 15447 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 3.700% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/45 | &nbsp;&nbsp; 17765 | &nbsp;&nbsp;&nbsp; 14825 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 4.350% | 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;11060 | &nbsp;&nbsp;&nbsp; 10077 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 3.650% | 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;11552 | &nbsp;&nbsp; 9442 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8765 | &nbsp;&nbsp;&nbsp; 7708 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;13485 | &nbsp;&nbsp;&nbsp; 11672 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1468 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 3.125% | 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp; 1536 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1034 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 3.850% | 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp; 1276 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. | 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp; 2315 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Light and Power Co. | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;14382 | &nbsp;&nbsp;&nbsp; 15985 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Light and Power Co. | 4.300% | 4/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp; 1275 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Light and Power Co. | 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/45 | &nbsp;&nbsp; 17480 | &nbsp;&nbsp;&nbsp; 15632 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Light and Power Co. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6645 | &nbsp;&nbsp; 5986 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Light and Power Co. | 5.250% | 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 2249 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 5.100% | 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp; 691 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 5.850% | 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9947 | &nbsp;&nbsp;&nbsp; 10630 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 6.200% | 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;10637 | &nbsp;&nbsp;&nbsp; 11921 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp; 11245 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 5.500% | 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 | &nbsp;&nbsp; 8952 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 5.700% | 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp; 891 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 4.200% | 3/15/42 | &nbsp;&nbsp; 10501 | &nbsp;&nbsp; 9390 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/43 | &nbsp;&nbsp; 8740 | &nbsp;&nbsp;&nbsp; 7488 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 4.450% | 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;50016 | &nbsp;&nbsp;&nbsp; 46170 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 4.500% | 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715 | &nbsp;&nbsp; 5227 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 3.850% | 6/15/46 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5836 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 3.875% | 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 823 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 4.650% | 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6790 | &nbsp;&nbsp; 6333 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 4.125% | 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp; 3511 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 858 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 3.200% | 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;38807 | &nbsp;&nbsp; 28887 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 6.150% | 11/15/52 | &nbsp;&nbsp; 7315 | &nbsp;&nbsp; 8507 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 4.625% | 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5425 | &nbsp;&nbsp; 5000 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 4.500% | 5/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp; 2185 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 3.000% | 12/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;25563 | &nbsp;&nbsp;&nbsp; 17420 |
|  | &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York Inc. | 3.600% | 6/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp; 1720 |
|  | &nbsp;&nbsp;&nbsp;Consumers Energy Co. | 3.250% | 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 776 |
|  | &nbsp;&nbsp;&nbsp;Consumers Energy Co. | 3.750% | 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp; 1636 |
|  | &nbsp;&nbsp;&nbsp;Consumers Energy Co. | 3.100% | 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;33646 | &nbsp;&nbsp;&nbsp; 25077 |
|  | &nbsp;&nbsp;&nbsp;Consumers Energy Co. | 2.650% | 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;19985 | &nbsp;&nbsp;&nbsp; 13644 |
|  | &nbsp;&nbsp;&nbsp;Consumers Energy Co. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;11380 | &nbsp;&nbsp;&nbsp; 10392 |
|  | &nbsp;&nbsp;&nbsp;Consumers Energy Co. | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;21681 | &nbsp;&nbsp;&nbsp; 13211 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina Inc. | 6.050% | 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp; 13098 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina Inc. | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 3130 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp; 2217 |
|  | &nbsp;&nbsp;&nbsp;DTE Electric Co. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp; 1126 |
|  | &nbsp;&nbsp;&nbsp;DTE Electric Co. | 3.700% | 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp;&nbsp; 2470 |
|  | &nbsp;&nbsp;&nbsp;DTE Electric Co. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp; 1639 |
|  | &nbsp;&nbsp;&nbsp;DTE Electric Co. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1539 |
|  | &nbsp;&nbsp;&nbsp;DTE Electric Co. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;10715 | &nbsp;&nbsp;&nbsp; 8899 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;11230 | &nbsp;&nbsp;&nbsp; 12426 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 5.300% | 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8910 | &nbsp;&nbsp;&nbsp; 9302 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 4.250% | 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp; 14957 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 4.000% | 9/30/42 | &nbsp;&nbsp;&nbsp;&nbsp;42092 | &nbsp;&nbsp;&nbsp; 36931 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp; 1377 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 3.875% | 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1684 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 3.700% | 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp; 1231 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 3.200% | 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;15122 | &nbsp;&nbsp;&nbsp; 11458 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 3.450% | 4/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;13045 | &nbsp;&nbsp;&nbsp; 10262 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 3.550% | 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320 | &nbsp;&nbsp; 4300 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC | 5.350% | 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 | &nbsp;&nbsp;&nbsp; 5209 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 3.850% | 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 4.200% | 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;&nbsp; 3087 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 5.000% | 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;16620 | &nbsp;&nbsp;&nbsp; 15884 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 6.350% | 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp; 868 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp; 1277 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 3.850% | 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp; 1253 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 3.400% | 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1549 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 4.200% | 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 893 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 3.000% | 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp; 1780 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC | 6.120% | 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 1077 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC | 6.350% | 8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp; 892 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC | 6.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/39 | &nbsp;&nbsp; 10411 | &nbsp;&nbsp;&nbsp; 11829 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC | 4.200% | 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp; 11096 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC | 4.900% | 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;29514 | &nbsp;&nbsp;&nbsp; 29381 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp; 6109 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Ohio Inc. | 3.700% | 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;10325 | &nbsp;&nbsp;&nbsp; 8129 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Ohio Inc. | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 868 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 4.100% | 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp; 2009 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 4.100% | 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;23186 | &nbsp;&nbsp;&nbsp; 20657 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 4.150% | 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;29945 | &nbsp;&nbsp;&nbsp; 26605 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 4.200% | 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;22105 | &nbsp;&nbsp;&nbsp; 19672 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 3.700% | 10/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 17747 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 3.600% | 9/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1601 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 2.500% | 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 647 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 2.900% | 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;14785 | &nbsp;&nbsp;&nbsp; 10367 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/52 | &nbsp;&nbsp; 7295 | &nbsp;&nbsp;&nbsp; 6248 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Engie SA | 2.000% | 9/28/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp; 503 |
|  | &nbsp;&nbsp;&nbsp;Entergy Arkansas LLC | 2.650% | 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp; 1773 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 4.000% | 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp; 615 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 4.950% | 1/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp; 988 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp; 1241 |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp; 1316 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC | 2.900% | 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp; 1957 |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central Inc. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/42 | &nbsp;&nbsp; 1112 | &nbsp;&nbsp; 984 |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central Inc. | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp; 1101 |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central Inc. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8050 | &nbsp;&nbsp; 6063 |
|  | &nbsp;&nbsp;&nbsp;Evergy Kansas Central Inc. | 3.450% | 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 391 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 4.100% | 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp; 2049 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp; 1260 |
|  | &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1605 |
|  | &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 5.960% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp; 1060 |
|  | &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 5.690% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp; 727 |
|  | &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779 | &nbsp;&nbsp;&nbsp; 2915 |
|  | &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859 | &nbsp;&nbsp;&nbsp; 5173 |
|  | &nbsp;&nbsp;&nbsp;Florida Power & Light Co. | 3.990% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 | &nbsp;&nbsp;&nbsp; 2574 |
|  | &nbsp;&nbsp;&nbsp;Georgia Power Co. | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;33945 | &nbsp;&nbsp; 32542 |
|  | &nbsp;&nbsp;&nbsp;Georgia Power Co. | 4.300% | 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;10641 | &nbsp;&nbsp; 9599 |
|  | &nbsp;&nbsp;&nbsp;Georgia Power Co. | 3.700% | 1/30/50 | &nbsp;&nbsp; 17230 | &nbsp;&nbsp;&nbsp; 13724 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;John Sevier Combined Cycle Generation LLC | 4.626% | 1/15/42 | &nbsp;&nbsp; 17551 | &nbsp;&nbsp;&nbsp; 17290 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Utilities Co. | 5.125% | 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894 | &nbsp;&nbsp; 2921 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Utilities Co. | 4.375% | 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp; 16244 |
|  | &nbsp;&nbsp;&nbsp;Kentucky Utilities Co. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp; 1430 |
|  | &nbsp;&nbsp;&nbsp;Louisville Gas and Electric Co. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/49 | &nbsp;&nbsp; 17050 | &nbsp;&nbsp;&nbsp; 15233 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Electric Co. | 4.004% | 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;10890 | &nbsp;&nbsp; 8482 |
|  | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. | 5.800% | 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | &nbsp;&nbsp; 1630 |
|  | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. | 4.800% | 9/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;22525 | &nbsp;&nbsp; 22263 |
|  | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;24721 | &nbsp;&nbsp; 22077 |
|  | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1767 |
|  | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp; 2328 |
|  | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. | 4.250% | 7/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;15510 | &nbsp;&nbsp;&nbsp; 14198 |
|  | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. | 3.150% | 4/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 768 |
|  | &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp; 872 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Monongahela Power Co. | 5.400% | 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;10640 | &nbsp;&nbsp;&nbsp; 10898 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;National Grid Electricity Transmission plc | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 586 |
|  | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. | 4.023% | 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 1987 |
|  | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. | 4.300% | 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;13055 | &nbsp;&nbsp;&nbsp; 11714 |
|  | &nbsp;&nbsp;&nbsp;Nevada Power Co. | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830 | &nbsp;&nbsp;&nbsp; 6765 |
|  | &nbsp;&nbsp;&nbsp;Nevada Power Co. | 5.450% | 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;21620 | &nbsp;&nbsp; 21867 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;New England Power Co. | 2.807% | 10/6/50 | &nbsp;&nbsp;&nbsp;&nbsp;15615 | &nbsp;&nbsp;&nbsp; 10455 |
|  | &nbsp;&nbsp;&nbsp;Northern States Power Co. | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp; 878 |
|  | &nbsp;&nbsp;&nbsp;Northern States Power Co. | 6.200% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp; 2198 |
|  | &nbsp;&nbsp;&nbsp;Northern States Power Co. | 5.350% | 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp; 799 |
|  | &nbsp;&nbsp;&nbsp;Northern States Power Co. | 3.400% | 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 831 |
|  | &nbsp;&nbsp;&nbsp;Northern States Power Co. | 4.000% | 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp; 709 |
|  | &nbsp;&nbsp;&nbsp;Northern States Power Co. | 3.600% | 9/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp; 10321 |
|  | &nbsp;&nbsp;&nbsp;Northern States Power Co. | 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;12250 | &nbsp;&nbsp;&nbsp; 10342 |
|  | &nbsp;&nbsp;&nbsp;Northern States Power Co. | 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;14765 | &nbsp;&nbsp;&nbsp; 10125 |
|  | &nbsp;&nbsp;&nbsp;Northern States Power Co. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330 | &nbsp;&nbsp;&nbsp; 5161 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | 6.625% | 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp; 24 |
|  | &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 746 |
|  | &nbsp;&nbsp;&nbsp;NSTAR Electric Co. | 4.950% | 9/15/52 | &nbsp;&nbsp; 7320 | &nbsp;&nbsp;&nbsp; 7530 |
|  | &nbsp;&nbsp;&nbsp;Oglethorpe Power Corp. | 5.050% | 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8535 | &nbsp;&nbsp;&nbsp; 7847 |
|  | &nbsp;&nbsp;&nbsp;Ohio Power Co. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp; 628 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp; 1807 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 5.250% | 9/30/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103 | &nbsp;&nbsp; 3240 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/45 | &nbsp;&nbsp; 7120 | &nbsp;&nbsp;&nbsp; 6112 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 3.800% | 9/30/47 | &nbsp;&nbsp;&nbsp;&nbsp;16908 | &nbsp;&nbsp;&nbsp; 14554 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 4.100% | 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665 | &nbsp;&nbsp; 3296 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp; 1220 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 3.700% | 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp; 216 |
|  | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC | 2.700% | 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;10080 | &nbsp;&nbsp;&nbsp; 7094 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 5.250% | 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp; 1284 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;14920 | &nbsp;&nbsp;&nbsp; 16228 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 6.250% | 10/15/37 | &nbsp;&nbsp; 7772 | &nbsp;&nbsp; 8770 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 6.350% | 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;35944 | &nbsp;&nbsp;&nbsp; 41116 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 6.000% | 1/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;32206 | &nbsp;&nbsp; 35265 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp; 17436 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 4.125% | 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp; 5053 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 4.150% | 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;44530 | &nbsp;&nbsp; 39475 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 2.900% | 6/15/52 | &nbsp;&nbsp; 7299 | &nbsp;&nbsp;&nbsp; 5214 |
|  | &nbsp;&nbsp;&nbsp;PacifiCorp | 5.350% | 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 | &nbsp;&nbsp;&nbsp; 4219 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 4.800% | 10/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;10365 | &nbsp;&nbsp; 9898 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 4.150% | 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 3.700% | 9/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp; 12972 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;30240 | &nbsp;&nbsp; 26471 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 3.050% | 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 2196 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 4.600% | 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp; 3813 |
|  | &nbsp;&nbsp;&nbsp;PECO Energy Co. | 4.375% | 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp; 3612 |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 1.875% | 11/5/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp; 1349 |
|  | &nbsp;&nbsp;&nbsp;Potomac Electric Power Co. | 6.500% | 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp; 1336 |
|  | &nbsp;&nbsp;&nbsp;Potomac Electric Power Co. | 7.900% | 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp;Potomac Electric Power Co. | 4.150% | 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;13575 | &nbsp;&nbsp;&nbsp; 12320 |
|  | &nbsp;&nbsp;&nbsp;PPL Electric Utilities Corp. | 6.450% | 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp; 11217 |
|  | &nbsp;&nbsp;&nbsp;PPL Electric Utilities Corp. | 6.250% | 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;10924 | &nbsp;&nbsp;&nbsp; 12399 |
|  | &nbsp;&nbsp;&nbsp;PPL Electric Utilities Corp. | 5.200% | 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp; 1178 |
|  | &nbsp;&nbsp;&nbsp;PPL Electric Utilities Corp. | 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp; 10997 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp; 1094 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 3.600% | 9/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;20555 | &nbsp;&nbsp;&nbsp; 17224 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 4.300% | 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761 | &nbsp;&nbsp; 2520 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 3.800% | 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp; 2516 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 4.050% | 9/15/49 | &nbsp;&nbsp; 34010 | &nbsp;&nbsp;&nbsp; 30116 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 3098 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp; 5437 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of New Hampshire | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 | &nbsp;&nbsp; 3046 |
|  | &nbsp;&nbsp;&nbsp;Public Service Co. of New Hampshire | 5.150% | 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp; 1111 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;21083 | &nbsp;&nbsp;&nbsp; 17896 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 3.600% | 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1646 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 | &nbsp;&nbsp; 2485 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 3.200% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp; 827 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/50 | &nbsp;&nbsp; 17600 | &nbsp;&nbsp;&nbsp; 12351 |
|  | &nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2220 |
|  | &nbsp;&nbsp;&nbsp;Puget Sound Energy Inc. | 6.274% | 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp; 510 |
|  | &nbsp;&nbsp;&nbsp;Puget Sound Energy Inc. | 5.757% | 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp; 1096 |
|  | &nbsp;&nbsp;&nbsp;Puget Sound Energy Inc. | 5.795% | 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp; 16882 |
|  | &nbsp;&nbsp;&nbsp;Puget Sound Energy Inc. | 4.300% | 5/20/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp; 330 |
|  | &nbsp;&nbsp;&nbsp;Puget Sound Energy Inc. | 4.223% | 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;29820 | &nbsp;&nbsp; 26184 |
|  | &nbsp;&nbsp;&nbsp;Puget Sound Energy Inc. | 3.250% | 9/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;35150 | &nbsp;&nbsp; 25997 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Puget Sound Energy Inc. | 2.893% | 9/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp; 9701 |
| <sup>4,8</sup> | &nbsp;&nbsp;&nbsp;Rayburn Country Securitization LLC | 3.025% | 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8724 | &nbsp;&nbsp;&nbsp; 7107 |
|  | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. | 4.500% | 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1905 |
|  | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 830 |
|  | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. | 4.100% | 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp; 1826 |
|  | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. | 2.950% | 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1093 |
|  | &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. | 3.700% | 3/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;21475 | &nbsp;&nbsp; 18025 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Scottish Hydro Electric Transmission plc | 2.125% | 3/24/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp; 558 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 5.950% | 11/1/32 | &nbsp;&nbsp; 17580 | &nbsp;&nbsp;&nbsp; 19155 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp; 952 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;11060 | &nbsp;&nbsp;&nbsp; 11816 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;14228 | &nbsp;&nbsp;&nbsp; 12883 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 3.900% | 12/1/41 | &nbsp;&nbsp; 7660 | &nbsp;&nbsp;&nbsp; 6174 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 4.050% | 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 | &nbsp;&nbsp; 1445 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 3.900% | 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;21775 | &nbsp;&nbsp; 18035 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 4.650% | 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;21739 | &nbsp;&nbsp; 20232 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837 | &nbsp;&nbsp; 2969 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;32720 | &nbsp;&nbsp;&nbsp; 27458 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;36182 | &nbsp;&nbsp; 30808 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp; 1345 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;12650 | &nbsp;&nbsp; 9949 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp; 1041 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;23965 | &nbsp;&nbsp; 18255 |
|  | &nbsp;&nbsp;&nbsp;Southern California Edison Co. | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/52 | &nbsp;&nbsp; 23110 | &nbsp;&nbsp; 23804 |
|  | &nbsp;&nbsp;&nbsp;Southern California Gas Co. | 5.125% | 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp; 1873 |
|  | &nbsp;&nbsp;&nbsp;Southern California Gas Co. | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;30835 | &nbsp;&nbsp; 26322 |
|  | &nbsp;&nbsp;&nbsp;Southern California Gas Co. | 4.300% | 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;15075 | &nbsp;&nbsp;&nbsp; 13228 |
|  | &nbsp;&nbsp;&nbsp;Southern California Gas Co. | 6.350% | 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6090 | &nbsp;&nbsp;&nbsp;&nbsp; 7118 |
|  | &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp. | 4.400% | 5/30/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915 | &nbsp;&nbsp; 4227 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co. | 4.500% | 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;23975 | &nbsp;&nbsp; 22218 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co. | 3.700% | 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;20540 | &nbsp;&nbsp;&nbsp; 16418 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co. | 3.750% | 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp; 1165 |
|  | &nbsp;&nbsp;&nbsp;Southwestern Public Service Co. | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;10750 | &nbsp;&nbsp;&nbsp; 8019 |
|  | &nbsp;&nbsp;&nbsp;Tampa Electric Co. | 3.450% | 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1512 |
|  | &nbsp;&nbsp;&nbsp;Tampa Electric Co. | 5.000% | 7/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp; 3729 |
|  | &nbsp;&nbsp;&nbsp;Tucson Electric Power Co. | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 14092 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co. | 3.900% | 9/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4326 | &nbsp;&nbsp;&nbsp; 3769 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co. | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;21550 | &nbsp;&nbsp; 18444 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co. | 3.250% | 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp; 1527 |
|  | &nbsp;&nbsp;&nbsp;Union Electric Co. | 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575 | &nbsp;&nbsp; 8280 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 6.000% | 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;52203 | &nbsp;&nbsp;&nbsp; 57293 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 6.350% | 11/30/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2170 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 4.450% | 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;15490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14151 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 4.200% | 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1746 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 4.000% | 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7348 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 3.800% | 9/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;34972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28793 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 4.600% | 12/1/48 | &nbsp;&nbsp; 7310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6792 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 3.300% | 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1079 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 2.450% | 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;15840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10192 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 2.950% | 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;16390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11694 |
|  | &nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. | 4.625% | 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;11340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10652 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | 5.625% | 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC | 5.000% | 7/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co. | 5.625% | 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Public Service Corp. | 3.300% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | 3.500% | 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050 |
|  |  |  |  |  | **2544647** |
| **Total Corporate Bonds (Cost $14,814,258)** | **Total Corporate Bonds (Cost $14,814,258)** | **Total Corporate Bonds (Cost $14,814,258)** | **Total Corporate Bonds (Cost $14,814,258)** | **Total Corporate Bonds (Cost $14,814,258)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12934983** |
| **Floating Rate Loan Interests (0.0%)** | **Floating Rate Loan Interests (0.0%)** | **Floating Rate Loan Interests (0.0%)** | **Floating Rate Loan Interests (0.0%)** | **Floating Rate Loan Interests (0.0%)** | **Floating Rate Loan Interests (0.0%)** |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. Term Loan, 3M USD LIBOR + 4.750% | 9.558% | 4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;CDK Global Inc. Term Loan B, TSFR1M + 4.500% | 9.080% | &nbsp;&nbsp;&nbsp;&nbsp;7/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC Term Loan, 1M USD LIBOR + 5.000% | 9.570% | &nbsp;&nbsp;&nbsp;&nbsp;8/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;First Student Bidco Inc. Term Loan B, TSFR3M + 4.000% | 8.680% | 7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;First Student Bidco Inc. Term Loan C, TSFR3M + 4.000% | 8.680% | 7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;McAfee Corp. Term Loan B, TSFR1M + 3.750% | 8.184% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Medline Borrower LP Term Loan B, 1M USD LIBOR + 3.500% | 7.820% | 10/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;SBA Senior Finance II LLC. Term Loan B, 1M USD LIBOR + 1.750% | 6.320% | 4/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Spirit AeroSystems Inc. Term Loan, TSFR3M + 4.500% | 9.176% | 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp; 2 |
| **Total Floating Rate Loan Interests (Cost $688)** | **Total Floating Rate Loan Interests (Cost $688)** | **Total Floating Rate Loan Interests (Cost $688)** | **Total Floating Rate Loan Interests (Cost $688)** | **Total Floating Rate Loan Interests (Cost $688)** | &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;**695** |
| **Sovereign Bonds (1.3%)** | **Sovereign Bonds (1.3%)** | **Sovereign Bonds (1.3%)** | **Sovereign Bonds (1.3%)** | **Sovereign Bonds (1.3%)** | **Sovereign Bonds (1.3%)** |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;CDP Financial Inc. | 5.600% | 11/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 4.951% | &nbsp;&nbsp;&nbsp;&nbsp;7/7/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4499 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Export-Import Bank of India | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Government of Bermuda | 5.000% | 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5752 |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 3.375% | 8/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650 |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 2.000% | 9/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1881 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.500% | 10/26/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 4.625% | 10/4/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1794 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 5.000% | 1/18/53 | &nbsp;&nbsp;&nbsp;&nbsp;34145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32764 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;OMERS Finance Trust | 4.000% | 4/19/52 | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11780 |
|  | &nbsp;&nbsp;&nbsp;Panama Bonos del Tesoro | 3.362% | 6/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.550% | 7/27/33 | &nbsp;&nbsp;&nbsp;&nbsp;12865 | &nbsp;&nbsp;&nbsp; 10532 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.500% | 1/31/34 | &nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp; 8912 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;5/7/41 | &nbsp;&nbsp;&nbsp;&nbsp;60560 | &nbsp;&nbsp; 45968 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.500% | 1/25/50 | &nbsp;&nbsp;&nbsp;&nbsp;13784 | &nbsp;&nbsp;&nbsp; 10444 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.500% | 4/15/53 | &nbsp;&nbsp; 17590 | &nbsp;&nbsp;&nbsp; 13187 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.100% | 1/22/61 | &nbsp;&nbsp; 17745 | &nbsp;&nbsp;&nbsp; 11783 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.250% | 9/21/71 | &nbsp;&nbsp;&nbsp;&nbsp;24130 | &nbsp;&nbsp;&nbsp; 15876 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 6.625% | 2/17/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp; 3829 |
|  | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 5.650% | 1/11/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp; 870 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | 4/16/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp; 204 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.870% | 7/23/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6432 | &nbsp;&nbsp; 4309 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 4.500% | 1/19/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp; 992 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Philippines | 1.750% | 4/28/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp; 136 |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Romania | 1.750% | 7/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp; 6852 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Romania | 1.750% | 7/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp; 948 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/3/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp; 2773 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/9/35 | &nbsp;&nbsp;&nbsp;&nbsp;11097 | &nbsp;&nbsp;&nbsp; 11826 |
| **Total Sovereign Bonds (Cost $260,354)** | **Total Sovereign Bonds (Cost $260,354)** | **Total Sovereign Bonds (Cost $260,354)** | **Total Sovereign Bonds (Cost $260,354)** | **Total Sovereign Bonds (Cost $260,354)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**217091** |
| **Taxable Municipal Bonds (9.5%)** | **Taxable Municipal Bonds (9.5%)** | **Taxable Municipal Bonds (9.5%)** | **Taxable Municipal Bonds (9.5%)** | **Taxable Municipal Bonds (9.5%)** | **Taxable Municipal Bonds (9.5%)** |
|  | &nbsp;&nbsp;&nbsp;American Municipal Power Inc. Electric Power & Light Revenue | 6.270% | 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;40386 | &nbsp;&nbsp; 45624 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 6.793% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp; 1425 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 6.918% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;23745 | &nbsp;&nbsp; 28895 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 6.263% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;10420 | &nbsp;&nbsp;&nbsp; 12776 |
|  | &nbsp;&nbsp;&nbsp;Bay Area Toll Authority Highway Revenue | 3.552% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 | &nbsp;&nbsp;&nbsp; 6913 |
|  | &nbsp;&nbsp;&nbsp;California GO | 2.500% | 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp; 4044 |
|  | &nbsp;&nbsp;&nbsp;California GO | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp; 6053 |
|  | &nbsp;&nbsp;&nbsp;California GO | 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;31195 | &nbsp;&nbsp;&nbsp; 30774 |
|  | &nbsp;&nbsp;&nbsp;California GO | 7.550% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/39 | &nbsp;&nbsp; 7255 | &nbsp;&nbsp; 9661 |
|  | &nbsp;&nbsp;&nbsp;California GO | 7.300% | 10/1/39 | &nbsp;&nbsp; 37286 | &nbsp;&nbsp;&nbsp; 47513 |
|  | &nbsp;&nbsp;&nbsp;California GO | 7.600% | 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;56685 | &nbsp;&nbsp;&nbsp; 76840 |
|  | &nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority Intergovernmental Agreement Revenue | 4.353% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp; 1855 |
|  | &nbsp;&nbsp;&nbsp;California State Public Works Board Lease (Abatement) Revenue | 8.361% | 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp; 1451 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 2.975% | 11/1/51 | &nbsp;&nbsp; 27825 | &nbsp;&nbsp; 20851 |
|  | &nbsp;&nbsp;&nbsp;California State University College & University Revenue | 2.719% | 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;10925 | &nbsp;&nbsp;&nbsp; 7916 |
|  | &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport Port, Airport & Marina Revenue | 4.472% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;11525 | &nbsp;&nbsp;&nbsp; 11117 |
|  | &nbsp;&nbsp;&nbsp;Chicago Transit Authority Sales & Transfer Tax Receipts Sales Tax Revenue | 6.899% | 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;42170 | &nbsp;&nbsp;&nbsp; 49176 |
|  | &nbsp;&nbsp;&nbsp;Chicago Transit Authority Sales & Transfer Tax Receipts Sales Tax Revenue | 6.899% | 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9360 | &nbsp;&nbsp;&nbsp; 10915 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority Appropriations Revenue | 5.197% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp; 1996 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority Appropriations Revenue | 4.144% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/38 | &nbsp;&nbsp; 17060 | &nbsp;&nbsp;&nbsp; 16023 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority Appropriations Revenue (Plancon Program) | 3.864% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;19285 | &nbsp;&nbsp;&nbsp; 17685 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 2.514% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp; 5082 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 2.813% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;40910 | &nbsp;&nbsp; 31708 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540 | &nbsp;&nbsp; 4903 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 5.999% | 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit Sales Tax Revenue | 2.613% | 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;25470 | &nbsp;&nbsp;&nbsp; 18618 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 2.843% | 11/1/46 | &nbsp;&nbsp; 16740 | &nbsp;&nbsp;&nbsp; 12643 |
|  | &nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 4.087% | 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp; 1939 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Water & Sewer Authority Water Revenue | 4.814% | 10/1/14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp; 1848 |
|  | &nbsp;&nbsp;&nbsp;Duke University College & University Revenue | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;29490 | &nbsp;&nbsp;&nbsp; 33107 |
|  | &nbsp;&nbsp;&nbsp;Georgia Municipal Electric Authority Electric Power & Light Revenue | 6.637% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp; 1038 |
|  | &nbsp;&nbsp;&nbsp;Georgia Municipal Electric Authority Electric Power & Light Revenue | 6.655% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp; 378 |
|  | &nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp. Tobacco Settlement Funded Revenue | 2.746% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp; 891 |
|  | &nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp. Tobacco Settlement Funded Revenue | 4.214% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;26160 | &nbsp;&nbsp; 21640 |
|  | &nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp. Highway Revenue | 5.184% | 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp; 1548 |
|  | &nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp. Texas System Highway Revenue | 3.236% | 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp; 2097 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 6.290% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp; 1987 |
|  | &nbsp;&nbsp;&nbsp;Houston TX GO | 3.961% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp; 1374 |
|  | &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Highway Revenue | 6.184% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;10330 | &nbsp;&nbsp;&nbsp; 11771 |
|  | &nbsp;&nbsp;&nbsp;Kansas Development Finance Authority Appropriations Revenue | 4.727% | 4/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417 | &nbsp;&nbsp; 2426 |
|  | &nbsp;&nbsp;&nbsp;Kansas Development Finance Authority Appropriations Revenue | 4.927% | 4/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;20480 | &nbsp;&nbsp; 20446 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Kansas Development Finance Authority Appropriations Revenue | 2.774% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;14225 | &nbsp;&nbsp;&nbsp; 10359 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 5.755% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp; 2058 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA Unified School District GO | 6.758% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/34 | &nbsp;&nbsp; 27775 | &nbsp;&nbsp; 32507 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 5.735% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;15020 | &nbsp;&nbsp;&nbsp; 16312 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power System Electric Power & Light Revenue | 5.716% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp; 427 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power System Water Revenue | 6.603% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp; 2348 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles Department of Water Revenue | 6.008% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp; 1268 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue | 2.823% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;16390 | &nbsp;&nbsp;&nbsp; 13208 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Fuel Sales Tax Revenue | 6.089% | 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833 | &nbsp;&nbsp; 4360 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Miscellaneous Taxes Revenue | 7.336% | 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;50780 | &nbsp;&nbsp; 65773 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.871% | 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp; 213 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 6.814% | 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp; 827 |
|  | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue | 5.175% | 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp; 4289 |
|  | &nbsp;&nbsp;&nbsp;Michigan Finance Authority Health, Hospital, Nursing Home Revenue | 3.384% | 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp; 2741 |
|  | &nbsp;&nbsp;&nbsp;Michigan Strategic Fund Lease (Appropriation) Revenue | 3.225% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp; 6692 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Appropriations Revenue | 7.425% | 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6570 | &nbsp;&nbsp;&nbsp; 7219 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Rutgers State University College & University Revenue | 3.915% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/19 | &nbsp;&nbsp;&nbsp;&nbsp;44030 | &nbsp;&nbsp; 32944 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 7.414% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp; 1237 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority Highway Revenue | 7.102% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/41 | &nbsp;&nbsp; 37862 | &nbsp;&nbsp;&nbsp; 48126 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.952% | 6/15/42 | &nbsp;&nbsp; 18114 | &nbsp;&nbsp; 21277 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 6.011% | 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6843 | &nbsp;&nbsp; 8081 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue | 5.882% | 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;32580 | &nbsp;&nbsp;&nbsp; 38165 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Sales Tax Revenue | 5.508% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 | &nbsp;&nbsp; 3038 |
|  | &nbsp;&nbsp;&nbsp;New York City Water & Sewer System Water Revenue | 5.724% | 6/15/42 | &nbsp;&nbsp; 12711 | &nbsp;&nbsp;&nbsp; 14584 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.590% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp; 1022 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 6.271% | 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp; 629 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.263% | 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9170 | &nbsp;&nbsp;&nbsp; 10095 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.289% | 3/15/33 | &nbsp;&nbsp; 7288 | &nbsp;&nbsp;&nbsp; 7616 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 3.110% | 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465 | &nbsp;&nbsp;&nbsp; 7135 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.628% | 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;15919 | &nbsp;&nbsp;&nbsp; 17031 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 5.600% | 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority Income Tax Revenue | 3.190% | 2/15/43 | &nbsp;&nbsp; 7295 | &nbsp;&nbsp; 5873 |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;New York State Thruway Authority Highway Revenue | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;10945 | &nbsp;&nbsp; 9323 |
|  | &nbsp;&nbsp;&nbsp;New York State Urban Development Corp. Income Tax Revenue | 3.900% | 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;21250 | &nbsp;&nbsp;&nbsp; 20311 |
|  | &nbsp;&nbsp;&nbsp;North Texas Tollway Authority Highway Revenue | 6.718% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;22942 | &nbsp;&nbsp; 29355 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue | 4.910% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp; 12719 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue | 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/11 | &nbsp;&nbsp; 17635 | &nbsp;&nbsp;&nbsp; 16817 |
| <sup>13</sup> | &nbsp;&nbsp;&nbsp;Oregon School Boards Assn. GO | 4.759% | 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp; 761 |
|  | &nbsp;&nbsp;&nbsp;Pennsylvania State University College & University Revenue | 2.790% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 786 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - University of Texas System College & University Revenue | 5.262% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp; 12534 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 6.040% | 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 | &nbsp;&nbsp; 2235 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.647% | 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;15253 | &nbsp;&nbsp;&nbsp; 16540 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.647% | 11/1/40 | &nbsp;&nbsp; 10176 | &nbsp;&nbsp;&nbsp; 11034 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.926% | 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;25005 | &nbsp;&nbsp; 25485 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.458% | 10/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;42960 | &nbsp;&nbsp;&nbsp; 41134 |
|  | &nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 3.287% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/69 | &nbsp;&nbsp; 31474 | &nbsp;&nbsp; 22948 |
|  | &nbsp;&nbsp;&nbsp;Sacramento Municipal Utility District Electric Power & Light Revenue | 6.156% | 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp; 968 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Illinois Sales Tax Revenue | 3.587% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;36460 | &nbsp;&nbsp;&nbsp; 31417 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Intergovernmental Agreement Revenue | 3.238% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;25400 | &nbsp;&nbsp; 20322 |
|  | &nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp. Sales Tax Revenue | 4.637% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;15235 | &nbsp;&nbsp;&nbsp; 14964 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 5.985% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;10450 | &nbsp;&nbsp;&nbsp; 11938 |
|  | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 4.427% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp; 1308 |
|  | &nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority Port, Airport & Marina Revenue | 5.594% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp; 738 |
|  | &nbsp;&nbsp;&nbsp;San Francisco CA Public Utilities Commission Water Revenue | 6.950% | 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp; 1718 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;San Joaquin Hills Transportation Corridor Agency Highway Revenue | 3.492% | 1/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;30850 | &nbsp;&nbsp; 23563 |
|  | &nbsp;&nbsp;&nbsp;Sonoma County CA Miscellaneous Revenue | 6.000% | 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp; 396 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.517% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp; 3088 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. Highway Revenue | 3.922% | 12/31/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp; 3374 |
|  | &nbsp;&nbsp;&nbsp;Texas Transportation Commission GO | 2.472% | 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;13625 | &nbsp;&nbsp;&nbsp; 9910 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 4.601% | 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141 | &nbsp;&nbsp;&nbsp; 2160 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 2.147% | 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4019 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 5.770% | 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp; 531 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 3.931% | 5/15/45 | &nbsp;&nbsp; 17840 | &nbsp;&nbsp;&nbsp; 16654 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 4.858% | 5/15/12 | &nbsp;&nbsp;&nbsp;&nbsp;32223 | &nbsp;&nbsp; 30593 |
|  | &nbsp;&nbsp;&nbsp;University of California College & University Revenue | 4.767% | 5/15/15 | &nbsp;&nbsp;&nbsp;&nbsp;14875 | &nbsp;&nbsp;&nbsp; 13779 |
|  | &nbsp;&nbsp;&nbsp;University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue | 6.548% | 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8918 | &nbsp;&nbsp;&nbsp; 10897 |
|  | &nbsp;&nbsp;&nbsp;University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue | 6.583% | 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp; 1041 |
|  | &nbsp;&nbsp;&nbsp;University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue | 3.006% | 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;28170 | &nbsp;&nbsp; 20794 |
|  | &nbsp;&nbsp;&nbsp;University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue | 4.563% | 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9255 | &nbsp;&nbsp; 8973 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue | 3.599% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;26363 | &nbsp;&nbsp; 23425 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue | 3.504% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/52 | &nbsp;&nbsp; 17535 | &nbsp;&nbsp;&nbsp; 14912 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue | 3.504% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;14898 | &nbsp;&nbsp;&nbsp; 12670 |
|  | &nbsp;&nbsp;&nbsp;University of Minnesota College & University Revenue | 4.048% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;21515 | &nbsp;&nbsp; 20208 |
|  | &nbsp;&nbsp;&nbsp;University of North Carolina at Chapel Hill College & University Revenue | 3.327% | 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6730 | &nbsp;&nbsp;&nbsp; 6116 |
|  | &nbsp;&nbsp;&nbsp;University of Texas System Regents College & University Revenue | 4.794% | 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8915 | &nbsp;&nbsp;&nbsp; 9196 |
|  | &nbsp;&nbsp;&nbsp;University of Virginia College & University Revenue | 2.256% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;15280 | &nbsp;&nbsp;&nbsp; 10141 |
|  | &nbsp;&nbsp;&nbsp;University of Virginia College & University Revenue | 2.584% | 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp; 1433 |
|  | &nbsp;&nbsp;&nbsp;University of Virginia College & University Revenue | 3.227% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/19 | &nbsp;&nbsp;&nbsp;&nbsp;35640 | &nbsp;&nbsp; 22926 |
|  | &nbsp;&nbsp;&nbsp;Washington GO | 5.481% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp; 934 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue | 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp; 1584 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Appropriations Revenue | 3.954% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364 | &nbsp;&nbsp;&nbsp; 3160 |
| **Total Taxable Municipal Bonds (Cost $1,619,510)** | **Total Taxable Municipal Bonds (Cost $1,619,510)** | **Total Taxable Municipal Bonds (Cost $1,619,510)** | **Total Taxable Municipal Bonds (Cost $1,619,510)** | **Total Taxable Municipal Bonds (Cost $1,619,510)** | &nbsp;&nbsp;&nbsp;**1554658** |

---

------

Long-Term Investment-Grade Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon |  | &nbsp;&nbsp;Shares | Market<br> Value• ($000) |
| **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** | **Temporary Cash Investments (1.2%)** |
| **Money Market Fund (0.9%)** | **Money Market Fund (0.9%)** | **Money Market Fund (0.9%)** | **Money Market Fund (0.9%)** | **Money Market Fund (0.9%)** | **Money Market Fund (0.9%)** |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund | 4.437% |  | 1593409 | &nbsp;&nbsp;&nbsp; 159325 |
|  |  |  | Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities LLC<br> (Dated 1/31/23, Repurchase Value $1,200,000, collateralized by U.S. Treasury Note/Bond 2.375%, 2/29/24, with a value of $1,224,000) | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 1200 |
|  | &nbsp;&nbsp;&nbsp;Barclays Capital Inc.<br> (Dated 1/31/23, Repurchase Value $2,800,000, collateralized by U.S. Treasury Note/Bond 2.750%, 4/30/27, with a value of $2,856,000) | 4.230% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp; 2800 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Global Markets Inc.<br> (Dated 1/31/23, Repurchase Value $1,800,000, collateralized by U.S. Treasury Note/Bond 3.500%–4.500%, 11/15/25–1/31/30, with a value of $1,836,000) | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp; 1800 |
|  | &nbsp;&nbsp;&nbsp;Credit Suisse Securities<br> (Dated 1/31/23, Repurchase Value $7,701,000, collateralized by Fannie Mae 5.000%, 12/1/37, with a value of $7,854,000) | 4.310% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp; 7700 | &nbsp;&nbsp;&nbsp; 7700 |
|  | &nbsp;&nbsp;&nbsp;RBC Capital Markets LLC<br> (Dated 1/31/23, Repurchase Value $200,000, collateralized by Fannie Mae 3.500%, 1/1/43, with a value of $204,000) | 4.270% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 200 |
|  |  |  |  |  | **13700** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity<br> Date** | &nbsp;&nbsp;**Face<br> Amount<br> ($000)** | **Market<br> Value• ($000)** |
| **U.S. Government and Agency Obligations (0.2%)** | **U.S. Government and Agency Obligations (0.2%)** | **U.S. Government and Agency Obligations (0.2%)** | **U.S. Government and Agency Obligations (0.2%)** | **U.S. Government and Agency Obligations (0.2%)** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill | 4.797% | 6/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 19623 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill | 4.819% | 7/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 9784 |
|  |  |  |  | **29407** |
| **Total Temporary Cash Investments (Cost $202,420)** | **Total Temporary Cash Investments (Cost $202,420)** | **Total Temporary Cash Investments (Cost $202,420)** | **Total Temporary Cash Investments (Cost $202,420)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**202432** |
| **Total Investments (98.8%) (Cost $18,261,425)** | **Total Investments (98.8%) (Cost $18,261,425)** | **Total Investments (98.8%) (Cost $18,261,425)** | **Total Investments (98.8%) (Cost $18,261,425)** | **16166420** |
| **Other Assets and Liabilities—Net (1.2%)** | **Other Assets and Liabilities—Net (1.2%)** | **Other Assets and Liabilities—Net (1.2%)** | **Other Assets and Liabilities—Net (1.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**193241** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **16359661** |
| Cost is in $000. | Cost is in $000. |  |  |  |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | Securities with a value of $10,838,000 have been segregated as initial margin for open futures contracts. |
| 2 | Securities with a value of $67,127,000 have been segregated as initial margin for open centrally cleared swap contracts. |
| 3 | Securities with a value of $471,000 have been segregated as collateral for open forward currency contracts. |
| 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 | 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. |
| 6 | Face amount denominated in British pounds. |
| 7 | Face amount denominated in euro. |
| 8 | 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 January 31, 2023, the aggregate value was $845,010,000, representing 5.2% of net assets. |
| 9 | 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. |
| 10 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
| 11 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 12 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 13 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
| 14 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | 1M—1-month. |
|  | 3M—3-month. |
|  | DAC—Designated Activity Company. |
|  | GO—General Obligation Bond. |
|  | LIBOR—London Interbank Offered Rate. |
|  | TSFR1M—CME Term Secured Overnight Financing Rate 1-Month. |
|  | TSFR3M—CME Term Secured Overnight Financing Rate 3-Month. |
|  | USD—U.S. dollar. |

---

------

Long-Term Investment-Grade Fund

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 5-Year U.S. Treasury Note | March 2023 | 132 | 14420 | &nbsp;&nbsp;(17) |
| Long U.S. Treasury Bond | March 2023 | 811 | 105329 | &nbsp;&nbsp;1267 |
| Ultra 10-Year U.S. Treasury Note | March 2023 | 598 | 72479 | &nbsp;&nbsp;41 |
| Ultra Long U.S. Treasury Bond | March 2023 | 1033 | 181582 | &nbsp;&nbsp;(581) |
|  |  |  |  | &nbsp;&nbsp;710 |
| Short Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2023 | (79) | (16246) | &nbsp;&nbsp;16 |
| 5-Year U.S. Treasury Note | March 2023 | (153) | (16714) | &nbsp;&nbsp;(47) |
| 10-Year U.S. Treasury Note | March 2023 | (1279) | (146465) | &nbsp;&nbsp;241 |
| Euro-Bund | March 2023 | (67) | (9966) | &nbsp;&nbsp;264 |
| Euro-Buxl | March 2023 | (15) | (2348) | &nbsp;&nbsp;298 |
| Long Gilt | March 2023 | (29) | (3737) | &nbsp;&nbsp;2 |
| Ultra 10-Year U.S. Treasury Note | March 2023 | (4) | (485) | &nbsp;&nbsp;2 |
|  |  |  |  | &nbsp;&nbsp;776 |
|  |  |  |  | &nbsp;&nbsp;1486 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
|  | 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;Receive | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |  |
| Bank of America, N.A. | 3/15/23 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2) |  |
| JPMorgan Chase Bank, N.A. | 3/15/23 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2) |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;19417 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;17784 | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;— |  |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5837 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;4735 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5) |  |
| Standard Chartered Bank | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |  |
| HSBC Bank plc | 3/15/23 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;(9) |  |

---

---

| |
|:---|
| AUD—Australian dollar. |
| CAD—Canadian dollar. |
| EUR—euro. |
| GBP—British pound. |
| JPY—Japanese yen. |
| MXN—Mexican peso. |
| USD—U.S. dollar. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |  |  |  |  |  |  |
| CDX-NA-IG-S39-V1 | 12/21/27 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2132140 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;28939 | &nbsp;&nbsp;&nbsp;22871 |

---

------

Long-Term Investment-Grade 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) |
| Credit Protection Purchased |  |  |  |  |  |  |
| CDX-NA-HY-S37-V2 | 12/22/26 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;(5.000) | &nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;50 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;28881 | &nbsp;&nbsp;&nbsp;22921 |

---

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.

------

Long-Term Investment-Grade Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $18,102,107) | &nbsp;&nbsp;16007095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $159,318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159325 |
| Total Investments in Securities | &nbsp;&nbsp;16166420 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Foreign Currency, at Value (Cost $411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31142 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193754 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11831 |
| Variation Margin Receivable—Centrally Cleared Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| **Total Assets** | **16406525** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26326 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11724 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46864** |
| **Net Assets** | **16359661** |
| **At January 31, 2023, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;19116532 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;(2756871) |
| **Net Assets** | **16359661** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 466,773,006 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**3884202** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.32** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 1,499,203,133 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **12475459** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8.32** |

---

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

------

Long-Term Investment-Grade Fund

#### Statement of Operations

---

| | |
|:---|:---|
|  | Year Ended<br> January 31, 2023 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;692251 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;692251 |
| **Expenses** |  |
| Investment Advisory Fees—Note B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—<br> Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—<br> Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—<br> Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—<br> Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22944 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**669307** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;(505973) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;(130404) |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(30909) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**(664202)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (3230493) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10734 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32317 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| **Change in Unrealized Appreciation (Depreciation)** | **(3188163)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(3183058)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,736,000, ($8000), and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |

---

#### Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621050 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(664202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418195 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(3188163) | &nbsp;&nbsp;&nbsp;&nbsp;(1939329) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(3183058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900084) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(161314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(524700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828301) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(686014) | &nbsp;&nbsp;&nbsp;&nbsp;(1095006) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821786 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619911 | &nbsp;&nbsp;&nbsp;&nbsp;1078598 |
| Total Increase (Decrease) | &nbsp;&nbsp;(3249161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916492) |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;**19608822** | &nbsp;&nbsp;&nbsp;**20525314** |
| **End of Period** | **16359661** | &nbsp;&nbsp;&nbsp;**19608822** |

---

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

------

Long-Term Investment-Grade Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.33** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.42** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.48** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.79** | &nbsp;&nbsp;&nbsp;**$10.40** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.397 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(2.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.560) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(1.662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.163) |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.413) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.034) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.447) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.32** | &nbsp;&nbsp;&nbsp;**$10.33** | &nbsp;&nbsp;&nbsp;**$11.42** | &nbsp;&nbsp;&nbsp;**$11.48** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.79** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-16.05%** | &nbsp;&nbsp;&nbsp;**-4.64%** | &nbsp;&nbsp;&nbsp;**6.54%** | &nbsp;&nbsp;&nbsp;**23.31%** | &nbsp;&nbsp;&nbsp;**-1.45%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$3884 | &nbsp;&nbsp;&nbsp;$4840 | &nbsp;&nbsp;&nbsp;$5070 | &nbsp;&nbsp;&nbsp;$4942 | &nbsp;&nbsp;&nbsp;$4098 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;0.22% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;3.98% | &nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;3.57% | &nbsp;&nbsp;&nbsp;4.08% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;34%<sup>3</sup> | &nbsp;&nbsp;&nbsp;32%<sup>3</sup> |

---

---

| | |
|:---|:---|
| 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 | Includes 1% and 0%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

------

Long-Term Investment-Grade Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.33** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.42** | &nbsp;&nbsp;&nbsp;&nbsp;**$11.48** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.79** | &nbsp;&nbsp;&nbsp;**$10.40** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.407 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(2.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.560) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(1.653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.153) |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.423) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.034) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.457) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.32** | &nbsp;&nbsp;&nbsp;**$10.33** | &nbsp;&nbsp;&nbsp;**$11.42** | &nbsp;&nbsp;&nbsp;**$11.48** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.79** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-15.97%** | &nbsp;&nbsp;&nbsp;**-4.54%** | &nbsp;&nbsp;&nbsp;**6.64%** | &nbsp;&nbsp;&nbsp;**23.43%** | &nbsp;&nbsp;&nbsp;**-1.35%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$12475 | &nbsp;&nbsp;&nbsp;$14769 | &nbsp;&nbsp;&nbsp;$15455 | &nbsp;&nbsp;&nbsp;$15335 | &nbsp;&nbsp;&nbsp;$12820 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;4.08% | &nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;3.67% | &nbsp;&nbsp;&nbsp;4.18% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;34%<sup>3</sup> | &nbsp;&nbsp;&nbsp;32%<sup>3</sup> |

---

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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 | Includes 1% and 0%, respectively, attributable to mortgage-dollar-roll activity. |

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

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Long-Term Investment-Grade Fund

Notes to Financial Statements

Vanguard Long-Term Investment-Grade 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.

Certain of the fund's investments are in corporate debt instruments; the issuers' abilities to meet their obligations may be affected by economic developments in their respective industries. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. To minimize the currency risk associated with investment in securities denominated in currencies other than the U.S. dollar, the fund attempts to hedge its currency exposure. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

**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 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. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.

4. 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

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Long-Term Investment-Grade Fund

from the collateral supporting the loan, varies when 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.

5. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

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, 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 year ended January 31, 2023, the fund's average value of investments in swaptions purchased and swaptions written represented less than 1% of net assets based on the average market values at each quarter-end during the period. The fund had no open swaption contracts at January 31, 2023.

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Long-Term Investment-Grade Fund

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 year ended January 31, 2023, the fund's average investments in long and short futures contracts represented 3% and 1% 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.

The fund's risks in using these 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 year ended January 31, 2023, the fund's average investment in forward currency contracts represented less than 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 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

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Long-Term Investment-Grade Fund

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 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 year ended January 31, 2023, the fund's average amounts of investments in credit protection sold and credit protection purchased represented 9% and 2% 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 from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, 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.

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Long-Term Investment-Grade Fund

12. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

13. 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.

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.** Wellington Management Company llp provides investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor.

Vanguard provides investment advisory services to a portion of the fund as described below; the fund paid Vanguard advisory fees of $192,000 for the year ended January 31, 2023.

For the year ended January 31, 2023, the aggregate investment advisory fee paid to all advisors represented an effective annual rate of 0.02% of the fund's average net assets.

**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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $569,000, representing less than 0.01% of the fund's net assets and 0.23% 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.

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Long-Term Investment-Grade Fund

#### 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 January 31, 2023, 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;1216766 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1216766 |
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39795 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39795 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12934983 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12934983 |
| Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217091 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217091 |
| Taxable Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1554658 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1554658 |
| Temporary Cash Investments | 159325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43107 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202432 |
| Total | 159325 | &nbsp;&nbsp;&nbsp;16007095 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16166420 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2131 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Swap Contracts | 22921<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;22921 |
| Total | &nbsp;&nbsp;&nbsp;25052 | &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25083 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 |
| Forward Currency Contracts | &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;9 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 |

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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 January 31, 2023, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

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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) |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 2131 |  |  | &nbsp;&nbsp;2131 |
| Unrealized Appreciation—Centrally Cleared Swap Contracts<sup>1</sup> |  |  | 22921 | &nbsp;&nbsp;22921 |
| Unrealized Appreciation—Forward Currency Contracts |  | 31 |  | &nbsp;&nbsp;31 |
| Total Assets | 2131 | 31 | 22921 | &nbsp;&nbsp;25083 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | 645 |  |  | &nbsp;&nbsp;645 |
| Unrealized Depreciation—Forward Currency Contracts |  | 9 |  | &nbsp;&nbsp;9 |
| Total Liabilities | 645 | 9 |  | &nbsp;&nbsp;654 |

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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.

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Long-Term Investment-Grade Fund

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended January 31, 2023, were:

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | (130404) |  |  | &nbsp;&nbsp;(130404) |
| Options Purchased |  |  | (215) | &nbsp;&nbsp;(215) |
| Options Written |  |  | 195 | &nbsp;&nbsp;195 |
| Swap Contracts | (11023) |  | (19886) | &nbsp;&nbsp;(30909) |
| Forward Currency Contracts |  | 3294 |  | &nbsp;&nbsp;3294 |
| Realized Net Gain (Loss) on Derivatives | (141427) | 3294 | (19906) | &nbsp;&nbsp;(158039) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives |
| Futures Contracts | 10734 |  |  | &nbsp;&nbsp;10734 |
| Options Purchased |  |  | (24) | &nbsp;&nbsp;(24) |
| Options Written |  |  | (5) | &nbsp;&nbsp;(5) |
| Swap Contracts | 1135 |  | 31182 | &nbsp;&nbsp;32317 |
| Forward Currency Contracts |  | (716) |  | &nbsp;&nbsp;(716) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 11869 | (716) | 31153 | &nbsp;&nbsp;42306 |

---

**F.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable foreign currency transactions and swap agreements were reclassified
between the individual components of total distributable earnings (loss).

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; the recognition of gain or loss from foreign currency hedges; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9514 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(672271) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;(2087272) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;686014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671759 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423247 |
| Total | &nbsp;&nbsp;&nbsp;686014 | &nbsp;&nbsp;&nbsp;&nbsp;1095006 |

---

\* Includes short-term capital gains, if any.

------

Long-Term Investment-Grade Fund

As of January 31, 2023, 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;18274073 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379694 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;(2466966) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(2087272) |

---

**G.** During the year ended January 31, 2023, the fund purchased $3,453,234,000 of investment securities and sold $2,706,323,000 of investment securities, other than U.S. government securities and temporary cash
investments. Purchases and sales of U.S. government securities were $1,736,853,000 and $1,530,283,000, respectively.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $3,318,000 and sales were $2,073,000, resulting in net realized loss of $15,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;259888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58007 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;156937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23855 |
| Redeemed | &nbsp;&nbsp;&nbsp;(433593) | &nbsp;&nbsp;&nbsp;&nbsp;(50028) | &nbsp;&nbsp;&nbsp;&nbsp;(633474) | &nbsp;&nbsp;&nbsp;&nbsp;(57326) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(16768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24536 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;2561188 | &nbsp;&nbsp;&nbsp;&nbsp;296703 | &nbsp;&nbsp;&nbsp;&nbsp;3420433 | &nbsp;&nbsp;&nbsp;&nbsp;312724 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;444560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64043 |
| Redeemed | (2369069) | &nbsp;&nbsp;(279594) | &nbsp;&nbsp;(3295935) | &nbsp;&nbsp;(300568) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;636679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76199 |

---

**I.** Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Fixed Income Securities Funds and Shareholders of Vanguard Short-Term Investment-Grade Fund, Vanguard Intermediate-Term Investment-Grade Fund and Vanguard Long-Term Investment-Grade Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard Short-Term Investment-Grade Fund, Vanguard Intermediate-Term Investment-Grade Fund and Vanguard Long-Term Investment-Grade Fund (three of the funds constituting Vanguard Fixed Income Securities Funds, hereafter collectively referred to as the "Funds") as of January 31, 2023, the related statements of operations for the year ended January 31, 2023, the statements of changes in net assets for each of the two years in the period ended January 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2023 and each of the financial highlights for each of the five years in the period ended January 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP <br> Philadelphia, Pennsylvania<br> March 23, 2023

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

#### Tax information (unaudited)
The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Short-Term Investment-Grade Fund | &nbsp;&nbsp;&nbsp;115638 |
| Intermediate-Term Investment-Grade Fund | &nbsp;&nbsp;&nbsp;&nbsp;59311 |
| Long-Term Investment-Grade Fund | &nbsp;&nbsp;&nbsp;&nbsp;28013 |

---

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the regulations thereunder for the fiscal year.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Short-Term Investment-Grade Fund | &nbsp;&nbsp;&nbsp;98.1% |
| Intermediate-Term Investment-Grade Fund | &nbsp;&nbsp;&nbsp;96.3 |
| Long-Term Investment-Grade Fund | &nbsp;&nbsp;&nbsp;&nbsp;97.7 |

---

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Short-Term Investment-Grade Fund | &nbsp;&nbsp;&nbsp;79.9% |
| Intermediate-Term Investment-Grade Fund | &nbsp;&nbsp;&nbsp;80.7 |
| Long-Term Investment-Grade Fund | &nbsp;&nbsp;&nbsp;80.3 |

---

------

"Bloomberg®," Bloomberg U.S. 1–5 Year Credit Bond Index, Bloomberg U.S. 5–10 Year Credit Bond Index, and Bloomberg U.S. Long Credit A or Better Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).

The Corporate Bond Funds are not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Corporate Bond Funds or any member of the public regarding the advisability of investing in securities generally or in the Corporate Bond Funds particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg U.S. 1–5 Year Credit Bond Index, Bloomberg U.S. 5–10 Year Credit Bond Index, and Bloomberg U.S. Long Credit A or Better Bond Index (the Indices), which are determined, composed and calculated by BISL without regard to Vanguard or the Corporate Bond Funds. Bloomberg has no obligation to take the needs of Vanguard or the owners of the Corporate Bond Funds into consideration in determining, composing or calculating the Indices. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Corporate Bond Funds to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Corporate Bond Funds customers, in connection with the administration, marketing or trading of the Corporate Bond Funds.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE CORPORATE BOND FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE CORPORATE BOND FUNDS OR THE INDICES OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.© 2023 Bloomberg.

Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.

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------

The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund's trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the *Statement of Additional Information*, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

#### Interested Trustee<sup>1</sup>

#### Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.

#### Independent Trustees

#### Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University's Leavey School of Business.

#### Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the

Rochester Philharmonic Orchestra. Trustee of the University of Rochester.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (global industrial company). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.

#### Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM's Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

#### Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. (investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment Committee, and the board of directors of Paxos Trust Company (finance).

#### Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership),

Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.

#### André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).

#### Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School (2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Corporation Ltd. (climate policy advisory services). Member of the board of directors of Arcadia Corporation (energy solution technology).

#### David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.

1 Mr. Buckley is considered an "interested person," as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

------

#### Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

#### Executive Officers

#### Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street.

#### Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

#### John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).

#### Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

#### Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

#### Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director of the board of National Grid (energy).

#### Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

#### Vanguard Senior Management Team

---

| | |
|:---|:---|
| **Matthew Benchener** | **Thomas M. Rampulla** |
| **Joseph Brennan** | **Karin A. Risi** |
| **Mortimer J. Buckley** | **Anne E. Robinson** |
| **Gregory Davis** | **Michael Rollings** |
| **John James** | **Nitin Tandon** |
| **Chris D. Mclsaac** | **Lauren Valente** |

---

------

![](tm234052d1corpbondfundsi008.jpg)

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

#### Fund Information > 800-662-7447

#### Direct Investor Account Services > 800-662-2739

#### Institutional Investor Services > 800-523-1036

#### Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund's current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard's proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC's website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC's website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

#### CFA<sup>®</sup> is a registered trademark owned by CFA Institute.© 2023 The Vanguard Group, Inc.<br> All rights reserved.<br> Vanguard Marketing Corporation, Distributor.

Q390 032023

------

![](tm234052d1ultrashrttermbi001.jpg)

#### Annual Report \| January 31, 2023
Vanguard Ultra-Short-Term Bond Fund

------

Contents

---

| | |
|:---|:---|
| Your Fund's Performance at a Glance<br>| 1 |
| Advisor's Report<br>| 2 |
| About Your Fund's Expenses<br>| 5 |
| Performance Summary<br>| 7 |
| Financial Statements<br>| 9 |

---

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

------

Your Fund's Performance at a Glance

• For the 12 months ended January 31, 2023, Vanguard Ultra-Short-Term Bond Fund returned 0.49% for Investor Shares and 0.54% for Admiral Shares. Over the same period, the fund's benchmark index returned 0.63%.

• Despite some relief in midsummer and toward the end of the period, it was a volatile, challenging time for financial markets. Early on, inflation across much of the world continued climbing to multidecade highs amid
supply-chain bottlenecks, rising energy and food prices, and broader price increases in goods and services. Central banks responded by aggressively tightening monetary policy. Later, it appeared that inflation might
have peaked, and central banks began slowing their pace of interest rate hikes.

• With yields rising and prices falling, investment-grade U.S. bonds overall returned roughly –8% for the year, as measured by the Bloomberg U.S. Aggregate Float Adjusted Index.

• Unlike its benchmark, which consists of the most recently issued U.S. Treasury note, the fund invests in a diversified portfolio of primarily high-quality securities in the credit
sector, including investment-grade corporates and asset-backed securities. With the widening in credit spreads that occurred over the period, the fund modestly underperformed its benchmark.

#### Market Barometer

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Year | &nbsp;&nbsp;&nbsp;&nbsp;Three Years | &nbsp;&nbsp;&nbsp;&nbsp;Five Years |
| **Stocks** |  |  |  |
| Russell 1000 Index (Large-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66% | &nbsp;&nbsp;&nbsp;&nbsp;9.38% |
| Russell 2000 Index (Small-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| Russell 3000 Index (Broad U.S. market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| FTSE All-World ex US Index (International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| **Bonds** |  |  |  |
| Bloomberg U.S. Aggregate Float Adjusted Index<br> (Broad taxable market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.40% | &nbsp;&nbsp;&nbsp;&nbsp;-2.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Bloomberg Municipal Bond Index<br> (Broad tax-exempt market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;-0.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| FTSE Three-Month U.S. Treasury Bill Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **CPI** |  |  |  |
| Consumer Price Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% |

---

------

Advisor's Report

For the 12 months ended January 31, 2023, Vanguard Ultra-Short-Term Bond Fund returned 0.49% for Investor Shares and 0.54% for Admiral Shares. Its benchmark, the Bloomberg U.S. Treasury Bellwethers: 1 Year Index, which consists of a single 1-year Treasury note, returned 0.63%.

The fund's 30-day SEC yield increased by 3.66 percentage points for both share classes, with Investor Shares ending the period at 4.33% and Admiral Shares at 4.43%. This yield is a proxy for a portfolio's potential annualized rate of income.

#### Investment environment
The period was defined by a historic rise in interest rates, which caused ripple effects across every sector of the financial

markets and brought with it renewed volatility.

Early on, supply-chain bottlenecks persisted, labor remained in short supply in some sectors of the economy as unemployment rates continued to fall, and year-on-year inflation readings—which had been accelerating—climbed to multidecade highs across much of the world.

In late February, Russia's invasion of Ukraine injected more uncertainty into the markets. Oil headed north of $100 per barrel and staple food prices soared. While energy prices eventually began to cool amid slowing economic growth and the U.S. government's release of some of its strategic oil reserves to boost supply, price increases broadened to other

---

| | | |
|:---|:---|:---|
| **Yields of U.S. Treasury Securities**  |  |  |
| Maturity | January 31,<br> 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 31,<br> 2023 |
| 2 years | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% |
| 5 years | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 |
| 10 years | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| 30 years | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 |
| Source: Vanguard. | Source: Vanguard. | Source: Vanguard. |

---

------

categories of goods and services, heightening concerns that inflation might remain stubbornly high.

In response, major central banks wound down their bond-purchasing programs and began raising short-term interest rates. The Federal Reserve was especially aggressive, raising the federal funds rate target from near zero in March 2022 to a range of 4.50%–4.75% just after the close of the fund's fiscal year.

Inflation readings did begin to ease down from multidecade highs late in the year, however, and the Fed began slowing the pace of its rate hikes. Even so, monetary policy tightening contributed to a steep rise in yields over the 12 months, especially at the front end of the curve. The yield of the 2-year U.S. Treasury note jumped 3.02 percentage points to end the period at 4.20%, while the 10-year Treasury yield climbed 1.73 percentage points to 3.51%. The average yield of corporate bonds over U.S. Treasuries widened during the period, leading corporates to underperform.

#### Management of the fund
The fund benchmark consists of the most recently issued U.S. Treasury note with a maturity of 1 year. While we target the same average duration as the benchmark, we take on credit exposure, which is expected to be a primary driver of excess returns for the fund over time as credit securities offer a yield premium over the Treasury benchmark.

In the first part of the year, we reduced the overall credit risk in the fund and

moved the portfolio up in quality given our expectation that rising interest rates and Fed tightening would lead to wider credit spreads and a slowdown in the economy.

Despite our adopting an even more conservative stance, which benefited the fund, credit underperforming Treasuries over the 12-month period led to the fund's return trailing that of its benchmark index.

#### Outlook
The recent significant negative annual returns have understandably been distressing for bond investors. With the repricing that has occurred, however, the outlook is substantially better than it was a year ago. That is likely to attract flows back into this asset class, especially given how strong fundamentals are from a credit standpoint.

Although the bond market may continue to see volatility given that the Fed is expected to make more rate hikes, today's higher yields mean bonds can offer more of a cushion against further price declines.

Energy supply-and-demand concerns, diminishing capital flows, declining trade volumes, and falling output per person in all likelihood will lead to a global recession in the coming year. While we had upgraded the portfolio's credit quality given that outlook, we are open to opportunistically increasing our credit exposure given the widening in spreads that has taken place. At the same time, we are also favoring some sectors that tend to be more defensive in downturns.

------

Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to seek attractive investment opportunities that will add to the fund's performance.

Daniel Shaykevich, Principal and Portfolio Manager

Arvind Narayanan, CFA, Principal and Portfolio Manager

Vanguard Fixed Income Group

February 11, 2023

------

About Your Fund's Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.

A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund's costs in two ways:

**•** **Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.** 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

**•** **Based on hypothetical 5% yearly return. This section is intended to help you compare your fund's costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund's actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.** 

Note that the expenses shown in the table are meant to highlight and help you compare *ongoing* costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

------

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended January 31, 2023** |  |  |  |
| Ultra-Short-Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning<br> Account Value<br> 7/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending<br> Account Value<br> 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses<br> Paid During<br> Period |
| **Based on Actual Fund Return** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1011.20 | &nbsp;&nbsp;&nbsp;&nbsp;$1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral™ Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| **Based on Hypothetical 5% Yearly Return** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.20 | &nbsp;&nbsp;&nbsp;&nbsp;$1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |

---

The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are 0.20% for Investor Shares and 0.10% for Admiral Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

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Ultra-Short-Term Bond Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: February 24, 2015, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1ultrashrttermbi002.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  |  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Since<br> Inception<br> (2/24/2015) | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1ultrashrttermbi003.jpg) | &nbsp;&nbsp;&nbsp;Ultra-Short-Term Bond Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;$11060 |
| ![](tm234052d1ultrashrttermbi004.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Treasury Bellwethers: 1 Year Index | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10911 |
| ![](tm234052d1ultrashrttermbi005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10902 |

---

"Since Inception" performance is calculated from the Investor Shares' inception date for both the fund and its comparative standard(s).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Since<br> Inception<br> (2/24/2015) | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| Ultra-Short-Term Bond Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;$55714 |
| Bloomberg U.S. Treasury Bellwethers: 1 Year Index | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54555 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54508 |

---

"Since Inception" performance is calculated from the Admiral Shares' inception date for both the fund and its comparative standard(s).

See Financial Highlights for dividend and capital gains information.

------

Ultra-Short-Term Bond Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 14.2% |
| Corporate Bonds | 72.9 |
| Short-Term Reserves | &nbsp;&nbsp;&nbsp;0.8 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;2.0 |
| Treasury/Agency | 10.1 |

---

The table reflects the fund's investments, except for derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

------

Ultra-Short-Term Bond Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Asset-Backed/Commercial Mortgage-Backed Securities (14.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (14.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (14.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (14.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (14.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (14.2%)** |
| <sup>1</sup> | Ally Auto Receivables Trust Class A2 Series 2022 -3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.290% | 6/16/25 | &nbsp;&nbsp; 16500 | &nbsp;&nbsp; 16533 |
| <sup>1</sup> | Ally Auto Receivables Trust Class A2 Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.620% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35370 |
| <sup>1,2</sup> | American Credit Acceptance Receivables Trust Class A Series 2021-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450% | 9/15/25 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 148 |
| <sup>1,2</sup> | American Credit Acceptance Receivables Trust Class B Series 2021-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.660% | 2/13/26 | &nbsp;&nbsp; 3193 | &nbsp;&nbsp; 3184 |
| <sup>1,2</sup> | American Credit Acceptance Receivables Trust Class B Series 2021-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.860% | 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp; 9120 |
| <sup>1</sup> | AmeriCredit Automobile Receivables Trust Class A2 Series 2021-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.410% | 2/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5388 |
| <sup>1</sup> | AmeriCredit Automobile Receivables Trust Class A2A Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% | 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36751 |
| <sup>1</sup> | AmeriCredit Automobile Receivables Trust Class A3 Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.660% | 12/18/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 |
| <sup>1</sup> | AmeriCredit Automobile Receivables Trust Class A3 Series 2020-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.530% | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664 |
| <sup>1</sup> | AmeriCredit Automobile Receivables Trust Class A3 Series 2021-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.370% | 8/18/25 | &nbsp;&nbsp; 7525 | &nbsp;&nbsp; 7395 |
| <sup>1</sup> | AmeriCredit Automobile Receivables Trust Class A3 Series 2021-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.340% | 12/18/26 | &nbsp;&nbsp; 7917 | &nbsp;&nbsp; 7706 |
| <sup>1</sup> | AmeriCredit Automobile Receivables Trust Class C Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.480% | 2/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 |
| <sup>1,2</sup> | ARI Fleet Lease Trust Class A2 Series 2021-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.370% | 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022 |
| <sup>1,2</sup> | ARI Fleet Lease Trust Class A2 Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.120% | 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 |
| <sup>1,2</sup> | ARI Fleet Lease Trust Class A3 Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.430% | 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp; 1876 |
| <sup>1,2</sup> | Avis Budget Rental Car Funding AESOP LLC Class A Series 2017-2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.970% | 3/20/24 | &nbsp;&nbsp; 3117 | &nbsp;&nbsp; 3110 |
| <sup>1</sup> | BMW Vehicle Lease Trust Class A2 Series 2022-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.670% | 5/28/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6445 |
| <sup>1</sup> | BMW Vehicle Owner Trust Class A4 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.620% | 4/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052 |
| <sup>1,2,3</sup> | Brass No. 10 plc Class A1 Series 10A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.669% | 4/16/69 | &nbsp;&nbsp; 7096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6733 |
| <sup>1,3</sup> | Brazos Higher Education Authority Inc. Class A2 Series 2011-1, 3M USD LIBOR + 0.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.499% | 2/25/30 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| <sup>1</sup> | Capital One Prime Auto Receivables Trust Class A2 Series 2021-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.320% | 2/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6971 | &nbsp;&nbsp; 6901 |
| <sup>1</sup> | Capital One Prime Auto Receivables Trust Class A2a Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.740% | 9/15/25 | &nbsp;&nbsp; 10780 | &nbsp;&nbsp; 10679 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | CarMax Auto Owner Trust Class A2 Series 2022-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.910% | 2/18/25 | &nbsp;&nbsp; 13137 | &nbsp;&nbsp; 12989 |
| <sup>1</sup> | CarMax Auto Owner Trust Class A2A Series 2021-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.290% | 9/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 |
| <sup>1</sup> | CarMax Auto Owner Trust Class A2A Series 2021-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.240% | 11/15/24 | &nbsp;&nbsp; 5193 | &nbsp;&nbsp; 5156 |
| <sup>1</sup> | CarMax Auto Owner Trust Class A2A Series 2023-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.230% | 1/15/26 | &nbsp;&nbsp; 11420 | &nbsp;&nbsp; 11410 |
| <sup>1</sup> | CarMax Auto Owner Trust Class A3 Series 2020-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.620% | 3/17/25 | &nbsp;&nbsp; 14241 | &nbsp;&nbsp; 14004 |
| <sup>1</sup> | CarMax Auto Owner Trust Class A3 Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.490% | 2/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 |
| <sup>1</sup> | CarMax Auto Owner Trust Class A4 Series 2020-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.770% | 3/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445 |
| <sup>1</sup> | Carvana Auto Receivables Trust Class A2 Series 2021-P3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.380% | 1/10/25 | &nbsp;&nbsp; 4167 | &nbsp;&nbsp; 4134 |
| <sup>1</sup> | Carvana Auto Receivables Trust Class A3 Series 2022-P1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350% | 2/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491 |
| <sup>1,2</sup> | Chase Auto Owner Trust Class A2 Series 2022-AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.860% | 10/27/25 | &nbsp;&nbsp; 14500 | &nbsp;&nbsp; 14391 |
| <sup>1,2</sup> | Chesapeake Funding II LLC Class A1 Series 2020-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.870% | 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791 |
| <sup>1</sup> | CNH Equipment Trust Class A2 Series 2021-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.330% | 1/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753 |
| <sup>1</sup> | CNH Equipment Trust Class A2 Series 2022-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.940% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728 |
| <sup>1</sup> | CNH Equipment Trust Class A2 Series 2022-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.420% | 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24452 |
| <sup>1</sup> | CNH Equipment Trust Class A3 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.160% | 6/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 |
| <sup>1</sup> | CNH Equipment Trust Class A4 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.510% | 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp; 2155 |
| <sup>1</sup> | COMM Mortgage Trust Class A2 Series 2014-CR14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.147% | 2/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| <sup>1</sup> | COMM Mortgage Trust Class ASB Series 2014-CCRE16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.653% | 4/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282 |
| <sup>1,2,3,4</sup> | Connecticut Avenue Securities Trust Class 1M1 Series 2021-R01, SOFR30A + 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.060% | 10/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8397 |
| <sup>1</sup> | Daimler Trucks Retail Trust Class A2 Series 2022-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.070% | 9/16/24 | &nbsp;&nbsp; 12110 | &nbsp;&nbsp; 12080 |
| <sup>1,2</sup> | Dell Equipment Finance Trust Class A2 Series 2021-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.330% | 12/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5257 |
| <sup>1,2</sup> | Dell Equipment Finance Trust Class A2 Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.030% | 7/22/27 | &nbsp;&nbsp; 14410 | &nbsp;&nbsp; 14263 |
| <sup>1,2</sup> | Dell Equipment Finance Trust Class A3 Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.570% | 10/23/23 | &nbsp;&nbsp; 7614 | &nbsp;&nbsp; 7559 |
| <sup>1,2</sup> | DLLAA LLC Class A2 Series 2021-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.360% | 5/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 |
| <sup>1,2</sup> | DLLAD LLC Class A2 Series 2021-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.350% | 9/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446 |
| <sup>1,2</sup> | DLLAD LLC Class A2 Series 2023-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.190% | 4/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8020 | &nbsp;&nbsp; 8019 |
| <sup>1,2</sup> | DLLMT LLC Class A2 Series 2021-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% | 3/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8757 |
| <sup>1,2</sup> | DLLST LLC Class A3 Series 2022-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | 1/21/25 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 10782 |
| <sup>1,2</sup> | DLLST LLC Class A4 Series 2022-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.690% | 9/20/28 | &nbsp;&nbsp; 2810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 |
| <sup>1,2</sup> | Donlen Fleet Lease Funding 2 LLC Class A2 Series 2021-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.560% | 12/11/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825 |
| <sup>1</sup> | Drive Auto Receivables Trust Class A3 Series 2021-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.790% | 10/15/25 | &nbsp;&nbsp; 18251 | &nbsp;&nbsp; 18157 |
| <sup>1</sup> | Drive Auto Receivables Trust Class C Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.280% | 8/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 |
| <sup>1</sup> | Drive Auto Receivables Trust Class D Series 2018-5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 |
| <sup>1</sup> | Drive Auto Receivables Trust Class D Series 2019-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.090% | 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | Drive Auto Receivables Trust Class D Series 2019-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700% | 2/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 |
| <sup>1</sup> | Drive Auto Receivables Trust Class D Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700% | 5/17/27 | &nbsp;&nbsp; 2130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 |
| <sup>1,2</sup> | DT Auto Owner Trust Class A Series 2021-2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.410% | 3/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp; 519 |
| <sup>1,2</sup> | DT Auto Owner Trust Class A Series 2021-3A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.330% | 4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4626 |
| <sup>1,2</sup> | DT Auto Owner Trust Class A Series 2021-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.560% | 9/15/25 | &nbsp;&nbsp; 4764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4693 |
| <sup>1,2</sup> | DT Auto Owner Trust Class A Series 2022-2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.880% | 6/15/26 | &nbsp;&nbsp; 5177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5097 |
| <sup>1,2</sup> | Enterprise Fleet Financing LLC Class A2 Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.610% | 7/20/26 | &nbsp;&nbsp;&nbsp; 7742 | &nbsp;&nbsp; 7557 |
| <sup>1,2</sup> | Enterprise Fleet Financing LLC Class A2 Series 2021-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.440% | 12/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228 |
| <sup>1,2</sup> | Enterprise Fleet Financing LLC Class A2 Series 2021-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.480% | 5/20/27 | &nbsp;&nbsp; 11121 | &nbsp;&nbsp; 10669 |
| <sup>1,2</sup> | Enterprise Fleet Financing LLC Class A2 Series 2021-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.770% | 8/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577 | &nbsp;&nbsp; 9168 |
| <sup>1</sup> | Exeter Automobile Receivables Trust Class A3 Series 2021-4A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.680% | 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643 |
| <sup>1</sup> | Exeter Automobile Receivables Trust Class A3 Series 2022-2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800% | 11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp; 17745 |
| <sup>1,2,3,4</sup> | Fannie Mae Connecticut Avenue Securities Class 2M1 Series 2021-R02, SOFR + 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.210% | 11/25/41 | &nbsp;&nbsp; 16392 | &nbsp;&nbsp; 16231 |
| <sup>1,2</sup> | Flagship Credit Auto Trust Class A Series 2021-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.310% | 6/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 |
| <sup>1,2</sup> | Flagship Credit Auto Trust Class A Series 2021-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.370% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366 |
| <sup>1,2</sup> | Flagship Credit Auto Trust Class A Series 2021-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.360% | 7/15/27 | &nbsp;&nbsp; 15324 | &nbsp;&nbsp; 14841 |
| <sup>1,2</sup> | Flagship Credit Auto Trust Class A Series 2021-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.810% | 7/17/26 | &nbsp;&nbsp; 9510 | &nbsp;&nbsp; 9194 |
| <sup>1</sup> | Ford Credit Auto Lease Trust Class A2 Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.240% | 4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp; 919 |
| <sup>1</sup> | Ford Credit Auto Lease Trust Class A3 Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.370% | 10/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42865 |
| <sup>1</sup> | Ford Credit Auto Lease Trust Class A4 Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.370% | 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 |
| <sup>1</sup> | Ford Credit Auto Lease Trust Class C Series 2021-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.780% | 9/15/25 | &nbsp;&nbsp; 10450 | &nbsp;&nbsp; 10255 |
| <sup>1</sup> | Ford Credit Auto Lease Trust Class C Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.180% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8350 | &nbsp;&nbsp; 8195 |
| <sup>1,2</sup> | Ford Credit Auto Owner Trust Class A Series 2018-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.470% | 1/15/30 | &nbsp;&nbsp; 23140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22958 |
| <sup>1,2</sup> | Ford Credit Auto Owner Trust Class A Series 2019-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.520% | 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29807 |
| <sup>1</sup> | Ford Credit Auto Owner Trust Class A2A Series 2022-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.440% | 2/15/25 | &nbsp;&nbsp; 20611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20458 |
| <sup>1</sup> | Ford Credit Auto Owner Trust Class A2A Series 2022-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.520% | 4/15/25 | &nbsp;&nbsp; 16970 | &nbsp;&nbsp; 16915 |
| <sup>1</sup> | Ford Credit Auto Owner Trust Class A2A Series 2022-D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.370% | 8/15/25 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15021 |
| <sup>1</sup> | Ford Credit Auto Owner Trust Class A3 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.040% | 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp; 1512 |
| <sup>1</sup> | Ford Credit Auto Owner Trust Class A3 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.560% | 10/15/24 | &nbsp;&nbsp; 13962 | &nbsp;&nbsp; 13810 |
| <sup>1</sup> | Ford Credit Auto Owner Trust Class A4 Series 2019-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850% | 8/15/24 | &nbsp;&nbsp; 3416 | &nbsp;&nbsp; 3413 |
| <sup>1</sup> | Ford Credit Auto Owner Trust Class A4 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.350% | 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267 |
| <sup>1</sup> | Ford Credit Auto Owner Trust Class A4 Series 2021-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | 4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 |
| <sup>1</sup> | Ford Credit Floorplan Master Owner Trust A Class C Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.420% | 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | Ford Credit Floorplan Master Owner Trust Class A Series 2020-1B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.980% | 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044 |
| <sup>1</sup> | Ford Credit Floorplan Master Owner Trust Class A1 Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% | 9/15/25 | &nbsp;&nbsp; 52100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50692 |
| <sup>1</sup> | Ford Credit Floorplan Master Owner Trust Class D Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.120% | 9/15/25 | &nbsp;&nbsp; 6730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561 |
| <sup>1,2,3,4</sup> | Freddie Mac STACR REMICS Trust Class M1 Series 2021-DNA6, SOFR30A + 0.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.110% | 10/25/41 | &nbsp;&nbsp; 18709 | &nbsp;&nbsp; 18472 |
| <sup>1,2</sup> | GLS Auto Receivables Issuer Trust Class A Series 2021-3A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.420% | 1/15/25 | &nbsp;&nbsp; 2272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 |
| <sup>1,2</sup> | GLS Auto Receivables Issuer Trust Class A Series 2021-4A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.840% | 7/15/25 | &nbsp;&nbsp; 7844 | &nbsp;&nbsp; 7736 |
| <sup>1,2</sup> | GLS Auto Receivables Trust Class A Series 2022-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.980% | 8/15/25 | &nbsp;&nbsp; 7360 | &nbsp;&nbsp; 7259 |
| <sup>1</sup> | GM Financial Automobile Leasing Trust Class A3 Series 2021-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.340% | 5/20/24 | &nbsp;&nbsp; 23446 | &nbsp;&nbsp; 23181 |
| <sup>1</sup> | GM Financial Automobile Leasing Trust Class A4 Series 2020-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.510% | 10/21/24 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 768 |
| <sup>1</sup> | GM Financial Automobile Leasing Trust Class A4 Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.540% | 5/20/26 | &nbsp;&nbsp; 7470 | &nbsp;&nbsp; 7321 |
| <sup>1</sup> | GM Financial Automobile Leasing Trust Class B Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.020% | 5/20/26 | &nbsp;&nbsp; 5250 | &nbsp;&nbsp; 5114 |
| <sup>1</sup> | GM Financial Automobile Leasing Trust Class D Series 2020-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.710% | 2/20/25 | &nbsp;&nbsp; 4760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698 |
| <sup>1</sup> | GM Financial Consumer Automobile Receivables Trust Class A2 Series 2022-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.760% | 2/18/25 | &nbsp;&nbsp; 9743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9624 |
| <sup>1</sup> | GM Financial Consumer Automobile Receivables Trust Class A2a Series 2022-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600% | 11/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35333 |
| <sup>1</sup> | GM Financial Consumer Automobile Receivables Trust Class A2A Series 2023-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.570% | 3/16/26 | &nbsp;&nbsp; 12770 | &nbsp;&nbsp; 12783 |
| <sup>1</sup> | GM Financial Consumer Automobile Receivables Trust Class A3 Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.490% | 12/16/24 | &nbsp;&nbsp; 3763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 |
| <sup>1</sup> | GM Financial Consumer Automobile Receivables Trust Class A4 Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.740% | 8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp; 8740 |
| <sup>1</sup> | GM Financial Consumer Automobile Receivables Trust Class B Series 2020-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.810% | 1/16/26 | &nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 |
| <sup>1</sup> | GM Financial Consumer Automobile Receivables Trust Class C Series 2020-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.370% | 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 |
| <sup>1,2</sup> | GMF Floorplan Owner Revolving Trust Class A Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.680% | 8/15/25 | &nbsp;&nbsp; 10940 | &nbsp;&nbsp; 10680 |
| <sup>1,2</sup> | GMF Floorplan Owner Revolving Trust Class A Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.690% | 10/15/25 | &nbsp;&nbsp; 29460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28529 |
| <sup>1,2</sup> | GMF Floorplan Owner Revolving Trust Class B Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.030% | 8/15/25 | &nbsp;&nbsp; 1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 |
| <sup>1,2</sup> | GMF Floorplan Owner Revolving Trust Class C Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.480% | 8/15/25 | &nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 |
| <sup>1,3</sup> | GS Mortgage Securities Trust Class B Series 2013-GC12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.777% | 6/10/46 | &nbsp;&nbsp; 4719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673 |
| <sup>1</sup> | Harley-Davidson Motorcycle Trust Class A3 Series 2021-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.370% | 4/15/26 | &nbsp;&nbsp; 6151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5965 |
| <sup>1</sup> | Harley-Davidson Motorcycle Trust Class A3 Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.060% | 2/15/27 | &nbsp;&nbsp; 5660 | &nbsp;&nbsp; 5516 |
| <sup>1,2</sup> | Hertz Vehicle Financing III LLC Class A Series 2022-3A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.370% | 3/25/25 | &nbsp;&nbsp; 14780 | &nbsp;&nbsp; 14466 |
| <sup>1,2</sup> | Hertz Vehicle Financing III LLC Class C Series 2022-3A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350% | 3/25/25 | &nbsp;&nbsp; 2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 |
| <sup>1</sup> | Honda Auto Receivables Owner Trust Class A2 Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.810% | 3/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp; 9813 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | Honda Auto Receivables Owner Trust Class A4 Series 2019-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.870% | 1/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 |
| <sup>1</sup> | Honda Auto Receivables Owner Trust Class A4 Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.090% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4598 |
| <sup>1</sup> | Honda Auto Receivables Owner Trust Class A4 Series 2020-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.460% | 4/19/27 | &nbsp;&nbsp; 10740 | &nbsp;&nbsp; 10257 |
| <sup>1,2</sup> | HPEFS Equipment Trust Class A2 Series 2021-2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | 9/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp; 1319 |
| <sup>1,2</sup> | HPEFS Equipment Trust Class A2 Series 2022-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.020% | 5/21/29 | &nbsp;&nbsp; 9718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9567 |
| <sup>1,2</sup> | HPEFS Equipment Trust Class A3 Series 2021-2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.360% | 9/20/28 | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 10325 |
| <sup>1,2</sup> | Hyundai Auto Lease Securitization Trust Class A2 Series 2021-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.240% | 1/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8429 |
| <sup>1,2</sup> | Hyundai Auto Lease Securitization Trust Class A2 Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.810% | 4/15/24 | &nbsp;&nbsp; 15800 | &nbsp;&nbsp; 15620 |
| <sup>1,2</sup> | Hyundai Auto Lease Securitization Trust Class A3 Series 2021-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.330% | 1/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806 |
| <sup>1,2</sup> | Hyundai Auto Lease Securitization Trust Class A3 Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.330% | 6/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536 |
| <sup>1,2</sup> | Hyundai Auto Lease Securitization Trust Class A4 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.580% | 6/17/24 | &nbsp;&nbsp; 3174 | &nbsp;&nbsp; 3167 |
| <sup>1,2</sup> | Hyundai Auto Lease Securitization Trust Class A4 Series 2021-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.420% | 12/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228 |
| <sup>1</sup> | Hyundai Auto Receivables Trust Class A2 Series 2022-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.640% | 5/15/25 | &nbsp;&nbsp; 12500 | &nbsp;&nbsp; 12395 |
| <sup>1</sup> | Hyundai Auto Receivables Trust Class A2A Series 2020-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350% | 11/17/25 | &nbsp;&nbsp; 27770 | &nbsp;&nbsp; 27810 |
| <sup>1</sup> | Hyundai Auto Receivables Trust Class A2A Series 2021-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.360% | 10/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854 |
| <sup>1</sup> | Hyundai Auto Receivables Trust Class A3 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.480% | 12/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223 | &nbsp;&nbsp; 6143 |
| <sup>1</sup> | Hyundai Auto Receivables Trust Class A4 Series 2019-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000% | 4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648 | &nbsp;&nbsp; 3615 |
| <sup>1</sup> | Hyundai Auto Receivables Trust Class A4 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.720% | 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8957 |
| <sup>1</sup> | Hyundai Auto Receivables Trust Class A4 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.620% | 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8020 | &nbsp;&nbsp; 7697 |
| <sup>1</sup> | John Deere Owner Trust Class A2 Series 2022-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.730% | 6/16/25 | &nbsp;&nbsp; 13330 | &nbsp;&nbsp; 13206 |
| <sup>1</sup> | John Deere Owner Trust Class A3 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.510% | 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822 |
| <sup>1</sup> | John Deere Owner Trust Class A4 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.720% | 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 |
| <sup>1,2</sup> | JPMorgan Chase Bank NA - CACLN Class B Series 2021-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875% | 9/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8466 | &nbsp;&nbsp; 8187 |
| <sup>1,2</sup> | JPMorgan Chase Bank NA - CACLN Class B Series 2021-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.889% | 12/26/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 |
| <sup>1,2</sup> | JPMorgan Chase Bank NA - CACLN Class B Series 2021-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.760% | 2/26/29 | &nbsp;&nbsp; 10439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9921 |
| <sup>1,2</sup> | JPMorgan Chase Bank NA - CACLN Class C Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.139% | 2/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
| <sup>1,2</sup> | JPMorgan Chase Bank NA - CACLN Class C Series 2021-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.024% | 9/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071 |
| <sup>1,2</sup> | JPMorgan Chase Bank NA Class B Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.991% | 1/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp; 3316 |
| <sup>1,2</sup> | JPMorgan Chase Bank NA Class C Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.389% | 1/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 |
| <sup>1,2</sup> | JPMorgan Chase Bank NA Class D Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.886% | 1/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
| <sup>1,2</sup> | Kubota Credit Owner Trust Class A2 Series 2022-2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.070% | 6/17/25 | &nbsp;&nbsp; 17370 | &nbsp;&nbsp;&nbsp; 17160 |
| <sup>1,2</sup> | Kubota Credit Owner Trust Class A3 Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.960% | 3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 |
| <sup>1,2</sup> | Kubota Credit Owner Trust Class A3 Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.590% | 10/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9537 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1,2</sup> | Kubota Credit Owner Trust Class A4 Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.730% | 6/15/26 | &nbsp;&nbsp; 4810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564 |
| <sup>1,2</sup> | Master Credit Card Trust II Class A Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.990% | 9/21/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 |
| <sup>1</sup> | Mercedes-Benz Auto Lease Trust Class A3 Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.400% | 11/15/24 | &nbsp;&nbsp; 20110 | &nbsp;&nbsp; 19610 |
| <sup>1</sup> | Mercedes-Benz Auto Lease Trust Class A4 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% | 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751 |
| <sup>1</sup> | Mercedes-Benz Auto Receivables Trust Class A2 Series 2022-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.260% | 10/15/25 | &nbsp;&nbsp; 39310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39383 |
| <sup>1</sup> | Mercedes-Benz Auto Receivables Trust Class A2 Series 2023-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.090% | 1/15/26 | &nbsp;&nbsp; 13340 | &nbsp;&nbsp; 13346 |
| <sup>1,2</sup> | MMAF Equipment Finance LLC Class A2 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.740% | &nbsp;&nbsp;&nbsp;&nbsp;4/9/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 |
| <sup>1</sup> | Nissan Auto Lease Trust Class A2 Series 2021-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | 12/15/23 | &nbsp;&nbsp; 4310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 |
| <sup>1</sup> | Nissan Auto Lease Trust Class A4 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.490% | 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347 |
| <sup>1</sup> | Nissan Auto Receivables Owner Trust Class A2 Series 2022-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 8/15/25 | &nbsp;&nbsp; 18470 | &nbsp;&nbsp; 18378 |
| <sup>1</sup> | Nissan Auto Receivables Owner Trust Class A3 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.380% | 12/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204 |
| <sup>1</sup> | Nissan Auto Receivables Owner Trust Class A4 Series 2018-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.270% | 6/16/25 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| <sup>1</sup> | Nissan Auto Receivables Owner Trust Class A4 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.700% | 5/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 |
| <sup>1</sup> | Nissan Auto Receivables Owner Trust Class A4 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.710% | 2/16/27 | &nbsp;&nbsp; 7030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 |
| <sup>1,2,3</sup> | Pepper Residential Securities Trust Class A1U Series 21A, 1M USD LIBOR + 0.880% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.339% | 1/16/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| <sup>1,2,3</sup> | Pepper Residential Securities Trust No. 22 Class A1U Series 22A, 1M USD LIBOR + 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.486% | 6/20/60 | &nbsp;&nbsp; 1317 | &nbsp;&nbsp; 1314 |
| <sup>1,2,3</sup> | Pepper Residential Securities Trust No. 24 Class A1U Series 24A, 1M USD LIBOR + 0.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.365% | 11/18/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282 |
| <sup>1,2</sup> | PFS Financing Corp. Class A Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.270% | 6/15/25 | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 |
| <sup>1,2,3</sup> | RESIMAC Bastille Trust Class A1 Series 2018-1NCA, 1M USD LIBOR + 0.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.251% | 12/5/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |
| <sup>1,2,3</sup> | RESIMAC Bastille Trust Class A1B Series 2021-2NCA, SOFR + 0.740% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.052% | &nbsp;&nbsp;&nbsp;&nbsp;2/3/53 | &nbsp;&nbsp; 10956 | &nbsp;&nbsp; 10880 |
| <sup>1,2</sup> | RESIMAC Premier Class A1B Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.274% | &nbsp;&nbsp;&nbsp;&nbsp;2/7/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 |
| <sup>1,2</sup> | Santander Bank NA - SBCLN Class B Series 2021-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.833% | 12/15/31 | &nbsp;&nbsp; 8189 | &nbsp;&nbsp; 7879 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class A3 Series 2021-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.510% | 8/15/25 | &nbsp;&nbsp; 5416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class A3 Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.980% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8678 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class A3 Series 2022-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class A3 Series 2022-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.140% | 2/16/27 | &nbsp;&nbsp; 19480 | &nbsp;&nbsp; 19264 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class A3 Series 2022-5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.110% | 8/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9675 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class A3 Series 2022-6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.490% | 11/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class A3 Series 2023-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.880% | 4/15/27 | &nbsp;&nbsp; 15610 | &nbsp;&nbsp; 15576 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class B Series 2021-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.590% | 9/15/25 | &nbsp;&nbsp; 2121 | &nbsp;&nbsp; 2117 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class B Series 2021-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% | 12/15/25 | &nbsp;&nbsp; 10247 | &nbsp;&nbsp; 10160 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class B Series 2022-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.440% | 9/15/27 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9711 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class C Series 2020-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.460% | 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class C Series 2020-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.120% | 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957 |
| <sup>1</sup> | Santander Drive Auto Receivables Trust Class C Series 2021-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% | 2/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421 |
| <sup>1,2</sup> | Santander Retail Auto Lease Trust Class A2 Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.310% | 1/22/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| <sup>1,2</sup> | Santander Retail Auto Lease Trust Class A3 Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.510% | 8/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21983 |
| <sup>1,2</sup> | Santander Retail Auto Lease Trust Class A3 Series 2021-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% | 3/20/25 | &nbsp;&nbsp; 16769 | &nbsp;&nbsp; 16416 |
| <sup>1,2</sup> | Santander Retail Auto Lease Trust Class A4 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% | 12/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9628 |
| <sup>1,2</sup> | Santander Retail Auto Lease Trust Class A4 Series 2022-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.330% | 10/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 |
| <sup>1,2</sup> | Santander Retail Auto Lease Trust Class B Series 2022-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850% | 3/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp; 4619 |
| <sup>1,2</sup> | Tesla Auto Lease Trust Class A2 Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.360% | 9/22/25 | &nbsp;&nbsp; 15452 | &nbsp;&nbsp; 15148 |
| <sup>1,2</sup> | Tesla Auto Lease Trust Class A4 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.780% | 12/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| <sup>1,2</sup> | Tesla Auto Lease Trust Class B Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.180% | 1/22/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 |
| <sup>1,2</sup> | Tesla Auto Lease Trust Class C Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.680% | 2/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 |
| <sup>1,2</sup> | Toyota Auto Loan Extended Note Trust Class A Series 2019-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.560% | 11/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 |
| <sup>1</sup> | Toyota Auto Receivables Owner Trust Class A2 Series 2023-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050% | 1/15/26 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 11988 |
| <sup>1</sup> | Toyota Auto Receivables Owner Trust Class A2A Series 2022-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.830% | 8/15/25 | &nbsp;&nbsp; 14320 | &nbsp;&nbsp; 14199 |
| <sup>1</sup> | Toyota Auto Receivables Owner Trust Class A2A Series 2022-D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.270% | 1/15/26 | &nbsp;&nbsp; 16850 | &nbsp;&nbsp; 16885 |
| <sup>1</sup> | Toyota Auto Receivables Owner Trust Class A3 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.660% | 5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 |
| <sup>1</sup> | Toyota Auto Receivables Owner Trust Class A4 Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.660% | 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4326 |
| <sup>1</sup> | Toyota Auto Receivables Owner Trust Class A4 Series 2020-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.570% | 10/15/25 | &nbsp;&nbsp; 7530 | &nbsp;&nbsp; 7160 |
| <sup>1,2</sup> | Toyota Lease Owner Trust Class A3 Series 2021-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.420% | 10/21/24 | &nbsp;&nbsp; 19800 | &nbsp;&nbsp; 19311 |
| <sup>1,2</sup> | Usaa Auto Owner Trust Class A2 Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600% | 2/18/25 | &nbsp;&nbsp; 27920 | &nbsp;&nbsp; 27834 |
| <sup>1</sup> | Verizon Master Trust Class A1A Series 2022-5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.720% | 7/20/27 | &nbsp;&nbsp; 4010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3956 |
| <sup>1</sup> | Verizon Master Trust Class B Series 2022-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.270% | 1/20/27 | &nbsp;&nbsp; 10135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938 |
| <sup>1</sup> | Verizon Master Trust Class B Series 2022-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.390% | 1/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606 |
| <sup>1</sup> | Verizon Owner Trust Class A Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.470% | 2/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20626 | &nbsp;&nbsp; 20317 |
| <sup>1</sup> | Verizon Owner Trust Class A1A Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.850% | 7/22/24 | &nbsp;&nbsp; 5013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4992 |
| <sup>1</sup> | Verizon Owner Trust Class B Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.980% | 7/22/24 | &nbsp;&nbsp; 16280 | &nbsp;&nbsp; 16161 |
| <sup>1</sup> | Verizon Owner Trust Class B Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.680% | 2/20/25 | &nbsp;&nbsp; 13620 | &nbsp;&nbsp; 13185 |
| <sup>1</sup> | Verizon Owner Trust Class C Series 2019-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.160% | 4/22/24 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 10983 |
| <sup>1</sup> | Verizon Owner Trust Class C Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.060% | 7/22/24 | &nbsp;&nbsp; 14500 | &nbsp;&nbsp; 14359 |
| <sup>1</sup> | Verizon Owner Trust Class C Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.830% | 2/20/25 | &nbsp;&nbsp; 21010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20285 |
| <sup>1</sup> | Volkswagen Auto Lease Trust Class A2 Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.020% | 10/21/24 | &nbsp;&nbsp; 16619 | &nbsp;&nbsp; 16411 |
| <sup>1</sup> | Volkswagen Auto Loan Enhanced Trust Class A4 Series 2020-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.260% | 8/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1,2</sup> | Volvo Financial Equipment LLC Class A3 Series 2020-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.510% | 10/15/24 | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; 11515 |
| <sup>1,2</sup> | Volvo Financial Equipment LLC Class A4 Series 2020-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% | 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 |
| <sup>1,2</sup> | Westlake Automobile Receivables Trust Class A2A Series 2021-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.390% | 10/15/24 | &nbsp;&nbsp; 1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 |
| <sup>1,2</sup> | Westlake Automobile Receivables Trust Class A2A Series 2021-2A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.320% | 4/15/25 | &nbsp;&nbsp; 5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5898 |
| <sup>1,2</sup> | Westlake Automobile Receivables Trust Class A3 Series 2021-3A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950% | 6/16/25 | &nbsp;&nbsp; 32220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31429 |
| <sup>1,2</sup> | Westlake Automobile Receivables Trust Class A3 Series 2022-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.420% | 7/15/25 | &nbsp;&nbsp; 28100 | &nbsp;&nbsp; 27370 |
| <sup>1,2</sup> | Wheels Fleet Lease Funding 1 LLC Class A Series 2022-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.470% | 10/18/36 | &nbsp;&nbsp; 3378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293 |
| <sup>1,2</sup> | Wheels SPV 2 LLC Class A2 Series 2020-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.510% | 8/20/29 | &nbsp;&nbsp; 1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847 |
| <sup>1,2</sup> | Wheels SPV 2 LLC Class A3 Series 2020-1A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.620% | 8/20/29 | &nbsp;&nbsp; 3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 |
| <sup>1</sup> | World Omni Auto Receivables Trust Class A2 Series 2021-D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.350% | 12/16/24 | &nbsp;&nbsp; 5984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933 |
| <sup>1</sup> | World Omni Auto Receivables Trust Class A2 Series 2022-C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.730% | 3/16/26 | &nbsp;&nbsp; 8610 | &nbsp;&nbsp; 8518 |
| <sup>1</sup> | World Omni Auto Receivables Trust Class A2A Series 2022-D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.510% | 3/16/26 | &nbsp;&nbsp; 34175 | &nbsp;&nbsp; 34179 |
| <sup>1</sup> | World Omni Auto Receivables Trust Class A3 Series 2020-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.100% | 4/15/25 | &nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 |
| <sup>1</sup> | World Omni Automobile Lease Securitization Trust Class A4 Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.340% | 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 1173 |
| <sup>1</sup> | World Omni Automobile Lease Securitization Trust Class B Series 2020-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% | 2/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4913 |
| <sup>1</sup> | World Omni Automobile Lease Securitization Trust Class B Series 2022-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | 6/15/27 | &nbsp;&nbsp; 3890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771 |
| <sup>1</sup> | World Omni Select Auto Trust Class A2 Series 2021-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.290% | 2/18/25 | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 717 |
| **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,022,074)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,022,074)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,022,074)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,022,074)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $2,022,074)** | &nbsp;&nbsp;**1989822** |
| **Corporate Bonds (72.9%)** | **Corporate Bonds (72.9%)** | **Corporate Bonds (72.9%)** | **Corporate Bonds (72.9%)** | **Corporate Bonds (72.9%)** | **Corporate Bonds (72.9%)** |
| **Communications (3.2%)** | **Communications (3.2%)** | **Communications (3.2%)** | **Communications (3.2%)** | **Communications (3.2%)** | **Communications (3.2%)** |
|  | British Telecommunications plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 12/4/23 | &nbsp;&nbsp; 8059 | &nbsp;&nbsp; 8015 |
| <sup>2</sup> | Cox Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950% | 6/30/23 | &nbsp;&nbsp; 43811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43309 |
| <sup>2</sup> | Deutsche Telekom International Finance BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.485% | 9/19/23 | &nbsp;&nbsp; 23225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22842 |
|  | Discovery Communications LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | 3/13/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 7865 |
|  | Fox Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.030% | 1/25/24 | &nbsp;&nbsp; 68452 | &nbsp;&nbsp; 67761 |
| <sup>2</sup> | Magallanes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.428% | 3/15/24 | &nbsp;&nbsp; 37540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36755 |
| <sup>2</sup> | NTT Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.583% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp; 83588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79721 |
|  | Omnicom Group Inc. / Omnicom Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 11/1/24 | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 7060 |
|  | Sprint LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% | 9/15/23 | &nbsp;&nbsp; 52105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52878 |
|  | Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300% | 3/28/24 | &nbsp;&nbsp; 17559 | &nbsp;&nbsp;&nbsp; 17210 |
| <sup>5</sup> | Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 2/17/23 | &nbsp;&nbsp; 37630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26553 |
|  | Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% | 3/22/24 | &nbsp;&nbsp; 3521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362 |
|  | Vodafone Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 1/16/24 | &nbsp;&nbsp; 68869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68045 |
|  | Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% | 9/15/24 | &nbsp;&nbsp; 8130 | &nbsp;&nbsp; 7995 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**449371** |
| **Consumer Discretionary (5.0%)** | **Consumer Discretionary (5.0%)** | **Consumer Discretionary (5.0%)** | **Consumer Discretionary (5.0%)** | **Consumer Discretionary (5.0%)** | **Consumer Discretionary (5.0%)** |
|  | Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800% | 8/22/24 | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 10132 |
|  | Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700% | 11/29/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 70318 |
|  | Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | 12/5/24 | &nbsp;&nbsp; 7666 | &nbsp;&nbsp; 7609 |
|  | American Honda Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/7/23 | &nbsp;&nbsp; 51135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50259 |
|  | American Honda Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450% | 7/14/23 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | American Honda Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% | &nbsp;&nbsp;&nbsp;&nbsp;9/8/23 | &nbsp;&nbsp; 49057 | &nbsp;&nbsp; 47803 |
|  | American Honda Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 10/10/23 | &nbsp;&nbsp; 6493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431 |
| <sup>1</sup> | American Honda Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900% | 2/16/24 | &nbsp;&nbsp; 2697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642 |
|  | AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 7/15/23 | &nbsp;&nbsp; 14980 | &nbsp;&nbsp; 14839 |
| <sup>2</sup> | BMW US Capital LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150% | 4/18/24 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9791 |
| <sup>2</sup> | Daimler Finance North America LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750% | 3/10/23 | &nbsp;&nbsp;&nbsp; 17177 | &nbsp;&nbsp;&nbsp; 17123 |
| <sup>2</sup> | Daimler Finance North America LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 |
| <sup>2</sup> | Daimler Finance North America LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 2/22/24 | &nbsp;&nbsp; 23810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23489 |
| <sup>2</sup> | Daimler Finance North America LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp; 6960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654 |
| <sup>2</sup> | ERAC USA Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700% | 11/1/23 | &nbsp;&nbsp; 83131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81432 |
|  | General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 10/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
|  | General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;&nbsp;5/9/23 | &nbsp;&nbsp; 2898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 |
|  | General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150% | 6/19/23 | &nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097 |
|  | General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.700% | 8/18/23 | &nbsp;&nbsp; 23095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22649 |
|  | General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100% | 1/17/24 | &nbsp;&nbsp; 1526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 |
|  | General Motors Financial Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;&nbsp;4/7/25 | &nbsp;&nbsp; 35920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34896 |
|  | Lennar Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 12/15/23 | &nbsp;&nbsp; 8327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8305 |
|  | Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 9/15/23 | &nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 |
| <sup>2</sup> | Nissan Motor Acceptance Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450% | 3/15/23 | &nbsp;&nbsp; 10885 | &nbsp;&nbsp; 10855 |
| <sup>2</sup> | Nissan Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.043% | 9/15/23 | &nbsp;&nbsp; 34851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34266 |
|  | Toyota Motor Credit Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% | 8/14/23 | &nbsp;&nbsp; 9352 | &nbsp;&nbsp; 9134 |
|  | Toyota Motor Credit Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.350% | 8/25/23 | &nbsp;&nbsp; 4901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 |
|  | Toyota Motor Credit Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/24 | &nbsp;&nbsp; 22750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22434 |
|  | Toyota Motor Credit Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500% | 3/22/24 | &nbsp;&nbsp; 46595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45453 |
|  | Toyota Motor Credit Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400% | 9/20/24 | &nbsp;&nbsp; 21518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21424 |
|  | Toyota Motor Credit Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800% | 1/10/25 | &nbsp;&nbsp; 12115 | &nbsp;&nbsp; 12158 |
| <sup>5</sup> | Volkswagen Financial Services Australia Pty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100% | 4/17/23 | &nbsp;&nbsp;&nbsp; 7110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 |
| <sup>2</sup> | Volkswagen Group of America Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 11/13/23 | &nbsp;&nbsp; 8429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362 |
| <sup>2</sup> | Volkswagen Group of America Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875% | 11/22/23 | &nbsp;&nbsp; 110478 | &nbsp;&nbsp; 106617 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**704008** |
| **Consumer Staples (4.4%)** | **Consumer Staples (4.4%)** | **Consumer Staples (4.4%)** | **Consumer Staples (4.4%)** | **Consumer Staples (4.4%)** | **Consumer Staples (4.4%)** |
| <sup>2</sup> | 7-Eleven Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% | 2/10/24 | &nbsp;&nbsp; 73354 | &nbsp;&nbsp; 70155 |
|  | Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;&nbsp;5/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 |
|  | Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 1/31/24 | &nbsp;&nbsp; 67408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66721 |
|  | Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | 2/14/24 | &nbsp;&nbsp; 1623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 |
|  | BAT Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.222% | 8/15/24 | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 7590 |
|  | Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/6/24 | &nbsp;&nbsp; 17370 | &nbsp;&nbsp; 16726 |
| <sup>2</sup> | Coca-Cola Europacific Partners plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/5/23 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 16799 |
|  | Conagra Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% | 8/11/23 | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 17068 |
|  | Constellation Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;&nbsp;5/9/24 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 13793 |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750% | 5/18/24 | &nbsp;&nbsp; 20178 | &nbsp;&nbsp; 19773 |
| <sup>2</sup> | Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.589% | 11/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34531 |
|  | Diageo Capital plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 9/18/23 | &nbsp;&nbsp; 4135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099 |
|  | Diageo Capital plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% | 10/24/24 | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7369 |
|  | GSK Consumer Healthcare Capital US LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.024% | 3/24/24 | &nbsp;&nbsp; 22450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21922 |
|  | Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050% | 11/15/24 | &nbsp;&nbsp; 11539 | &nbsp;&nbsp; 11064 |
|  | Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.130% | 12/15/23 | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 11036 |
|  | Keurig Dr Pepper Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% | 3/15/24 | &nbsp;&nbsp; 59858 | &nbsp;&nbsp; 57185 |
|  | Mondelez International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% | 3/17/24 | &nbsp;&nbsp; 8475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8232 |
|  | PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/24 | &nbsp;&nbsp; 11230 | &nbsp;&nbsp; 11136 |
|  | PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 7/17/25 | &nbsp;&nbsp; 50515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49675 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% | 5/10/23 | &nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | 11/15/23 | &nbsp;&nbsp; 27137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26872 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp; 1281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 |
|  | Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 11/15/24 | &nbsp;&nbsp; 73619 | &nbsp;&nbsp; 74153 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>2</sup> | Reckitt Benckiser Treasury Services plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 9/21/23 | &nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |
|  | Reynolds American Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850% | 9/15/23 | &nbsp;&nbsp; 2837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 |
|  | Unilever Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600% | &nbsp;&nbsp;&nbsp;&nbsp;5/5/24 | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 13263 |
|  | Walgreens Boots Alliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950% | 11/17/23 | &nbsp;&nbsp; 19789 | &nbsp;&nbsp; 19182 |
|  | Walmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850% | &nbsp;&nbsp;&nbsp;&nbsp;7/8/24 | &nbsp;&nbsp; 24791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24263 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**612560** |
| **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** | **Energy (4.3%)** |
|  | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.231% | 12/15/23 | &nbsp;&nbsp; 10227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9906 |
|  | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | 4/15/24 | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038 |
|  | Cheniere Corpus Christi Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 3/31/25 | &nbsp;&nbsp; 8120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8203 |
|  | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.895% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/24 | &nbsp;&nbsp; 7992 | &nbsp;&nbsp; 7851 |
|  | ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/24 | &nbsp;&nbsp; 89370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86871 |
|  | Ecopetrol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 9/18/23 | &nbsp;&nbsp; 21170 | &nbsp;&nbsp; 21184 |
|  | Enable Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900% | 5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949 |
|  | Enbridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 10/1/23 | &nbsp;&nbsp; 31673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31433 |
|  | Enbridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% | 10/4/23 | &nbsp;&nbsp; 40528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39303 |
| <sup>3</sup> | Enbridge Inc., SOFR + 0.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.786% | 2/16/24 | &nbsp;&nbsp; 13390 | &nbsp;&nbsp; 13342 |
|  | Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 3/15/23 | &nbsp;&nbsp; 2262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 |
|  | Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% | 9/15/23 | &nbsp;&nbsp; 23114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22943 |
|  | Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 1/15/24 | &nbsp;&nbsp; 31556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31695 |
|  | Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp; 8314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283 |
|  | Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 4/15/24 | &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 1139 |
|  | Enterprise Products Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350% | 3/15/23 | &nbsp;&nbsp; 31336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31275 |
|  | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650% | 1/15/24 | &nbsp;&nbsp; 11544 | &nbsp;&nbsp; 11314 |
|  | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 11/10/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 7857 |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.019% | 8/16/24 | &nbsp;&nbsp; 7983 | &nbsp;&nbsp; 7699 |
|  | Kinder Morgan Energy Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp; 1482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 |
|  | Kinder Morgan Energy Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp; 11031 | &nbsp;&nbsp; 10935 |
|  | Kinder Morgan Energy Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp; 8460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8403 |
| <sup>2</sup> | Kinder Morgan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 11/15/23 | &nbsp;&nbsp; 18337 | &nbsp;&nbsp; 18363 |
|  | MPLX LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 7/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 |
|  | Pertamina Persero PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | 5/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989 |
|  | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900% | 2/15/24 | &nbsp;&nbsp; 34862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33425 |
|  | Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% | 5/15/23 | &nbsp;&nbsp; 32382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31967 |
|  | Sabine Pass Liquefaction LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 5/15/24 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 314 |
| <sup>2</sup> | Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250% | 11/24/23 | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 741 |
|  | Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250% | 11/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 194 |
|  | Schlumberger Investment SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8305 |
|  | Shell International Finance BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000% | 11/7/24 | &nbsp;&nbsp; 11823 | &nbsp;&nbsp; 11346 |
|  | Sinopec Group Overseas Development 2013 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 10/17/23 | &nbsp;&nbsp; 6090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6071 |
|  | Spectra Energy Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 3/15/24 | &nbsp;&nbsp; 1129 | &nbsp;&nbsp; 1125 |
|  | TotalEnergies Capital International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% | 1/15/24 | &nbsp;&nbsp; 2144 | &nbsp;&nbsp; 2121 |
|  | TransCanada PipeLines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 10/16/23 | &nbsp;&nbsp; 33311 | &nbsp;&nbsp; 33001 |
|  | Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 11/15/23 | &nbsp;&nbsp; 45972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45793 |
|  | Williams Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/24 | &nbsp;&nbsp; 24974 | &nbsp;&nbsp; 24765 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**595856** |
| **Financials (31.8%)** | **Financials (31.8%)** | **Financials (31.8%)** | **Financials (31.8%)** | **Financials (31.8%)** | **Financials (31.8%)** |
|  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 9/15/23 | &nbsp;&nbsp; 29189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28999 |
|  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 1/16/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 |
| <sup>3</sup> | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, SOFR + 0.680% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.004% | 9/29/23 | &nbsp;&nbsp; 37100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36827 |
|  | Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 2/15/24 | &nbsp;&nbsp; 9420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9325 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/3/23 | &nbsp;&nbsp; 12623 | &nbsp;&nbsp; 12552 |
|  | Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | 9/15/23 | &nbsp;&nbsp; 4243 | &nbsp;&nbsp; 4186 |
|  | Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050% | &nbsp;&nbsp;&nbsp;&nbsp;6/5/23 | &nbsp;&nbsp; 15227 | &nbsp;&nbsp; 15107 |
|  | Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450% | 10/2/23 | &nbsp;&nbsp; 91708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89473 |
| <sup>1</sup> | American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | 2/22/24 | &nbsp;&nbsp; 9165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9024 |
| <sup>1</sup> | American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/3/24 | &nbsp;&nbsp; 8280 | &nbsp;&nbsp; 8138 |
| <sup>1</sup> | American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500% | 7/30/24 | &nbsp;&nbsp; 42012 | &nbsp;&nbsp; 40615 |
|  | Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 10/15/23 | &nbsp;&nbsp; 11775 | &nbsp;&nbsp; 11700 |
| <sup>2</sup> | ANZ New Zealand International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | 3/19/24 | &nbsp;&nbsp; 17345 | &nbsp;&nbsp; 17051 |
|  | Aon plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 11/27/23 | &nbsp;&nbsp; 52277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51868 |
| <sup>2</sup> | Athene Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800% | 5/26/23 | &nbsp;&nbsp; 51891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51502 |
| <sup>2</sup> | Athene Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200% | 10/13/23 | &nbsp;&nbsp; 26054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25306 |
| <sup>2</sup> | Athene Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/24 | &nbsp;&nbsp; 52152 | &nbsp;&nbsp; 50019 |
| <sup>2</sup> | Athene Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.514% | &nbsp;&nbsp;&nbsp;&nbsp;3/8/24 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2171 |
| <sup>2</sup> | Australia & New Zealand Banking Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.829% | &nbsp;&nbsp;&nbsp;&nbsp;2/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35049 |
| <sup>3,5</sup> | Australia & New Zealand Banking Group Ltd., 3M Australian Bank Bill Rate + 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.382% | 7/26/29 | &nbsp;&nbsp; 2568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822 |
|  | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.706% | 6/27/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49031 |
|  | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.701% | 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 19600 |
|  | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 1/22/24 | &nbsp;&nbsp; 16344 | &nbsp;&nbsp; 16233 |
|  | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/5/24 | &nbsp;&nbsp; 56718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56628 |
|  | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.486% | 5/19/24 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp; 18794 |
|  | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.523% | 6/14/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 19640 |
|  | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.458% | 3/15/25 | &nbsp;&nbsp; 24624 | &nbsp;&nbsp; 24152 |
|  | Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.400% | 9/15/23 | &nbsp;&nbsp; 77590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75440 |
|  | Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/5/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55002 | &nbsp;&nbsp; 54141 |
|  | Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 9/14/24 | &nbsp;&nbsp; 20509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20303 |
|  | Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200% | 12/12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22364 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.200% | 8/16/23 | &nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/24 | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 2017 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100% | 10/24/24 | &nbsp;&nbsp; 6033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.224% | 11/21/25 | &nbsp;&nbsp; 4050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078 |
|  | Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/23 | &nbsp;&nbsp; 3338 | &nbsp;&nbsp; 3312 |
|  | Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.400% | 9/15/23 | &nbsp;&nbsp; 91465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88941 |
|  | Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | 2/11/24 | &nbsp;&nbsp; 26548 | &nbsp;&nbsp; 26162 |
|  | Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.440% | 3/11/24 | &nbsp;&nbsp; 5366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5224 |
|  | Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% | 4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094 |
|  | Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% | 7/31/24 | &nbsp;&nbsp; 20160 | &nbsp;&nbsp; 18935 |
|  | Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 12/6/24 | &nbsp;&nbsp; 21828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21995 |
| <sup>2</sup> | Banque Federative du Credit Mutuel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 7/20/23 | &nbsp;&nbsp; 122576 | &nbsp;&nbsp; 121845 |
| <sup>2</sup> | Banque Federative du Credit Mutuel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% | 2/27/24 | &nbsp;&nbsp; 12267 | &nbsp;&nbsp; 11713 |
| <sup>3,5</sup> | Barclays plc, 3M Australian Bank Bill Rate + 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.967% | 6/15/23 | &nbsp;&nbsp; 14250 | &nbsp;&nbsp; 10075 |
| <sup>2</sup> | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | 1/10/24 | &nbsp;&nbsp; 18597 | &nbsp;&nbsp; 18372 |
| <sup>2</sup> | BPCE SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700% | 10/22/23 | &nbsp;&nbsp; 12210 | &nbsp;&nbsp; 12184 |
| <sup>3,5</sup> | BPCE SA, 3M Australian Bank Bill Rate + 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.482% | 4/26/23 | &nbsp;&nbsp; 9590 | &nbsp;&nbsp; 6776 |
|  | Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450% | 6/22/23 | &nbsp;&nbsp; 31610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31062 |
|  | Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 9/13/23 | &nbsp;&nbsp; 1294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 |
|  | Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% | 12/14/23 | &nbsp;&nbsp; 5706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491 |
|  | Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100% | &nbsp;&nbsp;&nbsp;&nbsp;4/2/24 | &nbsp;&nbsp; 4521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432 |
|  | Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900% | 1/29/24 | &nbsp;&nbsp; 2927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894 |
|  | Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 10/25/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 19811 |
|  | Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.678% | 5/15/24 | &nbsp;&nbsp; 29203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28903 |
|  | Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.044% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/24 | &nbsp;&nbsp; 91975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91620 |
|  | Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.079% | 1/10/25 | &nbsp;&nbsp; 35250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35527 |
| <sup>2</sup> | Cooperatieve Rabobank UA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% | 7/22/24 | &nbsp;&nbsp; 24990 | &nbsp;&nbsp; 24199 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | Cooperatieve Rabobank UA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 8/22/24 | &nbsp;&nbsp; 14065 | &nbsp;&nbsp; 13896 |
|  | Cooperatieve Rabobank UA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 1/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43970 |
| <sup>2</sup> | Corebridge Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.400% | 9/13/23 | &nbsp;&nbsp; 82858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80482 |
| <sup>2</sup> | Corebridge Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450% | 12/8/23 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14434 |
|  | Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.226% | 6/22/24 | &nbsp;&nbsp; 4760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528 |
|  | Discover Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/23 | &nbsp;&nbsp; 33861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33849 |
|  | Discover Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/23 | &nbsp;&nbsp; 41311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41096 |
| <sup>2</sup> | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.968% | 3/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48532 |
| <sup>2</sup> | Equitable Financial Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% | 11/17/23 | &nbsp;&nbsp; 16302 | &nbsp;&nbsp; 15745 |
|  | Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900% | 4/20/23 | &nbsp;&nbsp; 36492 | &nbsp;&nbsp; 36412 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | 1/16/24 | &nbsp;&nbsp; 919 | &nbsp;&nbsp; 914 |
|  | First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.912% | 2/12/24 | &nbsp;&nbsp; 28143 | &nbsp;&nbsp; 28076 |
| <sup>2</sup> | Five Corners Funding Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.419% | 11/15/23 | &nbsp;&nbsp; 34381 | &nbsp;&nbsp; 34105 |
| <sup>2</sup> | GA Global Funding Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250% | 12/8/23 | &nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
| <sup>2</sup> | GA Global Funding Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/8/24 | &nbsp;&nbsp; 45015 | &nbsp;&nbsp; 42514 |
| <sup>5</sup> | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | 5/16/23 | &nbsp;&nbsp; 11840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8340 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.217% | 12/6/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62988 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 2/20/24 | &nbsp;&nbsp; 10819 | &nbsp;&nbsp; 10671 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | 3/15/24 | &nbsp;&nbsp; 7962 | &nbsp;&nbsp; 7806 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.925% | 10/21/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53097 |
|  | Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700% | 11/1/24 | &nbsp;&nbsp; 12177 | &nbsp;&nbsp; 12369 |
| <sup>3,5</sup> | Goldman Sachs Group Inc., 3M Australian Bank Bill Rate + 1.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 5/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 |
| <sup>2</sup> | Guardian Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | 4/25/23 | &nbsp;&nbsp; 18931 | &nbsp;&nbsp; 18863 |
| <sup>5</sup> | HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350% | 2/16/24 | &nbsp;&nbsp; 29487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20803 |
|  | HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950% | 5/18/24 | &nbsp;&nbsp; 90623 | &nbsp;&nbsp; 90217 |
|  | HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.732% | 8/17/24 | &nbsp;&nbsp; 38760 | &nbsp;&nbsp; 37735 |
|  | HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.162% | 11/22/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25267 |
| <sup>3,5</sup> | HSBC Holdings plc, 3M Australian Bank Bill Rate + 1.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150% | 2/16/24 | &nbsp;&nbsp; 8436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5953 |
|  | HSBC USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 5/24/24 | &nbsp;&nbsp; 2460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 |
|  | Huntington Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 5/15/25 | &nbsp;&nbsp; 16995 | &nbsp;&nbsp; 16722 |
|  | Huntington National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550% | 10/6/23 | &nbsp;&nbsp; 25260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25008 |
|  | Invesco Finance plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 1/30/24 | &nbsp;&nbsp; 65350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64733 |
|  | Jackson Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125% | 11/22/23 | &nbsp;&nbsp; 15474 | &nbsp;&nbsp; 14983 |
| <sup>2</sup> | Jackson National Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 1/30/24 | &nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp; 3576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 5/13/24 | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.514% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/24 | &nbsp;&nbsp; 53139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52498 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.023% | 12/5/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49498 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.845% | 6/14/25 | &nbsp;&nbsp; 19462 | &nbsp;&nbsp; 19139 |
| <sup>3</sup> | KeyBank NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.664% | &nbsp;&nbsp;&nbsp;&nbsp;1/3/24 | &nbsp;&nbsp; 8330 | &nbsp;&nbsp; 8317 |
|  | Legg Mason Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950% | 7/15/24 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9831 |
| <sup>2</sup> | Liberty Mutual Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 6/15/23 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968 |
|  | Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp; 4168 | &nbsp;&nbsp; 4144 |
| <sup>5</sup> | Lloyds Banking Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 3/20/23 | &nbsp;&nbsp; 8970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325 |
|  | Lloyds Banking Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050% | 8/16/23 | &nbsp;&nbsp; 84479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84045 |
| <sup>5</sup> | Lloyds Banking Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900% | 11/23/23 | &nbsp;&nbsp; 8880 | &nbsp;&nbsp; 6212 |
|  | Lloyds Banking Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.695% | 5/11/24 | &nbsp;&nbsp; 77785 | &nbsp;&nbsp; 76666 |
|  | Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% | 5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 |
|  | Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050% | 10/15/23 | &nbsp;&nbsp; 5058 | &nbsp;&nbsp; 5011 |
|  | Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 3/15/24 | &nbsp;&nbsp; 22940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22700 |
| <sup>2</sup> | MassMutual Global Funding II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850% | &nbsp;&nbsp;&nbsp;&nbsp;6/9/23 | &nbsp;&nbsp; 44362 | &nbsp;&nbsp; 43718 |
| <sup>2</sup> | MassMutual Global Funding II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.480% | 8/28/23 | &nbsp;&nbsp; 65560 | &nbsp;&nbsp; 63901 |
|  | MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.368% | 9/15/23 | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 2150 |
| <sup>2</sup> | Metropolitan Life Global Funding I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/8/23 | &nbsp;&nbsp; 29346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28946 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>2</sup> | Metropolitan Life Global Funding I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.400% | &nbsp;&nbsp;&nbsp;&nbsp;1/7/24 | &nbsp;&nbsp; 71712 | &nbsp;&nbsp; 68776 |
| <sup>2</sup> | Metropolitan Life Global Funding I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | 1/11/24 | &nbsp;&nbsp; 18956 | &nbsp;&nbsp; 18729 |
|  | Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.761% | 7/26/23 | &nbsp;&nbsp; 57929 | &nbsp;&nbsp; 57577 |
|  | Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.527% | 9/13/23 | &nbsp;&nbsp; 1131 | &nbsp;&nbsp; 1113 |
|  | Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.407% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30705 |
|  | Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.848% | 9/15/24 | &nbsp;&nbsp; 12392 | &nbsp;&nbsp; 12061 |
|  | Mizuho Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.241% | 7/10/24 | &nbsp;&nbsp;&nbsp; 47611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46692 |
| <sup>3</sup> | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.599% | 11/10/23 | &nbsp;&nbsp; 22323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22309 |
| <sup>3</sup> | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.778% | 1/25/24 | &nbsp;&nbsp; 61444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61394 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.737% | 4/24/24 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9965 |
| <sup>2</sup> | MUFG Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100% | &nbsp;&nbsp;&nbsp;&nbsp;9/9/23 | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1511 |
| <sup>2</sup> | National Australia Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.388% | 1/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 18809 |
|  | National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 1/17/25 | &nbsp;&nbsp; 36650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36889 |
|  | NatWest Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 9/12/23 | &nbsp;&nbsp;&nbsp; 11111 | &nbsp;&nbsp; 11013 |
| <sup>2</sup> | New York Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900% | 1/17/24 | &nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
| <sup>2</sup> | New York Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% | 4/26/24 | &nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
| <sup>2</sup> | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 8/30/23 | &nbsp;&nbsp; 29322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29098 |
|  | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 8/30/23 | &nbsp;&nbsp; 12061 | &nbsp;&nbsp; 11969 |
|  | ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050% | 1/16/24 | &nbsp;&nbsp; 2596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573 |
|  | ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 12/4/24 | &nbsp;&nbsp; 1163 | &nbsp;&nbsp; 1130 |
| <sup>2</sup> | Penske Truck Leasing Co. LP / PTL Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700% | 3/14/23 | &nbsp;&nbsp; 8986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8962 |
| <sup>2</sup> | Penske Truck Leasing Co. LP / PTL Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/23 | &nbsp;&nbsp; 4472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 |
| <sup>2</sup> | Penske Truck Leasing Co. LP / PTL Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 |
|  | PNC Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | 7/25/23 | &nbsp;&nbsp; 24865 | &nbsp;&nbsp; 24713 |
|  | PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 1/23/24 | &nbsp;&nbsp; 6614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527 |
|  | PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900% | 4/29/24 | &nbsp;&nbsp; 6978 | &nbsp;&nbsp; 6912 |
| <sup>2</sup> | Pricoa Global Funding I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp; 23536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23325 |
|  | Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 5/15/23 | &nbsp;&nbsp; 6641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608 |
| <sup>2</sup> | Principal Life Global Funding II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/24 | &nbsp;&nbsp; 33765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32408 |
| <sup>2</sup> | Protective Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.082% | &nbsp;&nbsp;&nbsp;&nbsp;6/9/23 | &nbsp;&nbsp; 13690 | &nbsp;&nbsp; 13503 |
| <sup>2</sup> | Protective Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.391% | &nbsp;&nbsp;&nbsp;&nbsp;7/7/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30373 |
| <sup>2</sup> | Protective Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.631% | 10/13/23 | &nbsp;&nbsp; 4426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 |
|  | Protective Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.631% | 10/13/23 | &nbsp;&nbsp; 12200 | &nbsp;&nbsp; 11838 |
| <sup>2</sup> | Protective Life Global Funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.473% | 1/12/24 | &nbsp;&nbsp; 11902 | &nbsp;&nbsp; 11416 |
|  | Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700% | 9/15/23 | &nbsp;&nbsp; 1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 |
| <sup>2</sup> | Reliance Standard Life Global Funding II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850% | 9/19/23 | &nbsp;&nbsp; 44405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43935 |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% | 10/5/23 | &nbsp;&nbsp; 56642 | &nbsp;&nbsp; 56163 |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.425% | 1/19/24 | &nbsp;&nbsp; 15542 | &nbsp;&nbsp; 14900 |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.970% | 7/26/24 | &nbsp;&nbsp; 109663 | &nbsp;&nbsp; 108458 |
| <sup>2</sup> | Santander UK plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 11/7/23 | &nbsp;&nbsp; 11303 | &nbsp;&nbsp; 11220 |
|  | Santander UK plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 3/13/24 | &nbsp;&nbsp; 19100 | &nbsp;&nbsp; 18903 |
| <sup>2</sup> | Skandinaviska Enskilda Banken AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp; 84452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82295 |
|  | State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 9/28/23 | &nbsp;&nbsp; 6550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6524 |
|  | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100% | 5/15/23 | &nbsp;&nbsp; 12950 | &nbsp;&nbsp; 12883 |
|  | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% | 11/20/23 | &nbsp;&nbsp; 1126 | &nbsp;&nbsp; 1115 |
|  | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.354% | 11/1/25 | &nbsp;&nbsp; 16931 | &nbsp;&nbsp; 16266 |
|  | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.857% | 1/26/26 | &nbsp;&nbsp;&nbsp; 7610 | &nbsp;&nbsp; 7637 |
|  | Sumitomo Mitsui Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950% | 1/10/24 | &nbsp;&nbsp; 1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 |
| <sup>5</sup> | Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.604% | &nbsp;&nbsp;&nbsp;&nbsp;3/7/23 | &nbsp;&nbsp; 16380 | &nbsp;&nbsp; 11557 |
|  | Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.748% | 7/19/23 | &nbsp;&nbsp; 27382 | &nbsp;&nbsp; 27221 |
|  | Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.936% | 10/16/23 | &nbsp;&nbsp; 4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 |
|  | Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.508% | 1/12/24 | &nbsp;&nbsp; 1598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 |
|  | Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.696% | 7/16/24 | &nbsp;&nbsp; 2705 | &nbsp;&nbsp; 2618 |
| <sup>2</sup> | Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% | 9/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp; 21701 |
| <sup>2</sup> | Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850% | 3/25/24 | &nbsp;&nbsp; 31878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30362 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>2</sup> | Swedbank AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.300% | &nbsp;&nbsp;&nbsp;&nbsp;6/2/23 | &nbsp;&nbsp; 17950 | &nbsp;&nbsp; 17733 |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450% | 9/11/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% | &nbsp;&nbsp;&nbsp;&nbsp;3/4/24 | &nbsp;&nbsp; 18965 | &nbsp;&nbsp; 18133 |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 3/11/24 | &nbsp;&nbsp; 15099 | &nbsp;&nbsp; 14843 |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.285% | 9/13/24 | &nbsp;&nbsp; 54323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53903 |
| <sup>2</sup> | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/9/24 | &nbsp;&nbsp; 23620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22558 |
| <sup>2</sup> | UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.008% | 7/30/24 | &nbsp;&nbsp; 50445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49395 |
|  | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/5/24 | &nbsp;&nbsp; 25226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24860 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 8/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 7962 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 1/24/24 | &nbsp;&nbsp; 74919 | &nbsp;&nbsp; 74109 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.654% | &nbsp;&nbsp;&nbsp;&nbsp;6/2/24 | &nbsp;&nbsp; 101159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99965 |
| <sup>3,5</sup> | Westpac Banking Corp., 3M Australian Bank Bill Rate + 1.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.010% | 6/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29420 |
|  | Willis North America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | 5/15/24 | &nbsp;&nbsp; 10566 | &nbsp;&nbsp; 10344 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4444297** |
| **Health Care (7.1%)** | **Health Care (7.1%)** | **Health Care (7.1%)** | **Health Care (7.1%)** | **Health Care (7.1%)** | **Health Care (7.1%)** |
|  | AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 11/14/23 | &nbsp;&nbsp; 2915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 |
|  | Aetna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800% | 6/15/23 | &nbsp;&nbsp; 33028 | &nbsp;&nbsp; 32761 |
|  | Aetna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 11/15/24 | &nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 |
|  | AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.737% | 3/15/23 | &nbsp;&nbsp; 31363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31209 |
|  | AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | 5/15/24 | &nbsp;&nbsp; 22674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22235 |
|  | Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250% | 8/19/23 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 16755 |
|  | Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 5/22/24 | &nbsp;&nbsp; 21412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21082 |
|  | Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp; 29803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28803 |
|  | Astrazeneca Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% | 5/28/24 | &nbsp;&nbsp; 22765 | &nbsp;&nbsp; 21617 |
|  | Baxter International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.868% | 12/1/23 | &nbsp;&nbsp; 1567 | &nbsp;&nbsp; 1514 |
| <sup>3</sup> | Baxter International Inc., SOFR + 0.260% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.496% | 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp; 41747 |
| <sup>2</sup> | Bayer US Finance II LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 12/15/23 | &nbsp;&nbsp; 75823 | &nbsp;&nbsp; 74892 |
|  | Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.363% | &nbsp;&nbsp;&nbsp;&nbsp;6/6/24 | &nbsp;&nbsp; 6452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6326 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.537% | 11/13/23 | &nbsp;&nbsp; 35175 | &nbsp;&nbsp; 34017 |
|  | Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200% | 3/15/23 | &nbsp;&nbsp; 5299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287 |
|  | Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.079% | 6/15/24 | &nbsp;&nbsp; 16250 | &nbsp;&nbsp; 15842 |
|  | Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 7/15/23 | &nbsp;&nbsp; 40501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40263 |
|  | Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.613% | 3/15/24 | &nbsp;&nbsp; 10215 | &nbsp;&nbsp; 9740 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 12/5/23 | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1715 |
| <sup>2</sup> | GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550% | 11/15/24 | &nbsp;&nbsp; 53133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53620 |
|  | Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 |
|  | Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% | 9/29/23 | &nbsp;&nbsp; 46997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45700 |
|  | Gilead Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/24 | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1747 |
|  | GlaxoSmithKline Capital plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/24 | &nbsp;&nbsp; 10672 | &nbsp;&nbsp; 10447 |
|  | HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 16062 |
|  | Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% | 3/23/23 | &nbsp;&nbsp; 28917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28724 |
|  | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850% | 3/15/23 | &nbsp;&nbsp; 16990 | &nbsp;&nbsp; 16956 |
|  | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.796% | 3/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49327 |
|  | Mylan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% | 11/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8927 |
|  | Novartis Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;&nbsp;5/6/24 | &nbsp;&nbsp; 9898 | &nbsp;&nbsp; 9760 |
|  | Novartis Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750% | 2/14/25 | &nbsp;&nbsp; 7955 | &nbsp;&nbsp; 7551 |
|  | PerkinElmer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% | 9/15/23 | &nbsp;&nbsp; 67895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65944 |
|  | Royalty Pharma plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/2/23 | &nbsp;&nbsp; 75299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73385 |
|  | Shire Acquisitions Investments Ireland DAC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% | 9/23/23 | &nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 |
|  | Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% | 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 24106 |
|  | Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400% | 11/26/23 | &nbsp;&nbsp; 58925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58645 |
|  | Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.797% | 10/18/23 | &nbsp;&nbsp; 40432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39270 |
|  | Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.215% | 10/18/24 | &nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 |
| <sup>3</sup> | Thermo Fisher Scientific Inc., SOFR + 0.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.673% | 4/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60007 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 6/15/23 | &nbsp;&nbsp; 1624 | &nbsp;&nbsp; 1615 |
|  | Wyeth LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp; 4863 | &nbsp;&nbsp; 4937 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**990879** |
| **Industrials (3.6%)** | **Industrials (3.6%)** | **Industrials (3.6%)** | **Industrials (3.6%)** | **Industrials (3.6%)** | **Industrials (3.6%)** |
| <sup>5</sup> | Aurizon Network Pty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 6/21/24 | &nbsp;&nbsp; 16120 | &nbsp;&nbsp; 11278 |
|  | Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.167% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 |
|  | Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.508% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/23 | &nbsp;&nbsp; 37881 | &nbsp;&nbsp; 37813 |
|  | Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.433% | &nbsp;&nbsp;&nbsp;&nbsp;2/4/24 | &nbsp;&nbsp; 3211 | &nbsp;&nbsp; 3095 |
|  | Burlington Northern Santa Fe LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp; 3908 | &nbsp;&nbsp; 3882 |
|  | Burlington Northern Santa Fe LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp; 8130 | &nbsp;&nbsp; 7982 |
|  | Canadian Pacific Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp; 33100 | &nbsp;&nbsp; 31883 |
|  | Caterpillar Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% | 9/13/24 | &nbsp;&nbsp; 6947 | &nbsp;&nbsp; 6527 |
|  | Caterpillar Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900% | 1/17/25 | &nbsp;&nbsp; 19364 | &nbsp;&nbsp; 19564 |
|  | Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | 5/15/24 | &nbsp;&nbsp; 15763 | &nbsp;&nbsp; 15539 |
|  | CNH Industrial Capital LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.950% | &nbsp;&nbsp;&nbsp;&nbsp;7/2/23 | &nbsp;&nbsp; 24675 | &nbsp;&nbsp; 24331 |
|  | CNH Industrial Capital LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% | 1/15/24 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 1964 |
|  | CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 8/15/23 | &nbsp;&nbsp; 1414 | &nbsp;&nbsp; 1407 |
|  | Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 10/1/23 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 419 |
| <sup>2</sup> | Daimler Trucks Finance North America LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125% | 12/14/23 | &nbsp;&nbsp; 12235 | &nbsp;&nbsp; 11825 |
| <sup>2</sup> | Daimler Trucks Finance North America LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200% | 1/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp; 25719 |
|  | Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300% | 8/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp; 23202 |
|  | Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.670% | 8/16/23 | &nbsp;&nbsp; 30454 | &nbsp;&nbsp; 29710 |
|  | John Deere Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550% | 10/11/24 | &nbsp;&nbsp; 28119 | &nbsp;&nbsp; 28151 |
|  | John Deere Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250% | 1/10/25 | &nbsp;&nbsp; 11250 | &nbsp;&nbsp; 10581 |
|  | L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850% | 6/15/23 | &nbsp;&nbsp; 22215 | &nbsp;&nbsp; 22090 |
|  | Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850% | 1/15/24 | &nbsp;&nbsp; 3104 | &nbsp;&nbsp; 3072 |
|  | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/23 | &nbsp;&nbsp; 7654 | &nbsp;&nbsp; 7599 |
|  | Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 6/15/24 | &nbsp;&nbsp; 12280 | &nbsp;&nbsp; 12071 |
| <sup>5</sup> | QPH Finance Co. Pty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/7/23 | &nbsp;&nbsp; 9520 | &nbsp;&nbsp; 6709 |
|  | Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200% | 3/15/24 | &nbsp;&nbsp; 5776 | &nbsp;&nbsp; 5679 |
|  | Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.350% | 8/15/23 | &nbsp;&nbsp; 32238 | &nbsp;&nbsp; 31433 |
|  | Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 12/1/23 | &nbsp;&nbsp; 19951 | &nbsp;&nbsp; 19725 |
|  | Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 3/18/24 | &nbsp;&nbsp; 8616 | &nbsp;&nbsp; 8478 |
|  | Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 3589 |
| <sup>2</sup> | Siemens Financieringsmaatschappij NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% | 3/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp; 22955 |
| <sup>2</sup> | Siemens Financieringsmaatschappij NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 3/16/24 | &nbsp;&nbsp; 20097 | &nbsp;&nbsp; 19731 |
|  | Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/8/23 | &nbsp;&nbsp; 8264 | &nbsp;&nbsp; 8223 |
| <sup>1,6</sup> | US Airways Series 2001-1C Pass Through Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.346% | 9/20/23 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**510242** |
| **Materials (2.4%)** | **Materials (2.4%)** | **Materials (2.4%)** | **Materials (2.4%)** | **Materials (2.4%)** | **Materials (2.4%)** |
|  | Berry Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950% | 2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp; 5258 |
|  | Carlisle Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp; 25470 | &nbsp;&nbsp; 24789 |
|  | Celanese US Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/8/24 | &nbsp;&nbsp; 2930 | &nbsp;&nbsp; 2865 |
|  | Celanese US Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900% | &nbsp;&nbsp;&nbsp;&nbsp;7/5/24 | &nbsp;&nbsp; 7735 | &nbsp;&nbsp; 7780 |
| <sup>2</sup> | Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/23 | &nbsp;&nbsp; 42811 | &nbsp;&nbsp; 42622 |
|  | Georgia-Pacific LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000% | 1/15/24 | &nbsp;&nbsp; 14119 | &nbsp;&nbsp; 14517 |
|  | Indonesia Asahan Aluminium Persero PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.710% | 11/15/23 | &nbsp;&nbsp; 35874 | &nbsp;&nbsp; 35934 |
|  | LYB International Finance BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 7/15/23 | &nbsp;&nbsp; 30972 | &nbsp;&nbsp; 30788 |
|  | LyondellBasell Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 4/15/24 | &nbsp;&nbsp; 14198 | &nbsp;&nbsp; 14270 |
|  | Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% | 7/15/23 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14688 |
|  | Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 11/15/23 | &nbsp;&nbsp; 79586 | &nbsp;&nbsp; 79049 |
|  | Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900% | 5/13/23 | &nbsp;&nbsp; 61551 | &nbsp;&nbsp; 60969 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200% | 3/15/23 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**340513** |
| **Real Estate (3.6%)** | **Real Estate (3.6%)** | **Real Estate (3.6%)** | **Real Estate (3.6%)** | **Real Estate (3.6%)** | **Real Estate (3.6%)** |
|  | American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | 6/15/23 | &nbsp;&nbsp; 62448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61944 |
| <sup>1</sup> | American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% | 1/15/24 | &nbsp;&nbsp; 6660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6388 |
| <sup>1</sup> | American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 2/15/24 | &nbsp;&nbsp; 2870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870 |
|  | AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% | 12/15/23 | &nbsp;&nbsp; 25272 | &nbsp;&nbsp; 25126 |
|  | Boston Properties LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp; 78350 | &nbsp;&nbsp; 77381 |
|  | Boston Properties LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp; 7850 | &nbsp;&nbsp;&nbsp; 7740 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 6/15/23 | &nbsp;&nbsp; 2831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 |
|  | Crown Castle International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150% | 7/15/23 | &nbsp;&nbsp; 47048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46561 |
|  | Essex Portfolio LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/23 | &nbsp;&nbsp; 8470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8421 |
|  | Essex Portfolio LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 |
|  | Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785 |
|  | Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950% | 1/15/24 | &nbsp;&nbsp; 45198 | &nbsp;&nbsp; 44701 |
| <sup>5</sup> | General Property Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.591% | 11/7/23 | &nbsp;&nbsp; 20520 | &nbsp;&nbsp; 14420 |
|  | Kilroy Realty LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450% | 12/15/24 | &nbsp;&nbsp; 19433 | &nbsp;&nbsp; 18797 |
|  | Mid-America Apartments LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | 10/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35666 |
|  | Omega Healthcare Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/23 | &nbsp;&nbsp; 6246 | &nbsp;&nbsp; 6211 |
|  | Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/24 | &nbsp;&nbsp; 40935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40777 |
| <sup>5</sup> | Shopping Centres Australasia Property Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/7/24 | &nbsp;&nbsp; 8560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5988 |
|  | Simon Property Group LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/23 | &nbsp;&nbsp; 17465 | &nbsp;&nbsp; 17329 |
|  | Simon Property Group LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/24 | &nbsp;&nbsp; 29723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29365 |
|  | Ventas Realty LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 4/15/24 | &nbsp;&nbsp; 10040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9823 |
|  | Ventas Realty LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4915 |
|  | Welltower OP LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 1/15/24 | &nbsp;&nbsp; 29751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29570 |
|  | Welltower OP LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 3/15/24 | &nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**501106** |
| **Technology (2.9%)** | **Technology (2.9%)** | **Technology (2.9%)** | **Technology (2.9%)** | **Technology (2.9%)** | **Technology (2.9%)** |
|  | Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800% | 9/11/24 | &nbsp;&nbsp; 11976 | &nbsp;&nbsp; 11479 |
|  | Broadcom Corp. / Broadcom Cayman Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 1/15/24 | &nbsp;&nbsp; 17246 | &nbsp;&nbsp; 17008 |
|  | Dell International LLC / EMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% | 6/15/23 | &nbsp;&nbsp; 6619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6624 |
|  | Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950% | 6/15/23 | &nbsp;&nbsp; 2175 | &nbsp;&nbsp; 2165 |
|  | Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | 10/1/23 | &nbsp;&nbsp; 47360 | &nbsp;&nbsp; 46974 |
|  | Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/23 | &nbsp;&nbsp; 8895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8841 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450% | 10/2/23 | &nbsp;&nbsp; 34897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34720 |
|  | Mastercard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/3/25 | &nbsp;&nbsp; 23903 | &nbsp;&nbsp; 22749 |
|  | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 12/15/23 | &nbsp;&nbsp; 5981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928 |
|  | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/6/24 | &nbsp;&nbsp; 28124 | &nbsp;&nbsp; 27630 |
|  | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 7/15/23 | &nbsp;&nbsp; 4101 | &nbsp;&nbsp; 4076 |
|  | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400% | 9/15/23 | &nbsp;&nbsp; 74620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73366 |
|  | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;&nbsp;7/8/24 | &nbsp;&nbsp; 1622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 |
|  | Roper Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 9/15/23 | &nbsp;&nbsp; 3087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 |
|  | salesforce.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625% | 7/15/24 | &nbsp;&nbsp; 19996 | &nbsp;&nbsp; 18876 |
|  | Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/23 | &nbsp;&nbsp; 80121 | &nbsp;&nbsp; 78876 |
|  | VMware Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% | 8/15/23 | &nbsp;&nbsp; 47966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46789 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**410747** |
| **Utilities (4.6%)** | **Utilities (4.6%)** | **Utilities (4.6%)** | **Utilities (4.6%)** | **Utilities (4.6%)** | **Utilities (4.6%)** |
|  | Abu Dhabi National Energy Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/6/24 | &nbsp;&nbsp; 10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9975 |
|  | American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% | 11/1/23 | &nbsp;&nbsp; 13760 | &nbsp;&nbsp; 13341 |
|  | Baltimore Gas and Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/23 | &nbsp;&nbsp; 7592 | &nbsp;&nbsp; 7538 |
|  | Berkshire Hathaway Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 |
|  | Berkshire Hathaway Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050% | 4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29639 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | Consolidated Edison Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% | 12/1/23 | &nbsp;&nbsp; 34357 | &nbsp;&nbsp; 33165 |
|  | Delmarva Power & Light Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 11/15/23 | &nbsp;&nbsp; 1616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 |
| <sup>3</sup> | Dominion Energy Inc., 3M USD LIBOR + 0.530% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.299% | 9/15/23 | &nbsp;&nbsp; 6090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6091 |
|  | DTE Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | 3/15/24 | &nbsp;&nbsp; 20720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20460 |
|  | Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950% | 10/15/23 | &nbsp;&nbsp; 33885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33651 |
|  | Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 4/15/24 | &nbsp;&nbsp; 22900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22600 |
|  | Duke Energy Progress LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/23 | &nbsp;&nbsp; 9129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9043 |
|  | Eastern Energy Gas Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550% | 11/1/23 | &nbsp;&nbsp; 25493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25224 |
|  | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950% | 3/15/23 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2015 |
|  | Entergy Louisiana LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.620% | 11/17/23 | &nbsp;&nbsp; 32370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31266 |
|  | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/23 | &nbsp;&nbsp; 44715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44489 |
|  | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800% | 12/1/23 | &nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
| <sup>3</sup> | Eversource Energy, SOFR + 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.390% | 8/15/23 | &nbsp;&nbsp; 32600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32478 |
|  | MidAmerican Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% | 9/15/23 | &nbsp;&nbsp; 11121 | &nbsp;&nbsp; 11030 |
|  | NextEra Energy Capital Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/23 | &nbsp;&nbsp; 9653 | &nbsp;&nbsp; 9619 |
|  | NextEra Energy Capital Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.255% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp; 29862 | &nbsp;&nbsp; 29618 |
| <sup>3</sup> | NextEra Energy Capital Holdings Inc., SOFR + 0.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.466% | 11/3/23 | &nbsp;&nbsp; 37700 | &nbsp;&nbsp; 37658 |
|  | Oklahoma Gas and Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.553% | 5/26/23 | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 |
|  | Public Service Electric and Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% | 5/15/23 | &nbsp;&nbsp; 4214 | &nbsp;&nbsp; 4180 |
|  | Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.841% | 11/8/23 | &nbsp;&nbsp; 24439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23651 |
|  | Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/23 | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 2103 |
|  | Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 10/1/23 | &nbsp;&nbsp; 38368 | &nbsp;&nbsp; 37948 |
|  | Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% | 2/26/24 | &nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 |
|  | Southern Co. Gas Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450% | 10/1/23 | &nbsp;&nbsp; 16325 | &nbsp;&nbsp; 16028 |
|  | State Grid Overseas Investment 2013 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 5/22/23 | &nbsp;&nbsp;&nbsp; 17729 | &nbsp;&nbsp; 17641 |
| <sup>2</sup> | State Grid Overseas Investment BVI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/2/23 | &nbsp;&nbsp; 32647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32560 |
| <sup>5</sup> | United Energy Distribution Pty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 9/12/23 | &nbsp;&nbsp; 25140 | &nbsp;&nbsp; 17684 |
|  | WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% | 9/15/23 | &nbsp;&nbsp; 59410 | &nbsp;&nbsp; 57785 |
|  | Xcel Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% | 10/15/23 | &nbsp;&nbsp; 21883 | &nbsp;&nbsp; 21212 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**645533** |
| **Total Corporate Bonds (Cost $10,303,808)** | **Total Corporate Bonds (Cost $10,303,808)** | **Total Corporate Bonds (Cost $10,303,808)** | **Total Corporate Bonds (Cost $10,303,808)** | **Total Corporate Bonds (Cost $10,303,808)** | **10205112** |
| **Sovereign Bonds (2.0%)** | **Sovereign Bonds (2.0%)** | **Sovereign Bonds (2.0%)** | **Sovereign Bonds (2.0%)** | **Sovereign Bonds (2.0%)** | **Sovereign Bonds (2.0%)** |
| <sup>5</sup> | Airservices Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750% | 5/15/23 | &nbsp;&nbsp; 6290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427 |
|  | Corp. Andina de Fomento | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% | 5/12/23 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920 |
| <sup>7</sup> | Korea Monetary Stabilization Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050% | &nbsp;&nbsp;&nbsp;&nbsp;7/9/23 | 80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64788 |
| <sup>7</sup> | Korea Monetary Stabilization Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.310% | &nbsp;&nbsp;&nbsp;&nbsp;9/9/23 | &nbsp;&nbsp;181000000 | &nbsp;&nbsp; 147237 |
|  | Republic of Croatia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/4/23 | &nbsp;&nbsp; 10662 | &nbsp;&nbsp; 10670 |
|  | Republic of Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 2/21/23 | &nbsp;&nbsp; 23702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23702 |
|  | Republic of Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 11/22/23 | &nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 |
|  | Republic of Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 3/25/24 | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 714 |
|  | Republic of Panama | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 9/22/24 | &nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
|  | Romania | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 8/22/23 | &nbsp;&nbsp; 13860 | &nbsp;&nbsp; 13802 |
| **Total Sovereign Bonds (Cost $256,806)** | **Total Sovereign Bonds (Cost $256,806)** | **Total Sovereign Bonds (Cost $256,806)** | **Total Sovereign Bonds (Cost $256,806)** | **Total Sovereign Bonds (Cost $256,806)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**277426** |
|  |  |  |  | Shares |  |
| **Temporary Cash Investments (10.9%)** | **Temporary Cash Investments (10.9%)** | **Temporary Cash Investments (10.9%)** | **Temporary Cash Investments (10.9%)** | **Temporary Cash Investments (10.9%)** | **Temporary Cash Investments (10.9%)** |
| **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** |
| <sup>8</sup> | Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.437% |  | &nbsp;&nbsp; 1058812 | &nbsp;&nbsp; 105870 |

---

------

Ultra-Short-Term Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (10.1%)** | **U.S. Government and Agency Obligations (10.1%)** | **U.S. Government and Agency Obligations (10.1%)** | **U.S. Government and Agency Obligations (10.1%)** | **U.S. Government and Agency Obligations (10.1%)** | **U.S. Government and Agency Obligations (10.1%)** |
| <sup>9,10</sup> | United States Treasury Bill | 4.770%–4.802% | 12/28/23 | &nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp;&nbsp;454600 |
|  | United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.721% | 1/25/24 | &nbsp;&nbsp;&nbsp;&nbsp;1002000 | &nbsp;&nbsp; 957509 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1412109** |
| **Total Temporary Cash Investments (Cost $1,517,708)** | **Total Temporary Cash Investments (Cost $1,517,708)** | **Total Temporary Cash Investments (Cost $1,517,708)** | **Total Temporary Cash Investments (Cost $1,517,708)** | **Total Temporary Cash Investments (Cost $1,517,708)** | &nbsp;&nbsp;&nbsp;**1517979** |
| **Total Investments (100.0%) (Cost $14,100,396)** | **Total Investments (100.0%) (Cost $14,100,396)** | **Total Investments (100.0%) (Cost $14,100,396)** | **Total Investments (100.0%) (Cost $14,100,396)** | **Total Investments (100.0%) (Cost $14,100,396)** | **13990339** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1395** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **13991734** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |  |  |  |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 2 | 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 January 31, 2023, the aggregate value was $2,970,685,000, representing 21.2% of net assets. |
| 3 | 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. |
| 4 | 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. |
| 5 | Face amount denominated in Australian dollars. |
| 6 | Security value determined using significant unobservable inputs. |
| 7 | Face amount denominated in Korean won. |
| 8 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 9 | Securities with a value of $4,782,000 have been segregated as initial margin for open futures contracts. |
| 10 | Securities with a value of $30,734,000 have been segregated as collateral for open forward currency contracts. |
|  | 1M—1-month. |
|  | 3M—3-month. |
|  | DAC—Designated Activity Company. |
|  | LIBOR—London Interbank Offered Rate. |
|  | REMICS—Real Estate Mortgage Investment Conduits. |
|  | SOFR—Secured Overnight Financing Rate. |
|  | SOFR30A—30 Day Average Secured Overnight Financing Rate. |
|  | USD—U.S. dollar. |

---

------

Ultra-Short-Term Bond Fund

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2023 | 7544 | 1551412 | &nbsp;&nbsp;606 |
| Short Futures Contracts |  |  |  |  |
| 5-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;&nbsp;(274) | &nbsp;&nbsp;&nbsp;&nbsp;(29932) | &nbsp;&nbsp;(94) |
| AUD 3-Year Treasury Bond | March 2023 | &nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;&nbsp;&nbsp;(15243) | &nbsp;&nbsp;38 |
|  |  |  |  | &nbsp;&nbsp;(56) |
|  |  |  |  | &nbsp;&nbsp;550 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
|  | Contract<br> Settlement<br> Date | &nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;Contract Amount (000) | Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;Receive | &nbsp;&nbsp;Receive | &nbsp;&nbsp;Deliver | &nbsp;&nbsp;Deliver | Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Toronto-Dominion Bank | 3/15/23 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;15166 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;10240 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;EUR | 17 | &nbsp;&nbsp;USD | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 3/15/23 | &nbsp;&nbsp;EUR | 17 | &nbsp;&nbsp;USD | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;GBP | 3 | &nbsp;&nbsp;USD | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank, N.A. | 3/15/23 | &nbsp;&nbsp;USD | 154740 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216853 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 3/15/23 | &nbsp;&nbsp;USD | &nbsp;&nbsp;50984 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) |
| Citibank, N.A. | 3/15/23 | &nbsp;&nbsp;USD | &nbsp;&nbsp;11298 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |
| Bank of America, N.A. | 3/15/23 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7251 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10238 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 3/15/23 | &nbsp;&nbsp;USD | 625 | &nbsp;&nbsp;GBP | 505 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 7/10/23 | &nbsp;&nbsp;USD | 111153 | &nbsp;&nbsp;KRW | 152000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(13138) |
| Barclays Bank plc | 7/10/23 | &nbsp;&nbsp;USD | &nbsp;&nbsp;60935 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4481) |
| BNP Paribas | 7/10/23 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;27783 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;38000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3290) |
|  |  |  |  |  |  | 1424 | (21164) |

---

---

| |
|:---|
| AUD—Australian dollar. |
| EUR—euro. |
| GBP—British pound. |
| KRW—Korean won. |
| USD—U.S. dollar. |

---

At January 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $1,413,000 in connection with open forward currency contracts.

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

------

Ultra-Short-Term Bond Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $13,994,526) | &nbsp;&nbsp;13884469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $105,870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105870 |
| Total Investments in Securities | &nbsp;&nbsp;13990339 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
| Foreign Currency, at Value (Cost $3,402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172658 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70769 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35585 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 |
| **Total Assets** | **14275726** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225909 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30064 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21164 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**283992** |
| **Net Assets** | **13991734** |
| **At January 31, 2023, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;14328757 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337023) |
| **Net Assets** | **13991734** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 50,874,637 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**502975** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.89** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 682,080,749 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **13488759** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19.78** |

---

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

------

Ultra-Short-Term Bond Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266326 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266326 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13978 |
| &nbsp;&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;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17366 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17279 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**249047** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195730) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70964) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65017 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14682) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(215866)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27910 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10099 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40536) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1986)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31195** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,919,000, ($216000), $1,000, and ($78000), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Interest is net of foreign withholding taxes of $313,000. |

---

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

------

Ultra-Short-Term Bond Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110988 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(215866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50431 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213469) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52050) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(242810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113727) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(250488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117616) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(5774177) | &nbsp;&nbsp;&nbsp;&nbsp;3579555 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(5941821) | &nbsp;&nbsp;&nbsp;&nbsp;3534455 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(6161114) | &nbsp;&nbsp;&nbsp;&nbsp;3364789 |
| **Net Assets** |  |  |
| **Beginning of Period** | **20152848** | &nbsp;&nbsp;&nbsp;**16788059** |
| **End of Period** | **13991734** | &nbsp;&nbsp;&nbsp;**20152848** |

---

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

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Ultra-Short-Term Bond Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$9.99** | &nbsp;&nbsp;&nbsp;**$10.08** | &nbsp;&nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.98** | &nbsp;&nbsp;&nbsp;**$9.97** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.227 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.003 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.230 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.220) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.001) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.220) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$9.89** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.99** | &nbsp;&nbsp;&nbsp;**$10.08** | &nbsp;&nbsp;&nbsp;**$10.04** | &nbsp;&nbsp;&nbsp;**$9.98** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**0.49%** | &nbsp;&nbsp;&nbsp;**-0.39%** | &nbsp;&nbsp;&nbsp;**1.81%** | &nbsp;&nbsp;&nbsp;**3.21%** | &nbsp;&nbsp;&nbsp;**2.34%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$503 | &nbsp;&nbsp;&nbsp;$677 | &nbsp;&nbsp;&nbsp;$728 | &nbsp;&nbsp;&nbsp;$471 | &nbsp;&nbsp;&nbsp;$309 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.20%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;2.28% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;57%<sup>4</sup> | &nbsp;&nbsp;&nbsp;60%<sup>4</sup> | &nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;61% |

---

---

| | |
|:---|:---|
| 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 0.20%. |
| 4 | Includes 1% and 3% attributable to mortgage-dollar-roll activity. |

---

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

------

Ultra-Short-Term Bond Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$19.99** | &nbsp;&nbsp;&nbsp;**$20.15** | &nbsp;&nbsp;&nbsp;**$20.08** | &nbsp;&nbsp;&nbsp;**$19.96** | &nbsp;&nbsp;&nbsp;**$19.94** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.473 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.008 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.481 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.461) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.002) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.461) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$19.78** | &nbsp;&nbsp;&nbsp;**$19.99** | &nbsp;&nbsp;&nbsp;**$20.15** | &nbsp;&nbsp;&nbsp;**$20.08** | &nbsp;&nbsp;&nbsp;**$19.96** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**0.54%** | &nbsp;&nbsp;&nbsp;**-0.20%** | &nbsp;&nbsp;&nbsp;**1.86%** | &nbsp;&nbsp;&nbsp;**3.31%** | &nbsp;&nbsp;&nbsp;**2.44%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$13489 | &nbsp;&nbsp;&nbsp;$19476 | &nbsp;&nbsp;&nbsp;$16060 | &nbsp;&nbsp;&nbsp;$6443 | &nbsp;&nbsp;&nbsp;$5244 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;2.38% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;57%<sup>4</sup> | &nbsp;&nbsp;&nbsp;60%<sup>4</sup> | &nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;61% |

---

---

| | |
|:---|:---|
| 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 0.10%. |
| 4 | Includes 1% and 3% attributable to mortgage-dollar-roll activity. |

---

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

------

Ultra-Short-Term Bond Fund

Notes to Financial Statements

Vanguard Ultra-Short-Term 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.

Certain of the fund's investments are in corporate debt instruments; the issuers' abilities to meet their obligations may be affected by economic developments in their respective industries. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. To minimize the currency risk associated with investment in securities denominated in currencies other than the U.S. dollar, the fund attempts to hedge its currency exposure. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

**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 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. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys

------

Ultra-Short-Term Bond Fund

mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.

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 year ended January 31, 2023, the fund's average investments in long and short futures contracts represented 10% and 1% 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. The fund's risks in using these 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

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Ultra-Short-Term Bond Fund

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 year ended January 31, 2023, the fund's average investment in forward currency contracts represented 4% 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 centrally cleared credit default 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

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Ultra-Short-Term Bond Fund

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 year ended January 31, 2023, the fund's average amounts of investments in credit protection sold and credit protection purchased represented less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

The fund had no open swap contracts at January 31, 2023.

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 $4.4 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

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Ultra-Short-Term Bond Fund

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 year ended January 31, 2023, 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.

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.** 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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $547,000, representing less than 0.01% of the fund's net assets and 0.22% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

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Ultra-Short-Term Bond Fund

**C.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset
arrangements reduced the fund's expenses by $87,000 (an annual rate of less than 0.01% of average net assets).

**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 January 31, 2023, 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 |  |  |  |  |
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1989822 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1989822 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10205096 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;10205112 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277426 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277426 |
| Temporary Cash Investments | 105870 | &nbsp;&nbsp;&nbsp;&nbsp;1412109 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1517979 |
| Total | 105870 | &nbsp;&nbsp;&nbsp;13884453 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;13990339 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1424 |
| Total | 644 | &nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2068 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21164 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21164 |
| Total | &nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;21164 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21258 |

---

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.

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Ultra-Short-Term Bond Fund

**E.** At January 31, 2023, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

---

| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Interest Rate<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;644 |
| Unrealized Appreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;&nbsp;1424 |
| Total Assets | 644 | &nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;&nbsp;2068 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;94 |
| Unrealized Depreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;21164 | &nbsp;&nbsp;&nbsp;21164 |
| Total Liabilities | 94 | &nbsp;&nbsp;&nbsp;21164 | &nbsp;&nbsp;&nbsp;21258 |

---

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 year ended January 31, 2023, 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 | (70964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(70964) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 493 | &nbsp;&nbsp;493 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;65017 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;65017 |
| Realized Net Gain (Loss) on Derivatives | (70964) | &nbsp;&nbsp;&nbsp;65017 | 493 | &nbsp;&nbsp;&nbsp;&nbsp;(5454) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives |
| Futures Contracts | &nbsp;&nbsp;10099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10099 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (40536) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(40536) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | &nbsp;&nbsp;10099 | (40536) | (197) | &nbsp;&nbsp;(30634) |

---

**F.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable foreign currency transactions and swap agreements were reclassified
between the individual components of total distributable earnings (loss).

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; the recognition of gain or loss from foreign currency hedges; and the treatment of

------

Ultra-Short-Term Bond Fund

amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(214341) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;(125071) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;250488 | &nbsp;&nbsp;&nbsp;&nbsp;116260 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 |
| Total | &nbsp;&nbsp;&nbsp;250488 | &nbsp;&nbsp;&nbsp;&nbsp;117616 |

---

\* Includes short-term capital gains, if any.

As of January 31, 2023, 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;14115410 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22435 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147506) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125071) |

---

**G.** During the year ended January 31, 2023, the fund purchased $7,095,625,000 of investment securities and sold $11,240,773,000 of investment securities, other than U.S. government securities and temporary cash
investments. Purchases and sales of U.S. government securities were $717,055,000 and $1,041,980,000, respectively.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $2,463,574,000 and sales were $220,872,000, resulting in net realized loss of $736,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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Ultra-Short-Term Bond Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;332662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61217 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(507369) | &nbsp;&nbsp;&nbsp;&nbsp;(51293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(664757) | &nbsp;&nbsp;&nbsp;&nbsp;(66087) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(167644) | &nbsp;&nbsp;&nbsp;&nbsp;(16873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4521) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;8320891 | &nbsp;&nbsp;&nbsp;&nbsp;420395 | &nbsp;&nbsp;&nbsp;&nbsp;16783133 | &nbsp;&nbsp;&nbsp;&nbsp;833760 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630 |
| Redeemed | (14295086) | &nbsp;&nbsp;(722648) | &nbsp;&nbsp;(13296715) | &nbsp;&nbsp;(661031) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;(5774177) | &nbsp;&nbsp;&nbsp;(292118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579555 | &nbsp;&nbsp;&nbsp;&nbsp;177359 |

---

**I.** Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Fixed Income Securities Funds and Shareholders of Vanguard Ultra-Short-Term Bond Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Ultra-Short-Term Bond Fund (one of the funds constituting Vanguard Fixed Income Securities Funds, referred to hereafter as the "Fund") as of January 31, 2023, the related statement of operations for the year ended January 31, 2023, the statement of changes in net assets for each of the two years in the period ended January 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2023 and the financial highlights for each of the five years in the period ended January 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> March 23, 2023

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

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#### Tax information (unaudited)
The fund hereby designates $65,494,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund hereby designates 99.5%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder for the fiscal year.

The fund hereby designates 78.3%, or if subsequently determined to be different, the maximum percentage allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.

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"Bloomberg®" and Bloomberg U.S. Treasury Bellwethers: 1 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).

The Ultra-Short-Term Bond Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Ultra-Short-Term Bond Fund or any member of the public regarding the advisability of investing in securities generally or in the Ultra-Short-Term Bond Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg U.S. Treasury Bellwethers: 1 Year Index, which are determined, composed and calculated by BISL without regard to Vanguard or the Ultra-Short-Term Bond Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the Ultra-Short-Term Bond Fund into consideration in determining, composing or calculating the Bloomberg U.S. Treasury Bellwethers: 1 Year Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Ultra-Short-Term Bond Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Ultra-Short-Term Bond Fund customers, in connection with the administration, marketing or trading of the Ultra-Short-Term Bond Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG U.S. TREASURY BELLWETHERS: 1 YEAR INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE ULTRA-SHORT-TERM BOND FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG U.S. TREASURY BELLWETHERS: 1 YEAR INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG U.S. TREASURY BELLWETHERS: 1 YEAR INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE ULTRA-SHORT-TERM BOND FUND OR THE BLOOMBERG U.S. TREASURY BELLWETHERS: 1 YEAR INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.© 2023 Bloomberg.

Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund's trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the *Statement of Additional Information*, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

#### Interested Trustee<sup>1</sup>

#### Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.

#### Independent Trustees

#### Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University's Leavey School of Business.

#### Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (global industrial company). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.

#### Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other

1 Mr. Buckley is considered an "interested person," as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

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experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM's Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

#### Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. (investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment Committee, and the board of directors of Paxos Trust Company (finance).

#### Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.

#### André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).

#### Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School

(2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Corporation Ltd. (climate policy advisory services). Member of the board of directors of Arcadia Corporation (energy solution technology).

#### David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.

#### Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

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#### Executive Officers

#### Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street.

#### Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

#### John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).

#### Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

#### Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

#### Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director of the board of National Grid (energy).

#### Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

#### Vanguard Senior Management Team

---

| | |
|:---|:---|
| **Matthew Benchener** | **Thomas M. Rampulla** |
| **Joseph Brennan** | **Karin A. Risi** |
| **Mortimer J. Buckley** | **Anne E. Robinson** |
| **Gregory Davis** | **Michael Rollings** |
| **John James** | **Nitin Tandon** |
| **Chris D. Mclsaac** | **Lauren Valente** |

---

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![](tm234052d1ultrashrttermbi006.jpg)

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

#### Fund Information > 800-662-7447

#### Direct Investor Account Services > 800-662-2739

#### Institutional Investor Services > 800-523-1036

#### Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund's current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard's proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC's website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC's website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

#### CFA<sup>®</sup> is a registered trademark owned by CFA Institute.© 2023 The Vanguard Group, Inc.<br> All rights reserved.<br> Vanguard Marketing Corporation, Distributor.

Q14920 032023

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![](tm234052d1highyieldcorpfi001.jpg)

#### Annual Report \| January 31, 2023
Vanguard High-Yield Corporate Fund

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Contents

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| | |
|:---|:---|
| Your Fund's Performance at a Glance<br>| 1 |
| Advisors' Report<br>| 2 |
| About Your Fund's Expenses<br>| 6 |
| Performance Summary<br>| 8 |
| Financial Statements<br>| 10 |
| Trustees Approve Advisory Arrangement<br>| 47 |

---

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

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Your Fund's Performance at a Glance

• For the 12 months ended January 31, 2023, Vanguard High-Yield Corporate Fund returned –3.37% for Investor Shares and –3.27% for Admiral Shares. These results outpaced the –4.67% return of the
fund's benchmark index.

• Despite some relief in midsummer and toward the end of the period, it was a volatile, challenging time for financial markets. Early on, inflation readings across much of the world continued climbing to multidecade
highs amid supply chain bottlenecks, rising energy and food prices, and broader price increases in goods and services. Central banks responded by aggressively tightening monetary policy. Later, it appeared that
inflation might have peaked, and central banks began slowing their pace of interest rate hikes.

• The sharp rise in yields increased fears of recession and weighed heavily on bond prices. The Treasury yield curve inverted.

• Among high-yield bonds, credit spreads widened and higher-quality bonds generally outperformed those of lower quality. Shorter-dated bonds generally outperformed those with longer maturities.

• The fund benefited from lower credit risk positioning relative to the benchmark and from security selection within the wireless, pharmaceutical, and technology sectors. An underweight
allocation to energy, and security selection within that sector, detracted most from relative performance.

#### Market Barometer

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Year | &nbsp;&nbsp;&nbsp;&nbsp;Three Years | &nbsp;&nbsp;&nbsp;&nbsp;Five Years |
| **Stocks** |  |  |  |
| Russell 1000 Index (Large-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66% | &nbsp;&nbsp;&nbsp;&nbsp;9.38% |
| Russell 2000 Index (Small-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| Russell 3000 Index (Broad U.S. market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| FTSE All-World ex US Index (International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| **Bonds** |  |  |  |
| Bloomberg U.S. Aggregate Float Adjusted Index<br> (Broad taxable market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.40% | &nbsp;&nbsp;&nbsp;&nbsp;-2.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Bloomberg Municipal Bond Index<br> (Broad tax-exempt market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;-0.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| FTSE Three-Month U.S. Treasury Bill Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **CPI** |  |  |  |
| Consumer Price Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% |

---

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Advisors' Report

For the 12 months ended January 31, 2023, Vanguard High-Yield Corporate Fund returned –3.37% for Investor Shares and –3.27% for Admiral Shares. They fared better than the –4.67% return of the fund's benchmark index. (The High-Yield Corporate Composite Index consists of 95% Bloomberg U.S. High-Yield Ba/B 2% Issuer Capped Index and 5% Bloomberg 1–5 Year Treasury Bond Index.)

Effective August 29, 2022, Vanguard Fixed Income Group was added as a second investment advisor to manage a portion of the fund's assets. Vanguard may use a multi-manager approach when there is an opportunity to combine talented managers that may have complementary approaches to improve long-term investor outcomes. It's not uncommon for different advisors to have different views about individual securities or the broader investment environment.

The accompanying table lists the advisors, the amount and percentage of fund assets each manages, and brief descriptions of their investment strategies.

The advisors have provided the following assessment of the investment environment during the past 12 months. They have also outlined the notable successes and shortfalls in their portfolios; in the case of Vanguard's portfolio, these successes and shortfalls are for the period from August 29, 2022, through the end of the fiscal year. These comments were prepared on February 10, 2023.

#### Wellington Management Company llp
Portfolio Managers:

Michael L. Hong, CFA,<br> Senior Managing Director and<br> Fixed Income Portfolio Manager

Elizabeth H. Shortsleeve,<br> Senior Managing Director and<br> Fixed Income Portfolio Manager

Fixed income markets experienced negative total returns during the fiscal year as government bond yields moved sharply higher in response to tightening global monetary policies to combat persistent inflationary pressures. High-yield spreads widened amid increasing concerns that tighter financial conditions could tip the global economy into recession.

Although we predict continued macroeconomic headwinds during 2023 and expect defaults to migrate toward long-term averages, we think a repeat of 2022's negative total-return year is unlikely given the valuation starting point. Further, with high-yield credit spreads and "all-in" yields north of 4% and 8%, respectively, we believe market technicals could turn positive as investors seek to capture spreads and yields that are significantly higher than a year ago.

We are closely watching inflation and labor market data points as both are drivers of the Federal Reserve's policy and key factors in the depth and timing of a potential recession. Security selection should take on increased importance in

------

2023 because we anticipate greater dispersion across high-yield issuers, sectors, and credit qualities. We continue to prefer companies that can maintain their cash flows in a more challenging market and economic backdrop through strong competitive positioning, less-cyclical end-market exposures, and a focus on balance sheet improvement.

Despite rising input costs, high-yield issuers' fundamentals held up relatively well in 2022. Many issuers have bolstered their balance sheets since the onset of COVID-19, providing some insulation from rising costs. However, we anticipate continued pressure on many issuers' profit margins, as higher costs might not be passed on so easily to a flagging consumer sector in 2023. All-in borrowing costs are significantly above where they were a year ago, further cutting into corporate free-cash-flow generation. Overall, we expect high-yield corporate fundamentals to weaken over the next 6 to 12 months as the effects of tighter monetary policy work their way through the economy.

Entering 2023, we believe a modestly defensive risk posture, with a strong emphasis on security selection, is appropriate. Given the macroeconomic headwinds, weakening high-yield issuer fundamentals, and median-level valuations in the sector, we do not believe investors are likely to be compensated adequately for taking on excess credit risk. We are, however, maintaining the flexibility to pivot and tactically increase risk at

potentially more attractive valuations in the event of further market volatility.

An underweight to and security selection within the energy sector detracted most from our portfolio's relative results. An overweight to the pharmaceuticals sector also hurt relative performance. An underweight to and security section within the media and entertainment sector helped returns, as did security selection within the pharmaceuticals and wireless sectors. The portfolio maintains meaningful exposure to relatively higher-quality names within the high-yield market. We believe these companies have more stable credit profiles and greater predictability of cash flows than those at the lower end of the quality spectrum.

We prefer higher-quality credits, as they provide stable income and help minimize defaults in the portfolio. We continue to diversify our holdings by issuer and industry. We also continue to deemphasize non-cash-paying securities, preferred stocks, and equity-linked securities, such as convertibles, given their potential for volatility.

#### Vanguard Fixed Income Group
Portfolio Manager:

Michael Chang, CFA

With few exceptions, 2022 overall was a very challenging year across financial markets. A shift in monetary policy, combined with increasing uncertainty geopolitically and economically, resulted in a challenging macro backdrop for financial

------

markets in general and high yield specifically. That translated to higher rates and wider credit spreads, leading to negative returns in the high-yield market and across financial markets broadly. January 2023 was a bit of a reversal from 2022. We saw a rally based on expectations or hopes that we are nearing an end to the policy-tightening cycle and that inflation has peaked. All of this, in combination with better valuations, has created a more supportive backdrop for high yield going into 2023.

Since becoming an advisor on a portion of the fund roughly five months ago, we have been gradually shifting the portfolio to better reflect our bottom-up views on issuers and sectors, but we maintain our leaning toward greater diversification and higher quality in the high-yield spectrum.

With lower-quality bonds underperforming in 2022, our defensive bias helped our portfolio, though some of that has reversed in the last month of the fiscal year. Our sector leanings boosted relative performance. We have favored and

continue to favor some consumer-facing, travel-related sectors such as airlines, cruise lines, lodging, and gaming companies. Demand here has continued to recover—and, in some cases, it has exceeded pre-pandemic levels. These sectors were hit disproportionately by COVID and the recovery in many cases has been slower than for the broader economy. We feel that demand will continue to recover, and that this should lead to credit improvement for many of these companies.

Interest rates were the biggest driver of markets in 2022. We believe credit risk will be the dominant driver of returns in 2023, given the prospects of a weaker economic environment. Default rates will likely rise from the record lows of the last couple of years. Given where valuations are today, investors are not being paid to go down in quality. We remain defensively positioned and biased toward higher quality, bottom-up approach to avoid problematic issues.

------

---

| | | | |
|:---|:---|:---|:---|
|  | Fund Assets Managed | Fund Assets Managed |  |
| Investment Advisor | % | &nbsp;&nbsp;&nbsp;$ Million | &nbsp;&nbsp;&nbsp;Investment Strategy |
| Wellington Management Company llp | 65 | &nbsp;&nbsp;&nbsp;15312 | &nbsp;&nbsp;&nbsp;Combines bottom-up fundamental research with top-down strategy, comprehensive risk management, and a long-term investment horizon. Seeks to identify companies whose prospects are stable or improving and whose bonds offer an attractive yield. |
| Vanguard Fixed Income Group | 32 | &nbsp;&nbsp;&nbsp;&nbsp;7537 | &nbsp;&nbsp;&nbsp;Combines bottom-up fundamental research with top-down strategy. Security selection is based on a proprietary assessment of issuers and securities to identify durable business models and avoid excess credit losses and defaults. |
| Cash Investments | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;These short-term reserves are invested by Vanguard in fixed income securities and derivative products to simulate investment in bonds. Each advisor may also maintain a modest cash position. |

---

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About Your Fund's Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.

A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund's costs in two ways:

**•** **Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.** 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

**•** **Based on hypothetical 5% yearly return. This section is intended to help you compare your fund's costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund's actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.** 

Note that the expenses shown in the table are meant to highlight and help you compare *ongoing* costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

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| | | | |
|:---|:---|:---|:---|
| **Six Months Ended January 31, 2023** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning<br> Account Value<br> 7/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending<br> Account Value<br> 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses<br> Paid During<br> Period |
| **Based on Actual Fund Return** |  |  |  |
| High-Yield Corporate Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1010.40 | &nbsp;&nbsp;&nbsp;&nbsp;$1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral™ Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| **Based on Hypothetical 5% Yearly Return** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.10 | &nbsp;&nbsp;&nbsp;&nbsp;$1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |

---

The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are 0.22% for Investor Shares and 0.12% for Admiral Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

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High-Yield Corporate Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1highyieldcorpfi002.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  |  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1highyieldcorpfi003.jpg) | &nbsp;&nbsp;&nbsp;High-Yield Corporate Fund Investor Shares | &nbsp;&nbsp;&nbsp;-3.37% | &nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;3.92% | &nbsp;&nbsp;&nbsp;&nbsp;$14694 |
| ![](tm234052d1highyieldcorpfi004.jpg) | &nbsp;&nbsp;&nbsp;High-Yield Corporate Composite Index | &nbsp;&nbsp;&nbsp;-4.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14971 |
| ![](tm234052d1highyieldcorpfi005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Corporate High Yield Bond Index | &nbsp;&nbsp;&nbsp;-5.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15206 |

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High-Yield Corporate Composite Index: Consists of 95% Bloomberg U.S. High-Yield Ba/B 2% Issuer Capped Index and 5% Bloomberg U.S. 1–5 Year Treasury Bond Index.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| High-Yield Corporate Fund Admiral Shares | &nbsp;&nbsp;&nbsp;-3.27% | &nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;&nbsp;$74204 |
| High-Yield Corporate Composite Index | &nbsp;&nbsp;&nbsp;-4.67 | &nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74855 |
| Bloomberg U.S. Corporate High Yield Bond Index | &nbsp;&nbsp;&nbsp;-5.22 | &nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76032 |

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See Financial Highlights for dividend and capital gains information.

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High-Yield Corporate Fund

Fund Allocation

As of January 31, 2023

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| | |
|:---|:---|
| Corporate Bonds - Communications | 16.6% |
| Corporate Bonds - Consumer Discretionary | 16.9 |
| Corporate Bonds - Consumer Staples | &nbsp;&nbsp;3.3 |
| Corporate Bonds - Energy | 11.6 |
| Corporate Bonds - Financials | &nbsp;&nbsp;5.7 |
| Corporate Bonds - Health Care | &nbsp;&nbsp;9.1 |
| Corporate Bonds - Industrials | &nbsp;&nbsp;8.2 |
| Corporate Bonds - Materials | &nbsp;&nbsp;&nbsp;7.4 |
| Corporate Bonds - Real Estate | &nbsp;&nbsp;&nbsp;1.5 |
| Corporate Bonds - Technology | &nbsp;&nbsp;8.4 |
| Corporate Bonds - Utilities | &nbsp;&nbsp;2.1 |
| Floating Rate Loan Interests | &nbsp;&nbsp;3.1 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;6.1 |

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The table reflects the fund's investments, except for short-term investments, other financial instruments, and derivatives.

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High-Yield Corporate Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **U.S. Government and Agency Obligations (5.9%)** | **U.S. Government and Agency Obligations (5.9%)** | **U.S. Government and Agency Obligations (5.9%)** | **U.S. Government and Agency Obligations (5.9%)** | **U.S. Government and Agency Obligations (5.9%)** | **U.S. Government and Agency Obligations (5.9%)** |
| **U.S. Government Securities (5.9%)** | **U.S. Government Securities (5.9%)** | **U.S. Government Securities (5.9%)** | **U.S. Government Securities (5.9%)** | **U.S. Government Securities (5.9%)** | **U.S. Government Securities (5.9%)** |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625% | 4/30/23 | &nbsp;&nbsp; 170250 | &nbsp;&nbsp; 168973 |
| <sup>1,2</sup> | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125% | 7/31/23 | &nbsp;&nbsp; 155875 | &nbsp;&nbsp; 152343 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | 7/31/24 | &nbsp;&nbsp; 26960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26379 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 10/31/24 | &nbsp;&nbsp; 8551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8554 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 11/30/24 | &nbsp;&nbsp; 31050 | &nbsp;&nbsp; 31152 |
| <sup>3</sup> | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 8/15/25 | &nbsp;&nbsp; 87090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85294 |
| <sup>1,3</sup> | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;395563 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 11/15/25 | &nbsp;&nbsp; 30463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30920 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 12/15/25 | &nbsp;&nbsp; 61182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61373 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 1/15/26 | &nbsp;&nbsp; 4749 | &nbsp;&nbsp; 4749 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875% | 6/30/26 | &nbsp;&nbsp; 59500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53996 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750% | 7/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28875 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 9/30/27 | &nbsp;&nbsp; 90070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91886 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 10/31/27 | &nbsp;&nbsp; 44430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45346 |
| <sup>1</sup> | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% | 7/31/29 | &nbsp;&nbsp; 44250 | &nbsp;&nbsp; 41816 |
| <sup>1</sup> | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39670 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 11/30/29 | &nbsp;&nbsp; 17900 | &nbsp;&nbsp; 18224 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 12/31/29 | &nbsp;&nbsp; 44240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45083 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750% | 8/15/32 | &nbsp;&nbsp; 20795 | &nbsp;&nbsp; 19567 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 11/15/32 | &nbsp;&nbsp; 22200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23359 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 5/15/38 | &nbsp;&nbsp; 7300 | &nbsp;&nbsp; 8111 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 5/15/42 | &nbsp;&nbsp; 2357 | &nbsp;&nbsp; 2185 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | 8/15/42 | &nbsp;&nbsp; 2220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 5/15/48 | &nbsp;&nbsp; 1675 | &nbsp;&nbsp; 1511 |
|  | United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | 8/15/52 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 152 |
| **Total U.S. Government and Agency Obligations (Cost $1,385,954)** | **Total U.S. Government and Agency Obligations (Cost $1,385,954)** | **Total U.S. Government and Agency Obligations (Cost $1,385,954)** | **Total U.S. Government and Agency Obligations (Cost $1,385,954)** | **Total U.S. Government and Agency Obligations (Cost $1,385,954)** | &nbsp;&nbsp;&nbsp;**1387179** |
| **Corporate Bonds (86.8%)** | **Corporate Bonds (86.8%)** | **Corporate Bonds (86.8%)** | **Corporate Bonds (86.8%)** | **Corporate Bonds (86.8%)** | **Corporate Bonds (86.8%)** |
| **Communications (15.9%)** | **Communications (15.9%)** | **Communications (15.9%)** | **Communications (15.9%)** | **Communications (15.9%)** | **Communications (15.9%)** |
| <sup>4,5</sup> | Altice France SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% | 2/15/25 | &nbsp;&nbsp; 11415 | &nbsp;&nbsp; 11439 |
| <sup>4</sup> | Altice France SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/27 | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 |
| <sup>4</sup> | Altice France SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 1/15/28 | &nbsp;&nbsp; 19790 | &nbsp;&nbsp; 16428 |
| <sup>4</sup> | Altice France SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 7/15/29 | &nbsp;&nbsp; 85970 | &nbsp;&nbsp; 67517 |
| <sup>4</sup> | Banijay Entertainment SASU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/25 | &nbsp;&nbsp; 25380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24484 |
|  | Belo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp; 29475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28480 |
|  | Belo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250% | 9/15/27 | &nbsp;&nbsp; 19847 | &nbsp;&nbsp; 18877 |
| <sup>4</sup> | Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 11/15/30 | &nbsp;&nbsp; 32100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26550 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>4</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/26 | &nbsp;&nbsp; 51985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51093 |
| <sup>4</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/27 | &nbsp;&nbsp; 51977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49529 |
| <sup>4</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp; 10245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 |
| <sup>4</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38593 |
| <sup>4</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 8/15/30 | &nbsp;&nbsp; 85720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73289 |
| <sup>4</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp; 100690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83864 |
| <sup>4,6</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/31 | &nbsp;&nbsp; 48650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48772 |
| <sup>4</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/32 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5948 |
|  | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/32 | &nbsp;&nbsp; 136793 | &nbsp;&nbsp; 113284 |
| <sup>4</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/33 | &nbsp;&nbsp; 16820 | &nbsp;&nbsp; 13667 |
| <sup>4</sup> | CCO Holdings LLC / CCO Holdings Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 1/15/34 | &nbsp;&nbsp; 17800 | &nbsp;&nbsp; 13913 |
| <sup>4</sup> | CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 4/15/27 | &nbsp;&nbsp; 53020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46677 |
| <sup>4</sup> | CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp; 33483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29004 |
| <sup>4</sup> | CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 12/1/30 | &nbsp;&nbsp; 84978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62383 |
| <sup>4</sup> | CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 12/1/30 | &nbsp;&nbsp; 8625 | &nbsp;&nbsp; 5101 |
| <sup>4</sup> | CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | 2/15/31 | &nbsp;&nbsp; 82190 | &nbsp;&nbsp; 57329 |
| <sup>4</sup> | CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 11/15/31 | &nbsp;&nbsp; 119670 | &nbsp;&nbsp; 88166 |
| <sup>4</sup> | CSC Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 11/15/31 | &nbsp;&nbsp; 26470 | &nbsp;&nbsp; 15827 |
| <sup>4</sup> | Directv Financing LLC / Directv Financing Co-Obligor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 8/15/27 | &nbsp;&nbsp; 22140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20053 |
|  | DISH DBS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 3/15/23 | &nbsp;&nbsp; 48242 | &nbsp;&nbsp; 48161 |
|  | DISH DBS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 11/15/24 | &nbsp;&nbsp; 54450 | &nbsp;&nbsp; 51414 |
|  | DISH DBS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp; 57610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46735 |
| <sup>4</sup> | DISH DBS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 12/1/26 | &nbsp;&nbsp; 2920 | &nbsp;&nbsp; 2516 |
|  | DISH DBS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/28 | &nbsp;&nbsp; 65315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46957 |
| <sup>4</sup> | DISH DBS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 12/1/28 | &nbsp;&nbsp; 40625 | &nbsp;&nbsp; 33319 |
|  | DISH DBS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp; 22735 | &nbsp;&nbsp; 14458 |
| <sup>4</sup> | DISH Network Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.750% | 11/15/27 | &nbsp;&nbsp; 67388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69889 |
|  | Embarq Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.995% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/36 | &nbsp;&nbsp; 30150 | &nbsp;&nbsp; 14529 |
| <sup>4</sup> | Frontier Communications Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 10/15/27 | &nbsp;&nbsp; 16240 | &nbsp;&nbsp; 15497 |
| <sup>4</sup> | Frontier Communications Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp; 139449 | &nbsp;&nbsp; 126473 |
| <sup>4</sup> | Frontier Communications Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp; 22182 | &nbsp;&nbsp; 19011 |
|  | Frontier Communications Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 11/1/29 | &nbsp;&nbsp; 75603 | &nbsp;&nbsp; 61713 |
| <sup>4</sup> | Frontier Communications Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% | 1/15/30 | &nbsp;&nbsp; 17035 | &nbsp;&nbsp; 13979 |
| <sup>4</sup> | Go Daddy Operating Co. LLC / GD Finance Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp; 72140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62402 |
| <sup>4</sup> | Iliad Holding SAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 10/15/26 | &nbsp;&nbsp; 17850 | &nbsp;&nbsp; 16895 |
| <sup>4</sup> | Iliad Holding SAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000% | 10/15/28 | &nbsp;&nbsp; 16550 | &nbsp;&nbsp; 15539 |
|  | Lamar Media Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 27359 |
|  | Lamar Media Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 1/15/29 | &nbsp;&nbsp; 2920 | &nbsp;&nbsp; 2761 |
|  | Lamar Media Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;75500 | &nbsp;&nbsp; 67187 |
|  | Lamar Media Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 1/15/31 | &nbsp;&nbsp; 59108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50272 |
| <sup>4</sup> | Level 3 Financing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 1/15/29 | &nbsp;&nbsp; 19482 | &nbsp;&nbsp; 14493 |
| <sup>4,5</sup> | Lorca Telecom Bondco SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 9/18/27 | &nbsp;&nbsp; 55975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55724 |
| <sup>4</sup> | Match Group Holdings II LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/28 | &nbsp;&nbsp; 5480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038 |
| <sup>4</sup> | Match Group Holdings II LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/30 | &nbsp;&nbsp; 14026 | &nbsp;&nbsp; 12045 |
| <sup>4</sup> | Match Group Holdings II LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 10/1/31 | &nbsp;&nbsp; 12425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9971 |
|  | Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 4/15/28 | &nbsp;&nbsp; 21485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21467 |
|  | Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 11/15/28 | &nbsp;&nbsp; 19538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20342 |
|  | Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | 5/15/29 | &nbsp;&nbsp; 12655 | &nbsp;&nbsp; 13571 |
| <sup>4</sup> | News Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 5/15/29 | &nbsp;&nbsp; 20140 | &nbsp;&nbsp; 18043 |
| <sup>4</sup> | Nexstar Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 11/1/28 | &nbsp;&nbsp; 12325 | &nbsp;&nbsp; 11097 |
| <sup>4</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 6/15/25 | &nbsp;&nbsp; 32550 | &nbsp;&nbsp; 32765 |
| <sup>4</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 8/15/27 | &nbsp;&nbsp; 21296 | &nbsp;&nbsp; 19713 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>4</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 1/15/29 | &nbsp;&nbsp; 10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8692 |
| <sup>4</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 3/15/30 | &nbsp;&nbsp; 86818 | &nbsp;&nbsp; 74594 |
|  | Paramount Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 2/28/57 | &nbsp;&nbsp; 33146 | &nbsp;&nbsp; 28715 |
|  | Paramount Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | 3/30/62 | &nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29332 |
| <sup>4</sup> | ROBLOX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/30 | &nbsp;&nbsp; 83290 | &nbsp;&nbsp; 70195 |
| <sup>4</sup> | Scripps Escrow II Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 1/15/29 | &nbsp;&nbsp; 57485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48223 |
| <sup>4</sup> | Scripps Escrow II Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 1/15/31 | &nbsp;&nbsp; 24358 | &nbsp;&nbsp; 19648 |
| <sup>4</sup> | Sirius XM Radio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/26 | &nbsp;&nbsp; 12245 | &nbsp;&nbsp; 11040 |
| <sup>4</sup> | Sirius XM Radio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 7/15/28 | &nbsp;&nbsp; 35170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31264 |
| <sup>4</sup> | Sirius XM Radio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/30 | &nbsp;&nbsp; 75495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64697 |
| <sup>4</sup> | Sirius XM Radio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/31 | &nbsp;&nbsp; 53360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43904 |
|  | Sprint Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750% | 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939 |
|  | Sprint Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625% | 2/15/25 | &nbsp;&nbsp; 53661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55696 |
|  | Sprint LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% | 9/15/23 | &nbsp;&nbsp; 141704 | &nbsp;&nbsp; 143807 |
|  | Sprint LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% | 6/15/24 | &nbsp;&nbsp; 56361 | &nbsp;&nbsp; 57621 |
|  | Telecom Italia Capital SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | 11/15/33 | &nbsp;&nbsp; 6520 | &nbsp;&nbsp; 5517 |
|  | Telecom Italia Capital SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% | 9/30/34 | &nbsp;&nbsp; 22450 | &nbsp;&nbsp; 18018 |
|  | Telecom Italia Capital SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.721% | &nbsp;&nbsp;&nbsp;&nbsp;6/4/38 | &nbsp;&nbsp; 22295 | &nbsp;&nbsp; 19234 |
| <sup>4</sup> | Telecom Italia SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.303% | 5/30/24 | &nbsp;&nbsp; 6555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379 |
| <sup>4</sup> | Telenet Finance Luxembourg Notes Sarl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;96200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89526 |
| <sup>4</sup> | Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% | 5/15/25 | &nbsp;&nbsp; 7990 | &nbsp;&nbsp; 8111 |
| <sup>4</sup> | Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000% | 11/1/26 | &nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235 |
| <sup>4</sup> | Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% | 9/15/27 | &nbsp;&nbsp; 12020 | &nbsp;&nbsp; 12200 |
| <sup>4</sup> | Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 1/15/28 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9789 |
| <sup>4</sup> | Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 17835 |
| <sup>4</sup> | Univision Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% | 6/30/30 | &nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| <sup>4</sup> | UPC Broadband Finco BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 7/15/31 | &nbsp;&nbsp; 57164 | &nbsp;&nbsp; 50276 |
| <sup>4</sup> | UPC Holding BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 1/15/28 | &nbsp;&nbsp; 87652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79560 |
| <sup>4</sup> | Videotron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 6/15/24 | &nbsp;&nbsp; 7848 | &nbsp;&nbsp; 7818 |
| <sup>7</sup> | Videotron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 6/15/25 | &nbsp;&nbsp; 9725 | &nbsp;&nbsp; 7249 |
| <sup>4</sup> | Videotron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 4/15/27 | &nbsp;&nbsp; 28240 | &nbsp;&nbsp; 27230 |
| <sup>4,7</sup> | Videotron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 6/15/28 | &nbsp;&nbsp; 97435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64373 |
| <sup>4</sup> | Videotron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 6/15/29 | &nbsp;&nbsp; 77456 | &nbsp;&nbsp; 67664 |
| <sup>4</sup> | Virgin Media Secured Finance plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 5/15/29 | &nbsp;&nbsp; 43280 | &nbsp;&nbsp; 40104 |
| <sup>4</sup> | Virgin Media Secured Finance plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 8/15/30 | &nbsp;&nbsp; 42595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36703 |
| <sup>4,8</sup> | Virgin Media Vendor Financing Notes III DAC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 7/15/28 | &nbsp;&nbsp;&nbsp; 37010 | &nbsp;&nbsp; 38185 |
| <sup>4</sup> | Virgin Media Vendor Financing Notes IV DAC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 7/15/28 | &nbsp;&nbsp; 38325 | &nbsp;&nbsp; 34776 |
| <sup>4</sup> | Vmed O2 UK Financing I plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 1/31/31 | &nbsp;&nbsp; 94695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79448 |
| <sup>4</sup> | VZ Secured Financing BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 1/15/32 | &nbsp;&nbsp; 58570 | &nbsp;&nbsp; 50157 |
| <sup>4,5</sup> | WMG Acquisition Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750% | 7/15/28 | &nbsp;&nbsp; 18490 | &nbsp;&nbsp; 17979 |
| <sup>4</sup> | WMG Acquisition Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 7/15/30 | &nbsp;&nbsp; 58405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51466 |
| <sup>4</sup> | WMG Acquisition Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | 2/15/31 | &nbsp;&nbsp; 62070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51397 |
| <sup>4,5</sup> | WP/AP Telecom Holdings IV BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 1/15/29 | &nbsp;&nbsp; 33365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32287 |
| <sup>4</sup> | Zayo Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp; 4870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871 |
| <sup>4</sup> | Ziggo BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 1/15/30 | &nbsp;&nbsp; 66840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58308 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3744010** |
| **Consumer Discretionary (16.1%)** | **Consumer Discretionary (16.1%)** | **Consumer Discretionary (16.1%)** | **Consumer Discretionary (16.1%)** | **Consumer Discretionary (16.1%)** | **Consumer Discretionary (16.1%)** |
| <sup>4</sup> | 1011778 BC ULC / New Red Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 1/15/28 | &nbsp;&nbsp; 48119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43981 |
| <sup>4</sup> | 1011778 BC ULC / New Red Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 7384 |
| <sup>4</sup> | 1011778 BC ULC / New Red Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 2/15/29 | &nbsp;&nbsp; 45540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39958 |
| <sup>4</sup> | 1011778 BC ULC / New Red Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 10/15/30 | &nbsp;&nbsp; 133629 | &nbsp;&nbsp; 113707 |
| <sup>4</sup> | Adient Global Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 8/15/26 | &nbsp;&nbsp; 14507 | &nbsp;&nbsp; 13766 |
| <sup>4</sup> | American Builders & Contractors Supply Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 1/15/28 | &nbsp;&nbsp; 30213 | &nbsp;&nbsp; 27581 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>4</sup> | American Builders & Contractors Supply Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 11/15/29 | &nbsp;&nbsp; 61370 | &nbsp;&nbsp; 52317 |
|  | Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp; 22880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20832 |
| <sup>4</sup> | Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 11/15/29 | &nbsp;&nbsp; 26830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23706 |
|  | Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/30 | &nbsp;&nbsp; 11463 | &nbsp;&nbsp; 10083 |
| <sup>4</sup> | Asbury Automotive Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 2/15/32 | &nbsp;&nbsp; 26865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23205 |
| <sup>4</sup> | Ashton Woods USA LLC / Ashton Woods Finance Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 1/15/28 | &nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| <sup>4</sup> | Ashton Woods USA LLC / Ashton Woods Finance Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp; 20184 | &nbsp;&nbsp; 16855 |
|  | Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.694% | 1/15/27 | &nbsp;&nbsp; 20412 | &nbsp;&nbsp; 20501 |
|  | Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 |
| <sup>4</sup> | Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 10/1/30 | &nbsp;&nbsp; 50875 | &nbsp;&nbsp; 49714 |
|  | Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% | 11/1/35 | &nbsp;&nbsp; 5565 | &nbsp;&nbsp; 5107 |
|  | Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| <sup>4</sup> | Beacon Roofing Supply Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 5/15/29 | &nbsp;&nbsp; 21290 | &nbsp;&nbsp; 18345 |
|  | Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 12/1/27 | &nbsp;&nbsp; 123715 | &nbsp;&nbsp;&nbsp; 117649 |
| <sup>4</sup> | Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5393 |
| <sup>4</sup> | Builders Firstsource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;&nbsp; 37760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32492 |
| <sup>4</sup> | Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp; 113400 | &nbsp;&nbsp; 112975 |
| <sup>4</sup> | Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/27 | &nbsp;&nbsp; 74280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75394 |
| <sup>4</sup> | Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 10/15/29 | &nbsp;&nbsp; 46265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39522 |
| <sup>4,6</sup> | Caesars Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000% | 2/15/30 | &nbsp;&nbsp; 92585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94346 |
| <sup>4</sup> | Caesars Resort Collection LLC / CRC Finco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp; 61787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61824 |
| <sup>4</sup> | Camelot Return Merger Sub Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp; 8770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8246 |
| <sup>4</sup> | Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp; 23970 | &nbsp;&nbsp; 19889 |
| <sup>4</sup> | Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/28 | &nbsp;&nbsp; 105830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91228 |
| <sup>4</sup> | Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp; 139740 | &nbsp;&nbsp; 110395 |
| <sup>4</sup> | Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp; 53180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51247 |
| <sup>4</sup> | Carnival Holdings Bermuda Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp; 13530 | &nbsp;&nbsp; 14609 |
| <sup>4</sup> | CDI Escrow Issuer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp; 24058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22806 |
|  | Cedar Fair LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 7/15/29 | &nbsp;&nbsp; 51686 | &nbsp;&nbsp; 47550 |
| <sup>4</sup> | Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp; 10480 | &nbsp;&nbsp; 10408 |
|  | Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;32005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30971 |
|  | Century Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp; 9993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9891 |
| <sup>4</sup> | Century Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 8/15/29 | &nbsp;&nbsp; 34362 | &nbsp;&nbsp; 28913 |
| <sup>4</sup> | Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp; 9740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9454 |
| <sup>4</sup> | Churchill Downs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1/15/28 | &nbsp;&nbsp; 11690 | &nbsp;&nbsp; 10936 |
| <sup>4</sup> | Cinemark USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp; 3470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552 |
| <sup>4</sup> | Cinemark USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 3/15/26 | &nbsp;&nbsp; 7325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6583 |
| <sup>4</sup> | Cinemark USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 7/15/28 | &nbsp;&nbsp; 42940 | &nbsp;&nbsp; 35213 |
| <sup>4,5</sup> | Cirsa Finance International Sarl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 12/20/23 | &nbsp;&nbsp; 7064 | &nbsp;&nbsp; 7638 |
| <sup>4,5</sup> | Cirsa Finance International Sarl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 3/15/27 | &nbsp;&nbsp; 7990 | &nbsp;&nbsp; 7637 |
| <sup>4</sup> | Clarios Global LP / Clarios US Finance Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 5/15/26 | &nbsp;&nbsp; 30723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30543 |
| <sup>4</sup> | Clarios Global LP / Clarios US Finance Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500% | 5/15/27 | &nbsp;&nbsp; 34665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34561 |
|  | Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 6/15/28 | &nbsp;&nbsp; 3718 | &nbsp;&nbsp; 3514 |
|  | DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 2/15/32 | &nbsp;&nbsp; 4870 | &nbsp;&nbsp; 4106 |
|  | Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.346% | 12/8/26 | &nbsp;&nbsp; 17205 | &nbsp;&nbsp; 16759 |
|  | Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.625% | 4/22/30 | &nbsp;&nbsp; 2271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 |
|  | Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 2/12/32 | &nbsp;&nbsp; 139640 | &nbsp;&nbsp; 110886 |
|  | Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100% | 8/19/32 | &nbsp;&nbsp; 24345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23889 |
|  | Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1/15/43 | &nbsp;&nbsp; 24775 | &nbsp;&nbsp; 19349 |
|  | Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.291% | 12/8/46 | &nbsp;&nbsp; 8515 | &nbsp;&nbsp; 7055 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.096% | &nbsp;&nbsp;&nbsp;&nbsp;5/4/23 | &nbsp;&nbsp; 11846 | &nbsp;&nbsp; 11758 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;8/6/23 | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.370% | 11/17/23 | &nbsp;&nbsp; 16305 | &nbsp;&nbsp; 15916 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.810% | &nbsp;&nbsp;&nbsp;&nbsp;1/9/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4901 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.584% | 3/18/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.134% | &nbsp;&nbsp;&nbsp;&nbsp;8/4/25 | &nbsp;&nbsp; 15275 | &nbsp;&nbsp; 14589 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | 11/13/25 | &nbsp;&nbsp; 16070 | &nbsp;&nbsp; 14968 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.389% | &nbsp;&nbsp;&nbsp;&nbsp;1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp; 4618 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700% | 8/10/26 | &nbsp;&nbsp; 87840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78392 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950% | 5/28/27 | &nbsp;&nbsp; 24365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23386 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.815% | 11/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 5417 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900% | 2/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20964 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900% | 2/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.350% | &nbsp;&nbsp;&nbsp;&nbsp;3/6/30 | &nbsp;&nbsp; 14605 | &nbsp;&nbsp; 15339 |
|  | Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 6/17/31 | &nbsp;&nbsp; 2955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457 |
| <sup>9</sup> | Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.841% | 2/15/23 | &nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094 |
| <sup>4</sup> | Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 10/1/29 | &nbsp;&nbsp; 21580 | &nbsp;&nbsp; 16580 |
| <sup>4</sup> | Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 10/1/31 | &nbsp;&nbsp; 19660 | &nbsp;&nbsp; 14716 |
|  | Goodyear Tire & Rubber Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 7/15/29 | &nbsp;&nbsp; 19915 | &nbsp;&nbsp; 17563 |
|  | Goodyear Tire & Rubber Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 7/15/31 | &nbsp;&nbsp; 11555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9777 |
|  | Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp; 11490 | &nbsp;&nbsp; 10879 |
| <sup>4</sup> | Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 8/15/28 | &nbsp;&nbsp; 2504 | &nbsp;&nbsp; 2199 |
| <sup>4</sup> | Hanesbrands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 5/15/24 | &nbsp;&nbsp; 29520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29025 |
| <sup>4</sup> | Hanesbrands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 5/15/26 | &nbsp;&nbsp; 93794 | &nbsp;&nbsp; 87698 |
| <sup>4</sup> | Hilton Domestic Operating Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp; 14611 | &nbsp;&nbsp; 14488 |
| <sup>4</sup> | Hilton Domestic Operating Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp; 8650 | &nbsp;&nbsp; 7687 |
| <sup>4</sup> | KAR Auction Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp; 18656 | &nbsp;&nbsp; 18336 |
|  | KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800% | 11/15/29 | &nbsp;&nbsp; 15825 | &nbsp;&nbsp; 14215 |
|  | KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 6/15/31 | &nbsp;&nbsp; 33745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28354 |
| <sup>4</sup> | KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp; 32810 | &nbsp;&nbsp; 32018 |
| <sup>4</sup> | Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 12/15/27 | &nbsp;&nbsp; 69275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64448 |
| <sup>4</sup> | Lithia Motors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 1/15/31 | &nbsp;&nbsp; 22880 | &nbsp;&nbsp; 19484 |
| <sup>4</sup> | Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 1/15/28 | &nbsp;&nbsp; 6085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 |
| <sup>4</sup> | Masonite International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 2/15/30 | &nbsp;&nbsp; 7695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402 |
| <sup>4</sup> | Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp; 18470 | &nbsp;&nbsp; 17277 |
| <sup>4</sup> | Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 12/15/27 | &nbsp;&nbsp; 76280 | &nbsp;&nbsp; 76376 |
| <sup>4</sup> | Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp; 25585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22981 |
| <sup>4</sup> | Melco Resorts Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/6/25 | &nbsp;&nbsp; 15575 | &nbsp;&nbsp; 14696 |
| <sup>4</sup> | Melco Resorts Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 12/4/29 | &nbsp;&nbsp; 18825 | &nbsp;&nbsp; 16230 |
|  | MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% | 3/15/23 | &nbsp;&nbsp; 45571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45595 |
|  | MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 6/15/25 | &nbsp;&nbsp; 51486 | &nbsp;&nbsp; 50810 |
| <sup>4</sup> | Michaels Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp; 48585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40728 |
| <sup>4</sup> | Michaels Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp; 34950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26550 |
| <sup>4,6</sup> | NCL Corp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp; 41980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42680 |
| <sup>4</sup> | NCL Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750% | 2/15/29 | &nbsp;&nbsp; 20930 | &nbsp;&nbsp; 17983 |
|  | Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp; 4166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957 |
|  | Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | 9/15/27 | &nbsp;&nbsp; 7083 | &nbsp;&nbsp; 7121 |
|  | Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 9/15/29 | &nbsp;&nbsp; 22217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22523 |
| <sup>4</sup> | NMG Holding Co. Inc. / Neiman Marcus Group LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9402 |
| <sup>4</sup> | Petsmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 2/15/28 | &nbsp;&nbsp; 88961 | &nbsp;&nbsp; 82501 |
| <sup>4</sup> | Petsmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750% | 2/15/29 | &nbsp;&nbsp; 26610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26236 |
| <sup>4</sup> | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/26 | &nbsp;&nbsp; 11360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9852 |
| <sup>4</sup> | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 8/31/26 | &nbsp;&nbsp; 96080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85949 |
| <sup>4</sup> | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 7/15/27 | &nbsp;&nbsp; 19070 | &nbsp;&nbsp; 16570 |
| <sup>4</sup> | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.625% | 8/15/27 | &nbsp;&nbsp; 26350 | &nbsp;&nbsp; 27970 |
| <sup>4</sup> | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/28 | &nbsp;&nbsp; 33440 | &nbsp;&nbsp; 28767 |
| <sup>4</sup> | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250% | 1/15/29 | &nbsp;&nbsp; 45822 | &nbsp;&nbsp; 47872 |
|  | Sands China Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/25 | &nbsp;&nbsp; 13575 | &nbsp;&nbsp; 13479 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Sands China Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/28 | &nbsp;&nbsp; 17300 | &nbsp;&nbsp; 17028 |
|  | Sands China Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 6/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940 | &nbsp;&nbsp; 5418 |
|  | Sands China Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;8/8/31 | &nbsp;&nbsp;&nbsp; 17210 | &nbsp;&nbsp; 14412 |
| <sup>4</sup> | Scientific Games International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000% | 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;20020 | &nbsp;&nbsp; 19853 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;20770 | &nbsp;&nbsp; 19847 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp; 44190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42460 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | 8/15/30 | &nbsp;&nbsp; 26810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22637 |
|  | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;65605 | &nbsp;&nbsp; 57443 |
| <sup>4</sup> | Speedway Motorsports LLC / Speedway Funding II Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;33461 | &nbsp;&nbsp; 31416 |
| <sup>4</sup> | Taylor Morrison Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869 |
| <sup>4</sup> | Taylor Morrison Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;23832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21785 |
| <sup>4</sup> | Tempur Sealy International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 10/15/31 | &nbsp;&nbsp; 5213 | &nbsp;&nbsp; 4301 |
|  | Under Armour Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;42005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38339 |
| <sup>4</sup> | William Carter Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 3/15/27 | &nbsp;&nbsp; 12968 | &nbsp;&nbsp; 12653 |
| <sup>4</sup> | Wolverine World Wide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981 |
| <sup>4</sup> | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;75561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73530 |
| <sup>4</sup> | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;50065 | &nbsp;&nbsp; 47286 |
| <sup>4</sup> | Wynn Macau Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 1/15/26 | &nbsp;&nbsp; 15750 | &nbsp;&nbsp; 14723 |
| <sup>4</sup> | Wynn Macau Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;51536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42970 |
| <sup>4</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750% | 4/15/25 | &nbsp;&nbsp; 11203 | &nbsp;&nbsp; 11241 |
| <sup>4</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 |
| <sup>4</sup> | Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1/15/30 | &nbsp;&nbsp; 39610 | &nbsp;&nbsp; 37130 |
|  | Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 3/15/31 | &nbsp;&nbsp; 67357 | &nbsp;&nbsp; 57827 |
|  | Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 1/31/32 | &nbsp;&nbsp; 18090 | &nbsp;&nbsp; 16478 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3813041** |
| **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** | **Consumer Staples (3.1%)** |
|  | B&G Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;60337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55075 |
|  | B&G Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;55340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44735 |
| <sup>4,5</sup> | Darling Global Finance BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 5/15/26 | &nbsp;&nbsp; 12945 | &nbsp;&nbsp; 13551 |
| <sup>4</sup> | Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 4/15/27 | &nbsp;&nbsp; 12745 | &nbsp;&nbsp; 12428 |
| <sup>4</sup> | Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% | 6/15/30 | &nbsp;&nbsp; 13430 | &nbsp;&nbsp; 13366 |
| <sup>4</sup> | Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;59581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53325 |
| <sup>4</sup> | Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 3/31/29 | &nbsp;&nbsp; 91816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79588 |
| <sup>4</sup> | Performance Food Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694 |
| <sup>4</sup> | Performance Food Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 10/15/27 | &nbsp;&nbsp; 96710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93330 |
| <sup>4</sup> | Performance Food Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/29 | &nbsp;&nbsp; 90104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80379 |
| <sup>4</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp; 8810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687 |
| <sup>4</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;86750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83795 |
| <sup>4</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;36090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33486 |
| <sup>4</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;69329 | &nbsp;&nbsp; 61012 |
| <sup>4</sup> | Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;62265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53702 |
| <sup>4</sup> | United Natural Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;24899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24041 |
| <sup>4</sup> | US Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp; 18913 | &nbsp;&nbsp; 17029 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**734223** |
| **Energy (11.1%)** | **Energy (11.1%)** | **Energy (11.1%)** | **Energy (11.1%)** | **Energy (11.1%)** | **Energy (11.1%)** |
|  | Apache Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;33350 | &nbsp;&nbsp; 31129 |
|  | Apache Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447 |
|  | Apache Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;23875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21888 |
|  | Apache Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;34838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30386 |
|  | Apache Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/42 | &nbsp;&nbsp; 10349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8697 |
|  | Apache Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 1/15/44 | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 747 |
|  | Apache Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;29562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24706 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>4</sup> | Blue Racer Midstream LLC / Blue Racer Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625% | 12/15/25 | &nbsp;&nbsp; 9330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9473 |
| <sup>4</sup> | Blue Racer Midstream LLC / Blue Racer Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 7/15/26 | &nbsp;&nbsp; 11960 | &nbsp;&nbsp; 11825 |
|  | Buckeye Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/23 | &nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627 |
|  | Buckeye Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350% | 10/15/24 | &nbsp;&nbsp; 4850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 |
| <sup>4</sup> | Buckeye Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/25 | &nbsp;&nbsp; 45184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42953 |
|  | Buckeye Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950% | 12/1/26 | &nbsp;&nbsp; 21628 | &nbsp;&nbsp; 19846 |
|  | Buckeye Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 12/1/27 | &nbsp;&nbsp; 23220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21002 |
| <sup>4</sup> | Buckeye Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp; 88628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81306 |
|  | Cheniere Energy Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 10/1/29 | &nbsp;&nbsp; 38654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36278 |
|  | Cheniere Energy Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/31 | &nbsp;&nbsp; 11275 | &nbsp;&nbsp; 10114 |
| <sup>4</sup> | CNX Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% | 1/15/29 | &nbsp;&nbsp; 6825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307 |
| <sup>4</sup> | CNX Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% | 1/15/31 | &nbsp;&nbsp; 13525 | &nbsp;&nbsp; 13176 |
|  | Continental Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 1/15/28 | &nbsp;&nbsp; 34925 | &nbsp;&nbsp; 33211 |
| <sup>4</sup> | Continental Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 1/15/31 | &nbsp;&nbsp; 48530 | &nbsp;&nbsp; 47639 |
|  | Continental Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/44 | &nbsp;&nbsp; 73149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58304 |
|  | DCP Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 3/15/23 | &nbsp;&nbsp; 4575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566 |
|  | DCP Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 5/15/29 | &nbsp;&nbsp; 5065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059 |
| <sup>4</sup> | DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 6/15/29 | &nbsp;&nbsp; 95524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84245 |
| <sup>4</sup> | DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 6/15/31 | &nbsp;&nbsp; 121695 | &nbsp;&nbsp; 106384 |
| <sup>4</sup> | Earthstone Energy Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000% | 4/15/27 | &nbsp;&nbsp; 30495 | &nbsp;&nbsp; 29746 |
| <sup>4</sup> | Enerflex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000% | 10/15/27 | &nbsp;&nbsp; 35885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36531 |
| <sup>4</sup> | EnLink Midstream LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 1/15/28 | &nbsp;&nbsp; 27875 | &nbsp;&nbsp; 27252 |
|  | EnLink Midstream LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp; 28150 | &nbsp;&nbsp; 27142 |
| <sup>4</sup> | EnLink Midstream LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp; 15865 | &nbsp;&nbsp; 16166 |
|  | EnLink Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp;&nbsp; 17476 | &nbsp;&nbsp; 16858 |
|  | EnLink Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850% | 7/15/26 | &nbsp;&nbsp; 27144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26354 |
|  | EnLink Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 |
|  | EnLink Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/45 | &nbsp;&nbsp; 34405 | &nbsp;&nbsp; 27146 |
|  | EnLink Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/47 | &nbsp;&nbsp; 25380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21094 |
|  | EQM Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/24 | &nbsp;&nbsp; 8934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8655 |
| <sup>4</sup> | EQM Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/25 | &nbsp;&nbsp; 56531 | &nbsp;&nbsp; 55676 |
|  | EQM Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632 |
| <sup>4</sup> | EQM Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp; 3760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770 |
| <sup>4</sup> | EQM Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/27 | &nbsp;&nbsp; 61070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59729 |
|  | EQM Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 7/15/28 | &nbsp;&nbsp; 30727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28348 |
| <sup>4</sup> | EQM Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 1/15/29 | &nbsp;&nbsp; 34140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29933 |
| <sup>4</sup> | EQM Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/30 | &nbsp;&nbsp; 3860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854 |
| <sup>4</sup> | EQM Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1/15/31 | &nbsp;&nbsp; 90662 | &nbsp;&nbsp; 76798 |
|  | EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039 |
|  | Genesis Energy LP / Genesis Energy Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 10/1/25 | &nbsp;&nbsp; 4116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 |
| <sup>4</sup> | Hess Midstream Operations LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 2/15/30 | &nbsp;&nbsp; 2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400% | 4/15/26 | &nbsp;&nbsp; 3625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200% | 8/15/26 | &nbsp;&nbsp; 3125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | 2/15/27 | &nbsp;&nbsp; 9320 | &nbsp;&nbsp; 8576 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500% | 7/15/27 | &nbsp;&nbsp; 3630 | &nbsp;&nbsp; 4016 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp; 24734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25722 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875% | 7/15/30 | &nbsp;&nbsp; 6820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8021 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp; 14264 | &nbsp;&nbsp; 15156 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/31 | &nbsp;&nbsp; 59052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61733 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/31 | &nbsp;&nbsp; 3531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450% | 9/15/36 | &nbsp;&nbsp; 12535 | &nbsp;&nbsp; 13189 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.600% | 3/15/46 | &nbsp;&nbsp; 36273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38632 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400% | 4/15/46 | &nbsp;&nbsp; 8420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6893 |
|  | Ovintiv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.200% | 11/1/31 | &nbsp;&nbsp; 2757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Ovintiv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% | 11/1/31 | &nbsp;&nbsp; 43158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48046 |
|  | Ovintiv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;25560 | &nbsp;&nbsp;&nbsp; 27176 |
|  | Ovintiv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/38 | &nbsp;&nbsp; 14250 | &nbsp;&nbsp; 14848 |
| <sup>4</sup> | Permian Resources Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504 |
| <sup>4</sup> | Permian Resources Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750% | 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 |
| <sup>4</sup> | Permian Resources Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9506 |
| <sup>4</sup> | Permian Resources Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/29 | &nbsp;&nbsp; 23474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22050 |
|  | Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250% | 1/15/29 | &nbsp;&nbsp; 14335 | &nbsp;&nbsp; 14764 |
| <sup>4</sup> | Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 2/15/30 | &nbsp;&nbsp; 60146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54092 |
| <sup>4</sup> | Rockies Express Pipeline LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950% | 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662 |
| <sup>4</sup> | Rockies Express Pipeline LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800% | 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909 |
| <sup>4</sup> | Rockies Express Pipeline LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% | 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248 |
|  | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750% | 9/15/26 | &nbsp;&nbsp; 13030 | &nbsp;&nbsp; 12829 |
|  | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 |
|  | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 |
|  | Southwestern Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24067 |
|  | Southwestern Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 3/15/30 | &nbsp;&nbsp; 71313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66457 |
|  | Southwestern Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;36707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32355 |
|  | Sunoco LP / Sunoco Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% | 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;70255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70221 |
|  | Sunoco LP / Sunoco Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 3/15/28 | &nbsp;&nbsp; 11360 | &nbsp;&nbsp; 11136 |
|  | Sunoco LP / Sunoco Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;32920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29845 |
|  | Sunoco LP / Sunoco Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;51930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46290 |
|  | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% | 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;20095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20597 |
|  | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;48850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45933 |
| <sup>4,10</sup> | Transocean Guardian Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 1/15/24 | &nbsp;&nbsp; 28019 | &nbsp;&nbsp; 28415 |
| <sup>4</sup> | Transocean Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750% | 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;62323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64350 |
| <sup>4,10</sup> | Transocean Phoenix 2 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750% | 10/15/24 | &nbsp;&nbsp; 12012 | &nbsp;&nbsp; 12175 |
| <sup>4,10</sup> | Transocean Pontus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;23068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23720 |
| <sup>4,10</sup> | Transocean Proteus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 12/1/24 | &nbsp;&nbsp; 13837 | &nbsp;&nbsp; 13979 |
| <sup>4</sup> | Transocean Titan Financing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6523 |
| <sup>4</sup> | Venture Global Calcasieu Pass LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55483 |
| <sup>4</sup> | Venture Global Calcasieu Pass LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;23783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24235 |
| <sup>4</sup> | Venture Global Calcasieu Pass LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;71420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63369 |
| <sup>4</sup> | Venture Global Calcasieu Pass LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;79365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66871 |
| <sup>4</sup> | Vine Energy Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp; 6010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757 |
| <sup>4</sup> | Vine Energy Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5909 |
| <sup>4</sup> | Weatherford International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625% | 4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;55350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55794 |
|  | Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/25 | &nbsp;&nbsp; 15585 | &nbsp;&nbsp; 14880 |
|  | Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/25 | &nbsp;&nbsp; 11570 | &nbsp;&nbsp; 11087 |
|  | Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;43581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42026 |
|  | Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070 |
|  | Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 8/15/28 | &nbsp;&nbsp; 12165 | &nbsp;&nbsp; 11569 |
|  | Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278 |
|  | Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;21255 | &nbsp;&nbsp; 18693 |
|  | Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;53203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46525 |
|  | Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;63863 | &nbsp;&nbsp; 55412 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2626917** |
| **Financials (5.5%)** | **Financials (5.5%)** | **Financials (5.5%)** | **Financials (5.5%)** | **Financials (5.5%)** | **Financials (5.5%)** |
| <sup>4</sup> | Acrisure LLC / Acrisure Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;94570 | &nbsp;&nbsp; 78511 |
| <sup>4</sup> | AerCap Global Aviation Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 6/15/45 | &nbsp;&nbsp; 134805 | &nbsp;&nbsp; 131787 |
|  | Aircastle Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6653 |
| <sup>4</sup> | AmWINS Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 6/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006 |
| <sup>4</sup> | Avolon Holdings Funding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 5/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;50695 | &nbsp;&nbsp; 50104 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>4</sup> | Burford Capital Global Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% | 4/15/30 | &nbsp;&nbsp; 25115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22896 |
| <sup>4</sup> | Compass Group Diversified Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 4/15/29 | &nbsp;&nbsp; 11230 | &nbsp;&nbsp; 10112 |
|  | Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 |
|  | Credit Suisse Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 12/29/49 | &nbsp;&nbsp; 175795 | &nbsp;&nbsp; 154607 |
|  | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.720% | 1/18/29 | &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 7787 |
| <sup>4</sup> | Enact Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;45900 | &nbsp;&nbsp; 45210 |
| <sup>4</sup> | FirstCash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp; 12375 | &nbsp;&nbsp; 11122 |
| <sup>4</sup> | FirstCash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/30 | &nbsp;&nbsp; 9125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8377 |
| <sup>4</sup> | Freedom Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250% | 4/15/25 | &nbsp;&nbsp; 10473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9985 |
| <sup>4</sup> | goeasy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/26 | &nbsp;&nbsp; 29748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26639 |
| <sup>4</sup> | HUB International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 12/1/29 | &nbsp;&nbsp; 19965 | &nbsp;&nbsp; 17955 |
| <sup>4</sup> | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.017% | 6/26/24 | &nbsp;&nbsp; 27090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26392 |
| <sup>4</sup> | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.710% | 1/15/26 | &nbsp;&nbsp; 48100 | &nbsp;&nbsp; 47179 |
| <sup>4</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/27 | &nbsp;&nbsp; 14704 | &nbsp;&nbsp; 12958 |
| <sup>4</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 6/15/29 | &nbsp;&nbsp; 21410 | &nbsp;&nbsp; 17790 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 8/15/28 | &nbsp;&nbsp; 14730 | &nbsp;&nbsp; 13880 |
| <sup>4</sup> | Nationstar Mortgage Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;91994 | &nbsp;&nbsp; 74526 |
|  | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250% | 9/25/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589 | &nbsp;&nbsp; 5613 |
|  | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | 3/25/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp; 6186 |
|  | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 10/25/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684 |
|  | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750% | 6/15/26 | &nbsp;&nbsp; 910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |
|  | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 3/15/28 | &nbsp;&nbsp; 9301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228 |
|  | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;61990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54875 |
|  | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/33 | &nbsp;&nbsp; 6576 | &nbsp;&nbsp; 5148 |
|  | OneMain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250% | 10/1/23 | &nbsp;&nbsp; 12466 | &nbsp;&nbsp; 12651 |
|  | OneMain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | 3/15/24 | &nbsp;&nbsp; 27155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26934 |
|  | OneMain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% | 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;99246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98702 |
|  | OneMain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;20735 | &nbsp;&nbsp; 18112 |
|  | OneMain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;43680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36773 |
|  | OneMain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 9/15/30 | &nbsp;&nbsp; 38160 | &nbsp;&nbsp; 30415 |
| <sup>4</sup> | Park Aerospace Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 2/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9304 |
| <sup>4</sup> | PennyMac Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 10/15/25 | &nbsp;&nbsp; 38913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36295 |
| <sup>4</sup> | PennyMac Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;29800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24492 |
|  | Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 10/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;45300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43981 |
|  | Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6208 |
|  | Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;22275 | &nbsp;&nbsp; 21182 |
| <sup>4</sup> | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% | 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 |
| <sup>4</sup> | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp; 4109 |
| <sup>4</sup> | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/31 | &nbsp;&nbsp; 12180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920 |
| <sup>4</sup> | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 |
|  | SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 11/2/26 | &nbsp;&nbsp; 10475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9249 |
| <sup>4</sup> | United Wholesale Mortgage LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 11/15/25 | &nbsp;&nbsp; 17200 | &nbsp;&nbsp; 16129 |
| <sup>4</sup> | United Wholesale Mortgage LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;24350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21866 |
| <sup>4</sup> | United Wholesale Mortgage LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3268 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1298900** |
| **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** |
| <sup>4</sup> | 180 Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 |
| <sup>4</sup> | Acadia Healthcare Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;26060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25093 |
| <sup>4</sup> | Acadia Healthcare Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;23232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21730 |
| <sup>4,5</sup> | Avantor Funding Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% | 11/1/25 | &nbsp;&nbsp; 77060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80355 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>4</sup> | Avantor Funding Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;63390 | &nbsp;&nbsp; 59744 |
| <sup>4</sup> | Avantor Funding Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230 | &nbsp;&nbsp; 3740 |
| <sup>4</sup> | Bausch Health Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;51675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43791 |
| <sup>4,5</sup> | CAB SELAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;31883 | &nbsp;&nbsp; 28876 |
| <sup>5</sup> | CAB SELAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;25620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23203 |
| <sup>4</sup> | Catalent Pharma Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;21270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20204 |
| <sup>4,5</sup> | Catalent Pharma Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;45735 | &nbsp;&nbsp; 41180 |
| <sup>4</sup> | Catalent Pharma Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;22330 | &nbsp;&nbsp; 18529 |
| <sup>4</sup> | Catalent Pharma Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;46530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38444 |
|  | Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 12/15/27 | &nbsp;&nbsp; 37715 | &nbsp;&nbsp; 36214 |
|  | Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450% | 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;26420 | &nbsp;&nbsp; 22911 |
|  | Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;41455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39369 |
|  | Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | 10/15/30 | &nbsp;&nbsp; 18435 | &nbsp;&nbsp; 15758 |
| <sup>4</sup> | Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/28 | &nbsp;&nbsp; 43614 | &nbsp;&nbsp; 40416 |
| <sup>4</sup> | Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;24860 | &nbsp;&nbsp; 22190 |
| <sup>4</sup> | Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;24970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22078 |
| <sup>4</sup> | CHS / Community Health Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp; 2766 |
| <sup>4</sup> | CHS / Community Health Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247 |
| <sup>4</sup> | CHS/Community Health Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;73925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65428 |
| <sup>4</sup> | CHS/Community Health Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% | 1/15/29 | &nbsp;&nbsp; 13260 | &nbsp;&nbsp; 11644 |
| <sup>4</sup> | CHS/Community Health Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;25390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20464 |
| <sup>4</sup> | DaVita Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;41280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32091 |
| <sup>4</sup> | Grifols Escrow Issuer SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 10/15/28 | &nbsp;&nbsp; 14355 | &nbsp;&nbsp; 12481 |
| <sup>4,5</sup> | Grifols SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625% | 2/15/25 | &nbsp;&nbsp; 27965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28529 |
| <sup>4,5</sup> | Grifols SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;42955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40600 |
|  | HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.690% | 6/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 |
|  | HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 2/15/26 | &nbsp;&nbsp; 10345 | &nbsp;&nbsp; 10515 |
|  | HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/29 | &nbsp;&nbsp; 24195 | &nbsp;&nbsp; 24901 |
|  | HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;99655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89337 |
| <sup>4</sup> | Hologic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;48275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42507 |
| <sup>4</sup> | IQVIA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 10/15/26 | &nbsp;&nbsp; 46310 | &nbsp;&nbsp; 45138 |
| <sup>4</sup> | IQVIA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 5/15/27 | &nbsp;&nbsp; 97192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94489 |
| <sup>4,5</sup> | IQVIA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250% | 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;41670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39407 |
| <sup>4,5</sup> | IQVIA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% | 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;61595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59434 |
| <sup>4</sup> | Jazz Securities DAC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;68260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62359 |
| <sup>4</sup> | Medline Borrower LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp; 183760 | &nbsp;&nbsp; 157232 |
| <sup>4</sup> | Medline Borrower LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;84324 | &nbsp;&nbsp; 70767 |
| <sup>4</sup> | Organon & Co. / Organon Foreign Debt Co.-Issuer BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 4/30/28 | &nbsp;&nbsp; 121302 | &nbsp;&nbsp; 110076 |
| <sup>4</sup> | Organon & Co. / Organon Foreign Debt Co.-Issuer BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 4/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;36620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32969 |
| <sup>4</sup> | Owens & Minor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 3/31/29 | &nbsp;&nbsp; 14700 | &nbsp;&nbsp; 11983 |
| <sup>4</sup> | Owens & Minor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp; 37933 | &nbsp;&nbsp; 33574 |
| <sup>4</sup> | Prestige Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580 |
| <sup>4</sup> | Teleflex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/28 | &nbsp;&nbsp; 34312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31694 |
|  | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 7/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924 |
|  | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/24 | &nbsp;&nbsp; 27250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26862 |
|  | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/26 | &nbsp;&nbsp; 13025 | &nbsp;&nbsp; 12683 |
|  | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346 |
|  | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 6/15/28 | &nbsp;&nbsp; 14205 | &nbsp;&nbsp; 13188 |
|  | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | 10/1/28 | &nbsp;&nbsp; 56180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52321 |
|  | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp; 10405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9258 |
|  | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 1/15/30 | &nbsp;&nbsp; 27970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24893 |
| <sup>4</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;63975 | &nbsp;&nbsp; 62138 |
|  | Teva Pharmaceutical Finance Netherlands III BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150% | 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;58280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52263 |
|  | Teva Pharmaceutical Finance Netherlands III BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Teva Pharmaceutical Finance Netherlands III BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp; 43910 | &nbsp;&nbsp; 44135 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2064848** |
| **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** |
| <sup>4</sup> | Air Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;45780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42357 |
| <sup>4</sup> | Allison Transmission Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 |
| <sup>4</sup> | Allison Transmission Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 1/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 |
| <sup>4</sup> | American Airlines Inc. / AAdvantage Loyalty IP Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 4/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;29720 | &nbsp;&nbsp; 29147 |
| <sup>4</sup> | American Airlines Inc. / AAdvantage Loyalty IP Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 4/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;50655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49038 |
| <sup>4</sup> | Aramark Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;50305 | &nbsp;&nbsp; 49576 |
| <sup>4</sup> | Aramark Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp; 12470 | &nbsp;&nbsp; 12469 |
| <sup>4</sup> | Aramark Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;28267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26668 |
| <sup>4</sup> | BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;29906 | &nbsp;&nbsp;&nbsp; 27117 |
| <sup>4</sup> | BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;53005 | &nbsp;&nbsp; 47907 |
| <sup>4</sup> | Chart Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425 |
| <sup>4</sup> | Chart Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925 | &nbsp;&nbsp; 6184 |
| <sup>4</sup> | Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;43980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42425 |
| <sup>4</sup> | Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;25851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24872 |
| <sup>4</sup> | Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/31 | &nbsp;&nbsp; 13391 | &nbsp;&nbsp; 13641 |
| <sup>4</sup> | Covanta Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;34675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30303 |
|  | Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 10/28/29 | &nbsp;&nbsp; 7545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675 |
| <sup>4</sup> | First Student Bidco Inc. / First Transit Parent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 7/31/29 | &nbsp;&nbsp; 100262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83727 |
| <sup>4</sup> | Garda World Security Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750% | 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670 | &nbsp;&nbsp; 3718 |
| <sup>4</sup> | Gates Global LLC / Gates Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 1/15/26 | &nbsp;&nbsp; 23814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23460 |
| <sup>4</sup> | Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 1/20/26 | &nbsp;&nbsp; 76960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73558 |
| <sup>4</sup> | Herc Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 7/15/27 | &nbsp;&nbsp; 190442 | &nbsp;&nbsp; 182412 |
|  | Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% | 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp; 816 |
| <sup>4,5</sup> | Loxam SAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 4/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969 |
| <sup>5</sup> | Loxam SAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% | 4/15/26 | &nbsp;&nbsp; 19380 | &nbsp;&nbsp; 19302 |
| <sup>5</sup> | Loxam SAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 7/15/26 | &nbsp;&nbsp; 18395 | &nbsp;&nbsp; 18681 |
| <sup>4</sup> | Moog Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806 |
| <sup>4</sup> | Mueller Water Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558 |
| <sup>4</sup> | Pactiv Evergreen Group Issuer Inc. / Pactiv Evergreen Group Issuer LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 10/15/27 | &nbsp;&nbsp; 15475 | &nbsp;&nbsp; 13902 |
| <sup>4,5</sup> | Q-Park Holding I BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/25 | &nbsp;&nbsp; 27330 | &nbsp;&nbsp; 27526 |
| <sup>4,5</sup> | Q-Park Holding I BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;34995 | &nbsp;&nbsp; 32175 |
| <sup>4</sup> | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.050% | 4/15/28 | &nbsp;&nbsp; 12395 | &nbsp;&nbsp; 12566 |
| <sup>4</sup> | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.300% | 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805 | &nbsp;&nbsp; 3874 |
| <sup>4</sup> | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400% | 4/15/33 | &nbsp;&nbsp; 3170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246 |
| <sup>4</sup> | Rolls-Royce plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 10/14/25 | &nbsp;&nbsp; 22145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20667 |
| <sup>4</sup> | Rolls-Royce plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;43470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42280 |
| <sup>4</sup> | Sensata Technologies BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 11/1/24 | &nbsp;&nbsp; 13135 | &nbsp;&nbsp; 13179 |
| <sup>4</sup> | Sensata Technologies BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;52750 | &nbsp;&nbsp; 52159 |
| <sup>4</sup> | Sensata Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 2/15/30 | &nbsp;&nbsp; 12765 | &nbsp;&nbsp; 11556 |
| <sup>4</sup> | Sensata Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 2/15/31 | &nbsp;&nbsp; 43118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36807 |
| <sup>4</sup> | Spirit AeroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% | 4/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;29438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29535 |
|  | Spirit AeroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850% | 6/15/26 | &nbsp;&nbsp; 3185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992 |
|  | Spirit AeroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600% | 6/15/28 | &nbsp;&nbsp; 14672 | &nbsp;&nbsp; 12452 |
| <sup>4</sup> | Spirit AeroSystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375% | 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;48631 | &nbsp;&nbsp; 52817 |
| <sup>4</sup> | Stericycle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643 |
| <sup>4,5</sup> | TK Elevator Midco GmbH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;20249 | &nbsp;&nbsp; 19875 |
| <sup>4</sup> | TK Elevator US Newco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;35331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32646 |
| <sup>4</sup> | TransDigm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;81630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81600 |
|  | TransDigm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;23820 | &nbsp;&nbsp; 22748 |
|  | TransDigm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 1/15/29 | &nbsp;&nbsp; 88191 | &nbsp;&nbsp; 79611 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | TransDigm Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp; 16188 | &nbsp;&nbsp; 14640 |
|  | United Airlines Class AA Series 2019-2 Pass Through Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;21821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22040 |
| <sup>4</sup> | United Airlines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;41996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39893 |
| <sup>4</sup> | United Airlines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;50975 | &nbsp;&nbsp; 46511 |
|  | United Rentals North America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 5/15/27 | &nbsp;&nbsp; 27616 | &nbsp;&nbsp; 27447 |
|  | United Rentals North America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;66256 | &nbsp;&nbsp; 64186 |
|  | United Rentals North America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 1/15/30 | &nbsp;&nbsp; 15110 | &nbsp;&nbsp; 14624 |
|  | United Rentals North America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;50560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45503 |
|  | United Rentals North America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;48454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42898 |
|  | United Rentals North America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;56825 | &nbsp;&nbsp; 49135 |
| <sup>4</sup> | WESCO Distribution Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% | 6/15/25 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10159 |
| <sup>4</sup> | Williams Scotsman International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 8/15/28 | &nbsp;&nbsp; 16235 | &nbsp;&nbsp; 15047 |
| <sup>4</sup> | WW International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 4/15/29 | &nbsp;&nbsp; 4741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1844792** |
| **Materials (7.1%)** | **Materials (7.1%)** | **Materials (7.1%)** | **Materials (7.1%)** | **Materials (7.1%)** | **Materials (7.1%)** |
| <sup>4</sup> | Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 |
| <sup>4</sup> | Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | 6/15/30 | &nbsp;&nbsp; 14291 | &nbsp;&nbsp; 14196 |
| <sup>4</sup> | Arconic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | 2/15/28 | &nbsp;&nbsp; 7205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6944 |
| <sup>4</sup> | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp; 23163 |
| <sup>4</sup> | Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;41525 | &nbsp;&nbsp; 37906 |
| <sup>4</sup> | Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 8/15/27 | &nbsp;&nbsp; 13308 | &nbsp;&nbsp; 10900 |
| <sup>4</sup> | Ardagh Packaging Finance plc / Ardagh Holdings USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;55597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45833 |
| <sup>4</sup> | Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/30 | &nbsp;&nbsp; 57080 | &nbsp;&nbsp; 57751 |
| <sup>4</sup> | Axalta Coating Systems LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;54059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46479 |
| <sup>5</sup> | Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500% | 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;68205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65626 |
|  | Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% | 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;20830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 |
|  | Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% | 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903 |
|  | Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
| <sup>4</sup> | Berry Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;36204 | &nbsp;&nbsp; 35155 |
| <sup>4</sup> | Berry Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;26855 | &nbsp;&nbsp; 26145 |
| <sup>4</sup> | Berry Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9093 |
| <sup>4</sup> | Canpack SA / Canpack US LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479 |
| <sup>4</sup> | Canpack SA / Canpack US LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 |
|  | Cemex SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;6/5/27 | &nbsp;&nbsp; 11035 | &nbsp;&nbsp; 11344 |
| <sup>4</sup> | Cemex SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% | 11/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 |
|  | Cemex SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% | 11/19/29 | &nbsp;&nbsp; 11710 | &nbsp;&nbsp; 11305 |
|  | Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 5/15/27 | &nbsp;&nbsp; 31740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29390 |
| <sup>4</sup> | Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 11/15/28 | &nbsp;&nbsp; 14635 | &nbsp;&nbsp; 13335 |
| <sup>4</sup> | Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 11/15/29 | &nbsp;&nbsp; 34741 | &nbsp;&nbsp; 29015 |
| <sup>4</sup> | Clydesdale Acquisition Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;24725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24360 |
|  | Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 1/15/30 | &nbsp;&nbsp; 8740 | &nbsp;&nbsp; 7822 |
|  | Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp; 2510 |
|  | Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 3/15/32 | &nbsp;&nbsp; 19045 | &nbsp;&nbsp; 16752 |
| <sup>4</sup> | Constellium SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 2/15/26 | &nbsp;&nbsp; 19025 | &nbsp;&nbsp; 18756 |
| <sup>4</sup> | Constellium SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;22629 | &nbsp;&nbsp; 21415 |
| <sup>4</sup> | Constellium SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;45200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38628 |
|  | Crown Americas LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/30 | &nbsp;&nbsp; 25415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24462 |
|  | Crown Americas LLC / Crown Americas Capital Corp. V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 9/30/26 | &nbsp;&nbsp; 10184 | &nbsp;&nbsp; 9740 |
|  | Crown Americas LLC / Crown Americas Capital Corp. VI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/26 | &nbsp;&nbsp; 12455 | &nbsp;&nbsp; 12153 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>4,5</sup> | Crown European Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;31200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32382 |
| <sup>4</sup> | Diamond BC BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 10/1/29 | &nbsp;&nbsp; 8520 | &nbsp;&nbsp; 7159 |
| <sup>4</sup> | Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp; 28386 | &nbsp;&nbsp; 25103 |
| <sup>4</sup> | FMG Resources August 2006 Pty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 4/15/30 | &nbsp;&nbsp; 21375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20843 |
| <sup>4</sup> | FMG Resources August 2006 Pty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp; 44053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38669 |
| <sup>4</sup> | FMG Resources August 2006 Pty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | 4/15/32 | &nbsp;&nbsp; 21227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20698 |
|  | Graphic Packaging International LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 8/15/24 | &nbsp;&nbsp; 23440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23066 |
| <sup>4</sup> | Graphic Packaging International LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 7/15/27 | &nbsp;&nbsp; 7870 | &nbsp;&nbsp; 7572 |
| <sup>4</sup> | Graphic Packaging International LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 3/15/28 | &nbsp;&nbsp; 74555 | &nbsp;&nbsp; 67030 |
| <sup>4</sup> | Graphic Packaging International LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp; 10705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9428 |
| <sup>4</sup> | Graphic Packaging International LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/30 | &nbsp;&nbsp; 11185 | &nbsp;&nbsp; 9761 |
| <sup>4</sup> | Hudbay Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp; 2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672 |
| <sup>4</sup> | Hudbay Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/29 | &nbsp;&nbsp; 19436 | &nbsp;&nbsp; 17934 |
| <sup>4</sup> | Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp; 5029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4256 |
| <sup>4</sup> | NOVA Chemicals Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/27 | &nbsp;&nbsp; 34594 | &nbsp;&nbsp; 32149 |
| <sup>4</sup> | Novelis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 11/15/26 | &nbsp;&nbsp; 28360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25677 |
| <sup>4</sup> | Novelis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1/30/30 | &nbsp;&nbsp; 62108 | &nbsp;&nbsp; 56762 |
| <sup>4</sup> | Novelis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 8/15/31 | &nbsp;&nbsp; 38904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32793 |
| <sup>4</sup> | OCI NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 10/15/25 | &nbsp;&nbsp; 22514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21932 |
|  | Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 9/15/27 | &nbsp;&nbsp; 10425 | &nbsp;&nbsp; 10122 |
|  | Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/29 | &nbsp;&nbsp; 5250 | &nbsp;&nbsp; 5118 |
| <sup>4</sup> | Olympus Water US Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% | 10/1/27 | &nbsp;&nbsp; 11505 | &nbsp;&nbsp; 11266 |
| <sup>4</sup> | Olympus Water US Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 10/1/28 | &nbsp;&nbsp; 31968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26724 |
| <sup>4</sup> | Olympus Water US Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% | 10/1/29 | &nbsp;&nbsp; 4875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 |
| <sup>4</sup> | Owens-Brockway Glass Container Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 8/15/23 | &nbsp;&nbsp; 21118 | &nbsp;&nbsp; 21139 |
| <sup>4</sup> | Owens-Brockway Glass Container Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 1/15/25 | &nbsp;&nbsp; 29319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28445 |
| <sup>4</sup> | Owens-Brockway Glass Container Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp; 41184 |
| <sup>4</sup> | Owens-Brockway Glass Container Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 5/13/27 | &nbsp;&nbsp; 26440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25993 |
| <sup>4</sup> | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 12/1/27 | &nbsp;&nbsp; 10803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9991 |
| <sup>4</sup> | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp; 9840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9932 |
|  | Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 |
| <sup>5</sup> | Silgan Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/28 | &nbsp;&nbsp; 43070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40328 |
| <sup>4</sup> | SPCM SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% | 3/15/27 | &nbsp;&nbsp; 15244 | &nbsp;&nbsp; 13441 |
| <sup>4</sup> | Standard Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 2/15/27 | &nbsp;&nbsp; 14735 | &nbsp;&nbsp; 14032 |
| <sup>4</sup> | Standard Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1/15/28 | &nbsp;&nbsp; 31779 | &nbsp;&nbsp; 29768 |
| <sup>4</sup> | Standard Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 7/15/30 | &nbsp;&nbsp; 53906 | &nbsp;&nbsp; 46218 |
| <sup>4</sup> | Standard Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% | 1/15/31 | &nbsp;&nbsp; 72685 | &nbsp;&nbsp; 57825 |
| <sup>4,5</sup> | Trivium Packaging Finance BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 8/15/26 | &nbsp;&nbsp; 16095 | &nbsp;&nbsp; 16295 |
| <sup>4</sup> | Trivium Packaging Finance BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 8/15/26 | &nbsp;&nbsp; 59455 | &nbsp;&nbsp; 57124 |
| <sup>4</sup> | Trivium Packaging Finance BV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500% | 8/15/27 | &nbsp;&nbsp; 1178 | &nbsp;&nbsp; 1134 |
| <sup>4</sup> | Tronox Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 3/15/29 | &nbsp;&nbsp; 52820 | &nbsp;&nbsp; 45161 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1665770** |
| **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** |
| <sup>4</sup> | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 9/15/27 | &nbsp;&nbsp; 36420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34367 |
| <sup>4</sup> | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 3/15/28 | &nbsp;&nbsp; 910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| <sup>4</sup> | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | 9/15/29 | &nbsp;&nbsp; 58106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52520 |
| <sup>4</sup> | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26699 |
| <sup>4</sup> | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 2/15/31 | &nbsp;&nbsp; 2355 | &nbsp;&nbsp; 2019 |
| <sup>4</sup> | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 7/15/32 | &nbsp;&nbsp; 7825 | &nbsp;&nbsp; 7062 |
| <sup>4</sup> | Iron Mountain Information Management Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 7/15/32 | &nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 |
|  | MPT Operating Partnership LP / MPT Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 10/15/27 | &nbsp;&nbsp; 15210 | &nbsp;&nbsp; 12861 |
|  | MPT Operating Partnership LP / MPT Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;&nbsp;8/1/29 | &nbsp;&nbsp; 14020 | &nbsp;&nbsp; 10904 |
|  | MPT Operating Partnership LP / MPT Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | 3/15/31 | &nbsp;&nbsp; 17340 | &nbsp;&nbsp; 12217 |
|  | Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 3/15/25 | &nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% | 9/15/25 | &nbsp;&nbsp; 2983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938 |
|  | Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 2/15/26 | &nbsp;&nbsp; 4125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568 |
|  | Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 10/1/26 | &nbsp;&nbsp; 9592 | &nbsp;&nbsp; 7925 |
|  | Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 12/15/27 | &nbsp;&nbsp; 23774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21077 |
|  | Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950% | 1/15/28 | &nbsp;&nbsp; 6490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 |
|  | Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 2/15/30 | &nbsp;&nbsp; 5964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 |
| <sup>4</sup> | Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% | 2/15/25 | &nbsp;&nbsp; 8290 | &nbsp;&nbsp; 8180 |
| <sup>4</sup> | VICI Properties LP / VICI Note Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994 |
| <sup>4</sup> | VICI Properties LP / VICI Note Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 12/1/26 | &nbsp;&nbsp; 87348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82683 |
| <sup>4</sup> | VICI Properties LP / VICI Note Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 2/15/27 | &nbsp;&nbsp; 15724 | &nbsp;&nbsp; 14532 |
| <sup>4</sup> | VICI Properties LP / VICI Note Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 12/1/29 | &nbsp;&nbsp; 14375 | &nbsp;&nbsp; 13406 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**329375** |
| **Technology (8.1%)** | **Technology (8.1%)** | **Technology (8.1%)** | **Technology (8.1%)** | **Technology (8.1%)** | **Technology (8.1%)** |
| <sup>4</sup> | Black Knight InfoServ LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp; 51266 | &nbsp;&nbsp; 45616 |
|  | Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/26 | &nbsp;&nbsp; 50437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45855 |
|  | Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp; 4725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964 |
| <sup>4</sup> | Booz Allen Hamilton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/28 | &nbsp;&nbsp; 14995 | &nbsp;&nbsp; 13543 |
| <sup>4</sup> | Booz Allen Hamilton Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/29 | &nbsp;&nbsp; 15535 | &nbsp;&nbsp; 13956 |
|  | CDW LLC / CDW Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/25 | &nbsp;&nbsp; 16475 | &nbsp;&nbsp; 15954 |
|  | CDW LLC / CDW Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;4/1/28 | &nbsp;&nbsp; 50837 | &nbsp;&nbsp; 47136 |
|  | CDW LLC / CDW Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% | 2/15/29 | &nbsp;&nbsp; 44384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38585 |
| <sup>4</sup> | Cloud Software Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 3/31/29 | &nbsp;&nbsp; 15460 | &nbsp;&nbsp; 13565 |
| <sup>4</sup> | CommScope Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp; 4166 |
| <sup>4</sup> | Entegris Escrow Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 4/15/29 | &nbsp;&nbsp; 34590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32453 |
| <sup>4</sup> | Entegris Escrow Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950% | 6/15/30 | &nbsp;&nbsp; 2925 | &nbsp;&nbsp; 2810 |
| <sup>4</sup> | Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 4/15/28 | &nbsp;&nbsp; 67165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60791 |
| <sup>4</sup> | Entegris Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp; 27465 | &nbsp;&nbsp; 23510 |
| <sup>4</sup> | Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 6/15/28 | &nbsp;&nbsp; 32367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30065 |
| <sup>4</sup> | Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 6/15/29 | &nbsp;&nbsp; 12435 | &nbsp;&nbsp; 11164 |
| <sup>4</sup> | Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 10/1/30 | &nbsp;&nbsp; 38129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33779 |
| <sup>4</sup> | II-VI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 12/15/29 | &nbsp;&nbsp; 61155 | &nbsp;&nbsp; 55913 |
| <sup>4</sup> | Imola Merger Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 5/15/29 | &nbsp;&nbsp; 253620 | &nbsp;&nbsp;&nbsp;&nbsp;220738 |
| <sup>4</sup> | McAfee Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% | 2/15/30 | &nbsp;&nbsp; 41247 | &nbsp;&nbsp; 34109 |
| <sup>4</sup> | Minerva Merger Sub Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 2/15/30 | &nbsp;&nbsp; 65098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53722 |
| <sup>4</sup> | MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 11/15/29 | &nbsp;&nbsp; 55270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50398 |
| <sup>4</sup> | MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/30 | &nbsp;&nbsp; 10965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9598 |
| <sup>4</sup> | MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 11/1/31 | &nbsp;&nbsp; 1365 | &nbsp;&nbsp; 1170 |
|  | Nokia of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 1/15/28 | &nbsp;&nbsp; 56315 | &nbsp;&nbsp; 55136 |
|  | Nokia of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450% | 3/15/29 | &nbsp;&nbsp; 88747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84803 |
|  | Nokia OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 6/12/27 | &nbsp;&nbsp; 36755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35407 |
|  | Nokia OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% | 5/15/39 | &nbsp;&nbsp; 88154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89872 |
| <sup>4</sup> | NortonLifeLock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 4/15/25 | &nbsp;&nbsp;&nbsp; 107805 | &nbsp;&nbsp; 105705 |
| <sup>4</sup> | Open Text Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 2/15/28 | &nbsp;&nbsp; 61342 | &nbsp;&nbsp; 53315 |
| <sup>4</sup> | Open Text Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 12/1/29 | &nbsp;&nbsp; 38015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31643 |
| <sup>4</sup> | Open Text Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 2/15/30 | &nbsp;&nbsp; 68120 | &nbsp;&nbsp; 57258 |
| <sup>4</sup> | Open Text Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% | 12/1/31 | &nbsp;&nbsp; 34880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28353 |
| <sup>4</sup> | Presidio Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/27 | &nbsp;&nbsp; 104677 | &nbsp;&nbsp; 97522 |
| <sup>4</sup> | Presidio Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/28 | &nbsp;&nbsp; 14650 | &nbsp;&nbsp; 14086 |
| <sup>4</sup> | PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% | 2/15/25 | &nbsp;&nbsp; 15330 | &nbsp;&nbsp; 14704 |
| <sup>4</sup> | PTC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% | 2/15/28 | &nbsp;&nbsp; 12620 | &nbsp;&nbsp; 11760 |
|  | Qorvo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | 10/15/29 | &nbsp;&nbsp; 30250 | &nbsp;&nbsp; 27382 |
| <sup>4</sup> | SS&C Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 9/30/27 | &nbsp;&nbsp; 147721 | &nbsp;&nbsp; 142008 |
|  | Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 2/15/26 | &nbsp;&nbsp; 63443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61279 |
|  | Xerox Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% | 3/15/23 | &nbsp;&nbsp; 20104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20030 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Xerox Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/35 | &nbsp;&nbsp;&nbsp; 17715 | &nbsp;&nbsp; 12087 |
|  | Xerox Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750% | 12/15/39 | &nbsp;&nbsp; 19288 | &nbsp;&nbsp; 15139 |
| <sup>4</sup> | Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 8/15/25 | &nbsp;&nbsp; 3195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987 |
| <sup>4</sup> | Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;92830 | &nbsp;&nbsp; 79154 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1902190** |
| **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** |
|  | AmeriGas Partners LP / AmeriGas Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 5/20/24 | &nbsp;&nbsp; 46910 | &nbsp;&nbsp; 46214 |
|  | AmeriGas Partners LP / AmeriGas Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 5/20/25 | &nbsp;&nbsp; 31676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30823 |
|  | AmeriGas Partners LP / AmeriGas Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | 8/20/26 | &nbsp;&nbsp; 46910 | &nbsp;&nbsp; 45311 |
|  | AmeriGas Partners LP / AmeriGas Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% | 5/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;34064 | &nbsp;&nbsp; 32103 |
| <sup>4</sup> | Calpine Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 |
| <sup>4</sup> | Calpine Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% | 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 |
| <sup>4</sup> | Clearway Energy Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 3/15/28 | &nbsp;&nbsp; 18731 | &nbsp;&nbsp; 17661 |
| <sup>4</sup> | Clearway Energy Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 2/15/31 | &nbsp;&nbsp; 87235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73802 |
| <sup>4</sup> | Clearway Energy Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750% | 1/15/32 | &nbsp;&nbsp; 16020 | &nbsp;&nbsp; 13230 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600% | 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp; 1101 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150% | 7/15/27 | &nbsp;&nbsp; 17185 | &nbsp;&nbsp; 16421 |
| <sup>4</sup> | NextEra Energy Operating Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 7/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;33229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32540 |
| <sup>4</sup> | NextEra Energy Operating Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | 9/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 |
| <sup>4</sup> | NextEra Energy Operating Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | 10/15/26 | &nbsp;&nbsp; 104720 | &nbsp;&nbsp; 97592 |
| <sup>4</sup> | NextEra Energy Operating Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 9/15/27 | &nbsp;&nbsp; 19334 | &nbsp;&nbsp; 18213 |
|  | Pacific Gas and Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150% | 1/15/33 | &nbsp;&nbsp; 10630 | &nbsp;&nbsp; 10932 |
| <sup>4</sup> | Suburban Propane Partners LP / Suburban Energy Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp; 12970 | &nbsp;&nbsp; 11324 |
|  | TransAlta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750% | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 |
| <sup>4</sup> | Vistra Operations Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5548 |
| <sup>4</sup> | Vistra Operations Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;5/1/29 | &nbsp;&nbsp; 15774 | &nbsp;&nbsp; 13884 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**481558** |
| **Total Corporate Bonds (Cost $22,122,474)** | **Total Corporate Bonds (Cost $22,122,474)** | **Total Corporate Bonds (Cost $22,122,474)** | **Total Corporate Bonds (Cost $22,122,474)** | **Total Corporate Bonds (Cost $22,122,474)** | **20505624** |
| **Floating Rate Loan Interests (3.0%)** | **Floating Rate Loan Interests (3.0%)** | **Floating Rate Loan Interests (3.0%)** | **Floating Rate Loan Interests (3.0%)** | **Floating Rate Loan Interests (3.0%)** | **Floating Rate Loan Interests (3.0%)** |
| <sup>9</sup> | AAdvantage Loyalty IP Ltd. Term Loan, 3M USD LIBOR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.558% | 4/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494 |
| <sup>9</sup> | Asurion LLC Term Loan B-7, 1M USD LIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.570% | 10/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;29292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28954 |
| <sup>9</sup> | Athenahealth Inc. Term Loan B, TSFR1M + 3.500% | 7.810%–8.112% | 11/30/28 | &nbsp;&nbsp; 28180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26649 |
| <sup>9</sup> | Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV Term Loan B, TSFR3M + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.506% | 12/20/29 | &nbsp;&nbsp; 14560 | &nbsp;&nbsp; 14530 |
| <sup>9</sup> | Bombardier Recreational Products, Inc. Term Loan B, TSFR1M + 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.836% | 12/13/29 | &nbsp;&nbsp; 14424 | &nbsp;&nbsp; 14334 |
| <sup>9</sup> | Brown Group Holding LLC Term Loan B, 1M USD LIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.047% | 11/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;20785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20659 |
| <sup>9,11</sup> | Chart Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.110% | 12/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853 |
| <sup>9</sup> | Clarios Global LP Term Loan B, 1M USD LIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.820% | 11/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;46270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46047 |
| <sup>9</sup> | Cloud Software Group Inc. Term Loan, TSFR3M + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.180% | 3/30/29 | &nbsp;&nbsp; 13655 | &nbsp;&nbsp; 12576 |
| <sup>9</sup> | CommScope Inc. Term Loan B, 1M USD LIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.820% | &nbsp;&nbsp;&nbsp;&nbsp;4/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;31090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30361 |
| <sup>9</sup> | DirecTV Financing LLC Term Loan, 1M USD LIBOR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.570% | &nbsp;&nbsp;&nbsp;&nbsp;8/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;28456 | &nbsp;&nbsp; 27934 |
| <sup>9</sup> | Dun & Bradstreet Corp. Term Loan, 1M USD LIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.767% | 11/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;53545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53402 |
| <sup>9</sup> | First Student Bidco Inc. Term Loan, 3M USD LIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.680% | 7/21/28 | &nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 |

---

------

High-Yield Corporate Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>9</sup> | First Student Bidco Inc. Term Loan, 3M USD LIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.680% | 7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 |
| <sup>9</sup> | Hilton Worldwide Finance LLC Term Loan B-2, 1M USD LIBOR + 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.380% | 6/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6424 |
| <sup>9</sup> | HUB International Ltd. Term Loan B, 3M USD LIBOR + 3.250% | 7.232%–8.058% | 11/30/24 | &nbsp;&nbsp; 35212 | &nbsp;&nbsp; 35168 |
| <sup>9</sup> | IRB Holding Corp. Term Loan B, TSFR1M + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.687% | 10/31/26 | &nbsp;&nbsp; 67350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66634 |
| <sup>9</sup> | McAfee Corp. Term Loan B, TSFR1M + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.184% | &nbsp;&nbsp;&nbsp;&nbsp;3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;44524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41630 |
| <sup>9</sup> | Medline Borrower LP Term Loan B, 1M USD LIBOR + 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.820% | 10/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;46097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44726 |
| <sup>9</sup> | Mileage Plus Holdings LLC Term Loan B, 3M USD LIBOR + 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.996% | 6/21/27 | &nbsp;&nbsp; 30139 | &nbsp;&nbsp; 31411 |
| <sup>9</sup> | NorthRiver Midstream Finance LP Term Loan B, 3M USD LIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.004% | 10/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;22693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22644 |
| <sup>9</sup> | Owens & Minor Inc. Term Loan B, TSFR1M + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.411% | 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204 | &nbsp;&nbsp; 3194 |
| <sup>9</sup> | Owens & Minor Inc. Term Loan B, TSFR6M + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.831% | 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 |
| <sup>9</sup> | Peraton Corp. Term Loan B, 1M USD LIBOR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.320% | 11/30/27 | &nbsp;&nbsp; 16604 | &nbsp;&nbsp; 16482 |
| <sup>9</sup> | SBA Senior Finance II LLC. Term Loan B, 1M USD LIBOR + 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.320% | 4/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;33460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33397 |
| <sup>9</sup> | SkyMiles IP Ltd. Term Loan B, 3M USD LIBOR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.558% | 10/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;58975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60933 |
| <sup>9</sup> | Spirit AeroSystems Inc. Term Loan, TSFR3M + 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.176% | 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
| <sup>9</sup> | SS&C Technologies Inc. Term Loan B-5, 1M USD LIBOR + 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.320% | 11/30/24 | &nbsp;&nbsp; 17433 | &nbsp;&nbsp; 17396 |
| <sup>9</sup> | Trans Union LLC Term Loan B-6, 1M USD LIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.820% | 10/31/27 | &nbsp;&nbsp; 14690 | &nbsp;&nbsp; 14646 |
| <sup>9</sup> | TransDigm Inc. Term Loan, 3M USD LIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.830% | 2/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6636 |
| <sup>9</sup> | TransDigm, Inc. Term Loan H, TSFR3M + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.830% | 2/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 |
| <sup>9</sup> | Zayo Group Holdings Inc. Term Loan B, 1M USD LIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.570% | &nbsp;&nbsp;&nbsp;&nbsp;3/9/27 | &nbsp;&nbsp; 10230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8524 |
| **Total Floating Rate Loan Interests (Cost $705,187)** | **Total Floating Rate Loan Interests (Cost $705,187)** | **Total Floating Rate Loan Interests (Cost $705,187)** | **Total Floating Rate Loan Interests (Cost $705,187)** | **Total Floating Rate Loan Interests (Cost $705,187)** | &nbsp;&nbsp;&nbsp;&nbsp;**705629** |
|  |  |  |  | Shares |  |
| **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** | **Temporary Cash Investments (3.6%)** |
| **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** | **Money Market Fund (0.8%)** |
| <sup>12</sup> | Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.437% |  | 1781486 | &nbsp;&nbsp; 178131 |
|  |  |  | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Repurchase Agreements (2.2%)** | **Repurchase Agreements (2.2%)** | **Repurchase Agreements (2.2%)** | **Repurchase Agreements (2.2%)** | **Repurchase Agreements (2.2%)** | **Repurchase Agreements (2.2%)** |
|  | Bank of America Securities LLC<br> (Dated 1/31/23, Repurchase Value $110,213,000, collateralized by Ginnie Mae 2.500%–6.000%, 6/20/37–11/20/52, with a value of $112,404,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp; 110200 | &nbsp;&nbsp; 110200 |
|  | Credit Agricole Securities<br> (Dated 1/31/23, Repurchase Value $82,510,000, collateralized by U.S. Treasury Note/Bond 3.125%–4.375%, 2/15/38–2/15/43, with a value of $84,150,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;82500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82500 |

---

------

High-Yield Corporate Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| JP Morgan Securities LLC<br> (Dated 1/31/23, Repurchase Value $14,602,000, collateralized by U.S. Treasury Note/Bond 0.375%–4.250%, 9/15/24–9/30/24, with a value of $14,892,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.280% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600 |
| RBC Capital Markets LLC<br> (Dated 1/31/23, Repurchase Value $120,914,000, collateralized by Fannie Mae 4.500%, 6/1/52, and U.S. Treasury Note/Bond 3.250%, 6/30/29, with a value of $123,318,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.270% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;120900 | &nbsp;&nbsp;&nbsp;&nbsp;120900 |
| TD Securities (USA) LLC<br> (Dated 1/31/23, Repurchase Value $179,621,000, collateralized by Ginnie Mae 2.500%–5.500%, 8/20/51–1/20/53, with a value of $183,192,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | &nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;179600 | &nbsp;&nbsp; 179600 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**507800** |
| **U.S. Government and Agency Obligations (0.6%)** | **U.S. Government and Agency Obligations (0.6%)** | **U.S. Government and Agency Obligations (0.6%)** | **U.S. Government and Agency Obligations (0.6%)** | **U.S. Government and Agency Obligations (0.6%)** |
| United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.010% | 5/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;155225 | &nbsp;&nbsp; 153167 |
| **Total Temporary Cash Investments (Cost $839,099)** | **Total Temporary Cash Investments (Cost $839,099)** | **Total Temporary Cash Investments (Cost $839,099)** | **Total Temporary Cash Investments (Cost $839,099)** | &nbsp;&nbsp;&nbsp;&nbsp;**839098** |
| **Total Investments (99.3%) (Cost $25,052,714)** | **Total Investments (99.3%) (Cost $25,052,714)** | **Total Investments (99.3%) (Cost $25,052,714)** | **Total Investments (99.3%) (Cost $25,052,714)** | **23437530** |
| **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | **Other Assets and Liabilities—Net (0.7%)** | &nbsp;&nbsp;&nbsp;&nbsp;**175894** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **23613424** |
| Cost is in $000. | Cost is in $000. |  |  |  |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | Securities with a value of $73,715,000 have been segregated as initial margin for open centrally cleared swap contracts. |
| 2 | Securities with a value of $18,368,000 have been segregated as collateral for open forward currency contracts. |
| 3 | Securities with a value of $5,438,000 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 January 31, 2023, the aggregate value was $14,175,790,000, representing 60.0% of net assets. |
| 5 | Face amount denominated in euro. |
| 6 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2023. |
| 7 | Face amount denominated in Canadian dollars. |
| 8 | Face amount denominated in British pounds. |
| 9 | 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. |
| 10 | 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. |
| 11 | Represents an unsettled loan as of January 31, 2023. The coupon rate is not known until the settlement date. |
| 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. |
|  | 1M—1-month. |
|  | 3M—3-month. |
|  | DAC—Designated Activity Company. |
|  | LIBOR—London Interbank Offered Rate. |
|  | TSFR1M—CME Term Secured Overnight Financing Rate 1-Month. |
|  | TSFR3M—CME Term Secured Overnight Financing Rate 3-Month. |
|  | USD—U.S. dollar. |

---

------

High-Yield Corporate Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Other Financial Instruments as of Period End** | **<br>Other Financial Instruments as of Period End** | **<br>Other Financial Instruments as of Period End** | **<br>Other Financial Instruments as of Period End** | **<br>Other Financial Instruments as of Period End** |
| Floating Rate Loan Commitments |  |  |  |  |
|  | Total<br> Unfunded<br> Commitment<br> ($000) | Fair<br> Value<br> Commitment<br> ($000) | Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Athenahealth Inc. | 3453 | 3129 |  | &nbsp;&nbsp;(324) |

---

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;318755 | &nbsp;&nbsp;591 |
| 5-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;2039 | &nbsp;&nbsp;222745 | &nbsp;&nbsp;&nbsp;1320 |
| 10-Year U.S. Treasury Note | March 2023 | 101 | &nbsp;&nbsp;&nbsp;&nbsp;11566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
| Long U.S. Treasury Bond | March 2023 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;38963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
| Ultra Long U.S. Treasury Bond | March 2023 | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;20 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;1895 |
| Short Futures Contracts |  |  |  |  |
| 10-Year U.S. Treasury Note | March 2023 | (2586) | (296137) | &nbsp;&nbsp;(2171) |
| Long U.S. Treasury Bond | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;(1818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
| Ultra 10-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;(670) | &nbsp;&nbsp;&nbsp;(81206) | &nbsp;&nbsp;(1056) |
| Ultra Long U.S. Treasury Bond | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | &nbsp;&nbsp;&nbsp;&nbsp;(9214) | &nbsp;&nbsp;&nbsp;&nbsp;(380) |
|  |  |  |  | &nbsp;&nbsp;(3633) |
|  |  |  |  | &nbsp;&nbsp;(1738) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
|  | Contract<br> Settlement<br> Date | &nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;Contract Amount (000) | Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;Receive | &nbsp;&nbsp;Receive | &nbsp;&nbsp;Deliver | &nbsp;&nbsp;Deliver | Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| JPMorgan Chase Bank, N.A. | 2/28/23 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;4019 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Barclays Bank plc | 2/28/23 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2793 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 2/28/23 | &nbsp;&nbsp;USD | &nbsp;&nbsp;80392 | &nbsp;&nbsp;CAD | 107251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (230) |
| Toronto-Dominion Bank | 2/28/23 | &nbsp;&nbsp;USD | 776757 | &nbsp;&nbsp;EUR | 710593 | 2833 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 2/28/23 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;47108 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;37919 | 332 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;3167 | (232) |

---

---

| |
|:---|
| CAD—Canadian dollar. |
| EUR—euro. |
| GBP—British pound. |
| USD—U.S. dollar. |

---

------

High-Yield Corporate Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |  |  |  |  |  |  |
| CDX-NA-HY-S39-V1 | 12/20/27 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;773490 | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;&nbsp;25009 | &nbsp;&nbsp;&nbsp;35703 |

---

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.

------

High-Yield Corporate Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $24,874,593) | 23259399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $178,121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178131 |
| Total Investments in Securities | &nbsp;&nbsp;23437530 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23563 |
| Foreign Currency, at Value (Cost $19,859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19879 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270260 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303024 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17092 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Variation Margin Receivable—Centrally Cleared Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167 |
| **Total Assets** | **24078157** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416337 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22971 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22480 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 |
| Unrealized Depreciation—Floating Rate Loan Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**464733** |
| **Net Assets** | **23613424** |

---

------

High-Yield Corporate Fund

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (continued) | Statement of Assets and Liabilities (continued) |
| **At January 31, 2023, net assets consisted of:** |  |
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| Paid-in Capital | 26608428 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;(2995004) |
| **Net Assets** | **23613424** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 573,996,171 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**3040578** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$5.30** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 3,883,712,941 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **20572846** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$5.30** |

---

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

------

High-Yield Corporate Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278726 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278726 |
| **Expenses** |  |
| Investment Advisory Fees—Note B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7070 |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19743 |
| &nbsp;&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;&nbsp;&nbsp;228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34573 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34507 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1244219** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(842141) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2735) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20804) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78813 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(787055)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1569269) |
| Floating Rate Loan Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1738) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38284 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6473) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1539235)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1082071)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,485,000, $54,000, less than $1,000, and $10,000, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

High-Yield Corporate Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br>($000) | &nbsp;&nbsp;&nbsp;2022<br>($000) |
|  | 2023<br>($000) | &nbsp;&nbsp;&nbsp;2022<br>($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;1244219 | &nbsp;&nbsp;&nbsp;&nbsp;1198182 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376215 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(1539235) | &nbsp;&nbsp;&nbsp;&nbsp;(1294169) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(1082071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280228 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(1120494) | &nbsp;&nbsp;&nbsp;&nbsp;(1064431) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(1278319) | &nbsp;&nbsp;&nbsp;&nbsp;(1220847) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(281664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;(2367257) | &nbsp;&nbsp;&nbsp;&nbsp;1036017 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(2648921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888893 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(5009311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51726) |
| **Net Assets** |  |  |
| **Beginning of Period** | **28622735** | &nbsp;&nbsp;&nbsp;**28674461** |
| **End of Period** | **23613424** | &nbsp;&nbsp;&nbsp;**28622735** |

---

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

------

High-Yield Corporate Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$5.77** | &nbsp;&nbsp;&nbsp;**$5.96** | &nbsp;&nbsp;&nbsp;**$5.94** | &nbsp;&nbsp;&nbsp;**$5.67** | &nbsp;&nbsp;&nbsp;**$5.91** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.317 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.230) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.087 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.327) |
| 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;&nbsp;&nbsp;(.269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.327) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$5.30** | &nbsp;&nbsp;&nbsp;**$5.77** | &nbsp;&nbsp;&nbsp;**$5.96** | &nbsp;&nbsp;&nbsp;**$5.94** | &nbsp;&nbsp;&nbsp;**$5.67** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-3.37%** | &nbsp;&nbsp;&nbsp;**0.84%** | &nbsp;&nbsp;&nbsp;**5.22%** | **10.45%** | &nbsp;&nbsp;&nbsp;**1.61%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$3041 | &nbsp;&nbsp;&nbsp;$3612 | &nbsp;&nbsp;&nbsp;$3877 | &nbsp;&nbsp;&nbsp;$4102 | &nbsp;&nbsp;&nbsp;$3557 |
| Ratio of Total Expenses to Average Net Assets | 0.23%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;0.23% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;4.90% | &nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;4.51% | &nbsp;&nbsp;&nbsp;5.16% | &nbsp;&nbsp;&nbsp;5.55% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;21% |

---

---

| | |
|:---|:---|
| 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 0.23%. |

---

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

------

High-Yield Corporate Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$5.77** | &nbsp;&nbsp;&nbsp;**$5.96** | &nbsp;&nbsp;&nbsp;**$5.94** | &nbsp;&nbsp;&nbsp;**$5.67** | &nbsp;&nbsp;&nbsp;**$5.91** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.323 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.230) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.093 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.333) |
| 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;&nbsp;&nbsp;(.274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.333) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$5.30** | &nbsp;&nbsp;&nbsp;**$5.77** | &nbsp;&nbsp;&nbsp;**$5.96** | &nbsp;&nbsp;&nbsp;**$5.94** | &nbsp;&nbsp;&nbsp;**$5.67** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-3.27%** | &nbsp;&nbsp;&nbsp;**0.94%** | &nbsp;&nbsp;&nbsp;**5.32%** | &nbsp;&nbsp;&nbsp;**10.55%** | &nbsp;&nbsp;&nbsp;**1.71%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$20573 | &nbsp;&nbsp;&nbsp;$25011 | &nbsp;&nbsp;&nbsp;$24798 | &nbsp;&nbsp;&nbsp;$22701 | &nbsp;&nbsp;&nbsp;$19285 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.13%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;4.10% | &nbsp;&nbsp;&nbsp;4.60% | &nbsp;&nbsp;&nbsp;5.26% | &nbsp;&nbsp;&nbsp;5.65% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;21% |

---

---

| | |
|:---|:---|
| 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 0.13%. |

---

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

------

High-Yield Corporate Fund

Notes to Financial Statements

Vanguard High-Yield Corporate 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.

Certain of the fund's investments are in corporate debt instruments; the issuers' abilities to meet their obligations may be affected by economic developments in their respective industries. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. To minimize the currency risk associated with investment in securities denominated in currencies other than the U.S. dollar, the fund attempts to hedge its currency exposure. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

**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 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. 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. 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 when 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

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High-Yield Corporate Fund

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.

4. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

5. 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 year ended January 31, 2023, 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.

6. 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. The fund's risks in using these 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

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High-Yield Corporate Fund

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 year ended January 31, 2023, the fund's average investment in forward currency contracts represented 4% of net assets, based on the average of the notional amounts at each quarter-end during the period.

7. 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 centrally cleared credit default 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.

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High-Yield Corporate Fund

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 year ended January 31, 2023, 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.

8. 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.

9. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, 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.

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High-Yield Corporate Fund

10. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

11. 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.

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.** Wellington Management Company llp provides investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor.

Beginning August 2022, Vanguard provides investment advisory services to a portion of the fund as described below; the fund paid Vanguard advisory fees of $656,000 for the year ended January 31, 2023.

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High-Yield Corporate Fund

For the year ended January 31, 2023, the aggregate investment advisory fee paid to all advisors represented an effective annual rate of 0.03% of the fund's average net assets.

**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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $859,000, representing less than 0.01% of the fund's net assets and 0.34% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset
arrangements reduced the fund's expenses by $66,000 (an annual rate of less than 0.01% of average net assets).

**E.** Various inputs may be used to determine the value of the fund's investments, other financial instruments, 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, other financial instruments, and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

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High-Yield Corporate Fund

The following table summarizes the market value of the fund's investments, other financial instruments, and derivatives as of January 31, 2023, 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;&nbsp;&nbsp;&nbsp;1387179 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1387179 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20505624 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20505624 |
| Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705629 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705629 |
| Temporary Cash Investments | 178131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660967 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839098 |
| Total | 178131 | &nbsp;&nbsp;&nbsp;23259399 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;23437530 |
| **Other Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Floating Rate Loan Commitments |  | &nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;324 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1931 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3167 |
| Swap Contracts | 35703<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;35703 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;37634 | &nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;40801 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3669 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;3669 | &nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3901 |

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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.

**F.** At January 31, 2023, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

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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) |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 1931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1931 |
| Unrealized Appreciation—Centrally Cleared Swap Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 35703 | &nbsp;&nbsp;35703 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3167 |
| Total Assets | 1931 | 3167 | 35703 | &nbsp;&nbsp;40801 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | 3669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3669 |

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High-Yield Corporate Fund

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| | | |
|:---|:---|:---|
| Statement of Assets and Liabilities | Interest Rate<br> Contracts<br> ($000) | Foreign<br> Exchange<br> Contracts<br> ($000) |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 232 – &nbsp;&nbsp;232 |
| Total Liabilities | 3669 | 232 – &nbsp;&nbsp;3901 |

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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.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended January 31, 2023, were:

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | (2735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2735) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (20804) | &nbsp;&nbsp;(20804) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 78813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;78813 |
| Realized Net Gain (Loss) on Derivatives | (2735) | 78813 | (20804) | &nbsp;&nbsp;&nbsp;55274 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives | Change in Unrealized Appreciation (Depreciation) on Derivatives |
| Futures Contracts | (1738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1738) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;38284 | &nbsp;&nbsp;&nbsp;38284 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(6473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6473) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (1738) | &nbsp;&nbsp;(6473) | &nbsp;&nbsp;38284 | &nbsp;&nbsp;&nbsp;30073 |

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**G.** Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no
effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable foreign currency transactions and swap agreements were reclassified
between the individual components of total distributable earnings (loss).

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; the recognition of gain or loss from foreign currency hedges; and the treatment of amortization adjustments from certain fixed income

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High-Yield Corporate Fund

securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37137 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(1464166) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;(1545493) |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22482) |
| Total | &nbsp;&nbsp;&nbsp;(2995004) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;1278319 | &nbsp;&nbsp;&nbsp;&nbsp;1220847 |
| Long-Term Capital Gains | &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;— |
| Total | &nbsp;&nbsp;&nbsp;1278319 | &nbsp;&nbsp;&nbsp;&nbsp;1220847 |

---

\* Includes short-term capital gains, if any.

As of January 31, 2023, 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;25013782 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281135 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;(1826628) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(1545493) |

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**H.** During the year ended January 31, 2023, the fund purchased $6,740,340,000 of investment securities and sold $9,551,373,000 of investment securities, other than U.S. government securities and temporary cash
investments. Purchases and sales of U.S. government securities were $1,933,867,000 and $1,787,984,000, respectively.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $0 and sales were $133,903,000, resulting in net realized loss of $6,895,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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High-Yield Corporate Fund

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |  |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;497489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162449 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;133453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22449 |
| Redeemed | &nbsp;&nbsp;(912606) | &nbsp;&nbsp;&nbsp;&nbsp;(171056) | &nbsp;&nbsp;(1248421) | &nbsp;&nbsp;&nbsp;&nbsp;(209615) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;(281664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24717) |
| **Admiral Shares** |  |  |  |  |
| Issued | 4440999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830126 | &nbsp;&nbsp;&nbsp;&nbsp;6260677 | &nbsp;&nbsp;&nbsp;&nbsp;1051228 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;868371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136821 |
| Redeemed | (7676627) | &nbsp;&nbsp;(1445674) | &nbsp;&nbsp;&nbsp;(6037301) | &nbsp;&nbsp;(1015302) |
| Net Increase (Decrease)—Admiral Shares | (2367257) | &nbsp;&nbsp;&nbsp;&nbsp;(451388) | &nbsp;&nbsp;&nbsp;&nbsp;1036017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172747 |

---

**J.** Management has determined that no other events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Fixed Income Securities Funds and Shareholders of Vanguard High-Yield Corporate Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard High-Yield Corporate Fund (one of the funds constituting Vanguard Fixed Income Securities Funds, referred to hereafter as the "Fund") as of January 31, 2023, the related statement of operations for the year ended January 31, 2023, the statement of changes in net assets for each of the two years in the period ended January 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2023 and the financial highlights for each of the five years in the period ended January 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> March 23, 2023

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

#### Tax information (unaudited)
The fund hereby designates $19,242,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund hereby designates 97.1%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder for the fiscal year.

The fund hereby designates 73.9%, or if subsequently determined to be different, the maximum percentage allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.

------

Trustees Approve Advisory Arrangement

The board of trustees of Vanguard High-Yield Corporate Fund has approved a restructuring of the fund's investment advisory arrangements whereby The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group, has been added as an advisor to the fund, effective August 29, 2022. The board determined that the foregoing action was in the best interest of the fund. As of August 29, 2022, Wellington Management Company llp and Vanguard are advisors to the fund.

The board based its decision upon an evaluation of the Fixed Income Group's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Portfolio Review Department, 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 the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

#### Nature, extent, and quality of services
The board reviewed the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of the advisor. The board noted that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

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

#### Investment performance
The board considered that Vanguard, in its management of another fund, has a track record of successfully managing its strategy, and considered periods of outperformance or underperformance compared with a relevant benchmark index.

#### Cost
The board considered the cost of services to be provided and competitive fee rates and concluded that, after implementation of the new arrangement with Vanguard, the fund's advisory fee rate and expense ratio should remain below the advisory fee rates and expense ratios of the fund's peers.

The board does not conduct a profitability analysis of Vanguard 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 board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets managed by Vanguard increase.

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

------

"Bloomberg®," Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index, and Bloomberg U.S. 1–5 Year Treasury Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).

The High-Yield Corporate Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the High-Yield Corporate Fund or any member of the public regarding the advisability of investing in securities generally or in the High-Yield Corporate Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index and Bloomberg U.S. 1–5 Year Treasury Bond Index (the Indices), which are determined, composed and calculated by BISL without regard to Vanguard or the High-Yield Corporate Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the High-Yield Corporate Fund into consideration in determining, composing or calculating the Indices. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the High-Yield Corporate Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to High-Yield Corporate Fund customers, in connection with the administration, marketing or trading of the High-Yield Corporate Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE HIGH-YIELD CORPORATE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE HIGH-YIELD CORPORATE FUND OR THE INDICES OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.© 2023 Bloomberg.

Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund's trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the *Statement of Additional Information*, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

#### Interested Trustee<sup>1</sup>

#### Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.

#### Independent Trustees

#### Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University's Leavey School of Business.

#### Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (global industrial company). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.

#### Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other

1 Mr. Buckley is considered an "interested person," as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

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experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM's Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

#### Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. (investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment Committee, and the board of directors of Paxos Trust Company (finance).

#### Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.

#### André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).

#### Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School

(2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Corporation Ltd. (climate policy advisory services). Member of the board of directors of Arcadia Corporation (energy solution technology).

#### David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.

#### Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

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#### Executive Officers

#### Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street.

#### Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

#### John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).

#### Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

#### Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

#### Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director of the board of National Grid (energy).

#### Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

#### Vanguard Senior Management Team

---

| | |
|:---|:---|
| **Matthew Benchener** | **Thomas M. Rampulla** |
| **Joseph Brennan** | **Karin A. Risi** |
| **Mortimer J. Buckley** | **Anne E. Robinson** |
| **Gregory Davis** | **Michael Rollings** |
| **John James** | **Nitin Tandon** |
| **Chris D. Mclsaac** | **Lauren Valente** |

---

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![](tm234052d1highyieldcorpfi006.jpg)

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

#### Fund Information > 800-662-7447

#### Direct Investor Account Services > 800-662-2739

#### Institutional Investor Services > 800-523-1036

#### Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund's current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard's proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC's website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC's website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

Source for Bloomberg indexes: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.

#### CFA<sup>®</sup> is a registered trademark owned by CFA Institute.© 2023 The Vanguard Group, Inc.<br> All rights reserved.<br> Vanguard Marketing Corporation, Distributor.

Q290 032023

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![](tm234052d1gnmai001.jpg)

#### Annual Report \| January 31, 2023
Vanguard GNMA Fund

------

*Contents*

---

| | |
|:---|:---|
| [Your Fund's Performance at a Glance](#xx_2f1e26da-3bb1-4976-933b-1ce0979136a3_1tm234052d1_gnma)<br>| 1 |
| [Advisor's Report](#xx_48a64900-aa11-4cfe-a5fc-06d2aa6acd5b_1tm234052d1_gnma)<br>| 2 |
| [AboutYour Fund's Expenses](#xx_1558e734-aaa7-4842-9788-e8436538f3d9_1tm234052d1_gnma)<br>| 6 |
| [Performance Summary](#xx_08040a84-3954-434f-9cfe-980abee3851a_1tm234052d1_gnma)<br>| 8 |
| [Financial Statements](#xx_5d529322-4b14-41c9-b139-2a0b732bf475_1tm234052d1_gnma)<br>| 10 |

---

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

Your Fund's Performance at a Glance

• For the 12 months ended January 31, 2023, Vanguard GNMA Fund returned –7.09% for Investor Shares and –7.00% for Admiral Shares. The results slightly trailed the –6.69% return of the fund's
benchmark, the Bloomberg U.S. GNMA Bond Index.

• Despite relief in midsummer and toward the end of the period, it was a volatile, challenging time for markets. Early on, inflation across much of the world continued climbing to multidecade highs amid supply chain
bottlenecks, rising energy and food prices, and higher costs for goods and services. Central banks aggressively tightened monetary policy. Later, it appeared that inflation might have peaked, and central banks slowed
their pace of interest rate hikes.

• The sharp rise in yields increased fears of recession and weighed heavily on bond prices. With yields rising and prices falling, mortgage-backed securities generally fared better than corporate bonds and U.S.
Treasuries.

• Duration and yield curve positioning boosted the fund's relative performance, as did an underweight allocation to 30-year GNMA pass-throughs. Selection in GNMA pass-throughs detracted.

• For the 10 years ended January 31, 2023, the GNMA Fund returned annualized averages of 1.04% for Investor Shares and 1.14% for Admiral Shares, ahead of its benchmark's average
of 0.98%.

*Market Barometer*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Year | &nbsp;&nbsp;&nbsp;&nbsp;Three Years | &nbsp;&nbsp;&nbsp;&nbsp;Five Years |
| **Stocks** |  |  |  |
| Russell 1000 Index (Large-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66% | &nbsp;&nbsp;&nbsp;&nbsp;9.38% |
| Russell 2000 Index (Small-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| Russell 3000 Index (Broad U.S. market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| FTSE All-World ex US Index (International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| **Bonds** |  |  |  |
| Bloomberg U.S. Aggregate Float Adjusted Index<br> (Broad taxable market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.40% | &nbsp;&nbsp;&nbsp;&nbsp;-2.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Bloomberg Municipal Bond Index<br> (Broad tax-exempt market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;-0.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| FTSE Three-Month U.S. Treasury Bill Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **CPI** |  |  |  |
| Consumer Price Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% |

---

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

Advisor's Report

For the 12 months ended January 31, 2023, Vanguard GNMA Fund returned –7.09% for Investor Shares ‎and –7.00% for Admiral Shares. The fund's benchmark, the Bloomberg U.S. GNMA Bond Index, returned ‎‎–6.69%.

#### Investment environment
Fixed income markets experienced sharply negative total returns during the period, as reflected by the ‎Bloomberg U.S. Aggregate Bond Index return of –8.36%. Global sovereign yields moved sharply higher ‎as most major central banks supercharged their hiking cycles to combat high inflation.

Spread sectors underperformed duration-equivalent government bonds. The first quarter of 2022 ‎recorded one of the worst drawdowns in fixed income markets because of tighter monetary policies and ‎uncertainty from the war in Ukraine. It was followed by challenging second and third quarters, as inflation ‎persisted and government bond yields continued to rise. The fourth quarter ended on a positive note, ‎which allowed fixed income markets to recoup some losses as most developed-market sovereign yields ‎stabilized at higher levels. Spreads were volatile for most of the year but finished wider amid concerns ‎that tighter financial conditions resulting from less-accommodative monetary policy could tip the global ‎economy into recession.

The 12-month period ended with below-consensus inflation readings, which led to optimism that major ‎central banks

could slow the pace of their tightening. The U.S. Federal Reserve raised rates several times ‎during the period and signaled a higher-for-longer terminal rate. The European Central Bank (ECB) ended ‎its quantitative-easing purchases, along with outsized rate increases, and announced the start of ‎quantitative tightening in March 2023.

Global GDP growth rates diverged but showed some resilience, though recession risks mounted. U.S. ‎labor market strength persisted, and consumer spending remained solid, while the housing market ‎showed some weakness after a sharp rise in mortgage rates. Earlier in the period, euro zone consumer ‎confidence and economic activity took a hit from increasing economic uncertainty.

Commodity prices surged after Russia's invasion of Ukraine and inflation rose to multidecade highs ‎across many countries, driven by strong demand plus supply chain disruptions and labor shortages. ‎Sanctions that the West imposed on Russia raised concerns about Europe's energy security. By the end ‎of the period, euro zone consumer confidence began to recover, boosted by moderating energy prices. ‎China's economic activity was hurt by the government's zero-COVID-19 policy, the property market ‎decline, and geopolitical uncertainty.

Agency mortgage-backed securities (MBS) posted a total return of –7.53% over the period January 31, ‎‎2022, through January 31, 2023, as measured

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

by the Bloomberg Agency MBS Index, underperforming ‎duration-equivalent Treasuries by 85 basis points (according to Wellington Management data). The ‎spread on this same index widened by 23 basis points to 41 basis points to end the volatile period. (A ‎basis point is one-hundredth of a percentage point.)

MBS spreads reacted negatively to comments from Fed Chairman Jerome Powell early in the year that ‎indicated that, over the long run, the Fed aims for Treasuries to dominate its holdings. Spreads ‎continued to widen in the second quarter—even though the Fed did not mention outright mortgage sales ‎when it announced its quantitative-tightening program. The overall risk appetite ‎soured after Chairman Powell's comments at the Jackson Hole symposium in August. On the positive ‎side, his comments during the September Federal Open Market Committee (FOMC) meeting put to rest ‎speculation on near-term Fed mortgage sales.

Spreads peaked in October and tightened in November; this was driven by a combination of factors, ‎including the Fed's signaling that it would slow the pace of hikes, a lower-than-expected inflation reading, ‎and a divided Congress after the midterm elections. The result was a sharp rally in Treasury yields, which ‎in turn supported asset-spread performance during the month.

The poor technical backdrop of agency mortgages saw some improvements on the margin as buyers ‎emerged, with

asset managers leading the charge at a time when the supply of new issuance was low. ‎Volatility decreased dramatically after the FOMC's mid-December meeting, supporting MBS spreads that ‎reached their narrowest points in the fourth quarter before giving some of that performance back to end ‎the period.

In terms of sector performance, conventional and GNMA 30-year mortgages performed relatively in line ‎with each other, adjusting for their spread-duration differences, and underperformed their 15-year ‎counterparts in excess-return terms. In terms of the coupon range, bonds with midrange coupons ‎performed best, while those with the highest coupons underperformed.

#### Fund successes
The fund's duration and yield curve posture in aggregate contributed to relative performance. We have ‎actively managed the duration and curve positioning but generally stayed close to benchmark levels with ‎modest variations. Note that bond yields and prices generally move in opposite directions.

Our underweight allocation to 30-year GNMA pass-throughs was the main driver of positive relative ‎returns for the period. We increased our mortgage exposure early in the period, moving from an ‎underweight to a neutral to a slightly overweight exposure by midyear as valuations became more ‎attractive. In

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the second half of the period, we trimmed exposure to broadly neutral levels. In December ‎and January, we added mortgage basis, moving to an overweight as valuations became more attractive. ‎Our exposure to 30-year conventional mortgages marginally contributed to returns, partially offsetting ‎negative performance elsewhere in the portfolio.

#### Fund shortfalls
Security selection in 30-year GNMA pass-throughs was the largest detractor from returns for the period, ‎particularly in lower to middle coupons.

The portfolio's exposure to agency collateralized mortgage obligations (CMOs) also detracted from ‎returns, as they underperformed duration-equivalent Treasuries.

#### Fund positioning
MBS market fundamentals and valuations have improved amid rising rates, but technical factors remain ‎the biggest driver of performance. Fed and bank sponsorship for MBS had supported mortgages for ‎almost two years, but these factors reversed in 2022. Although Chairman Powell's comment on avoiding ‎mortgage sales was positive, paydowns on the Fed's portfolio are far below their cap, meaning that we ‎believe the Fed is unlikely to buy MBS anytime soon. U.S. bank demand has also been weak, while ‎overseas buyers have been reluctant to add MBS because of currency-hedging costs. Asset managers ‎have been marginal buyers; however, they have already covered a substantial portion of

their ‎underweights. For spreads to tighten meaningfully from here, the asset class would need new buyers to ‎emerge.

On the positive side, as higher mortgage rates depress housing activity, we expect lower housing ‎turnover, which we believe should lead to reduced supply and less Fed balance sheet run-off. This ‎should partially improve an otherwise negative technical picture.

From a valuation perspective, MBS spreads have narrowed from the widest levels reached earlier in the ‎fourth quarter of 2022 but remain attractive. Spreads on competing assets have tightened even more ‎dramatically, resulting in relatively more attractive valuations for mortgages. In addition, interest rate ‎volatility appears to have found a ceiling. Its decline was a welcome development for mortgage investors ‎toward the end of the period. While volatility is unlikely to return to the lows of the quantitative-easing ‎period, it is now better priced in the markets and could fall modestly as uncertainties about Fed policy ‎diminish, further supporting MBS spreads.

Balancing these factors, we view MBS valuations as strategically attractive. While MBS spreads may ‎widen further if market volatility increases, this risk is offset by attractive income and upside from spread ‎tightening if conditions stabilize. Additionally, as a safe haven asset, mortgages are poised to ‎outperform other credit sectors if market

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conditions significantly deteriorate and the economy ‎experiences a hard landing.

With this as context, we are currently neutral to overweight in mortgages. We have an up-in-coupon bias, ‎with underweights in lower coupons, which remain structurally rich. We are focusing on attractive relative ‎value opportunities and enhancing cash-flow stability through agency CMOs and agency commercial ‎MBS.

Brian Conroy, CFA,

Senior Managing Director and<br> Fixed Income Portfolio Manager

Wellington Management Company llp

February 14, 2023

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About Your Fund's Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.

A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund's costs in two ways:

**•** **Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.** 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

**•** **Based on hypothetical 5% yearly return. This section is intended to help you compare your fund's costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund's actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.** 

Note that the expenses shown in the table are meant to highlight and help you compare *ongoing* costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

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---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended January 31, 2023** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning<br> Account Value<br> 7/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending<br> Account Value<br> 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses<br> Paid During<br> Period |
| **Based on Actual Fund Return** |  |  |  |
| GNMA Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$968.90 | &nbsp;&nbsp;&nbsp;&nbsp;$1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral™ Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Based on Hypothetical 5% Yearly Return** |  |  |  |
| GNMA Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.15 | &nbsp;&nbsp;&nbsp;&nbsp;$1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |

---

The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are 0.21% for Investor Shares and 0.11% for Admiral Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

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GNMA Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d1gnmai002.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  |  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d1gnmai003.jpg) | &nbsp;&nbsp;&nbsp;GNMA Fund Investor Shares | &nbsp;&nbsp;&nbsp;-7.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;$11085 |
| ![](tm234052d1gnmai004.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. GNMA Bond Index | &nbsp;&nbsp;&nbsp;-6.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11023 |
| ![](tm234052d1gnmai005.jpg) | &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $50,000<br> Investment |
| GNMA Fund Admiral Shares | &nbsp;&nbsp;&nbsp;-7.00% | &nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;$55982 |
| Bloomberg U.S. GNMA Bond Index | &nbsp;&nbsp;&nbsp;-6.69 | &nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55113 |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57651 |

---

See Financial Highlights for dividend and capital gains information.

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GNMA Fund

Distribution by Stated Maturity

As of January 31, 2023

---

| | |
|:---|:---|
| 0 - 5 Years | &nbsp;&nbsp;&nbsp;0.2% |
| 5 - 10 Years | &nbsp;&nbsp;&nbsp;1.1 |
| 10 - 15 Years | &nbsp;&nbsp;&nbsp;2.5 |
| 15 - 20 Years | 10.6 |
| 20 - 25 Years | 23.6 |
| Over 25 Years | 62.0 |

---

The table reflects the fund's investments, except for short-term investments and derivatives.

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GNMA Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (97.6%)** | **U.S. Government and Agency Obligations (97.6%)** | **U.S. Government and Agency Obligations (97.6%)** | **U.S. Government and Agency Obligations (97.6%)** | **U.S. Government and Agency Obligations (97.6%)** | **U.S. Government and Agency Obligations (97.6%)** |
| **Conventional Mortgage-Backed Securities (90.6%)** | **Conventional Mortgage-Backed Securities (90.6%)** | **Conventional Mortgage-Backed Securities (90.6%)** | **Conventional Mortgage-Backed Securities (90.6%)** | **Conventional Mortgage-Backed Securities (90.6%)** |  |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 2.120% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;20825 | &nbsp;&nbsp; 17942 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/33 | &nbsp;&nbsp; 27145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23023 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 2.690% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6871 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 2.960% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp; 2154 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 3.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 | &nbsp;&nbsp; 1819 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 3.240% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 3.260% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/37 | &nbsp;&nbsp; 4175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 3.410% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/1/32 | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 3.420% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 3.460% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool | 3.520% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/32 | &nbsp;&nbsp; 21125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20095 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Gold Pool | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/43–1/1/47 | &nbsp;&nbsp; 10772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Gold Pool | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/47–8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Gold Pool | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/30–4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Gold Pool | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/34–2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;21665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21944 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Gold Pool | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/38–4/1/44 | &nbsp;&nbsp; 7682 | &nbsp;&nbsp; 7952 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 2.500% | 11/15/42–12/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;49846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44798 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/26–3/15/46 | &nbsp;&nbsp; 409105 | &nbsp;&nbsp;&nbsp;&nbsp;378754 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/42 | &nbsp;&nbsp; 9129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/39–6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;331299 | &nbsp;&nbsp; 318674 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp; 1014 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 3.875% | 10/15/40–6/15/42 | &nbsp;&nbsp; 15485 | &nbsp;&nbsp; 15486 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/24–7/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;451966 | &nbsp;&nbsp;&nbsp;&nbsp;449538 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/33–4/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;232335 | &nbsp;&nbsp; 236812 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;1/15/30–7/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;231240 | &nbsp;&nbsp;&nbsp;&nbsp;239892 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/15/23–9/15/45 | &nbsp;&nbsp; 172867 | &nbsp;&nbsp; 178570 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;2/15/24–3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;72572 | &nbsp;&nbsp; 74762 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/23–7/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;62399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63432 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 7.000% | 11/15/31–11/15/36 | &nbsp;&nbsp; 10132 | &nbsp;&nbsp; 10527 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae I Pool | 8.500% | 11/15/26–6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/44–4/20/52 | &nbsp;&nbsp; 145894 | &nbsp;&nbsp; 121132 |
| <sup>1,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 2.000% | 10/20/43–2/15/53 | &nbsp;&nbsp;3616300 | &nbsp;&nbsp; 3132890 |
| <sup>1,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 2.500% | 11/20/42–2/15/53 | &nbsp;&nbsp;3744061 | 3344948 |
| <sup>1,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/31–2/15/53 | &nbsp;&nbsp;2815789 | &nbsp;&nbsp; 2611322 |

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GNMA Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 3.500% | 10/20/40–1/20/53 | &nbsp;&nbsp;2461665 | &nbsp;&nbsp; 2359126 |
| <sup>1,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/39–2/15/53 | &nbsp;&nbsp;1089939 | 1075945 |
| <sup>1,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 4.500% | 12/20/32–2/15/53 | &nbsp;&nbsp; 437840 | &nbsp;&nbsp; 443196 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 5.000% | 10/20/32–12/20/43 | &nbsp;&nbsp; 58628 | &nbsp;&nbsp; 61010 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;1/20/34–7/20/40 | &nbsp;&nbsp; 12641 | &nbsp;&nbsp; 13272 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 6.000% | 4/20/28–10/20/38 | &nbsp;&nbsp; 1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/20/37–3/20/41 | &nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/25–8/20/25 | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UMBS Pool | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/46–4/1/52 | &nbsp;&nbsp; 4036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402 |
| <sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UMBS Pool | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/1/27–2/25/53 | &nbsp;&nbsp; 4321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791 |
| <sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UMBS Pool | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/25–6/1/49 | &nbsp;&nbsp; 9443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9209 |
| <sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UMBS Pool | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/46–2/25/53 | &nbsp;&nbsp; 7640 | &nbsp;&nbsp; 7453 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UMBS Pool | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/1/46–6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 |
| <sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UMBS Pool | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;12/1/40–2/25/53 | &nbsp;&nbsp; 3233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UMBS Pool | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/35 | &nbsp;&nbsp; 4306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;UMBS Pool | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/29–5/1/40 | &nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
|  |  |  |  |  | &nbsp;&nbsp;**15366888** |
| **Nonconventional Mortgage-Backed Securities (7.0%)** | **Nonconventional Mortgage-Backed Securities (7.0%)** | **Nonconventional Mortgage-Backed Securities (7.0%)** | **Nonconventional Mortgage-Backed Securities (7.0%)** | **Nonconventional Mortgage-Backed Securities (7.0%)** |  |
| <sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool, 12M USD LIBOR + 1.560% | 3.810% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/43 | &nbsp;&nbsp; 1899 | &nbsp;&nbsp; 1918 |
| <sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool, 12M USD LIBOR + 1.580% | 3.830% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/44 | &nbsp;&nbsp; 2848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICS | 1.500% | 11/25/50–1/25/51 | &nbsp;&nbsp; 27214 | &nbsp;&nbsp; 15782 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICS | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/25/42 | &nbsp;&nbsp; 3768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICS | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/42 | &nbsp;&nbsp; 3064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICS | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/25/40–7/25/49 | &nbsp;&nbsp; 64267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58287 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICS | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/25/44–4/25/59 | &nbsp;&nbsp; 70078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63699 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICS | 6.000% | 10/25/28–9/25/32 | &nbsp;&nbsp; 1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Non Gold Pool | 2.974% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/44 | &nbsp;&nbsp; 2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099 |
| <sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.600% | 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/44 | &nbsp;&nbsp; 4864 | &nbsp;&nbsp; 5015 |
| <sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.615% | 3.836% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/44 | &nbsp;&nbsp; 2287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342 |
| <sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.620% | 3.821% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/44 | &nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 |
| <sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.620% | 3.870% | &nbsp;&nbsp;&nbsp;&nbsp;9/1/43–10/1/44 | &nbsp;&nbsp; 5643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786 |
| <sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.630% | 2.812% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/44 | &nbsp;&nbsp; 2466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524 |
| <sup>1,2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Non Gold Pool, 12M USD LIBOR + 1.636% | 3.722% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/1/43 | &nbsp;&nbsp; 2708 | &nbsp;&nbsp; 2741 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICS | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/15/42 | &nbsp;&nbsp; 4071 | &nbsp;&nbsp; 3714 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICS | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/25/52 | &nbsp;&nbsp; 5369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICS | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/42–3/15/43 | &nbsp;&nbsp; 81725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75084 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICS | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/45–1/25/46 | &nbsp;&nbsp; 19506 | &nbsp;&nbsp; 18316 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICS | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/54 | &nbsp;&nbsp; 3808 | &nbsp;&nbsp; 3316 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICS | 6.000% | 4/15/28–11/15/32 | &nbsp;&nbsp; 4192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/50–6/20/51 | &nbsp;&nbsp; 33863 | &nbsp;&nbsp; 26776 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 2.500% | 12/16/39–2/20/52 | &nbsp;&nbsp;&nbsp; 177310 | &nbsp;&nbsp; 155399 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/39–3/20/52 | &nbsp;&nbsp; 453622 | &nbsp;&nbsp; 412660 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;7/20/43–1/20/52 | &nbsp;&nbsp; 86451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81733 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;6/20/39–4/16/41 | &nbsp;&nbsp; 19663 | &nbsp;&nbsp; 19577 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;4/16/50–9/20/50 | &nbsp;&nbsp; 70903 | &nbsp;&nbsp; 61112 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/45 | &nbsp;&nbsp; 34570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31480 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/20/44 | &nbsp;&nbsp; 16122 | &nbsp;&nbsp; 13658 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 2.000% | 7/20/42–10/20/44 | &nbsp;&nbsp; 23101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20834 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/16/45 | &nbsp;&nbsp; 7020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6384 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/20/44 | &nbsp;&nbsp; 5656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207 |

---

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/20/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/44–2/20/49 | &nbsp;&nbsp; 12567 | &nbsp;&nbsp; 10807 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 3.668% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/48 | &nbsp;&nbsp; 11737 | &nbsp;&nbsp; 10901 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/16/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/20/45 | &nbsp;&nbsp; 25918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24367 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/16/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5559 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047 |
| <sup>1,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae REMICS, 1M USD LIBOR + 0.200% | 4.686% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp; 1276 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Assn. | 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/17/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824 | &nbsp;&nbsp; 2711 |
|  |  |  |  |  | &nbsp;&nbsp; **1182219** |
| **Total U.S. Government and Agency Obligations (Cost $17,708,772)** | **Total U.S. Government and Agency Obligations (Cost $17,708,772)** | **Total U.S. Government and Agency Obligations (Cost $17,708,772)** | **Total U.S. Government and Agency Obligations (Cost $17,708,772)** | **Total U.S. Government and Agency Obligations (Cost $17,708,772)** | **16549107** |
| **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** | **Asset-Backed/Commercial Mortgage-Backed Securities (1.2%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust Series 2018-3 | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/25/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8375 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust Series 2018-4 | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/25/58 | &nbsp;&nbsp; 10452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8786 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust Series 2019-1 | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/25/58 | &nbsp;&nbsp; 14397 | &nbsp;&nbsp; 12135 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/58 | &nbsp;&nbsp; 112979 | &nbsp;&nbsp; 103515 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/58 | &nbsp;&nbsp; 13420 | &nbsp;&nbsp; 12409 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust Series 2020-1 | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/25/59 | &nbsp;&nbsp;&nbsp;&nbsp;71262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62296 |
| **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $244,745)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $244,745)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $244,745)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $244,745)** | **Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $244,745)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**207516** |
|  |  |  |  | Shares |  |
| **Temporary Cash Investments (2.2%)** | **Temporary Cash Investments (2.2%)** | **Temporary Cash Investments (2.2%)** | **Temporary Cash Investments (2.2%)** | **Temporary Cash Investments (2.2%)** | **Temporary Cash Investments (2.2%)** |
| **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund | 4.437% |  | &nbsp;&nbsp;1063162 | &nbsp;&nbsp; 106306 |
|  |  |  | Maturity<br> Date | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (1.5%)** | **Repurchase Agreements (1.5%)** | **Repurchase Agreements (1.5%)** | **Repurchase Agreements (1.5%)** | **Repurchase Agreements (1.5%)** | **Repurchase Agreements (1.5%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Securities, LLC<br> (Dated 1/31/23, Repurchase Value $75,909,000, collateralized by Ginnie Mae 2.500%–5.000%, 8/20/41–9/20/51, with a value of $77,418,000) | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;75900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75900 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia<br> (Dated 1/31/23, Repurchase Value $17,802,000, collateralized by U.S. Treasury Bill 0.000%, 2/21/23, and U.S. Treasury Note/Bond 0.250%–3.875%, 7/31/25–11/15/49, with a value of $18,158,000) | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp; 17800 | &nbsp;&nbsp; 17800 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital Inc.<br> (Dated 1/31/23, Repurchase Value $18,302,000, collateralized by U.S. Treasury Note/Bond 2.750%, 4/30/27, with a value of $18,666,000) | 4.230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 18300 |

---

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets Inc.<br> (Dated 1/31/23, Repurchase Value $30,304,000, collateralized by U.S. Treasury Bill 0.000%, 12/28/23–1/25/24, and U.S. Treasury Note/Bond 2.750%–4.829%, 1/31/25–8/15/32, with a value of $30,906,000) | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole Securities (USA) Inc.<br> (Dated 1/31/23, Repurchase Value $2,500,000, collateralized by U.S. Treasury Note/Bond 2.875%, 11/15/46, with a value of $2,550,000) | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank USA<br> (Dated 1/31/23, Repurchase Value $2,500,000, collateralized by Treasury Inflation Indexed Note/Bond 1.000%, 2/15/46, and U.S. Treasury Bill 0.000%, 2/21/23–1/25/24, with a value of $2,550,000) | 4.260% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank USA<br> (Dated 1/31/23, Repurchase Value $33,404,000, collateralized by Fannie Mae 3.000%–6.000%, 12/1/30–2/1/53, with a value of $34,068,000) | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;33400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natixis SA<br> (Dated 1/31/23, Repurchase Value $32,204,000, collateralized by U.S. Treasury Note/Bond 0.125%–6.625%, 5/31/23–11/15/41, with a value of $32,844,000) | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;32200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Societe Generale<br> (Dated 1/31/23, Repurchase Value $3,500,000, collateralized by U.S. Treasury Bill 0.000%, 4/13/23–4/20/23, and U.S. Treasury Note/Bond 3.375%, 8/15/42, with a value of $3,570,000) | 4.260% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 |

---

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | Maturity<br> Date | Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;&nbsp;TD Securities (USA) LLC<br> (Dated 1/31/23, Repurchase Value $11,901,000, collateralized by Ginnie Mae 6.000%, 1/20/53, with a value of $12,138,000) | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 11900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co.<br> (Dated 1/31/23, Repurchase Value $26,103,000, collateralized by Fannie Mae 5.000%, 12/1/37, with a value of $26,622,000) | 4.310% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/23 | &nbsp;&nbsp; 26100 | &nbsp;&nbsp; 26100 |
|  |  |  |  | &nbsp;&nbsp; **254400** |
| **Total Temporary Cash Investments (Cost $360,713)** | **Total Temporary Cash Investments (Cost $360,713)** | **Total Temporary Cash Investments (Cost $360,713)** | **Total Temporary Cash Investments (Cost $360,713)** | &nbsp;&nbsp;&nbsp;&nbsp;**360706** |
| **Total Investments (101.0%) (Cost $18,314,230)** | **Total Investments (101.0%) (Cost $18,314,230)** | **Total Investments (101.0%) (Cost $18,314,230)** |  | &nbsp;&nbsp;&nbsp;**17117329** |
| **Other Assets and Liabilities—Net (-1.0%)** | **Other Assets and Liabilities—Net (-1.0%)** | **Other Assets and Liabilities—Net (-1.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(162551)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** |  | **16954778** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| 1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
| 3 | Securities with a value of $6,151,000 have been segregated as collateral for certain open To Be Announced (TBA) transactions. |
| 4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2023. |
| 5 | Securities with a value of $12,908,000 have been segregated as initial margin for open futures contracts. |
| 6 | 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. |
| 7 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |

---

---

| |
|:---|
| 12M—12-month. |
| 1M—1-month. |
| LIBOR—London Interbank Offered Rate. |
| REMICS—Real Estate Mortgage Investment Conduits. |
| UMBS—Uniform Mortgage-Backed Securities. |
| USD—U.S. dollar. |

---

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

------

#### 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)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 2-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;5022 | 1032766 | &nbsp;&nbsp;&nbsp;1152 |
| 5-Year U.S. Treasury Note | March 2023 | &nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp;179048 | &nbsp;&nbsp;&nbsp;1901 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;3053 |
| Short Futures Contracts | Short Futures Contracts | Short Futures Contracts | Short Futures Contracts | Short Futures Contracts |
| 10-Year U.S. Treasury Note | March 2023 | (1563) | &nbsp;&nbsp;&nbsp;(178988) | &nbsp;&nbsp;(364) |
| Long U.S. Treasury Bond | March 2023 | (1008) | &nbsp;&nbsp;&nbsp;(130914) | &nbsp;&nbsp;(1968) |
| Ultra 10-Year U.S. Treasury Note | March 2023 | (1724) | &nbsp;&nbsp;&nbsp;(208954) | &nbsp;&nbsp;(1908) |
|  |  |  |  | &nbsp;&nbsp;(4240) |
|  |  |  |  | &nbsp;&nbsp;(1187) |

---

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

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $18,207,917) | &nbsp;&nbsp;17011023 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $106,313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106306 |
| Total Investments in Securities | &nbsp;&nbsp;17117329 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;1185083 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45669 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 |
| Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 |
| **Total Assets** | **18356080** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;1377635 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14951 |
| Payables for Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7297 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**1401302** |
| **Net Assets** | **16954778** |

---

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (continued) | Statement of Assets and Liabilities (continued) |
| <br> <br> **At January 31, 2023, net assets consisted of:** |  |
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| Paid-in Capital | 19330946 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(2376168) |
| **Net Assets** | **16954778** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 558,126,787 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**5269588** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.44** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 1,237,630,608 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;**11685190** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9.44** |

---

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

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483315 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483315 |
| **Expenses** |  |
| Investment Advisory Fees—Note B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12069 |
| &nbsp;&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;&nbsp;&nbsp;327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26357 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26157 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**457158** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(703506) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41179) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(744685)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1254402) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1248827)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1536354)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $7,318,000, ($442000), less than $1,000, and $378,000, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221471 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(744685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212099) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(1248827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532825) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(1536354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523453) |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(134234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(319199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156253) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(453433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214096) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(847109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(789418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(2506168) | &nbsp;&nbsp;&nbsp;&nbsp;(3495820) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(3353277) | &nbsp;&nbsp;&nbsp;&nbsp;(4285238) |
| Total Increase (Decrease) | &nbsp;&nbsp;(5343064) | &nbsp;&nbsp;&nbsp;&nbsp;(5022787) |
| **Net Assets** |  |  |
| **Beginning of Period** | **22297842** | &nbsp;&nbsp;&nbsp;**27320629** |
| **End of Period** | **16954778** | &nbsp;&nbsp;&nbsp;**22297842** |

---

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

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.41** | &nbsp;&nbsp;&nbsp;**$10.73** | &nbsp;&nbsp;&nbsp;**$10.58** | &nbsp;&nbsp;&nbsp;**$10.31** | &nbsp;&nbsp;&nbsp;**$10.32** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.298 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.011) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.287 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.297) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Return of Capital | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.009) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.297) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.44** | &nbsp;&nbsp;&nbsp;**$10.41** | &nbsp;&nbsp;&nbsp;**$10.73** | &nbsp;&nbsp;&nbsp;**$10.58** | &nbsp;&nbsp;&nbsp;**$10.31** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-7.09%** | &nbsp;&nbsp;&nbsp;**-2.21%** | &nbsp;&nbsp;&nbsp;**3.17%** | &nbsp;&nbsp;&nbsp;**5.46%** | &nbsp;&nbsp;&nbsp;**2.85%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$5270 | &nbsp;&nbsp;&nbsp;$6711 | &nbsp;&nbsp;&nbsp;$7719 | &nbsp;&nbsp;&nbsp;$7365 | &nbsp;&nbsp;&nbsp;$6715 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.21%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;0.21% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;2.93% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;478% | &nbsp;&nbsp;&nbsp;800% | &nbsp;&nbsp;&nbsp;638% | &nbsp;&nbsp;&nbsp;616% | &nbsp;&nbsp;&nbsp;415% |

---

---

| | |
|:---|:---|
| 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 0.21%. |
| 4 | Includes 206%, 298%, 182%, 198%, and 200%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

------

[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$10.41** | &nbsp;&nbsp;&nbsp;**$10.73** | &nbsp;&nbsp;&nbsp;**$10.58** | &nbsp;&nbsp;&nbsp;**$10.31** | &nbsp;&nbsp;&nbsp;**$10.32** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.309 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.012) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.297 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.307) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Return of Capital | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.010) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.307) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**$9.44** | &nbsp;&nbsp;&nbsp;**$10.41** | &nbsp;&nbsp;&nbsp;**$10.73** | &nbsp;&nbsp;&nbsp;**$10.58** | &nbsp;&nbsp;&nbsp;**$10.31** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-7.00%** | &nbsp;&nbsp;&nbsp;**-2.11%** | &nbsp;&nbsp;&nbsp;**3.28%** | &nbsp;&nbsp;&nbsp;**5.57%** | &nbsp;&nbsp;&nbsp;**2.95%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$11685 | &nbsp;&nbsp;&nbsp;$15587 | &nbsp;&nbsp;&nbsp;$19602 | &nbsp;&nbsp;&nbsp;$17356 | &nbsp;&nbsp;&nbsp;$14706 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.11%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;0.11% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;2.81% | &nbsp;&nbsp;&nbsp;3.03% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;478% | &nbsp;&nbsp;&nbsp;800% | &nbsp;&nbsp;&nbsp;638% | &nbsp;&nbsp;&nbsp;616% | &nbsp;&nbsp;&nbsp;415% |

---

---

| | |
|:---|:---|
| 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 0.11%. |
| 4 | Includes 206%, 298%, 182%, 198%, and 200%, respectively, attributable to mortgage-dollar-roll activity. |

---

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

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[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

Notes to Financial Statements

Vanguard GNMA 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. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

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 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. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.

At January 31, 2023, counterparties had deposited in segregated accounts securities with a value of $3,613,000 in connection with TBA transactions.

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[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

3. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.

4. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

5. 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.

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[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

During the year ended January 31, 2023, the fund's average investments in long and short futures contracts represented 4% and 2% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

6. 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.

7. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. The portion of distributions that exceed a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. 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.

8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

9. 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

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[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

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.

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. Wellington Management Company llp provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. For the year ended January 31, 2023, the investment advisory fee represented an effective annual basic rate of 0.01% of the fund's average net assets.

C. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund 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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $624,000, representing less than 0.01% of the fund's net assets and 0.25% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

D. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset arrangements reduced the fund's expenses by $200,000 (an annual rate of less than 0.01% of average net assets).

E. 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.**

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[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

The following table summarizes the market value of the fund's investments and derivatives as of January 31, 2023, 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;&nbsp;&nbsp;16549107 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16549107 |
| Asset-Backed/Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207516 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207516 |
| Temporary Cash Investments | 106306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254400 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360706 |
| Total | 106306 | &nbsp;&nbsp;&nbsp;17011023 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17117329 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3053 | &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;3053 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4240 | &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;4240 |

---

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.

F. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15814 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(1186693) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;(1197992) |

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[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

GNMA Fund

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;453433 | &nbsp;&nbsp;&nbsp;&nbsp;214096 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;453433 | &nbsp;&nbsp;&nbsp;&nbsp;214096 |

---

\* Includes short-term capital gains, if any.

As of January 31, 2023, 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;18315321 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73406 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1271398) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(1197992) |

---

G. During the year ended January 31, 2023, the fund purchased $88,356,589,000 of investment securities and sold $91,431,653,000 of investment securities, other than temporary cash investments.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;286688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59106 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;127545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5183 |
| Redeemed | (1261342) | &nbsp;&nbsp;(129326) | &nbsp;&nbsp;(1474071) | &nbsp;&nbsp;(138852) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;(847109) | &nbsp;&nbsp;&nbsp;&nbsp;(86498) | &nbsp;&nbsp;&nbsp;&nbsp;(789418) | &nbsp;&nbsp;&nbsp;&nbsp;(74563) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;1210417 | &nbsp;&nbsp;&nbsp;&nbsp;126390 | &nbsp;&nbsp;&nbsp;&nbsp;2344913 | &nbsp;&nbsp;&nbsp;&nbsp;220452 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;247028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11356 |
| Redeemed | (3963613) | &nbsp;&nbsp;(411886) | &nbsp;&nbsp;(5961190) | &nbsp;&nbsp;(561063) |
| Net Increase (Decrease)—Admiral Shares | (2506168) | &nbsp;&nbsp;(259483) | &nbsp;&nbsp;(3495820) | &nbsp;&nbsp;(329255) |

---

I. Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

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[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Fixed Income Securities Funds and Shareholders of Vanguard ‎GNMA Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of ‎investments, of Vanguard GNMA Fund (one of the funds constituting Vanguard Fixed Income ‎Securities Funds, referred to hereafter as the "Fund") as of January 31, 2023, the related statement of ‎operations for the year ended January 31, 2023, the statement of changes in net assets for each of ‎the two years in the period ended January 31, 2023, including the related notes, and the financial ‎highlights for each of the five years in the period ended January 31, 2023 (collectively referred to as ‎the "financial statements"). In our opinion, the financial statements present fairly, in all material ‎respects, the financial position of the Fund as of January 31, 2023, the results of its operations for the ‎year then ended, the changes in its net assets for each of the two years in the period ended January ‎‎31, 2023 and the financial highlights for each of the five years in the period ended January 31, 2023 in ‎conformity with accounting principles generally accepted in the United States of America.‎

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to ‎express an opinion on the Fund's financial statements based on our audits. We are a public ‎accounting firm registered with the Public Company Accounting Oversight Board (United States) ‎‎(PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. ‎federal securities laws and the applicable rules and regulations of the Securities and Exchange ‎Commission and the PCAOB.‎

We conducted our audits of these financial statements in accordance with the standards of the ‎PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance ‎about whether the financial statements are free of material misstatement, whether due to error or fraud.‎

Our audits included performing procedures to assess the risks of material misstatement of the ‎financial statements, whether due to error or fraud, and performing procedures that respond to those ‎risks. Such procedures included examining, on a test basis, evidence regarding the amounts and ‎disclosures in the financial statements. Our audits also included evaluating the accounting principles ‎used and significant estimates made by management, as well as evaluating the overall presentation of ‎the financial statements. Our procedures included confirmation of securities owned as of January 31, ‎‎2023 by correspondence with the custodian, transfer agent and brokers; when replies were not ‎received from brokers, we performed other auditing procedures. We believe that our audits provide a ‎reasonable basis for our opinion.‎

‎ /s/PricewaterhouseCoopers LLP<br> ‎Philadelphia, Pennsylvania<br> March 23, 2023‎

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds ‎since 1975.‎

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Tax information (unaudited)

The fund hereby designates $2,803,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund hereby designates 100%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the regulations thereunder for the fiscal year.

The fund hereby designates 98.8%, or if subsequently determined to be different, the maximum percentage allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.

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[**Table of Contents**](#JOB_Vangu_e88c71b2-4cc6-4282-92ca-2d7905ee9405_TOCtm234052d1_gnma)

"Bloomberg<sup>®</sup>" and Bloomberg U.S. GNMA Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).

The GNMA Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the GNMA Fund or any member of the public regarding the advisability of investing in securities generally or in the GNMA Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg U.S. GNMA Index, which is determined, composed and calculated by BISL without regard to Vanguard or the GNMA Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the GNMA Fund into consideration in determining, composing or calculating the Bloomberg U.S. GNMA Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the GNMA Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to GNMA Fund customers, in connection with the administration, marketing or trading of the GNMA Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG U.S. GNMA INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE GNMA FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG U.S. GNMA INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG U.S. GNMA INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE GNMA FUND OR BLOOMBERG U.S. GNMA INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.© 2023 Bloomberg.

Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund's trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the *Statement of Additional Information*, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

#### Interested Trustee<sup>1</sup>

#### Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.

#### Independent Trustees

#### Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University's Leavey School of Business.

#### Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief ‎operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of ‎Hillenbrand, Inc. (global industrial company). Director of the V Foundation. Member of the advisory council for the College of Arts and ‎Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.

1 Mr. Buckley is considered an "interested person," as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

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#### Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM's Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

#### Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer ‎‎(retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. ‎‎(investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment ‎Committee, and the board of directors of Paxos Trust Company (finance).

#### Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.

#### André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).

#### Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–‎‎2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of ‎financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–‎present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School ‎‎(2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Corporation Ltd. (climate policy advisory services). ‎Member of the board of directors of Arcadia Corporation (energy solution technology).

#### David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.

#### Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

#### Executive Officers

#### Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer ‎‎(November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) ‎and deputy chief compliance officer (2017–2019) of State Street.

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#### Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

#### John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).

#### Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the ‎investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at ‎Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

#### Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

#### Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director of the board of National Grid (energy).

#### Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

#### Vanguard Senior Management Team

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| | |
|:---|:---|
| **Matthew Benchener** | **Thomas M. Rampulla** |
| **Joseph Brennan** | **Karin A. Risi** |
| **Mortimer J. Buckley** | **Anne E. Robinson** |
| **Gregory Davis** | **Michael Rollings** |
| **John James** | **Nitin Tandon** |
| **Chris D. McIsaac** | **Lauren Valente** |

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![](tm234052d1gnmai006.jpg)

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

#### Fund Information > 800-662-7447

#### Direct Investor Account Services > 800-662-2739

#### Institutional Investor Services > 800-523-1036

#### Text Telephone for People<br> Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund's current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard's proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC's website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC's website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

CFA<sup>®</sup> is a registered trademark owned by CFA Institute.© 2023 The Vanguard Group, Inc.<br> All rights reserved.<br> Vanguard Marketing Corporation, Distributor.

Q360 032023

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![](tm234052d2reitindexarq12i001.jpg)

#### Annual Report \| January 31, 2023
Vanguard Real Estate Index Funds

Vanguard Real Estate Index Fund <br> Vanguard Real Estate II Index Fund

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*Contents*

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| | |
|:---|:---|
| [Your Fund's Performance at a Glance](#xx_36049146-9849-407b-88e9-195f0a4471d0_1tm234052d2_reitindexarq1230)<br>| 1 |
| [AboutYour Fund's Expenses](#xx_9cc28a74-d54d-44ae-a254-47bfe225e329_1tm234052d2_reitindexarq1230)<br>| 2 |
| [Real Estate Index Fund](#xx_b24aab80-8da8-4c98-8c0d-bc22ff242fd7_1tm234052d2_reitindexarq1230)<br>| 4 |
| [Real Estate II Index Fund](#xx_1f0af3b5-5654-4133-9a1d-13b6ebbdbc65_1tm234052d2_reitindexarq1230)<br>| 29 |

---

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

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Your Fund's Performance at a Glance

• For the 12 months ended January 31, 2023, returns for Vanguard Real Estate Index Fund ranged from –11.39% for Investor Shares to –11.27% for Institutional Shares, –11.26% for Admiral Shares, and
 –11.25% for ETF Shares (based on net asset value). Vanguard Real Estate II Index Fund returned –11.23%. The results slightly lagged those of the funds' benchmark index.

• Despite some relief in midsummer and toward the end of the period, it was a volatile, challenging time for financial markets. Early on, inflation readings around much of the world continued climbing to multidecade
highs amid supply chain bottlenecks, rising energy and food prices, and broader price increases in goods and services. Central banks responded by aggressively tightening monetary policy. Later, it appeared that
inflation might have peaked, and central banks began slowing their pace of interest rate hikes.

• Sticky inflation, dramatic rate hikes, and fears of a recession weighed heavily on sentiment in the stock market.

• The majority of the 12 sectors recorded negative returns for the 12 months. Real estate operating companies, mortgage and office REITs, and real estate services performed the worst.

• For the 10 years ended January 31, 2023, average annual returns for the Real Estate Index Fund ranged from 6.95% for Investor Shares to 7.08% for the Real Estate ETF, 7.09% for
Admiral Shares, and 7.11% for Institutional Shares, in line with its benchmark's return. The Real Estate Index II Fund launched in 2017 and doesn't have a 10-year record.

*Market Barometer*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Year | &nbsp;&nbsp;&nbsp;&nbsp;Three Years | &nbsp;&nbsp;&nbsp;&nbsp;Five Years |
| **Stocks** |  |  |  |
| Russell 1000 Index (Large-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66% | &nbsp;&nbsp;&nbsp;&nbsp;9.38% |
| Russell 2000 Index (Small-caps) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| Russell 3000 Index (Broad U.S. market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| FTSE All-World ex US Index (International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| **Bonds** |  |  |  |
| Bloomberg U.S. Aggregate Float Adjusted Index<br> (Broad taxable market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.40% | &nbsp;&nbsp;&nbsp;&nbsp;-2.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Bloomberg Municipal Bond Index<br> (Broad tax-exempt market) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;-0.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| FTSE Three-Month U.S. Treasury Bill Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **CPI** |  |  |  |
| Consumer Price Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% |

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About Your Fund's Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.

A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund's costs in two ways:

**•** **Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.** 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

**•** **Based on hypothetical 5% yearly return. This section is intended to help you compare your fund's costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund's actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.** 

Note that the expenses shown in the table are meant to highlight and help you compare *ongoing* costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

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| | | | |
|:---|:---|:---|:---|
| **Six Months Ended January 31, 2023** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning<br> Account Value<br> 7/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp;Ending<br> Account Value<br> 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;Expenses<br> Paid During<br> Period |
| **Based on Actual Fund Return** |  |  |  |
| Real Estate Index Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$943.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral™ Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Real Estate II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$943.70 | &nbsp;&nbsp;&nbsp;&nbsp;$0.39 |
| **Based on Hypothetical 5% Yearly Return** |  |  |  |
| Real Estate Index Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1023.89 | &nbsp;&nbsp;&nbsp;&nbsp;$1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Real Estate II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1024.80 | &nbsp;&nbsp;&nbsp;&nbsp;$0.41 |

---

The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the Real Estate Index Fund, 0.26% for Investor Shares, 0.12% for ETF Shares, 0.12% for Admiral Shares, and 0.10% for Institutional Shares; and for the Real Estate II Index Fund, 0.08%. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

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Real Estate Index Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: January 31, 2013, Through January 31, 2023
Initial Investment of $10,000

![](tm234052d2reitindexarq12i002.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  |  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| ![](tm234052d2reitindexarq12i003.jpg) | &nbsp;&nbsp;&nbsp;Real Estate Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;-11.39% | &nbsp;&nbsp;&nbsp;&nbsp;6.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% | &nbsp;&nbsp;&nbsp;&nbsp;$19573 |
| ![](tm234052d2reitindexarq12i004.jpg) | &nbsp;&nbsp;&nbsp;Real Estate Spliced Index | &nbsp;&nbsp;&nbsp;-11.15 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20031 |
| ![](tm234052d2reitindexarq12i005.jpg) | &nbsp;&nbsp;&nbsp;Dow Jones U.S. Total Stock Market Float Adjusted Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31581 |

---

Real Estate Spliced Index: MSCI US REIT Index through February 1, 2018; MSCI US Investable Market Real Estate 25/50 Transition Index through July 24, 2018; MSCI US Investable Market Real Estate 25/50 Index thereafter.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| Real Estate Index Fund ETF Shares Net Asset Value | &nbsp;&nbsp;&nbsp;-11.25% | &nbsp;&nbsp;&nbsp;6.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08% | &nbsp;&nbsp;&nbsp;&nbsp;$19824 |
| Real Estate Index Fund ETF Shares Market Price | &nbsp;&nbsp;&nbsp;-11.24 | &nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19821 |
| Real Estate Spliced Index | &nbsp;&nbsp;&nbsp;-11.15 | &nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20031 |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.42 | &nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31581 |

---

See Financial Highlights for dividend and capital gains information.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $10,000<br> Investment |
| Real Estate Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;-11.26% | &nbsp;&nbsp;&nbsp;6.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;$19845 |
| Real Estate Spliced Index | &nbsp;&nbsp;&nbsp;-11.15 | &nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20031 |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.42 | &nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31581 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $5,000,000<br> Investment |
| Real Estate Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;-11.27% | &nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11% | &nbsp;&nbsp;&nbsp;&nbsp;$9938961 |
| Real Estate Spliced Index | &nbsp;&nbsp;&nbsp;-11.15 | &nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10015355 |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.42 | &nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15790549 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Cumulative Returns of ETF Shares: January 31, 2013, Through January 31, 2023** | **Cumulative Returns of ETF Shares: January 31, 2013, Through January 31, 2023** | **Cumulative Returns of ETF Shares: January 31, 2013, Through January 31, 2023** | **Cumulative Returns of ETF Shares: January 31, 2013, Through January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ten<br> Years |
| Real Estate Index Fund ETF Shares Market Price | &nbsp;&nbsp;&nbsp;-11.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.21% |
| Real Estate Index Fund ETF Shares Net Asset Value | &nbsp;&nbsp;&nbsp;-11.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.24 |
| Real Estate Spliced Index | &nbsp;&nbsp;&nbsp;-11.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.31 |

---

For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, click on Price, and then scroll down to the Premium/Discount chart. The ETF premium/discount chart there shows the percentage and days on which the ETF Shares' market price was above or below the NAV.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Diversified Real Estate Activities | &nbsp;&nbsp;&nbsp;0.1% |
| Diversified REITs | &nbsp;&nbsp;&nbsp;3.0 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;7.9 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;2.8 |
| Industrial REITs | 12.6 |
| Office REITs | &nbsp;&nbsp;&nbsp;5.5 |
| Real Estate Development | &nbsp;&nbsp;&nbsp;0.3 |
| Real Estate Operating Companies | &nbsp;&nbsp;&nbsp;0.4 |
| Real Estate Services | &nbsp;&nbsp;&nbsp;4.1 |
| Residential REITs | 13.6 |
| Retail REITs | 12.6 |
| Specialized REITs | 37.1 |

---

The table reflects the fund's investments, except for short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard ("GICS"), except for the "Other" category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard and Poor's, a division of McGraw-Hill Companies, Inc. ("S&P"), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Equity Real Estate Investment Trusts (REITs) (95.0%)** | **Equity Real Estate Investment Trusts (REITs) (95.0%)** | **Equity Real Estate Investment Trusts (REITs) (95.0%)** | **Equity Real Estate Investment Trusts (REITs) (95.0%)** |
| **Diversified REITs (2.6%)** | **Diversified REITs (2.6%)** | **Diversified REITs (2.6%)** | **Diversified REITs (2.6%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;WP Carey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8608205 | &nbsp;&nbsp;&nbsp;&nbsp;736260 |
| | &nbsp;&nbsp;&nbsp;&nbsp;STORE Capital Corp. | &nbsp;&nbsp; 11353001 | &nbsp;&nbsp;&nbsp;&nbsp;365680 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Essential Properties Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6299864 | &nbsp;&nbsp; 160521 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Broadstone Net Lease Inc. | &nbsp;&nbsp; 7722008 | &nbsp;&nbsp; 139846 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Global Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4629492 | &nbsp;&nbsp; 69211 |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2296988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65372 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alexander & Baldwin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3246506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64995 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Empire State Realty Trust Inc. Class A | &nbsp;&nbsp; 6163089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51400 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Armada Hoffler Properties Inc. | &nbsp;&nbsp; 3019416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38286 |
| | &nbsp;&nbsp;&nbsp;&nbsp;iStar Inc. | &nbsp;&nbsp; 3807294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35332 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | &nbsp;&nbsp; 1761403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29926 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust | &nbsp;&nbsp;&nbsp;&nbsp;1405990 | &nbsp;&nbsp; 18404 |
| | &nbsp;&nbsp;&nbsp;&nbsp;One Liberty Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752349 | &nbsp;&nbsp; 18139 |
|  |  |  | &nbsp;&nbsp; **1793372** |
| **Health Care REITs (6.9%)** | **Health Care REITs (6.9%)** | **Health Care REITs (6.9%)** | **Health Care REITs (6.9%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp; 19927089 | 1495329 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc. | &nbsp;&nbsp; 17836395 | &nbsp;&nbsp; 924104 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | &nbsp;&nbsp; 24077458 | &nbsp;&nbsp;&nbsp;&nbsp;661648 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Trust Inc. Class A | &nbsp;&nbsp; 16980986 | &nbsp;&nbsp; 365601 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Medical Properties Trust Inc. | 26728489 | &nbsp;&nbsp; 346134 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | &nbsp;&nbsp; 10446488 | &nbsp;&nbsp; 307545 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Physicians Realty Trust | &nbsp;&nbsp; 10096143 | &nbsp;&nbsp; 160125 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sabra Health Care REIT Inc. | &nbsp;&nbsp; 10309979 | &nbsp;&nbsp; 139185 |
| | &nbsp;&nbsp;&nbsp;&nbsp;National Health Investors Inc. | &nbsp;&nbsp; 1993214 | &nbsp;&nbsp;&nbsp; 117261 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4330908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89736 |
| | &nbsp;&nbsp;&nbsp;&nbsp;LTC Properties Inc. | &nbsp;&nbsp; 1808103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68979 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Healthcare Trust Inc. | &nbsp;&nbsp; 1063187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Medical REIT Inc. | &nbsp;&nbsp; 2774558 | &nbsp;&nbsp; 31158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | &nbsp;&nbsp; 10716655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8481 |
|  |  | &nbsp;&nbsp; **4792942** |
| **Hotel & Resort REITs (2.5%)** | **Hotel & Resort REITs (2.5%)** | **Hotel & Resort REITs (2.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts Inc. | 31900770 | &nbsp;&nbsp; 601330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties Inc. | &nbsp;&nbsp; 2338106 | &nbsp;&nbsp; 217187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9700839 | &nbsp;&nbsp; 171996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Park Hotels & Resorts Inc. | &nbsp;&nbsp; 10030773 | &nbsp;&nbsp; 147553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors Inc. | &nbsp;&nbsp; 9477828 | &nbsp;&nbsp; 104161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;5868441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96242 |
| &nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp; 7265444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91327 |
| &nbsp;&nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp; 9416148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts Inc. | &nbsp;&nbsp; 5105117 | &nbsp;&nbsp; 76066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;&nbsp; 7374649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties Inc. | &nbsp;&nbsp; 4766517 | &nbsp;&nbsp; 40611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;2070669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29424 |
|  |  | &nbsp;&nbsp; **1732282** |
| **Industrial REITs (11.0%)** | **Industrial REITs (11.0%)** | **Industrial REITs (11.0%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc. | &nbsp;&nbsp; 41187127 | 5324672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty Inc. | &nbsp;&nbsp; 7633409 | &nbsp;&nbsp;&nbsp;&nbsp;484492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust Inc. | &nbsp;&nbsp; 12018685 | &nbsp;&nbsp; 377507 |
| &nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1944393 | &nbsp;&nbsp; 327144 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5894270 | &nbsp;&nbsp; 314459 |
| &nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial Inc. | &nbsp;&nbsp; 7998344 | &nbsp;&nbsp; 284741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp; 3371074 | &nbsp;&nbsp;&nbsp; 217198 |
| &nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp; 12485278 | &nbsp;&nbsp; 144205 |

---

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| | &nbsp;&nbsp;&nbsp;&nbsp;Innovative Industrial Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1248492 | &nbsp;&nbsp; 112090 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Plymouth Industrial REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1789256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40044 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust | &nbsp;&nbsp; 2910003 | &nbsp;&nbsp; 12833 |
|  |  |  | &nbsp;&nbsp; **7639385** |
| **Office REITs (4.8%)** | **Office REITs (4.8%)** | **Office REITs (4.8%)** | **Office REITs (4.8%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 6916996 | &nbsp;&nbsp; 1111838 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Boston Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6644087 | &nbsp;&nbsp;&nbsp;&nbsp;495250 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4693244 | &nbsp;&nbsp; 192611 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Cousins Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6756799 | &nbsp;&nbsp; 185271 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp; 7273008 | &nbsp;&nbsp; 177389 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4695483 | &nbsp;&nbsp; 142602 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | &nbsp;&nbsp; 5014539 | &nbsp;&nbsp; 140758 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Douglas Emmett Inc. | &nbsp;&nbsp; 7846678 | &nbsp;&nbsp; 131432 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equity Commonwealth | &nbsp;&nbsp;&nbsp;&nbsp;4960886 | &nbsp;&nbsp; 126602 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2870606 | &nbsp;&nbsp; 118125 |
| | &nbsp;&nbsp;&nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;4595791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92559 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6324828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72040 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Easterly Government Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3852655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62567 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Veris Residential Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3456969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59806 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust Inc. Class A | &nbsp;&nbsp; 5511535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58422 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Paramount Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8053502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51945 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Brandywine Realty Trust | &nbsp;&nbsp; 7664789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50281 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Office Properties Income Trust | &nbsp;&nbsp; 2160075 | &nbsp;&nbsp; 37067 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Orion Office REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2524592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24362 |
| | &nbsp;&nbsp;&nbsp;&nbsp;City Office REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1852461 | &nbsp;&nbsp; 18228 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. | &nbsp;&nbsp; 4133818 | &nbsp;&nbsp; 12732 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;New York REIT Liquidating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp; 14 |
|  |  |  | &nbsp;&nbsp; **3361901** |
| **Other (12.1%)<sup>3</sup>** | **Other (12.1%)<sup>3</sup>** | **Other (12.1%)<sup>3</sup>** | **Other (12.1%)<sup>3</sup>** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Real Estate II Index Fund | &nbsp;&nbsp;&nbsp;387519976 | &nbsp;&nbsp; 8471187 |
| **Residential REITs (11.8%)** | **Residential REITs (11.8%)** | **Residential REITs (11.8%)** | **Residential REITs (11.8%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6239635 | &nbsp;&nbsp;&nbsp; 1107161 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp; 15344227 | &nbsp;&nbsp; 976660 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes Inc. | &nbsp;&nbsp; 27236187 | &nbsp;&nbsp; 885176 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sun Communities Inc. | &nbsp;&nbsp; 5503127 | &nbsp;&nbsp;&nbsp;&nbsp;863220 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 5151214 | &nbsp;&nbsp; 858810 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust Inc. | &nbsp;&nbsp; 2906001 | &nbsp;&nbsp;&nbsp;&nbsp;656960 |
| | &nbsp;&nbsp;&nbsp;&nbsp;UDR Inc. | &nbsp;&nbsp; 14498842 | &nbsp;&nbsp; 617506 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 7888333 | &nbsp;&nbsp;&nbsp;&nbsp;566225 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp; 4515888 | &nbsp;&nbsp;&nbsp;&nbsp;556403 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Class A | &nbsp;&nbsp; 12915399 | &nbsp;&nbsp;&nbsp;&nbsp;442869 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Apartment Income REIT Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6879792 | &nbsp;&nbsp;&nbsp;&nbsp;263221 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9908240 | &nbsp;&nbsp; 186572 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp; 3901427 | &nbsp;&nbsp; 74907 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NexPoint Residential Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1031206 | &nbsp;&nbsp; 52076 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Apartment Investment & Management Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6781782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50931 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46345 |
| | &nbsp;&nbsp;&nbsp;&nbsp;UMH Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2332058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41790 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Bluerock Homes Trust Inc. | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
|  |  |  | &nbsp;&nbsp; **8246835** |
| **Retail REITs (11.0%)** | **Retail REITs (11.0%)** | **Retail REITs (11.0%)** | **Retail REITs (11.0%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp; 27558427 | 1869288 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp; 14207415 | 1825085 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp; 27598339 | &nbsp;&nbsp; 619859 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp; 6872112 | &nbsp;&nbsp; 457889 |
| | &nbsp;&nbsp;&nbsp;&nbsp;National Retail Properties Inc. | &nbsp;&nbsp; 7903313 | &nbsp;&nbsp; 374222 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp; 3248876 | &nbsp;&nbsp;&nbsp;&nbsp;362347 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group Inc. | &nbsp;&nbsp; 13373567 | &nbsp;&nbsp; 314680 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Spirit Realty Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6084329 | &nbsp;&nbsp;&nbsp;&nbsp;266980 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3562592 | &nbsp;&nbsp; 265876 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;9778298 | &nbsp;&nbsp; 212189 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Phillips Edison & Co. Inc. | &nbsp;&nbsp; 5206159 | &nbsp;&nbsp; 174510 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;9588248 | &nbsp;&nbsp; 131743 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8599633 | &nbsp;&nbsp;&nbsp; 117385 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4659047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89034 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Retail Opportunity Investments Corp. | &nbsp;&nbsp; 5559816 | &nbsp;&nbsp; 88012 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp; 5242911 | &nbsp;&nbsp; 82576 |
| | &nbsp;&nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp; 3010096 | &nbsp;&nbsp; 74861 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;4238675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65827 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1773350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64603 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NETSTREIT Corp. | &nbsp;&nbsp; 2249128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45275 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Necessity Retail REIT Inc. Class A | &nbsp;&nbsp; 5942915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40590 |
| | &nbsp;&nbsp;&nbsp;&nbsp;RPT Realty | &nbsp;&nbsp;&nbsp;&nbsp;3796833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39791 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Saul Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639248 | &nbsp;&nbsp; 27366 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Urstadt Biddle Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1334058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25054 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alexander's Inc. | &nbsp;&nbsp; 102436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24306 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CBL & Associates Properties Inc. | &nbsp;&nbsp; 566768 | &nbsp;&nbsp; 15104 |

---

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| | &nbsp;&nbsp;&nbsp;&nbsp;Urstadt Biddle Properties Inc. | &nbsp;&nbsp; 16032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Spirit MTA REIT | &nbsp;&nbsp;&nbsp;&nbsp;2071263 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; **7674721** |
| **Specialized REITs (32.3%)** | **Specialized REITs (32.3%)** | **Specialized REITs (32.3%)** | **Specialized REITs (32.3%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp; 20776071 | &nbsp;&nbsp; 4641167 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4064086 | 2999824 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp; 19323658 | 2862027 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp; 7049932 | &nbsp;&nbsp; 2145576 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. Class A | &nbsp;&nbsp; 4813893 | 1432278 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc. | &nbsp;&nbsp; 12200029 | 1398367 |
| | &nbsp;&nbsp;&nbsp;&nbsp;VICI Properties Inc. Class A | &nbsp;&nbsp; 37576692 | 1284371 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp; 33035120 | &nbsp;&nbsp; 1137399 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5975557 | &nbsp;&nbsp; 943122 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Inc. | &nbsp;&nbsp; 12971309 | &nbsp;&nbsp;&nbsp; 707974 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Gaming & Leisure Properties Inc. | &nbsp;&nbsp; 11451516 | &nbsp;&nbsp; 613343 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp; 10015763 | &nbsp;&nbsp;&nbsp;&nbsp;458622 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Co. Class A | &nbsp;&nbsp; 3887242 | &nbsp;&nbsp; 414147 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Life Storage Inc. | &nbsp;&nbsp; 3765098 | &nbsp;&nbsp;&nbsp;&nbsp;406781 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Rayonier Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6533800 | &nbsp;&nbsp; 237765 |
| | &nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3596091 | &nbsp;&nbsp; 176029 |
| | &nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;3891493 | &nbsp;&nbsp; 158773 |
| | &nbsp;&nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;3346235 | &nbsp;&nbsp; 142148 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Inc. | &nbsp;&nbsp; 6225151 | &nbsp;&nbsp; 123881 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Four Corners Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3635636 | &nbsp;&nbsp; 104561 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Uniti Group Inc. | &nbsp;&nbsp; 10593083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69808 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Safehold Inc. | &nbsp;&nbsp; 1100744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38482 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Gladstone Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1451595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28364 |
|  |  |  | &nbsp;&nbsp;**22524809** |
| **Total Equity Real Estate Investment Trusts (REITs) (Cost $61,308,066)** | **Total Equity Real Estate Investment Trusts (REITs) (Cost $61,308,066)** | **Total Equity Real Estate Investment Trusts (REITs) (Cost $61,308,066)** | **66237434** |
| **Real Estate Management & Development (4.3%)** | **Real Estate Management & Development (4.3%)** | **Real Estate Management & Development (4.3%)** | **Real Estate Management & Development (4.3%)** |
| **Diversified Real Estate Activities (0.1%)** | **Diversified Real Estate Activities (0.1%)** | **Diversified Real Estate Activities (0.1%)** | **Diversified Real Estate Activities (0.1%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;1446722 | &nbsp;&nbsp; 68141 |
| | &nbsp;&nbsp;&nbsp;&nbsp;RMR Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21431 |
|  |  |  | &nbsp;&nbsp; **89572** |
| **Real Estate Development (0.2%)** | **Real Estate Development (0.2%)** | **Real Estate Development (0.2%)** | **Real Estate Development (0.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Howard Hughes Corp. | &nbsp;&nbsp; 1670153 | &nbsp;&nbsp; 142781 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Forestar Group Inc. | &nbsp;&nbsp; 887144 | &nbsp;&nbsp; 13201 |
|  |  |  | &nbsp;&nbsp; **155982** |
| **Real Estate Operating Companies (0.4%)** | **Real Estate Operating Companies (0.4%)** | **Real Estate Operating Companies (0.4%)** | **Real Estate Operating Companies (0.4%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group Inc. | &nbsp;&nbsp;&nbsp; 7317660 | &nbsp;&nbsp; 108301 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp; 5537251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99006 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Seritage Growth Properties Class A | &nbsp;&nbsp;&nbsp;&nbsp;1623385 | &nbsp;&nbsp; 19724 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FRP Holdings Inc. | &nbsp;&nbsp; 273865 | &nbsp;&nbsp; 15383 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WeWork Inc. | &nbsp;&nbsp; 7893023 | &nbsp;&nbsp; 12550 |
|  |  |  | &nbsp;&nbsp; **254964** |
| **Real Estate Services (3.6%)** | **Real Estate Services (3.6%)** | **Real Estate Services (3.6%)** | **Real Estate Services (3.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp; 14331530 | 1225489 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc. | &nbsp;&nbsp; 2138169 | &nbsp;&nbsp;&nbsp;&nbsp;395283 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zillow Group Inc. Class C | &nbsp;&nbsp; 7062314 | &nbsp;&nbsp; 312225 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zillow Group Inc. Class A | &nbsp;&nbsp; 2635902 | &nbsp;&nbsp; 113238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield plc | &nbsp;&nbsp; 6549668 | &nbsp;&nbsp; 94512 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Newmark Group Inc. Class A | &nbsp;&nbsp; 7046602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60389 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;eXp World Holdings Inc. | &nbsp;&nbsp; 3047437 | &nbsp;&nbsp; 47510 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Anywhere Real Estate Inc. | &nbsp;&nbsp; 5101407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Compass Inc. Class A | &nbsp;&nbsp; 10606305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42637 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Marcus & Millichap Inc. | &nbsp;&nbsp; 1160691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42064 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Opendoor Technologies Inc. | &nbsp;&nbsp; 18220853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39904 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Redfin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4000946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29927 |
| | &nbsp;&nbsp;&nbsp;&nbsp;RE/MAX Holdings Inc. Class A | &nbsp;&nbsp; 836768 | &nbsp;&nbsp; 19087 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Douglas Elliman Inc. | &nbsp;&nbsp; 3260615 | &nbsp;&nbsp; 15195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Doma Holdings Inc. | &nbsp;&nbsp; 5139837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Offerpad Solutions Inc. | &nbsp;&nbsp; 2606443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 |
|  |  |  | &nbsp;&nbsp; **2486760** |
| **Total Real Estate Management & Development (Cost $3,883,149)** | **Total Real Estate Management & Development (Cost $3,883,149)** | **Total Real Estate Management & Development (Cost $3,883,149)** | &nbsp;&nbsp;&nbsp;**2987278** |

---

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| <sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.437%<br> **(Cost $399,812)** | &nbsp;&nbsp;&nbsp;&nbsp;3999300 | **399890** |
| **Total Investments (99.9%)<br> (Cost $65,591,027)** | **Total Investments (99.9%)<br> (Cost $65,591,027)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69624602** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48464** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69673066** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $34,913,000. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | "Other" represents securities that are not classified by the fund's benchmark index. |
| 4 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 5 | Represents a wholly owned subsidiary of the fund. See accompanying financial statements for Vanguard Real Estate II Index Fund's Schedule of Investments. |
| 6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 7 | Collateral of $38,046,000 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

------

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| American Homes 4 Rent Class A | 8/31/23 | BANA | &nbsp;&nbsp;&nbsp;31647 | (4.477) | &nbsp;&nbsp;&nbsp;4247 |  |
| Digital Realty Trust Inc. | 8/31/23 | BANA | &nbsp;&nbsp;&nbsp;37601 | (4.477) | &nbsp;&nbsp;&nbsp;5708 |  |
| Digital Realty Trust Inc. | 1/31/24 | GSI | &nbsp;&nbsp;&nbsp;28655 | (4.607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Equity Residential | 8/31/23 | BANA | &nbsp;&nbsp;&nbsp;35400 | (4.477) | &nbsp;&nbsp;&nbsp;3042 |  |
| Redfin Corp. | 1/31/24 | GSI | &nbsp;&nbsp;&nbsp;&nbsp;2618 | (4.557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Simon Property Group Inc. | 1/31/24 | GSI | &nbsp;&nbsp;&nbsp;51384 | (4.607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| VICI Properties Inc. Class A | 8/31/23 | BANA | 174960 | (4.877) | 11054 |  |
| Welltower Inc. | 8/31/23 | BANA | &nbsp;&nbsp;&nbsp;49163 | (4.477) | &nbsp;&nbsp;&nbsp;6946 |  |
|  |  |  |  |  | 30997 |  |

---

1 Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A. <br> GSI—Goldman Sachs International.

At January 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $32,988,000 in connection with open over-the-counter swap contracts.

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

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $57,813,711) | 60753525 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $399,812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399890 |
| &nbsp;&nbsp;Vanguard Real Estate II Index Fund (Cost $7,377,504) | &nbsp;&nbsp;&nbsp;&nbsp;8471187 |
| Total Investments in Securities | 69624602 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24622 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56541 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21640 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30997 |
| **Total Assets** | **69760484** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7203 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38046 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33384 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87418** |
| **Net Assets** | **69673066** |
| 1 Includes $34,913,000 of securities on loan. |  |

---

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

---

| | |
|:---|:---|
| Statement of Assets and Liabilities (continued) | Statement of Assets and Liabilities (continued) |
| <br> <br> **At January 31, 2023, net assets consisted of:** |  |
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| Paid-in Capital | 68336414 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;1336652 |
| **Net Assets** | **69673066** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 4,205,462 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**127243** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$30.26** |
| **ETF Shares—Net Assets** |  |
| **Applicable to 404,429,314 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **36825433** |
| **Net Asset Value Per Share—ETF Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$91.06** |
| **Admiral Shares—Net Assets** |  |
| **Applicable to 171,331,723 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;**22110207** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$129.05** |
| **Institutional Shares—Net Assets** |  |
| **Applicable to 531,216,655 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;**10610183** |
| **Net Asset Value Per Share—Institutional Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19.97** |

---

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

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564425 |
| Dividends—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68745 |
| Dividends—Vanguard Real Estate II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198144 |
| Interest—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6278 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839638 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 |
| &nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9674 |
| &nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Shareholders' Reports—ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 |
| Shareholders' Reports—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82373 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82278 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1757360** |
| **Realized Net Gain (Loss)** |  |
| Capital Gain Distributions Received—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329013 |
| Capital Gain Distributions Received—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Capital Gain Distributions Received—Vanguard Real Estate II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90589 |
| Investment Securities Sold—Unaffiliated Issuers<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537306 |
| Investment Securities Sold—Affiliated Issuers<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41663 |
| Investment Securities Sold—Vanguard Real Estate II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

---

| | |
|:---|:---|
| Statement of Operations (continued) | Statement of Operations (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50078) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2948495** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13306186) |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128233 |
| Investment Securities—Vanguard Real Estate II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1360121) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30997 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(14507077)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9801222)** |

---

---

| | |
|:---|:---|
| 1 | Includes $3,058,163,000 of net gain (loss) resulting from in-kind redemptions. |
| 2 | Includes $69,236,000 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;1757360 | &nbsp;&nbsp;&nbsp;&nbsp;1487532 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;2948495 | &nbsp;&nbsp;&nbsp;&nbsp;2507302 |
| Change in Unrealized Appreciation (Depreciation) | (14507077) | &nbsp;&nbsp;&nbsp;14077791 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(9801222) | &nbsp;&nbsp;&nbsp;18072625 |
| **Distributions** |  |  |
| Net Investment Income and/or Realized Capital Gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(893338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(811715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220900) |
| Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113871) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(2500583) | &nbsp;&nbsp;&nbsp;&nbsp;(2273497) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Shares | &nbsp;&nbsp;&nbsp;(3046898) | &nbsp;&nbsp;&nbsp;&nbsp;6252486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34532 | &nbsp;&nbsp;&nbsp;&nbsp;1052588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221639 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(2747030) | &nbsp;&nbsp;&nbsp;&nbsp;7491600 |
| Total Increase (Decrease) | (15048835) | &nbsp;&nbsp;&nbsp;23290728 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;**84721901** | &nbsp;&nbsp;&nbsp;**61431173** |
| **End of Period** | &nbsp;&nbsp;**69673066** | &nbsp;&nbsp;&nbsp;**84721901** |

---

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

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$35.37** | &nbsp;&nbsp;&nbsp;**$28.23** | &nbsp;&nbsp;&nbsp;**$31.21** | &nbsp;&nbsp;&nbsp;**$27.69** | &nbsp;&nbsp;&nbsp;**$26.40** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.787 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.639 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.426 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.851) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.285) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.136) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$30.26** | &nbsp;&nbsp;&nbsp;**$35.37** | &nbsp;&nbsp;&nbsp;**$28.23** | &nbsp;&nbsp;&nbsp;**$31.21** | &nbsp;&nbsp;&nbsp;**$27.69** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-11.39%** | &nbsp;&nbsp;&nbsp;**28.73%** | &nbsp;&nbsp;&nbsp;**-5.88%** | &nbsp;&nbsp;&nbsp;**16.59%** | &nbsp;&nbsp;&nbsp;**9.53%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$127 | &nbsp;&nbsp;&nbsp;$196 | &nbsp;&nbsp;&nbsp;$188 | &nbsp;&nbsp;&nbsp;$243 | &nbsp;&nbsp;&nbsp;$1871 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.26%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.25% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;3.02% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;24% |

---

---

| | |
|:---|:---|
| 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 0.25%. |
| 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.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ETF Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$106.44** | &nbsp;&nbsp;&nbsp;&nbsp;**$84.96** | &nbsp;&nbsp;&nbsp;**$93.93** | &nbsp;&nbsp;&nbsp;**$83.36** | &nbsp;&nbsp;&nbsp;**$79.47** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.487 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.525) | &nbsp;&nbsp;&nbsp;&nbsp;11.379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.934 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.636) | &nbsp;&nbsp;&nbsp;&nbsp;13.714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.421 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.646) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.885) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.531) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;**$91.06** | &nbsp;&nbsp;&nbsp;**$106.44** | &nbsp;&nbsp;&nbsp;**$84.96** | &nbsp;&nbsp;&nbsp;**$93.93** | &nbsp;&nbsp;&nbsp;**$83.36** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**-11.25%** | &nbsp;&nbsp;&nbsp;**28.88%** | &nbsp;&nbsp;&nbsp;**-5.80%** | &nbsp;&nbsp;&nbsp;**16.70%** | &nbsp;&nbsp;&nbsp;**9.70%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$36825 | &nbsp;&nbsp;&nbsp;$46673 | &nbsp;&nbsp;&nbsp;$32064 | &nbsp;&nbsp;&nbsp;$37682 | &nbsp;&nbsp;&nbsp;$30857 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.12%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;3.15% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;24% |

---

---

| | |
|:---|:---|
| 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 0.12%. |
| 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.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$150.85** | &nbsp;&nbsp;&nbsp;**$120.40** | &nbsp;&nbsp;&nbsp;**$133.12** | &nbsp;&nbsp;&nbsp;**$118.14** | &nbsp;&nbsp;&nbsp;**$112.63** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.507 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.008 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.515 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.751) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.254) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.005) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$129.05** | &nbsp;&nbsp;&nbsp;**$150.85** | &nbsp;&nbsp;&nbsp;**$120.40** | &nbsp;&nbsp;&nbsp;**$133.12** | &nbsp;&nbsp;&nbsp;**$118.14** |
| **Total Return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;**-11.26%** | &nbsp;&nbsp;&nbsp;**28.91%** | &nbsp;&nbsp;&nbsp;**-5.74%** | &nbsp;&nbsp;&nbsp;**16.73%** | &nbsp;&nbsp;&nbsp;**9.69%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$22110 | &nbsp;&nbsp;&nbsp;$25764 | &nbsp;&nbsp;&nbsp;$19702 | &nbsp;&nbsp;&nbsp;$23274 | &nbsp;&nbsp;&nbsp;$18223 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.12%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;0.11% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;3.16% |
| Portfolio Turnover Rate<sup>4</sup> | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;24% |

---

---

| | |
|:---|:---|
| 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 0.12%. |
| 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.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Shares** |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$23.35** | &nbsp;&nbsp;&nbsp;**$18.64** | &nbsp;&nbsp;&nbsp;**$20.60** | &nbsp;&nbsp;&nbsp;**$18.28** | &nbsp;&nbsp;&nbsp;**$17.43** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.543 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.085 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.628 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.583) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.195) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.778) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$19.97** | &nbsp;&nbsp;&nbsp;**$23.35** | &nbsp;&nbsp;&nbsp;**$18.64** | &nbsp;&nbsp;&nbsp;**$20.60** | &nbsp;&nbsp;&nbsp;**$18.28** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**-11.27%** | &nbsp;&nbsp;&nbsp;**28.91%** | &nbsp;&nbsp;&nbsp;**-5.68%** | &nbsp;&nbsp;&nbsp;**16.77%** | &nbsp;&nbsp;&nbsp;**9.70%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$10610 | &nbsp;&nbsp;&nbsp;$12089 | &nbsp;&nbsp;&nbsp;$9478 | &nbsp;&nbsp;&nbsp;$10027 | &nbsp;&nbsp;&nbsp;$8206 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.10%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;0.09% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;3.18% |
| Portfolio Turnover Rate<sup>3</sup> | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;24% |

---

---

| | |
|:---|:---|
| 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 0.10%. |
| 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.

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[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

Notes to Financial Statements

Vanguard Real Estate 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 NYSE Arca; they can be purchased and sold through a broker.

As a part of its principal investment strategy, the fund attempts to replicate its benchmark index by investing all, or substantially all, of its assets—either directly or indirectly through a wholly owned subsidiary—in the stocks that make up the index. Vanguard Real Estate II Index Fund is the wholly owned subsidiary in which the fund has invested a portion of its assets. For additional financial information about the Real Estate II Index Fund, refer to the accompanying financial statements.

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

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. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. 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. Investments in affiliated Vanguard funds are valued at that fund's net asset value.

2. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

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

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[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

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 periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended January 31, 2023, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

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. The portion of distributions that exceed a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings.

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[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Distributions received from investment securities are recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Each investment security reports annually the tax character of its distributions. Dividend income, capital gain distributions received, and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain, and return of capital reported by the REITs, and management's estimates of such amounts for REIT distributions for which actual information has not been reported. Income, capital gain, and return of capital distributions received from affiliated Vanguard funds are recorded on ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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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[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

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. 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 January 31, 2023, the fund had contributed to Vanguard capital in the amount of $2,082,000, representing less than 0.01% of the fund's net assets and 0.83% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset arrangements reduced the fund's expenses by $95,000 (an annual rate of less than 0.01% of average net assets).

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 January 31, 2023, 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 |  |  |  |  |
| Common Stocks | 69224698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;69224712 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399890 |
| Total | 69624588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;69624602 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;30997 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30997 |

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[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions and swap agreements were reclassified between the following accounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;3137196 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(3137196) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of income from real estate investment trusts; and the recognition of unrealized gains or losses from certain derivative contracts. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;3729779 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;(2572771) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179644 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;1336652 |

---

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;1667787 | &nbsp;&nbsp;&nbsp;&nbsp;1500177 |
| Long-Term Capital Gains | &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;— |
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773321 |
| Total | &nbsp;&nbsp;&nbsp;2500583 | &nbsp;&nbsp;&nbsp;&nbsp;2273498 |

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\* Includes short-term capital gains, if any.

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[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

As of January 31, 2023, 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;65894823 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;11273876 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(7544097) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;3729779 |

---

F. During the year ended January 31, 2023, the fund purchased $11,858,060,000 of investment securities and sold $14,892,200,000 of investment securities, other than temporary cash investments. Purchases and sales include $6,055,352,000 and $9,385,117,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $15,414,000 and sales were $4,383,000, resulting in net realized loss of $361,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | 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;12156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(58357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2463) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(41427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1110) |
| **ETF Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;6166911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65225 | &nbsp;&nbsp;12323320 | &nbsp;&nbsp;&nbsp;&nbsp;119786 |
| 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;— |
| Redeemed | (9213809) | &nbsp;&nbsp;&nbsp;&nbsp;(99300) | &nbsp;&nbsp;(6070834) | &nbsp;&nbsp;&nbsp;&nbsp;(58700) |
| Net Increase (Decrease)—ETF Shares | (3046898) | &nbsp;&nbsp;&nbsp;&nbsp;(34075) | &nbsp;&nbsp;&nbsp;&nbsp;6252486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61086 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;2666411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20054 | &nbsp;&nbsp;&nbsp;&nbsp;4265102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29377 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;682639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188 |
| Redeemed | (3314518) | &nbsp;&nbsp;&nbsp;&nbsp;(25007) | &nbsp;&nbsp;(3829240) | &nbsp;&nbsp;&nbsp;&nbsp;(26405) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp;1052588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7160 |

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[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
|  | 2023 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2022 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Institutional Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;2009244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97409 | &nbsp;&nbsp;&nbsp;&nbsp;2230405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98845 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;357630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13695 |
| Redeemed | (2060111) | &nbsp;&nbsp;(102593) | &nbsp;&nbsp;(2320764) | &nbsp;&nbsp;(103325) |
| Net Increase (Decrease)—Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;306763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9215 |

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[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate Index Fund

H. Certain of the fund's investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Jan. 31, 2022<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | Realized<br> Net Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Jan. 31, 2023<br> Market Value<br> ($000) |
| Easterly Government Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90343 | &nbsp;&nbsp;&nbsp;&nbsp;13288 | &nbsp;&nbsp;&nbsp;22120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553) | &nbsp;&nbsp;&nbsp;&nbsp;(16183) | &nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> |
| Equity Commonwealth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20421 | &nbsp;&nbsp;&nbsp;43382 | &nbsp;&nbsp;&nbsp;(2063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;5071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> |
| Hudson Pacific Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16823 | &nbsp;&nbsp;&nbsp;30465 | (18155) | &nbsp;&nbsp;&nbsp;&nbsp;(68244) | &nbsp;&nbsp;&nbsp;&nbsp;6832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;147613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;6278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;399890 |
| Vanguard Real Estate II Index Fund | 9542041 | &nbsp;&nbsp;337315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (1360121) | 198144 | 90589 | 8471187 |
| VICI Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>3,5</sup> | &nbsp;&nbsp;594465 | 424164 | &nbsp;&nbsp;62419 | &nbsp;&nbsp;&nbsp;&nbsp;212541 | &nbsp;&nbsp;&nbsp;54845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> |
| Total | 9779997 | &nbsp;&nbsp;982312 | 520131 | &nbsp;&nbsp;41663 | (1231888) | 273167 | 90591 | 8871077 |

---

---

| | |
|:---|:---|
| 1 | Does not include adjustments related to return of capital. |
| 2 | Not applicable—at January 31, 2023, the security was still held, but the issuer was no longer an affiliated company of the fund. |
| 3 | Not applicable—at January 31, 2022, the issuer was not an affiliated company of the fund. |
| 4 | Not applicable—purchases and sales are for temporary cash investment purposes. |
| 5 | Not applicable—in April 2022, VICI Properties Inc. acquired MGM Growth Properties LLC. |

---

I. Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

Performance Summary

**All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 26, 2017, Through January 31, 2023
Initial Investment of $100,000,000

![](tm234052d2reitindexarq12i006.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 | &nbsp;&nbsp;&nbsp;Average Annual Total Returns<br> Periods Ended January 31, 2023 |  |
|  |  | &nbsp;&nbsp;&nbsp;One<br> Year | &nbsp;&nbsp;&nbsp;&nbsp;Five<br> Years | &nbsp;&nbsp;&nbsp;&nbsp;Since<br> Inception<br> (9/26/2017) | &nbsp;&nbsp;&nbsp;&nbsp;Final Value<br> of a $100,000,000<br> Investment |
| ![](tm234052d2reitindexarq12i003.jpg) | &nbsp;&nbsp;&nbsp;Real Estate II Index Fund | &nbsp;&nbsp;&nbsp;-11.23% | &nbsp;&nbsp;&nbsp;&nbsp;6.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67% | &nbsp;&nbsp;&nbsp;&nbsp;$134285670 |
| ![](tm234052d2reitindexarq12i004.jpg) | &nbsp;&nbsp;&nbsp;Real Estate Spliced Index | &nbsp;&nbsp;&nbsp;-11.15 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134763810 |
| ![](tm234052d2reitindexarq12i005.jpg) | &nbsp;&nbsp;&nbsp;Dow Jones U.S. Total Stock Market Float Adjusted Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174033800 |

---

Real Estate Spliced Index: MSCI US REIT Index through February 1, 2018; MSCI US Investable Market Real Estate 25/50 Transition Index through July 24, 2018; MSCI US Investable Market Real Estate 25/50 Index thereafter.

"Since Inception" performance is calculated from the fund's inception date for both the fund and its comparative standard(s).

See Financial Highlights for dividend and capital gains information.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

Fund Allocation

As of January 31, 2023

---

| | |
|:---|:---|
| Diversified Real Estate Activities | &nbsp;&nbsp;&nbsp;0.2% |
| Diversified REITs | &nbsp;&nbsp;&nbsp;2.9 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;7.9 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;2.8 |
| Industrial REITs | 12.4 |
| Office REITs | &nbsp;&nbsp;&nbsp;5.5 |
| Real Estate Development | &nbsp;&nbsp;&nbsp;0.3 |
| Real Estate Operating Companies | &nbsp;&nbsp;&nbsp;0.4 |
| Real Estate Services | &nbsp;&nbsp;&nbsp;4.1 |
| Residential REITs | 13.6 |
| Retail REITs | 12.6 |
| Specialized REITs | 37.3 |

---

The table reflects the fund's investments, except for short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard ("GICS"), except for the "Other" category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard and Poor's, a division of McGraw-Hill Companies, Inc. ("S&P"), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

Financial Statements

Schedule of Investments

As of January 31, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Equity Real Estate Investment Trusts (REITs) (94.9%)** | **Equity Real Estate Investment Trusts (REITs) (94.9%)** | **Equity Real Estate Investment Trusts (REITs) (94.9%)** | **Equity Real Estate Investment Trusts (REITs) (94.9%)** |
| **Diversified REITs (2.9%)** | **Diversified REITs (2.9%)** | **Diversified REITs (2.9%)** | **Diversified REITs (2.9%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;WP Carey Inc. | 1222290 | &nbsp;&nbsp; 104542 |
| | &nbsp;&nbsp;&nbsp;&nbsp;STORE Capital Corp. | &nbsp;&nbsp;1612144 | &nbsp;&nbsp;&nbsp;&nbsp;51927 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 895719 | &nbsp;&nbsp;&nbsp;&nbsp;22823 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Broadstone Net Lease Inc. | &nbsp;&nbsp;1097179 | &nbsp;&nbsp; 19870 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Global Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;659032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9853 |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Assets Trust Inc. | &nbsp;&nbsp; 326198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alexander & Baldwin Inc. | &nbsp;&nbsp; 461014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9229 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Empire State Realty Trust Inc. Class A | &nbsp;&nbsp; 876755 | &nbsp;&nbsp; 7312 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Armada Hoffler Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;428464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5433 |
| | &nbsp;&nbsp;&nbsp;&nbsp;iStar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;541478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;250489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4256 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust | &nbsp;&nbsp;&nbsp;&nbsp;200024 | &nbsp;&nbsp; 2618 |
| | &nbsp;&nbsp;&nbsp;&nbsp;One Liberty Properties Inc. | &nbsp;&nbsp; 106880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 |
|  |  |  | &nbsp;&nbsp; **254749** |
| **Health Care REITs (7.9%)** | **Health Care REITs (7.9%)** | **Health Care REITs (7.9%)** | **Health Care REITs (7.9%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc. | 2936055 | &nbsp;&nbsp;&nbsp;&nbsp;220322 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc. | 2532696 | &nbsp;&nbsp; 131219 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties Inc. | &nbsp;&nbsp;3419232 | &nbsp;&nbsp;&nbsp;&nbsp;93960 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Trust Inc. Class A | &nbsp;&nbsp;2411439 | &nbsp;&nbsp; 51918 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Medical Properties Trust Inc. | 3795895 | &nbsp;&nbsp; 49157 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | 1483327 | &nbsp;&nbsp;&nbsp;&nbsp;43669 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Physicians Realty Trust | 1435547 | &nbsp;&nbsp; 22768 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sabra Health Care REIT Inc. | 1463753 | &nbsp;&nbsp; 19761 |
| | &nbsp;&nbsp;&nbsp;&nbsp;National Health Investors Inc. | &nbsp;&nbsp; 282818 | &nbsp;&nbsp; 16638 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT Inc. | &nbsp;&nbsp; 614701 | &nbsp;&nbsp; 12737 |
| | &nbsp;&nbsp;&nbsp;&nbsp;LTC Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Community Healthcare Trust Inc. | &nbsp;&nbsp; 151103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6479 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;83070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Medical REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;394880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | &nbsp;&nbsp;1510063 | &nbsp;&nbsp; 1195 |
|  |  | &nbsp;&nbsp; **688599** |
| **Hotel & Resort REITs (2.8%)** | **Hotel & Resort REITs (2.8%)** | **Hotel & Resort REITs (2.8%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts Inc. | 4529546 | &nbsp;&nbsp;&nbsp;&nbsp;85382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;332092 | &nbsp;&nbsp;&nbsp;&nbsp;30848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT Inc. | &nbsp;&nbsp;1377563 | &nbsp;&nbsp;&nbsp;&nbsp;24424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Park Hotels & Resorts Inc. | 1026200 | &nbsp;&nbsp; 15095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors Inc. | &nbsp;&nbsp;1344618 | &nbsp;&nbsp; 14777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;832720 | &nbsp;&nbsp; 13657 |
| &nbsp;&nbsp;&nbsp;&nbsp;RLJ Lodging Trust | 1030971 | &nbsp;&nbsp; 12959 |
| &nbsp;&nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;1336171 | &nbsp;&nbsp; 12867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;724666 | &nbsp;&nbsp; 10798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust | 1045623 | &nbsp;&nbsp; 9317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties Inc. | &nbsp;&nbsp; 676855 | &nbsp;&nbsp; 5767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp; 294311 | &nbsp;&nbsp; 4182 |
|  |  | &nbsp;&nbsp; **240073** |
| **Industrial REITs (12.4%)** | **Industrial REITs (12.4%)** | **Industrial REITs (12.4%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc. | 5848437 | &nbsp;&nbsp;&nbsp;&nbsp;756086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty Inc. | &nbsp;&nbsp;1083911 | &nbsp;&nbsp;&nbsp;&nbsp;68796 |
| &nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties Inc. | &nbsp;&nbsp; 276035 | &nbsp;&nbsp;&nbsp;&nbsp;46443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust Inc. | &nbsp;&nbsp;1457078 | &nbsp;&nbsp; 45767 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc. | &nbsp;&nbsp; 836745 | &nbsp;&nbsp;&nbsp;&nbsp;44640 |
| &nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial Inc. | &nbsp;&nbsp;1135488 | &nbsp;&nbsp;&nbsp;&nbsp;40423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;478790 | &nbsp;&nbsp;&nbsp;&nbsp;30848 |
| &nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;1773744 | &nbsp;&nbsp;&nbsp;&nbsp;20487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovative Industrial Properties Inc. | &nbsp;&nbsp; 177341 | &nbsp;&nbsp; 15922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plymouth Industrial REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust | &nbsp;&nbsp; 416776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 |
|  |  | &nbsp;&nbsp;**1076932** |

---

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[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Office REITs (5.5%)** | **Office REITs (5.5%)** | **Office REITs (5.5%)** | **Office REITs (5.5%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 982123 | &nbsp;&nbsp; 157866 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Boston Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;943551 | &nbsp;&nbsp; 70332 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;666203 | &nbsp;&nbsp; 27341 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Cousins Properties Inc. | &nbsp;&nbsp; 959195 | &nbsp;&nbsp; 26301 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust | 1032690 | &nbsp;&nbsp; 25187 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;666545 | &nbsp;&nbsp; 20243 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | &nbsp;&nbsp; 712501 | &nbsp;&nbsp;&nbsp;&nbsp;20000 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Douglas Emmett Inc. | &nbsp;&nbsp;&nbsp;1114112 | &nbsp;&nbsp; 18661 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equity Commonwealth | &nbsp;&nbsp; 705107 | &nbsp;&nbsp; 17994 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp; 407189 | &nbsp;&nbsp; 16756 |
| | &nbsp;&nbsp;&nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp; 653519 | &nbsp;&nbsp; 13162 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Hudson Pacific Properties Inc. | &nbsp;&nbsp; 897852 | &nbsp;&nbsp; 10227 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Easterly Government Properties Inc. Class A | &nbsp;&nbsp; 546152 | &nbsp;&nbsp; 8870 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Veris Residential Inc. | &nbsp;&nbsp;&nbsp;&nbsp;490802 | &nbsp;&nbsp; 8491 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;781797 | &nbsp;&nbsp; 8287 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Paramount Group Inc. | &nbsp;&nbsp;1143174 | &nbsp;&nbsp;&nbsp; 7374 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 1084906 | &nbsp;&nbsp;&nbsp; 7117 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Office Properties Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;306675 | &nbsp;&nbsp; 5263 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Orion Office REIT Inc. | &nbsp;&nbsp; 357915 | &nbsp;&nbsp; 3454 |
| | &nbsp;&nbsp;&nbsp;&nbsp;City Office REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263546 | &nbsp;&nbsp; 2593 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. | &nbsp;&nbsp; 590918 | &nbsp;&nbsp; 1820 |
|  |  |  | &nbsp;&nbsp; **477339** |
| **Residential REITs (13.6%)** | **Residential REITs (13.6%)** | **Residential REITs (13.6%)** | **Residential REITs (13.6%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;885998 | &nbsp;&nbsp;&nbsp; 157211 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;2264001 | &nbsp;&nbsp; 144104 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes Inc. | &nbsp;&nbsp;3867562 | &nbsp;&nbsp; 125696 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;781453 | &nbsp;&nbsp; 122579 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;731459 | &nbsp;&nbsp; 121949 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust Inc. | &nbsp;&nbsp; 412599 | &nbsp;&nbsp; 93276 |
| | &nbsp;&nbsp;&nbsp;&nbsp;UDR Inc. | &nbsp;&nbsp;2058674 | &nbsp;&nbsp; 87679 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties Inc. | &nbsp;&nbsp;1120051 | &nbsp;&nbsp; 80397 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp; 641214 | &nbsp;&nbsp;&nbsp;&nbsp;79004 |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Class A | 1982924 | &nbsp;&nbsp; 67994 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Apartment Income REIT Corp. Class A | &nbsp;&nbsp; 976919 | &nbsp;&nbsp; 37377 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust Inc. | 1408056 | &nbsp;&nbsp; 26514 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp; 553414 | &nbsp;&nbsp; 10626 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NexPoint Residential Trust Inc. | &nbsp;&nbsp; 146387 | &nbsp;&nbsp; 7392 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Apartment Investment & Management Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;964549 | &nbsp;&nbsp; 7244 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| | &nbsp;&nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp; 97523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594 |
| | &nbsp;&nbsp;&nbsp;&nbsp;UMH Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;331073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933 |
|  |  |  | &nbsp;&nbsp;**1181569** |
| **Retail REITs (12.6%)** | **Retail REITs (12.6%)** | **Retail REITs (12.6%)** | **Retail REITs (12.6%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group Inc. | &nbsp;&nbsp;2074197 | &nbsp;&nbsp;&nbsp;&nbsp;266451 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;3913115 | &nbsp;&nbsp;&nbsp;&nbsp;265427 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;3919129 | &nbsp;&nbsp;&nbsp;&nbsp;88024 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp; 975762 | &nbsp;&nbsp; 65015 |
| | &nbsp;&nbsp;&nbsp;&nbsp;National Retail Properties Inc. | &nbsp;&nbsp;1122346 | &nbsp;&nbsp; 53143 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;461506 | &nbsp;&nbsp;&nbsp;&nbsp;51472 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group Inc. | 1898578 | &nbsp;&nbsp; 44674 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Spirit Realty Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;863856 | &nbsp;&nbsp; 37906 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;505859 | &nbsp;&nbsp; 37752 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 1388585 | &nbsp;&nbsp; 30132 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;739322 | &nbsp;&nbsp;&nbsp;&nbsp;24782 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Macerich Co. | 1361425 | &nbsp;&nbsp; 18706 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;1221116 | &nbsp;&nbsp; 16668 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;661005 | &nbsp;&nbsp; 12632 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Retail Opportunity Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;789232 | &nbsp;&nbsp; 12494 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp; 744040 | &nbsp;&nbsp; 11719 |
| | &nbsp;&nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;426949 | &nbsp;&nbsp; 10618 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp; 601824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9346 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;251894 | &nbsp;&nbsp; 9176 |
| | &nbsp;&nbsp;&nbsp;&nbsp;NETSTREIT Corp. | &nbsp;&nbsp; 318416 | &nbsp;&nbsp; 6410 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Necessity Retail REIT Inc. Class A | &nbsp;&nbsp; 843319 | &nbsp;&nbsp; 5760 |
| | &nbsp;&nbsp;&nbsp;&nbsp;RPT Realty | &nbsp;&nbsp;&nbsp;&nbsp;538528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Saul Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Urstadt Biddle Properties Inc. Class A | &nbsp;&nbsp; 191345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Alexander's Inc. | &nbsp;&nbsp; 14595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CBL & Associates Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80280 | &nbsp;&nbsp; 2139 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Spirit MTA REIT | &nbsp;&nbsp; 257871 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;**1097036** |
| **Specialized REITs (37.2%)** | **Specialized REITs (37.2%)** | **Specialized REITs (37.2%)** | **Specialized REITs (37.2%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;2950127 | &nbsp;&nbsp;&nbsp;&nbsp;659029 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc. | &nbsp;&nbsp; 577084 | &nbsp;&nbsp;&nbsp;&nbsp;425963 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;2743886 | &nbsp;&nbsp;&nbsp;&nbsp;406397 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;1001058 | &nbsp;&nbsp;&nbsp;&nbsp;304662 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc. | &nbsp;&nbsp;1821104 | &nbsp;&nbsp;&nbsp;&nbsp;208735 |
| | &nbsp;&nbsp;&nbsp;&nbsp;VICI Properties Inc. Class A | &nbsp;&nbsp;6102367 | &nbsp;&nbsp;&nbsp;&nbsp;208579 |
| | &nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;683548 | &nbsp;&nbsp; 203376 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 4690809 | &nbsp;&nbsp; 161505 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;848508 | &nbsp;&nbsp; 133920 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Inc. | 1841970 | &nbsp;&nbsp; 100535 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Gaming & Leisure Properties Inc. | &nbsp;&nbsp;1626169 | &nbsp;&nbsp; 87098 |
| | &nbsp;&nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;1422150 | &nbsp;&nbsp; 65120 |

---

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| | &nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;552007 | &nbsp;&nbsp; 58811 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Life Storage Inc. | &nbsp;&nbsp; 534715 | &nbsp;&nbsp; 57771 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Rayonier Inc. | &nbsp;&nbsp; 927884 | &nbsp;&nbsp; 33766 |
| | &nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp; 510642 | &nbsp;&nbsp;&nbsp;&nbsp;24996 |
| | &nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;552342 | &nbsp;&nbsp;&nbsp;&nbsp;22535 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;475386 | &nbsp;&nbsp; 20194 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;882979 | &nbsp;&nbsp; 17571 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Four Corners Property Trust Inc. | &nbsp;&nbsp; 516003 | &nbsp;&nbsp; 14840 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Uniti Group Inc. | 1504029 | &nbsp;&nbsp; 9911 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Safehold Inc. | &nbsp;&nbsp; 156502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Gladstone Land Corp. | &nbsp;&nbsp; 206103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027 |
|  |  |  | &nbsp;&nbsp;**3234812** |
| **Total Equity Real Estate Investment Trusts (REITs) (Cost $7,046,202)** | **Total Equity Real Estate Investment Trusts (REITs) (Cost $7,046,202)** | **Total Equity Real Estate Investment Trusts (REITs) (Cost $7,046,202)** | **8251109** |
| **Real Estate Management & Development (4.9%)** | **Real Estate Management & Development (4.9%)** | **Real Estate Management & Development (4.9%)** | **Real Estate Management & Development (4.9%)** |
| **Diversified Real Estate Activities (0.1%)** | **Diversified Real Estate Activities (0.1%)** | **Diversified Real Estate Activities (0.1%)** | **Diversified Real Estate Activities (0.1%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;205390 | &nbsp;&nbsp; 9674 |
| | &nbsp;&nbsp;&nbsp;&nbsp;RMR Group Inc. Class A | &nbsp;&nbsp; 98011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040 |
|  |  |  | &nbsp;&nbsp; **12714** |
| **Real Estate Development (0.3%)** | **Real Estate Development (0.3%)** | **Real Estate Development (0.3%)** | **Real Estate Development (0.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Howard Hughes Corp. | &nbsp;&nbsp; 237215 | &nbsp;&nbsp;&nbsp;&nbsp;20280 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Forestar Group Inc. | &nbsp;&nbsp; 125880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873 |
|  |  |  | &nbsp;&nbsp; **22153** |
| **Real Estate Operating Companies (0.4%)** | **Real Estate Operating Companies (0.4%)** | **Real Estate Operating Companies (0.4%)** | **Real Estate Operating Companies (0.4%)** |
| | &nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group Inc. | 1038243 | &nbsp;&nbsp; 15366 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;785464 | &nbsp;&nbsp; 14044 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Seritage Growth Properties Class A | &nbsp;&nbsp; 230514 | &nbsp;&nbsp; 2801 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;FRP Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38782 | &nbsp;&nbsp; 2178 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;WeWork Inc. | &nbsp;&nbsp;1130344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 |
|  |  |  | &nbsp;&nbsp; **36186** |
| **Real Estate Services (4.1%)** | **Real Estate Services (4.1%)** | **Real Estate Services (4.1%)** | **Real Estate Services (4.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | 2035540 | &nbsp;&nbsp; 174059 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303629 | &nbsp;&nbsp; 56132 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zillow Group Inc. Class C | 1005072 | &nbsp;&nbsp;&nbsp;&nbsp;44434 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;372098 | &nbsp;&nbsp; 15985 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield plc | &nbsp;&nbsp;&nbsp;&nbsp;929688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13415 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Newmark Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;998822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8560 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;eXp World Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;432629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Anywhere Real Estate Inc. | &nbsp;&nbsp;&nbsp;&nbsp;724552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6144 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Compass Inc. Class A | &nbsp;&nbsp;1506201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6055 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Marcus & Millichap Inc. | &nbsp;&nbsp; 164344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5956 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Opendoor Technologies Inc. | 2593429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5680 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Redfin Corp. | &nbsp;&nbsp; 617367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4618 |
| | &nbsp;&nbsp;&nbsp;&nbsp;RE/MAX Holdings Inc. Class A | &nbsp;&nbsp; 119118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2717 |
| | &nbsp;&nbsp;&nbsp;&nbsp;Douglas Elliman Inc. | &nbsp;&nbsp;&nbsp;&nbsp;461492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Doma Holdings Inc. | &nbsp;&nbsp; 719697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Offerpad Solutions Inc. | &nbsp;&nbsp; 357193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **353489** |
| **Total Real Estate Management & Development (Cost $508,696)** | **Total Real Estate Management & Development (Cost $508,696)** | **Total Real Estate Management & Development (Cost $508,696)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**424542** |
| **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** |
| **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.437%<br> **(Cost $58,760)** | &nbsp;&nbsp; 587679 | **58762** |
| **Total Investments (100.5%)<br> (Cost $7,613,658)** | **Total Investments (100.5%)<br> (Cost $7,613,658)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8734413** |
| **Other Assets and Liabilities—Net (-0.5%)** | **Other Assets and Liabilities—Net (-0.5%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(44578)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8689835** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $48,513,000. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $51,019,000 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

------

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Americold Realty Trust Inc. | 1/31/24 | GSI | 7853 | (4.557) |  |  |
| Park Hotels & Resorts Inc. | 1/31/24 | GSI | 5884 | (4.557) |  |  |

---

1 Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. <br> GSI—Goldman Sachs International.

At January 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $992,000 in connection with open over-the-counter swap contracts.

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

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

Statement of Assets and Liabilities

As of January 31, 2023

---

| | |
|:---|:---|
| ($000s, except shares, footnotes, and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $7,554,898) | 8675651 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $58,760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58762 |
| Total Investments in Securities | 8734413 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7898 |
| **Total Assets** | **8748922** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7344 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51019 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59087** |
| **Net Assets** | **8689835** |
| 1 Includes $48,513,000 of securities on loan. |  |
| <br> <br> **At January 31, 2023, net assets consisted of:** |  |
| Paid-in Capital | 7582685 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;1107150 |
| **Net Assets** | **8689835** |
| **Net Assets** |  |
| **Applicable to 397,480,558 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **8689835** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$21.86** |

---

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

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> January 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218246 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218573 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Auditing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Shareholders' Reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**211725** |
| **Realized Net Gain (Loss)** |  |
| Capital Gain Distributions Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48674 |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22717 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1111) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70280** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336365) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1336365)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1054360)** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $92,000, ($3000), and $2,000, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2023<br> ($000) | &nbsp;&nbsp;&nbsp;2022<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;211725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176897 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53384 |
| Change in Unrealized Appreciation (Depreciation) | (1336365) | &nbsp;&nbsp;&nbsp;1912230 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (1054360) | &nbsp;&nbsp;&nbsp;2142511 |
| **Distributions** |  |  |
| Net Investment Income and/or Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(291773) | &nbsp;&nbsp;&nbsp;&nbsp;(186333) |
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76790) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(340769) | &nbsp;&nbsp;&nbsp;&nbsp;(263123) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;203267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;340769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263123 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;542923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263123 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(852206) | &nbsp;&nbsp;&nbsp;2142511 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;**9542041** | &nbsp;&nbsp;&nbsp;**7399530** |
| **End of Period** | &nbsp;&nbsp;**8689835** | &nbsp;&nbsp;&nbsp;**9542041** |

---

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

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

Real Estate II Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;2019 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$25.69** | &nbsp;&nbsp;&nbsp;**$20.50** | &nbsp;&nbsp;&nbsp;**$22.64** | &nbsp;&nbsp;&nbsp;**$20.10** | &nbsp;&nbsp;&nbsp;**$19.17** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.611 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.176 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.787 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.626) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.034) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.231) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.857) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$21.86** | &nbsp;&nbsp;&nbsp;**$25.69** | &nbsp;&nbsp;&nbsp;**$20.50** | &nbsp;&nbsp;&nbsp;**$22.64** | &nbsp;&nbsp;&nbsp;**$20.10** |
| **Total Return** | &nbsp;&nbsp;&nbsp;**-11.23%** | &nbsp;&nbsp;&nbsp;**28.96%** | &nbsp;&nbsp;&nbsp;**-5.70%** | &nbsp;&nbsp;&nbsp;**16.78%** | &nbsp;&nbsp;&nbsp;**9.68%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$8690 | &nbsp;&nbsp;&nbsp;$9542 | &nbsp;&nbsp;&nbsp;$7400 | &nbsp;&nbsp;&nbsp;$7848 | &nbsp;&nbsp;&nbsp;$6719 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.08%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;3.22% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;5%<sup>3</sup> | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;23% |

---

---

| | |
|:---|:---|
| 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 0.08%. |
| 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. |

---

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

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Real Estate II Index Fund

Notes to Financial Statements

Vanguard Real Estate II Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund is a wholly owned subsidiary of Vanguard Real Estate Index Fund ("Real Estate Index Fund"), and at January 31, 2023, the Real Estate Index Fund was the record and beneficial owner of 97.5% of the fund's net assets. As part of the Real Estate Index Fund's principal investment strategy, it attempts to replicate the benchmark index by investing all, or substantially all, of its assets—either directly or indirectly through the fund—in the stocks that make up the index.

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, 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.

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. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. 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. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

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

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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 periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended January 31, 2023, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

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. The portion of distributions that exceed a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. 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. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities

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lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 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 year ended January 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Distributions received from investment securities are recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Each investment security reports annually the tax character of its distributions. Dividend income, capital gain distributions received, and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain, and return of capital reported by the REITs, and management's estimates of such amounts for REIT distributions for which actual information has not been reported. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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. 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.

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Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At January 31, 2023, the fund had contributed to Vanguard capital in the amount of $296,000, representing less than 0.01% of the fund's net assets and 0.12% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended January 31, 2023, custodian fee offset arrangements reduced the fund's expenses by $9,000 (an annual rate of less than 0.01% of average net assets).

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 January 31, 2023, 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 |  |  |  |  |
| Common Stocks | 8675651 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8675651 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58762 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58762 |
| Total | 8734413 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8734413 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts | &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;— |

---

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable swap agreements and designation of dividends paid were reclassified between the individual components of total distributable earnings (loss).

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; and the deferral of

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income from real estate investment trusts. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;1081493 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25657 |
| Total | &nbsp;&nbsp;&nbsp;1107150 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended January 31, | &nbsp;&nbsp;&nbsp;Year Ended January 31, |
|  | &nbsp;&nbsp;&nbsp;2023<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;2022<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;198902 | &nbsp;&nbsp;&nbsp;&nbsp;180753 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;92871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 |
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;48996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76790 |
| Total | &nbsp;&nbsp;&nbsp;340769 | &nbsp;&nbsp;&nbsp;&nbsp;263123 |

---

\* Includes short-term capital gains, if any.

As of January 31, 2023, 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;7652920 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;2006428 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(924935) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1081493 |

---

F. During the year ended January 31, 2023, the fund purchased $943,813,000 of investment securities and sold $441,979,000 of investment securities, other than temporary cash investments. Purchases and sales include $191,875,000 and $0, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2023, such purchases were $1,939,000 and sales were $467,000, resulting in net realized loss of $77,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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G. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, |  |
|  | 2023<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2022<br> Shares<br> (000) |
|  | 2023<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2022<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;9838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Issued in Lieu of Cash Distributions | 16244 | &nbsp;&nbsp;&nbsp;10506 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Increase (Decrease) in Shares Outstanding | 26030 | &nbsp;&nbsp;&nbsp;10506 |

---

H. Management has determined that no events or transactions occurred subsequent to January 31, 2023, that would require recognition or disclosure in these financial statements.

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#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Specialized Funds and Vanguard Fixed Income Securities Funds and Shareholders of Vanguard Real Estate Index Fund and Vanguard Real Estate II Index Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard Real Estate Index Fund (one of the funds constituting Vanguard Specialized Funds) and Vanguard Real Estate II Index Fund (one of the funds constituting Vanguard Fixed Income Securities Funds) (hereafter collectively referred to as the "Funds") as of January 31, 2023, the related statements of operations for the year ended January 31, 2023, the statements of changes in net assets for each of the two years in the period ended January 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2023 and each of the financial highlights for each of the five years in the period ended January 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

‎ /s/PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> March 23, 2023‎

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds ‎since 1975.

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Tax information (unaudited) for Vanguard Real Estate Index Fund

The fund hereby designates $33,231,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for individual shareholders for the fiscal year.

The fund hereby designates $1,776,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund hereby designates $1,634,556,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income for individual shareholders for the fiscal year.

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Tax information (unaudited) for Vanguard Real Estate II Index Fund

The fund hereby designates $3,899,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for individual shareholders for the fiscal year.

The fund hereby designates $27,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund distributed $92,871,000 as capital gain dividends (from net long-term capital gains) to shareholders during the fiscal year. The fund designates $83,134,000 of its capital gain dividends as 20% rate gain distributions and $9,737,000 as unrecaptured section 1250 gain distributions (25% rate gain).

The fund hereby designates $195,003,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income for individual shareholders for the fiscal year.

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THESE FUNDS ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS DIRECT OR INDIRECT INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY VANGUARD. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THESE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THESE FUNDS PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THESE FUNDS OR THE ISSUER OR OWNER OF THESE FUNDS. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUERS OR OWNERS OF THESE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THESE FUNDS TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE CONSIDERATION INTO WHICH THESE FUNDS ARE REDEEMABLE. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE OWNERS OF THESE FUNDS IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THESE FUNDS.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE'S CUSTOMERS OR COUNTERPARTIES, ISSUERS OF THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING WITHOUT LIMITATION LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund's trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard's board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the *Statement of Additional Information*, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

#### Interested Trustee<sup>1</sup>

#### Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.

#### Independent Trustees

#### Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University's Leavey School of Business.

#### Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief ‎operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of ‎Hillenbrand, Inc. (global industrial company). Director of the V Foundation. Member of the advisory council for the College of Arts and ‎Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.

1 Mr. Buckley is considered an "interested person," as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

#### Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM's Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

#### Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer ‎‎(retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. ‎‎(investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment ‎Committee, and the board of directors of Paxos Trust Company (finance).

#### Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.

#### André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).

#### Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–‎‎2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of ‎financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–‎present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School ‎‎(2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Corporation Ltd. (climate policy advisory services). ‎Member of the board of directors of Arcadia Corporation (energy solution technology).

#### David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.

#### Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

#### Executive Officers

#### Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer ‎‎(November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) ‎and deputy chief compliance officer (2017–2019) of State Street.

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

#### Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

#### John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).

#### Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the ‎investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at ‎Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

#### Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

#### Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director of the board of National Grid (energy).

#### Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

#### Vanguard Senior Management Team

---

| | |
|:---|:---|
| **Matthew Benchener** | **Thomas M. Rampulla** |
| **Joseph Brennan** | **Karin A. Risi** |
| **Mortimer J. Buckley** | **Anne E. Robinson** |
| **Gregory Davis** | **Michael Rollings** |
| **John James** | **Nitin Tandon** |
| **Chris D. McIsaac** | **Lauren Valente** |

---

------

[**Table of Contents**](#JOB_Vangu_84def593-61aa-4493-9a21-d523e7783cc7_TOCtm234052d2_reitindexarq1230)

![](tm234052d2reitindexarq12i007.jpg)

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

#### Fund Information > 800-662-7447

#### Direct Investor Account Services > 800-662-2739

#### Institutional Investor Services > 800-523-1036

#### Text Telephone for People<br> Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund's current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard's proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC's website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC's website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

Source for Bloomberg indexes: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.© 2023 The Vanguard Group, Inc.<br> All rights reserved.<br> U.S. Patent No. 6,879,964.<br> Vanguard Marketing Corporation, Distributor.

Q1230 032023

------

**Item 2**: Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

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

All members of the Audit Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

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

(a) Audit Fees.

Audit Fees of the Registrant.

Fiscal Year Ended January 31, 2023: $424,000<br> Fiscal Year Ended January 31, 2022: $411,000

Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.

Fiscal Year Ended January 31, 2023: $10,494,508<br> Fiscal Year Ended January 31, 2022: $11,244,694

Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(b) Audit-Related Fees.

Fiscal Year Ended January 31, 2023: $2,757,764<br> Fiscal Year Ended January 31, 2022: $2,955,181

Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(c) Tax Fees.

Fiscal Year Ended January 31, 2023: $5,202,689<br> Fiscal Year Ended January 31, 2022: $2,047,574

Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(d) All Other Fees.

Fiscal Year Ended January 31, 2023: $298,000<br> Fiscal Year Ended January 31, 2022: $280,000

Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(e) (1) Pre-Approval Policies. The policy of the Registrant's Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant's independence.

In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant's independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant's independence.

The Registrant's Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were <u>not</u> performed by persons other than full-time, permanent employees of the principal accountant.

(g) Aggregate Non-Audit Fees.

Fiscal Year Ended January 31, 2023: $5,500,689<br> Fiscal Year Ended January 31, 2022: $2,327,574

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

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

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

**Item 6**: Investments.

Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

**Item 7**: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

**Item 8**: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

**Item 9**: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

**Item 10**: Submission of Matters to a Vote of Security Holders.

Not applicable.

**Item 11**: Controls and Procedures.

&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;(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant's Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

**Item 12**: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

**Item 13**: Exhibits.

---

| | |
|:---|:---|
| [(a)(1)](tm234376d1_ex99-codeeth.htm) | [Code of Ethics filed herewith.](tm234376d1_ex99-codeeth.htm) |
| [(a)(2)](tm234052d1_ex99-cert.htm) | [Certifications filed herewith.](tm234052d1_ex99-cert.htm) |
| [(b)](tm234052d1_ex99-906cert.htm) | [Certifications filed herewith.](tm234052d1_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 FIXED INCOME SECURITIES FUNDS |
| BY: | /s/ MORTIMER J. BUCKLEY\* |
|  | MORTIMER J. BUCKLEY |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: March 24, 2023

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 FIXED INCOME SECURITIES FUNDS |
| BY: | /s/ MORTIMER J. BUCKLEY\* |
|  | MORTIMER J. BUCKLEY |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: March 24, 2023

---

| | |
|:---|:---|
|  | VANGUARD FIXED INCOME SECURITIES FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: March 24, 2023

---

| | |
|:---|:---|
| \*By: | /s/ Anne E. Robinson |

---

Anne E. Robinson, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/105563/000168386323002762/f24867d3.htm) filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

![](tm234376d1_coeimg01.jpg)

&nbsp;&nbsp; **Access Person Code of Conduct**<br>Effective Date: 01 March 2022 \| Contact: Code_of_Ethics@vanguard.com<br>

**Background – Why This Access Person Code of Conduct Matters** 

Vanguard was founded with a singular focus on clients and serving their best interests, and this has been the foundation of our strong ethical culture. One way in which we consistently seek to earn and maintain the trust and loyalty of our clients is by adhering to the highest standards of ethical behavior. Acting with integrity and complying with applicable laws and regulations necessarily extends to your conduct in general and to your personal investing and trading activities in particular.

Some crew and contingent workers at Vanguard, by virtue of their role or department, are designated as an "Access Person" (i.e., an Advisor Access Person, Fund Access Person, or Investment Access Person) because they or their department are authorized to know about present or future transactions by Vanguard funds, or have the authority to influence those transactions, or otherwise have access to sensitive market or client activity. Because of that knowledge, authority, and access, Access Persons are subject to additional standards of business conduct, stricter personal investment rules, and greater oversight, among other things. These standards and rules, as set forth in this Access Person Code of Conduct (APCC)<sup>1</sup>, have been adopted with the goals of ensuring we comply with applicable law and avoiding conflicts of interest or the appearance of conflicts of interest. This is especially true regarding any potential conflicts of interest that could arise between the securities trading that Vanguard undertakes on behalf of the Vanguard funds or our clients and the personal securities trading by crew, contingent workers, and their household or family members.

**Policy Coverage**

**To Whom Does the APCC Apply?** 

This policy<sup>2</sup> applies to ***all crew members and contingent workers globally who are in a role that has been designated as an "Access Person" role***. Certain provisions of this policy also apply to Associated Persons.

**Are you an Access Person?** Visit Appendix A to learn whether the role you're in is an Access Person role, and if so, which Access Person "designation" applies.

**What about Non-Access Persons?** Any crew member or contingent worker who is <u>not</u> in a role that has been designated as an Access Person role is a "Non-Access Person" and must comply with the Personal Investment Activity Policy for Non-Access Persons, not this policy.

**Are you a contingent worker?** A "contingent worker" is any person other than a crew member who provides services to or on behalf of Vanguard through staffing firms, consulting

<sup>1</sup> The APCC constitutes the code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.

<sup>2</sup> The APCC is a policy that has been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to "this policy" mean the APCC.

Page **1** of **37**

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firms, service providers, or as independent contractors. Like crew, a contingent worker can be in either an Access Person or Non-Access Person role.

**What about Associated Persons?** For U.S. crew and contingent workers who are Associated Persons (to reiterate, not Access Persons, but *Associated* Persons) under FINRA rules and regulations, please note you have additional investment-related obligations under the FINRA Licensing Policy, including the Securities Account Reporting Obligations for Associated Persons. Please review and comply with those documents, as well.

**Policy Overview** 

There are four primary sections to this policy:

**Section 1** **– Standards of Business Conduct**, sets forth rules and expectations regarding your behavior and conduct.

**Section 2** **– Personal Investment Activities**, contains rules on how you and your Household or Family Members may own and trade securities for your own personal benefit. Note that some of these rules differ based on your Access Person designation. While the details are set forth in Section 2, at a high level there are four subsections applicable to you and your personal investment activities:

A – Reminders on who is covered

B – Brokerage firms you may use

C – Disclosure obligations

D – Investment and trading restrictions

**Section 3** **– Penalties and Sanctions**, describes how violations of this policy are addressed and enforced.

**Section 4** **– Defined terms**, provides definitions for the capitalized terms used in this policy.

Please carefully read the rest of this policy and ensure you understand and comply with its terms. Understanding and following this policy is one of the most important ways we can ensure our clients' interests always come first.

Be sure you are familiar with the following other Vanguard policies that relate to your ethical conduct and personal investment activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Standards of Conduct Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conflicts of Interest Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Insider Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Outside Business Activity Policy

Please also ensure you are familiar with Vanguard's Code of Ethical Conduct.

**Policy Requirements** 

**Section 1 – Standards of Business Conduct** 

Everyone at Vanguard is expected to promote high standards of integrity and manage the company's affairs honestly and ethically. We all have a personal responsibility to conduct ourselves

Page **2** of **37**

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in a manner that reflects a commitment to ethics and compliance with all applicable laws and regulations. Doing so is part and parcel of Vanguard's mission to "take a stand for all investors, to treat them fairly, and to give them the best chance for investment success."

Putting these values into practice means having and adhering to expected standards of business conduct. The Vanguard policy that explains these standards is the Standards of Conduct Policy, which is incorporated herein by reference. You must comply with that policy, including the following standards of conduct that are explained therein:

&nbsp;&nbsp;&nbsp;&nbsp;1. Always put Vanguard clients' interests first and
treat them fairly.

&nbsp;&nbsp;&nbsp;&nbsp;2. Avoid conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;3. Be candid and clear with clients and provide them with
accurate information.

&nbsp;&nbsp;&nbsp;&nbsp;4. Comply with applicable laws, rules, regulations, and policies.

&nbsp;&nbsp;&nbsp;&nbsp;5. Comply with applicable professional standards.

&nbsp;&nbsp;&nbsp;&nbsp;6. Complete mandatory training and regularly certify that
you are compliant with our policies.

&nbsp;&nbsp;&nbsp;&nbsp;7. Maintain accurate, timely, and complete business records.

&nbsp;&nbsp;&nbsp;&nbsp;8. Protect against fraud.

&nbsp;&nbsp;&nbsp;&nbsp;9. Lead by example.

&nbsp;&nbsp;&nbsp;&nbsp;10. Speak up.

At Vanguard, you are expected to always **do the right thing**. It sounds simple and it's usually very clear what doing the right thing entails. But sometimes it isn't. How do you make the best choice when facing difficult or unclear circumstances? How do you navigate an ethical dilemma?

In those situations, you should pause and reflect, and then work through the following "ethical decision-making guide." This guide will help you consider important questions before deciding whether or how to proceed with an action. It is not a substitute for this or any policy, and it may not tell you exactly what to do in every situation, but it can be used as a tool to help guide you when you face an ethical dilemma or a complex situation where the answer might not be clear.

If you're still in doubt as you work through the decision-making guide, err on the side of caution—ask questions, elevate the issue, and enlist the help of others to ensure we reach the *right* answer every time for Vanguard and our clients.

![](tm234376d1_coeimg02.jpg)

Page **3** of **37**

![](tm234376d1_coeimg01.jpg)

***Speaking Up*** – As mentioned above, you are encouraged to help protect our clients, crew, and Vanguard by reporting concerns about ethics, financial or business integrity, information security and privacy, workplace practices, or alleged violations of policy, regulation, or law. Indeed, speaking up is one of the most effective ways to help ensure Vanguard maintains its high standards for ethics and compliance. To that end, if you become aware that you or anyone else violated any of the terms of this policy, you must contact Compliance immediately.

Likewise, it is your responsibility to know whether the role you are in is designated as an Access Person, and if so, which Access Person designation applies to you (visit the Appendix A to learn more). It is also your responsibility to know the policies and trading restrictions that apply to you accordingly, and to ask questions if you are unsure.

**Section 2 – Personal Investment Activities** 

**<u>Introduction</u>**

Vanguard recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through long-term investments and strategies. With that in mind, the rules and requirements set forth in this policy have been adopted with the goals of (1) ensuring we comply with all applicable laws and regulations, and (2) avoiding any conflicts of interest, or any appearances of conflicts of interest, between the securities trading that Vanguard undertakes on behalf of Vanguard funds or our clients and the personal securities trading or investing by crew, contingent workers, or their Household or Family Members (defined in Section 4, below). Our industry and Vanguard have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duty to clients.

Granted, the rules in this policy are demanding and strict and they may feel like an imposition. But at Vanguard, we take our ethical obligations very seriously, and the rules in this policy are intended to ensure that trading on behalf of Vanguard funds and clients are given priority over trading for your personal accounts, and that trades for your personal accounts do not adversely affect trades for our funds or clients.

Similarly, keep in mind that you must comply with applicable securities laws and must avoid taking personal advantage of your knowledge of securities activity in Vanguard funds or client accounts.

This policy includes specific restrictions on personal investing but cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.

Compliance will keep all records relating to personal account trading as confidential as necessary. Information will be accessible within Compliance and may be reported to senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew and contingent workers are required to sign a data consent / data privacy notice.

The Compliance Department reserves the right to monitor any and all investment or trading activity by you or by any Household or Family Member based on any information or system to which it has access.

Page **4** of **37**

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**<u>Checklist</u>**

Given the complexity of this policy and the steps you must take to ensure you remain in compliance with it, we have created this brief checklist to help you keep track of your obligations. This is merely a summary, so be sure to comply with the full terms of this policy as well.

---

| | |
|:---|:---|
| Checklist item | &nbsp;&nbsp;Where this topic is covered in this policy |
| ¨ I know my Access Person "designation," and I am aware that this policy applies not only to me but also to my Household or Family Members | &nbsp;&nbsp;Subsection 2-A – Who Is Covered Under this Policy |
| ¨ For the region where I work, I know what brokerage firm I and my Household or Family Members may use to maintain the accounts where I or they hold and trade Reportable Securities | &nbsp;&nbsp;Subsection 2-B – Brokerage Firms You May Use |
| ¨ For my Access Person designation, I know the initial and ongoing account and holdings disclosure obligations that apply to me and my Household or Family Members | &nbsp;&nbsp;Subsection 2-C – Disclosure Obligations |
| ◻ For my Access Person designation, I know the rules and limitations for transacting securities in my personal accounts and those of my Household or Family Members | &nbsp;&nbsp;Subsections 2-D-1 and 2-D-2 – Investment and Trading Restrictions |
| ¨ For Fund Access Person and Investment Access Person designations, I know how to seek trade preclearance | &nbsp;&nbsp;Subsection 2-D-3 – How to Seek and Abide by Preclearance Requirements |
| ¨ I know the penalties and sanctions that may apply for violations of any of the requirements under this policy | &nbsp;&nbsp;Section 3 – Penalties and Sanctions |
| ¨ I understand the meaning of the defined terms used in this policy | &nbsp;&nbsp;Section 4 – Defined Terms |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Quick Tip:*** <br>The rules in this policy cover most of the personal investing situations you are likely to find. Yet it's always possible you will encounter a situation that isn't fully addressed by the rules. If that happens, you need to know what to do. The easiest way to make sure you are making the right decision is to follow these three principles: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Know the policy. If you think your situation isn't covered, check again. It never hurts to take a second look at the rules. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Seek guidance. Asking questions is always appropriate. Talk with your manager or contact Compliance if you're not sure about the policy requirements or how they apply to your situation. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Use sound judgment. Analyze the situation and weigh the options. Think about how your decision would look to someone outside of Vanguard. <br>

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&nbsp;&nbsp;***Note for crew in China:*** <br>Because you may not have access to MCO, different systems and procedures are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance team to learn more.<br>

**Subsection 2-A – Who Is Covered Under this Policy** 

As stated in the introduction to this policy, above, this policy applies to all crew members and contingent workers globally who are in a role that has been designated as an "Access Person" role.

**Access Persons are covered** – This policy applies to crew and contingent worker Access Persons and, in certain instances, to their Household or Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;o *Access Persons* – Please note that the specific trading prohibitions and reporting requirements
 vary depending on your Access Person "designation," meaning <u>Advisor</u> Access
 Person, <u>Fund</u> Access Person, or <u>Investment</u> Access Person. To learn the Access
 Person designation that applies to your role, visit Appendix A. Note further that, regardless
 of your designation, the Compliance Department has the authority, with appropriate notice
 to you, to apply to you any or all of the trading restrictions within this policy

&nbsp;&nbsp;&nbsp;&nbsp;o *Household or Family Members* – Certain aspects of this policy apply not only to you but to
 your Household or Family Members, as well. Why? Doing so is required by applicable law and
 regulations in many jurisdictions. It is also consistent with industry best practices and
 helps Vanguard ensure we are effectively monitoring and guarding against conflicts of interest
 and other issues. See Section 4, below, for the definition of Household or Family Members
 in the region where you work.

**Non-Access Persons are not covered** – If the role you are in is <u>not</u> an Access Person role, you do not need to comply with this policy; instead, with regard to your personal investments, you must comply with the Personal Investment Activity Policy for Non-Access Persons (and other applicable policies). Note, however, that in the event a Non-Access Person is a Household or Family Member of an Access Person, then the terms of this policy will apply to the Non-Access Person as a Household or Family Member hereunder and any conflicting terms of this policy will take precedence over the Personal Investment Activity Policy for Non-Access Persons.

**Associated Persons also have obligations under other policies and documents** – For U.S. crew and contingent workers who are deemed to be Associated Persons (to reiterate, not Access Persons, but *Associated* Persons) under the FINRA Licensing Policy, you have certain obligations under this policy and have additional investment-related obligations under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.

**Your designation may change** – Keep in mind that your Access Person designation may change over time, for instance if you change roles, if there are changes made in your department, or if the Compliance Department determines a designation change is appropriate. You are advised to regularly consult the My Ethics and Compliance Resource Center available on CrewNet to check your designation.

**Subsection 2-B – Brokerage Firms You May Use** 

The terms of Subsection 2-B apply to all Access Person designations.

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The following requirements and restrictions on which brokerage firms you may use to hold and transact Reportable Securities apply to you based on whether you are a crew member or contingent worker and where you work:

---

| | |
|:---|:---|
| **U.S. Crew:** | &nbsp;&nbsp;Crew who are Access Persons employed in the U.S., *and their Household or Family Members (parts (a) and (b) of that defined term only),* **must maintain and trade all Reportable Securities in a Vanguard Brokerage Account (VBA)**. This obligation does not apply to any Household or Family Members covered under part (c) of that defined term. See the Defined Terms in Section 4, below, for all definitions.<br>Securities or investments that are not "Reportable Securities" may be held in a brokerage account at the firm of your choice.<br>Employer-sponsored retirement accounts (e.g., 401(k) and 403(b)), 529 college savings plans, and Compliance-approved accounts (e.g., Approved Managed Accounts) may be held in a brokerage account at the firm of your choice. However, if you hold any Reportable Securities through any of those accounts, then such accounts are considered Covered Accounts under this policy and you are required to disclose them to Compliance under Subsection 2-C of this policy.<br>Newly hired U.S. crew who are Access Persons, *and their Household or Family Members (parts (a) and (b) of that defined term only),* must transfer any existing applicable Reportable Securities to a VBA by submitting a request or other applicable paperwork with Vanguard and each firm at which you have an existing applicable brokerage account within 60 days of your joining Vanguard. Visit *Vanguard.com > Personal Investors > Open an Account* to transfer assets from another firm to Vanguard. <br>For a more detailed list of Securities that must be held in a VBA, as well as Securities that may be held elsewhere, visit the Appendices C-F. <br>|
| **Ex-U.S. Crew:** | &nbsp;&nbsp;Crew who are Access Persons employed outside the U.S., and their Household or Family Members, may maintain Reportable Securities (as well as Securities or investments that are not Reportable Securities) in a brokerage account or other type of account *at the firm of their choice*. <br>|
| **Contingent Workers, Globally** | &nbsp;&nbsp;Contingent workers who are Access Persons may maintain Reportable Securities (as well as Securities or investments that are not Reportable Securities) in a brokerage account *at the firm of their choice*. <br>|

---

**Subsection 2-C – Disclosure Obligations** 

The terms of this Subsection 2-C apply to all Access Person designations and to all Associated Persons.

This policy requires the disclosure of a variety of account and holdings information to the Compliance Department for monitoring and oversight. This policy requires (1) an initial disclosure of information, and (2) periodic ongoing disclosures. Even if you do not have any personal brokerage

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account holdings or do not trade in Reportable Securities, you are still required to complete the necessary initial and periodic disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1. Initial Disclosure of Accounts and Holdings</u>

Within ten (10) calendar days of joining Vanguard, or if applicable within ten (10) calendar days of moving from a Non-Access Person role at Vanguard into an Access Person role, all Access Persons and Associated Persons must disclose the following to Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Covered Accounts and all Reportable Securities held by you or a Household or Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Covered Accounts in which you exercise Investment Discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Covered Accounts over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All accounts in which you have, or will acquire, Beneficial Ownership of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All accounts held by you and any Household or Family Member in which there are college saving plan products (including, in the U.S., 529 plans), annuity products, or other insurance products that, in turn, hold or invest in Vanguard Funds.

This includes Brokerage Accounts held at Vanguard, as well as those held at another financial institution. For clarity, you do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability to hold Securities – for example, a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash would not need to be disclosed.

This information must be current as of no more than 45 calendar days before joining Vanguard.

To make this initial disclosure, you will receive an Initial Certification assignment by email to complete which will include a section to disclose Covered Accounts and all Reportable Securities by including account information in the "Account Attestation" section of the assignment and uploading corresponding account statements via MCO**. You must complete and submit the Initial Certification within ten (10) calendar days of receiving it; the failure to do so may be considered a violation of this policy.**

&nbsp;&nbsp;<u>Note</u>: We use an application called MyComplianceOffice, or MCO, to help manage this policy. You may use MCO to disclose accounts and holdings, and to secure trading permissions, if those obligations apply to you. Visit My Ethics and Compliance Resource Center on CrewNet for resources on how to access and use MCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2. Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements</u>

After the Initial Disclosure, Access Persons and Associated Persons may need to disclose account and transaction information to Compliance on a periodic basis regarding Covered Accounts and any transactions in Reportable Securities made by you and your Household or Family Members.

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Further, if at any time you or a Household or Family Member subsequently:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· open,
 or intend to open, a Covered Account with a financial institution (e.g., broker, dealer,
 advisor, or any other professional money manager), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· acquire
 holdings in Reportable Securities, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· have
 a preexisting Covered Account (including a Vanguard Brokerage Account) that becomes associated
 with you or a Household or Family Member (such as through marriage or inheritance or some
 other life event),

or there becomes an account in which you acquire Beneficial Ownership of Securities, then you must notify Compliance as soon as possible (and in any event within 10 calendar days) and disclose these Covered Accounts and Reportable Securities by listing them and including associated information in the Accounts tab in MCO.

For U.S. crew, keep in mind that, as explained in Section 2-B of this policy above, you and your Household or Family Members (parts (a) and (b) of that defined term only) must maintain Reportable Securities in a VBA.

What and how to disclose this information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 VBAs disclosed by U.S. crew as required under this policy, Compliance will receive transaction
 confirmations automatically. No additional action by you is needed to disclose transactions
 of Reportable Securities in VBAs you have disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 Covered Accounts and holdings of Reportable Securities held outside of Vanguard (including
 in any account that would require disclosure under Section 2-C(1) of this policy), it is <u>your responsibility</u> to ensure that duplicate statements and transaction confirmations
 are available to or delivered to Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Because
 Vanguard has file feed contracts in place with many brokerage firms worldwide, for many Covered
 Accounts you disclose the holdings and transactions information will be sent to Compliance
 electronically with no additional action needed by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o For
 Covered Accounts held at firms where Vanguard does not have a file feed in place, you must
 do the following:

&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;▪ Contact
 the firm where your Covered Account is held and take steps to send duplicate statements and
 daily transaction confirmations (electronic or paper) to Vanguard. You do this often by making
 Vanguard Compliance an interested party and having duplicate statements and confirmations
 sent to the third party scanning service Vanguard uses, called "Earth Class Mail"
 at this address: Vanguard, c/o TerraNua, 9450 SW Gemini Drive #37880, Beaverton, OR, 97008-7105.

&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;▪ If
 the firm where your Covered Account is held is not able to send statements and daily transaction
 confirmations (electronic or paper) to Vanguard, you are required to scan and upload copies
 into the Trading Documents folder in MCO immediately after you receive them, unless you receive
 an exemption from this requirement from Compliance. You must ensure the documents you upload
 clearly show the firm/institution at which the account is held, the account number or ID,
 the account owner, and the account type.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 Compliance does not receive the information automatically via a file feed, you will receive
 email notifications on a calendar quarterly basis to complete a Quarterly Securities Transaction
 Report and thereby disclose Covered Accounts and Reportable Securities, via MCO. You must
 complete and submit that assignment within 30 calendar days; the failure to do so may be
 considered a violation of this policy.

· On
 an annual basis (usually in January or February), you will receive an assignment from Compliance
 in which you must certify, among other things, that all Covered Accounts and Reportable Securities
 are recorded accurately in MCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3. Additional notes related to disclosures under this policy:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 clarity, you do not need to disclose an account or submit transaction confirmations or statements
 if the account does not have the ability to hold Securities (for example, a traditional checking,
 savings, or deposit account with a bank, credit union, or building society for holding cash
 would not need to be disclosed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As
 stated above, U.S. crew and contingent workers who are Associated Persons are also required
 to comply with and are subject to the FINRA Licensing Policy and Securities Account Reporting
 Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Compliance Department will keep personal trading information confidential, but please note
 that such information may be accessible to authorized personnel within Compliance and may
 be reported to or summarized for senior management, HR, or the OGC for investigative purposes.
 Applicable records may also be provided to internal or external auditors and/or to any regulator
 if required. All ex-U.S. crew and contingent workers are required to sign a data consent
 / data privacy notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Please
 note that crew and contingent workers in Australia are required to disclose all transactions
 in VIA funds in MCO in the same manner as is required for Reportable Securities.

**Subsection 2-D – Investment and Trading Restrictions** 

This Subsection 2-D contains three segments:

**Segment 2-D-1** applies to all Access Person designations.

**Segment 2-D-2** has terms and requirements that differ based on your Access Person designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Segment 2-D-2(a):** <u>Advisor</u> Access Person requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Segment 2-D-2(b):** <u>Fund</u> Access Person requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Segment 2-D-2(c):** <u>Investment</u> Access Person requirements

**Segment 2-D-3** explains how to seek and abide by **preclearance requirements**, if applicable to your activity.

**<u>Segment 2-D-1: Rules and Limitations applicable to all Access Person designations</u>**

The terms of this Segment 2-D-1 apply to all Access Person designations.

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&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *<u>General Obligations</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Comply with the law:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) You
 must comply with all applicable securities-related rules and laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) You
 may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves
 false or misleading statements, in connection with the purchase or sale of a Security by
 a Vanguard Fund or Vanguard Client account or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) You
 may not intentionally, recklessly, or negligently circulate false information or rumors that
 may affect the securities markets or may be perceived as market manipulation.

**ii)** **Use of Information:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) You
 may not take personal advantage of knowledge of recent, impending, or planned Securities
 activities of the Vanguard Funds or their investment advisors or any Vanguard Client. You
 are prohibited from purchasing or selling—directly or indirectly—any Security
 or Related Security when you know that the Security is being purchased or sold, or considered
 for purchase or sale, by a Vanguard Fund (with the exception of an index fund) or by a Vanguard
 Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) You
 are subject to and must comply with the Insider Trading Policy and/or any similar policy
 of the Vanguard affiliate or region for which you work. Each of these policies is considered
 an integral part of your obligations under this policy. Each policy prohibits you from buying
 or selling any Security while in possession of material, nonpublic information about the
 issuer of the Security. The policies also prohibit you from communicating any nonpublic information
 about any Security or issuer of Securities to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) You
 must comply with the Confidential Information Policy, including that you may not share information
 with any third party about any planned, upcoming, or recently executed trading activity by
 any Vanguard Fund or Vanguard Client unless such information is publicly available through
 no action by you.

**iii)** **Fund policies and excessive trading:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) When
 purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies
 and standards set forth in the fund's prospectus, or offering document, including policies
 on market-timing and frequent trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excessive
 trading in Covered Accounts is strongly discouraged. The Compliance Department reserves the
 right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of
 any trades in your Covered Accounts where such trading may appear excessive in nature (including,
 but not limited to, if the number of trades is so frequent as to potentially impact your
 ability to carry out your assigned responsibilities or the trades involve positions that
 are disproportionate to your net assets). If Compliance in its sole discretion determines
 you have engaged in excessive trading, then Compliance may limit the number of trades allowed
 in your Covered Accounts during a given period. This Section 2-D-1(a)(iii)(2) does not apply
 to transactions in an Approved Managed Account.

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**iv)** **Beneficial ownership and discretion:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 terms and restrictions of this policy apply to all Securities in which you have acquired
 or will acquire Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) You
 must comply with these investment and trading restrictions with respect to any account you
 own as well as any account over which you have Investment Discretion or in which you have
 the authority to transact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v)** **No circumvention** – You are not permitted to assist,
 aid, or enable any other person in doing anything that you are prohibited from doing under
 this policy.

**vi)** **Waivers:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Chief Compliance Officer may grant exceptions to this policy, including preclearance, other
 trading restrictions, and certain reporting requirements on a case-by-case basis if it is
 determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed
 conduct does not conflict with Vanguard's interests, and (3) not granting an exception
 would result in an unfair or unjust outcome.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Chief Compliance Officer may waive the applicability of this policy for a contingent worker
 if the policy's requirements are covered through the applicable service provider's
 contract with Vanguard.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *<u>Rules regarding specific investments or investment types:</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Use of derivatives:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) You
 and your Household or Family Members may not use a derivative to avoid or circumvent a rule
 or requirement set forth in this policy. If something is prohibited by these rules, then
 it is also against these rules to effectively accomplish the same thing by using a derivative.
 This includes futures, options, and other types of derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) You
 and your Household or Family Members are permitted to trade futures or options on commodities.

**ii)** **IPOs and ICOs:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) You
 and your Household or Family Members are prohibited from acquiring Securities in an Initial
 Public Offering (IPO) or Secondary Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) You
 and your Household or Family Members are prohibited from participating in an Initial Coin
 Offering (ICO).

**iii)** **Private Placements:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) You
 and your Household or Family Members are not permitted to invest in securities offered to
 potential investors in a Private Placement or other limited investment offering without first
 obtaining preclearance from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) You
 must provide documentation describing the investment (e.g., offering memorandum, subscription
 documents, etc.) so as to enable Compliance to conduct a thorough review of the investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Approval
 by Compliance may be granted or denied after a review of the facts and circumstances, including
 whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 investment in the securities is likely to result in future conflicts with Vanguard Client
 accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You
 are being offered the opportunity due to your employment at, or association with, Vanguard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If
 you or your Household or Family Members receive approval to purchase Securities in a Private
 Placement, you must immediately inform Compliance if that Security goes to public offer or
 is pending listing on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To
 initiate the process for obtaining preclearance of a Private Placement, complete the Outside
 Business Activity request form (the form for U.S. crew is in LARS, and for ex-U.S. crew
 is in MCO).

**iv) SPACs – You and your Household or Family Members are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Short-Selling – You are prohibited from selling short any Security that you do not own or from otherwise engaging in short-selling activities.

**vi) Limit Orders – Same-day limit orders are permitted; however, good 'til cancelled orders (such as limit orders that stay open over the course of multiple trading days until a security reaches a specified market price) are not permitted.**

**vii) Digital Currencies and Related Investments – Refer to the Trading and Reporting Requirements for Digital Currency Investments and Activities for details on which digital currency account and product types are permitted, and what must be disclosed, under this policy.**

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *<u>Short term trading in a Vanguard Fund (other than Vanguard ETFs):</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Compliance may monitor trading in Vanguard Funds, other than Vanguard ETFs, and will review situations where Vanguard Fund shares are redeemed within 30 calendar days of purchase (a "short-term trade"). You may be required to relinquish to Vanguard any profit made on a short-term trade and will be subject to disciplinary action if Compliance determines the short-term trade was detrimental to a Vanguard Fund or a Vanguard Client or that there is a history of frequent trading by you or your Household or Family Members. For purposes of this paragraph:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A
 redemption includes a redemption by any means, including an exchange out of a Vanguard Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This
 policy does not cover purchases and redemptions/sales (i) into or out of Vanguard money market
 funds, Vanguard short-term bond funds, or (ii) through an Automatic Investment Program.

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**ii) Nothing in this section is intended to replace, nullify, or modify any requirements imposed by a Vanguard Fund.**

**<u>Segment 2-D-2: Specific Limitations and Prohibitions that Apply Based on Access Person Designation</u>**

The terms and requirements of ***this Segment 2-D-2 are in addition to the terms and requirement of Segment 2-D-1***, and you must comply with the portions of this Segment 2-D-2 that apply to your Access Person designation. Note, an Access Person designation can apply to crew members or contingent workers.

<u>Segment 2-D-2(a): Advisor Access Person requirements</u>

The following terms and requirements apply to <u>Advisor</u> Access Persons only and are in addition to the terms and requirements of Segment 2-D-1:

---

| | |
|:---|:---|
| Securities transactions for which you must obtain preclearance (meaning, approval from Compliance before transacting) | &nbsp;&nbsp;**None**. You are <u>not</u> required to obtain preclearance of any Covered Securities transactions by you or your Household or Family Members, except Private Placements as described above. |
| Prohibited Securities transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to Segment 2-D-1, you are subject to the following restrictions with respect to any transaction in which you will acquire any direct or indirect Beneficial Ownership:<br>&nbsp;&nbsp;&nbsp;&nbsp;· **Short-Term Trading.** You are prohibited from purchasing and then selling any Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 60 calendar days. A last-in/first-out accounting methodology will be applied to a series of Security purchases when applying this rule. (Note, as stated, this is based on last-in/first-out accounting regardless of how you placed the trade or plan to report it for tax purposes.) If you realize profits on short-term trades, you will be required to relinquish the profits to Vanguard (exclusive of commissions). In addition, the trade will be recorded as a violation of this policy. *For example: you would not be permitted to sell a Covered Security at $12 that you purchased within the prior 60 days for $10. Similarly, you would not be permitted to purchase a Covered Security at $10 that you had sold within the prior 60 days for $12.*<br>&nbsp;&nbsp;&nbsp;&nbsp;· **Short-term trading on options.** You may hold options on a Covered Security until you exercise the options or the options expire. However, you may not otherwise close any open positions within 60 calendar days. If you realize profits on such short-term trades, you must relinquish such profits to Vanguard (exclusive of commissions). In addition, the trade will be recorded as a violation of this policy. Note: These types of transactions can have unintended consequences. |

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For example, your call option could be assigned, causing the underlying Security to be called away within sixty (60) calendar days following the purchase of the Covered Security. <br>   <u>Visit the Appendix C for a table summarizing the trading and reporting requirements for Advisor Access Persons.</u>

<u>Segment 2-D-2(b): Fund Access Person requirements</u> 

The following terms and requirements apply to <u>Fund</u> Access Persons only and are in addition to the terms and requirements of Segment 2-D-1:

---

| | |
|:---|:---|
| Securities transactions for which you must obtain preclearance (meaning, approval from Compliance before transacting) | &nbsp;&nbsp;**Yes**, you must obtain, for yourself and on behalf of your Household or Family Members, **preclearance for any transaction of a Covered Security by you or any Household or Family Member**.<br>See Segment 2-D-3, below, for instructions on how to seek preclearance. |
| Securities transactions that do <u>not</u> require preclearance | &nbsp;&nbsp;&nbsp;You are not required to obtain preclearance for the following:<br>· Purchases or sales of Vanguard Funds.<br> · Purchases or sales where the person requesting preclearance has no direct or indirect influence or control over the account (e.g., you have a trust in your name but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been no prior communication between you and the trustee regarding the transaction).<br> · Corporate actions in Covered Securities such as stock dividends, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions.<br> · Purchases or sales made as a part of an Automatic Investment Program.<br> · Purchases effected upon the exercise of Rights which were issued by an issuer pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer.<br> · Acquisitions of Covered Securities through gifts or bequests.<br>Visit the Appendix D for a table summarizing the trading and reporting requirements for Fund Access Persons. |
| Is preclearance required for trades in an Approved Managed Account? | &nbsp;&nbsp;No, you are not required to seek preclearance of a transaction in a Covered Security in an Approved Managed Account so long as you have no prior communication with the portfolio manager of that account in connection with that transaction.<br>Note, Vanguard PAS accounts generally do <u>not</u> qualify as Approved Managed Accounts because PAS account owners generally retain some level of investment discretion. Further, any |

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---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;trades of Covered Securities in a PAS account must be precleared under this policy. |
| "Blackout period" restrictions that may apply to personal trading in Covered Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may be subject to certain restrictions if you purchase or sell a Covered Security within seven (7) days before or after a Vanguard Fund purchases or sells the same Covered Security or a Related Security (the "blackout period").<br>Purchasing or selling before a Vanguard Fund:<br>&nbsp;&nbsp;&nbsp;&nbsp;· If you <u>purchase</u> a Covered Security within seven days before a Vanguard Fund purchases the same Covered Security or a Related Security, you may be required to hold the Covered Security for 6 months before being permitted to sell the Covered Security for a profit.<br> &nbsp;&nbsp;&nbsp;&nbsp;· If you <u>sell</u> a Covered Security within seven days before a Vanguard Fund sells the same Covered Security or a Related Security, you may be required to relinquish to Vanguard any profits earned from your sale of the Covered Security (exclusive of commissions), where profits are calculated based on the price that the Vanguard Fund received for selling the Covered Security or a Related Security. *Note: Compliance will review your sale to determine if the relinquishment is required. This decision will be based on several factors, such as your role, access to fund trades, and the Covered Security sold.*<br>Purchasing or selling after a Vanguard Fund:<br>&nbsp;&nbsp;&nbsp;&nbsp;· In general, you will not receive preclearance to <u>purchase</u> a Covered Security within seven days after a Vanguard Fund trades the same Covered Security or a Related Security. If you execute the transaction without receiving preclearance, you will have violated this policy and must immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions).<br> &nbsp;&nbsp;&nbsp;&nbsp;· In general, you will not receive preclearance to <u>sell</u> a Covered Security within seven days after a Vanguard Fund trades the same Covered Security or a Related Security. If you execute the transaction without receiving preclearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the Vanguard Fund's sale price (as long as your sales price is higher), multiplied by the number of shares you sold.<br>In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.<br>Compliance may exempt from these restrictions certain trades during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds). |

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---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;The blackout period restrictions set forth above **will not** apply to a Fund Access Person's <u>sale</u> of stock of any issuer which has a market capitalization that exceeds US$5 billion (or local currency equivalent), provided that the total value of any sales of the Security by the Fund Access Person do not exceed US$10,000 (or local currency equivalent) in any 30-day rolling period. Sales of securities of issuers with market capitalizations below US$5 billion, or that exceed US$10,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless Compliance grants a waiver.<br>Compliance **may** waive the blackout period as it applies to the sale of a Covered Security if the Chief Compliance Officer determines its application creates a significant hardship to you (e.g., you need cash for a home purchase or to cover a major medical expense) and, in the opinion of the Chief Compliance Officer, satisfies the requirements for a waiver in the Waivers paragraph of Segment 2-D-1, above. Request and complete a Hardship Waiver Request Form.  |
| Prohibited Securities transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to Segment 2-D-1, you are subject to the following restrictions with respect to any transaction in which you will acquire any direct or indirect Beneficial Ownership:<br>&nbsp;&nbsp;&nbsp;&nbsp;· **Futures and Options.** You are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures) or any Option on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies).<br>&nbsp;&nbsp;&nbsp;&nbsp;· **Short-Term Trading.** You are prohibited from purchasing and then selling any Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 60 calendar days. A last-in/first-out accounting methodology will be applied to a series of Security purchases when applying this rule. (Note, as stated, this is based on last-in/first-out accounting regardless of how you placed the trade or plan to report it for tax purposes.) If you realize profits on short-term trades, you will be required to relinquish the profits to Vanguard (exclusive of commissions). In addition, the trade will be recorded as a violation of this policy. *Example: You are not permitted to sell a security at $12 that you purchased within the prior 60 days for $10. Similarly, you are not permitted to purchase a security at $10 that you sold within the prior 60 days for $12*.<br>&nbsp;&nbsp;&nbsp;&nbsp;· **Spread Bets.** You are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities. |

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<u>Segment 2-D-2(c): Investment Access Person requirements</u> 

The following terms and requirements apply to <u>Investment</u> Access Persons only and are in addition to the terms and requirements of Segment 2-D-1:

---

| | |
|:---|:---|
| Securities transactions for which you must obtain preclearance (meaning, approval from Compliance before transacting) | &nbsp;&nbsp; **Yes**, you must obtain, for yourself and on behalf of your Household or Family Members, **preclearance for any transaction of (i) a Covered Security, or (ii) a Vanguard ETF, by you or any Household or Family Member**.<br>See Segment 2-D-3, below, for instructions on how to seek preclearance.<br>|
| Securities transactions that do <u>not</u> require preclearance | &nbsp;&nbsp; You are not required to obtain preclearance for the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales of Vanguard Funds. (*Reminder: The purchase or sale of Vanguard ETFs <u>does</u> require preclearance.)*<br> &nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales where the person requesting preclearance has no direct or indirect influence or control over the Covered Security (e.g., you have a trust in your name but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been no prior communication between you and the trustee regarding the transaction).<br> &nbsp;&nbsp;&nbsp;&nbsp;· Corporate actions in Covered Securities such as stock dividends, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales made as a part of an Automatic Investment Program.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of Rights which were issued by an issuer pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions of Covered Securities through gifts or bequests.<br>Visit the Appendix for a table summarizing the trading and reporting requirements for Investment Access Persons. <br>|
| Is preclearance required for trades in an Approved Managed Account? | &nbsp;&nbsp; No, you are not required to seek preclearance of a transaction in a Covered Security in an Approved Managed Account so long as you have no prior communication with the portfolio manager of that account in connection with that transaction.<br>Note, Vanguard PAS accounts generally do <u>not</u> qualify as Approved Managed Accounts because PAS account owners generally retain some level of investment discretion. Further, any trades of Covered Securities (but not trades of Vanguard ETFs) in a PAS account must be precleared under this policy. <br>|

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---

| | |
|:---|:---|
| "Blackout period" restrictions that may apply to personal trading in Covered Securities | &nbsp;&nbsp; You may be subject to certain restrictions if you purchase or sell a Covered Security within seven (7) days before or after a Vanguard Fund purchases or sells the same Covered Security or a Related Security (the "blackout period").<br>Purchasing or selling before a Vanguard Fund:<br>&nbsp;&nbsp;&nbsp;&nbsp;· If you <u>purchase</u> a Covered Security within seven days before a Vanguard Fund purchases the same Covered Security or a Related Security, you may be required to hold the Covered Security for 6 months before being permitted to sell the Covered Security for a profit.<br> &nbsp;&nbsp;&nbsp;&nbsp;· If you <u>sell</u> a Covered Security within seven days before a Vanguard Fund sells the same Covered Security or a Related Security, you may be required to relinquish to Vanguard any profits earned from your sale of the Covered Security (exclusive of commissions), where profits are calculated based on the price that the Vanguard Fund received for selling the Covered Security or a Related Security.<br>Purchasing or selling after a Vanguard Fund:<br>&nbsp;&nbsp;&nbsp;&nbsp;· In general, you will not receive preclearance to <u>purchase</u> a Covered Security within seven days after a Vanguard Fund trades the same Covered Security or a Related Security. If you execute the transaction without receiving preclearance, you will have violated this policy and must immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions).<br> &nbsp;&nbsp;&nbsp;&nbsp;· In general, you will not receive preclearance to <u>sell</u> a Covered Security within seven days after a Vanguard Fund trades the same Covered Security or a Related Security. If you execute the transaction without receiving preclearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the Vanguard Fund's sale price (as long as your sales price is higher), multiplied by the number of shares you sold.<br>In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.<br>Compliance may exempt from these restrictions certain trades during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).<br>Compliance **may** waive the blackout period as it applies to the sale of a Covered Security if the Chief Compliance Officer determines its application creates a significant hardship to you (e.g., you need cash for a home purchase or to cover a major medical expense) and, in the opinion of the Chief Compliance Officer, satisfies the requirements for a waiver in the Waivers |

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| | |
|:---|:---|
| | &nbsp;&nbsp;paragraph of Segment D-1, above. Request and complete a Hardship Waiver Request Form.<br>|
| Prohibited Securities transactions | &nbsp;&nbsp; In addition to Segment 2-D-1, you are subject to the following restrictions with respect to any transaction in which you will acquire any direct or indirect Beneficial Ownership:<br>**Futures and Options.** You are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures) or any Option on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies).<br>**Short-Term Trading.** You are prohibited from purchasing and then selling any Covered Security or a Vanguard ETF at a profit, as well as selling and then repurchasing a Covered Security or a Vanguard ETF at a lower price, within 60 calendar days. A last-in/first-out accounting methodology will be applied to a series of Security purchases when applying this rule. (Note, as stated, this is based on last-in/first-out accounting regardless of how you placed the trade or plan to report it for tax purposes.) If you realize profits on short-term trades, you will be required to relinquish the profits to Vanguard (exclusive of commissions). In addition, the trade will be recorded as a violation of this policy. *Example: You are not permitted to sell a security at $12 that you purchased within the prior 60 days for $10. Similarly, you are not permitted to purchase a security at $10 that you sold within the prior 60 days for $12*.<br>**Spread Bets.** You are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.<br>|

---

**<u>Segment 2-D-3: How to Seek and Abide by Preclearance Requirements</u>**

If you are required to obtain preclearance of any trade or transaction under this policy, then the terms of this Segment 2-D-3 apply to that trade or transaction.

**Preclearance representations.**

By seeking preclearance, you will be deemed to be advising and representing to Compliance that you:

&nbsp;&nbsp;&nbsp;&nbsp;· Do not possess any material, nonpublic information relating
to the security.

&nbsp;&nbsp;&nbsp;&nbsp;· Do not use knowledge of any proposed trade or investment
program relating to the Vanguard Funds for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;· Believe the proposed trade is available to any market participant
on the same terms.

**How do I obtain preclearance?**

Preclearance must be obtained via the "Personal Trade Pre-Clearance" path in MCO. Once the required information is submitted, your preclearance request will usually be approved or denied

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immediately. Transactions in Covered Securities (including, for Investment Access Persons, transactions in Vanguard ETFs) may not be executed before you receive approval.

As a reminder, preclearance of Private Placements is addressed in Segment 2-D-1 of this policy, above.

Attempting to gain approval after the transaction has occurred is not permitted. Completing a personal trade before receiving approval or after the approval window expires constitutes a violation of this policy. See Section 3 of this policy for more information regarding the sanctions that may be imposed as a result of a violation.

**How long is my preclearance approval valid?**

**In the U.S.:** Preclearance approval will expire at the end of the trading day on which it is issued (e.g., if you receive approval for a trade on Monday, it is effective until the market closes on that Monday). Preclearance for permitted limit orders is good for transactions on the same day that approval is granted only. If you receive approval for a limit order, it must be executed or expire at the close of regular trading on the same business day for which approval was granted. If you wish to execute the limit order after the close of regular trading on the day you received approval, you must submit a new preclearance request for the day you wish to execute the trade.

**Outside the U.S.:** If you receive approval, transactions must be executed no later than the end of trading on the next business day after the preclearance is granted. If the transaction is not placed within that time, you must submit a new request for approval before placing the transaction. If you preclear a limit order, that limit order must either be executed or expire at the end of the next business day. If you want to execute the order after the next business day period expires, you must resubmit your preclearance request.

**Section 3 – Penalties and Sanctions** 

**How we enforce this policy** 

The Compliance Department regularly reviews the forms, reports, and other information it receives. If these reviews turn up information that is incomplete, questionable, or potentially in violation of this policy, the Compliance Department will investigate the matter and may contact you. If it is determined that you or any of your Household or Family Members have violated this policy, the Compliance Department or another appropriate party may take action.

**Violations** 

If the Compliance Department determines that there has been a violation, you may be subject to penalties and sanctions as described in this policy and otherwise as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. The Compliance Department will generally utilize a rolling 24-month period when evaluating whether and how to sanction a violation. Any violation of this policy may result in disciplinary action up to and including termination of employment.

Vanguard takes all policy violations seriously and at times provides the Vanguard Funds' board with a summary of actions taken in response to material violations of this policy and other policies. You should be aware that other securities laws and regulations not addressed by this policy may also apply to you, depending upon your role at Vanguard.

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**Exceptions** 

The Chief Compliance Officer or designee retains the discretion to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purpose of protecting the funds and being consistent with the general principles of this policy and the *Code of Ethical Conduct*.

In cases where exceptions to this policy are noted and you may qualify for them, you need to get prior written approval from the Compliance Department. If you believe that you have a situation that warrants an exception that is not discussed in this policy, you may submit a written request to the Compliance Department, which will consider your request and notify you of the outcome.

**Section 4 – Defined Terms** 

The following definitions apply throughout this policy:

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| | |
|:---|:---|
| Access Person | &nbsp;&nbsp;Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person. |
| Approved Managed Account | &nbsp;&nbsp;An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account. |
| Associated Person | &nbsp;&nbsp;Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC. |
| Automatic Investment Program | &nbsp;&nbsp;A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan. |
| Bankers' Acceptance | &nbsp;&nbsp;A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers' Acceptances are usually guaranteed by the bank. |
| Beneficial Ownership | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The opportunity to directly or indirectly—through any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned individually by you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned by a Household or Family Member.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned in joint tenancy, as tenants in common, or in other joint ownership arrangements.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security in which a Household or Family Member has Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act as a trustee, executor, or guardian or you provide Investment advice).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a general partner or manager/member in Securities held by a general or limited partnership or limited liability company.<br>|

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---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a member of an Investment club or an organization that is formed for the purpose of investing in a pool of monies or Securities.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · Your ownership of Securities as a trustee of a trust in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of a vested interest in a trust. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person. |
| Bond | &nbsp;&nbsp;A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest. |
| Certificate | &nbsp;&nbsp;In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. |
| Certificate of Deposit (CD) | &nbsp;&nbsp;An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period. |
| Commercial Paper | &nbsp;&nbsp;A promissory note issued by a large company in need of short-term financing. |
| Covered Account | &nbsp;&nbsp;Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities. |
| Covered Security | &nbsp;&nbsp; Any Security (including through an IPO), but <u>not</u> including any:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Direct Obligations of a Government; <br> &nbsp;&nbsp;&nbsp;&nbsp;· Bankers' Acceptances, Certificates of Deposit (CD), Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements; <br> &nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by Open-End Funds (although for European subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);<br> &nbsp;&nbsp;&nbsp;&nbsp;· Life policies; <br> &nbsp;&nbsp;&nbsp;&nbsp;· ETFs;<br> &nbsp;&nbsp;&nbsp;&nbsp;· ETNs; or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Digital Currencies. |
| Debenture | &nbsp;&nbsp;An unsecured debt obligation backed only by the general credit of the borrower. |
| Digital Currency | &nbsp;&nbsp;A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token. |
| Digital Security Token | &nbsp;&nbsp; Any digital asset that is not a Digital Currency or Digital Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders with voting rights, rights to distributions, or other rights associated with ownership. Digital Security |

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| | |
|:---|:---|
| | &nbsp;&nbsp;Tokens are generally held for speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security Tokens, like other investments, are generally not used as a medium of exchange.<br> Note, whether or not an asset is a Digital Security Token depends on specific facts and circumstances. Merely referring to an asset as a Digital Currency or Digital Utility Token does not prevent the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility. Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token. |
| Digital Utility Token | &nbsp;&nbsp;A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. |
| Direct Obligation of a Government | &nbsp;&nbsp;A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. |
| ETF or Exchange-Traded Fund | &nbsp;&nbsp;An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions. |
| ETN or Exchange-Traded Note | &nbsp;&nbsp;A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees. |
| Futures / Futures Contract | &nbsp;&nbsp;A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference. |
| High-Quality Short-Term Debt Instrument | &nbsp;&nbsp;An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality. |
| Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the U.S., Australia, Canada, China, Hong Kong, and Mexico regions, the term "Household or Family Member" includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Your spouse or domestic partner (an unrelated adult with whom you share your home and contribute to each other's support);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any child of yours or of your spouse or domestic partner, provided that the child resides in the same household as or is financially dependent upon you; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Any other individual over whose accounts you have control (e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.<br>|

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| | |
|:---|:---|
| | &nbsp;&nbsp;For purposes of parts (a) and (b) of this definition, those persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department, that you derive no economic benefit from, and exercise no control over, that person's accounts. |
| Household or Family Member (Europe) | &nbsp;&nbsp;For Europe crew members, the term "Household or Family Member" includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction. |
| Initial Coin Offering (ICO) | &nbsp;&nbsp;An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token |
| Initial Public Offering (IPO) | &nbsp;&nbsp;A corporation's first offering of common stock to the public. |
| Investment Contract | &nbsp;&nbsp;Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party. |
| Investment Discretion | &nbsp;&nbsp;The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney). |
| Non-Access Person | &nbsp;&nbsp;Any person in a role that has not been designated as an Access Person role. |
| Note | &nbsp;&nbsp;A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity. |
| Open-End Fund | &nbsp;&nbsp;A mutual fund that has an unlimited number of shares available for purchase. |
| Option | &nbsp;&nbsp;The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date. |
| Private Placement | &nbsp;&nbsp;A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard. |
| Related Security | &nbsp;&nbsp;Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will |

---

Page **25** of **37**

![](tm234376d1_coeimg01.jpg)

---

| | |
|:---|:---|
| | &nbsp;&nbsp;generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another. |
| Reportable Security | &nbsp;&nbsp;Any Covered Security, ETF, ETN, or Digital Security Token. |
| Repurchase Agreement | &nbsp;&nbsp;An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day). |
| Right | &nbsp;&nbsp;A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire. |
| Secondary Offering | &nbsp;&nbsp;The sale of new or closely held shares by a company that has already made an Initial Public Offering. |
| Security | &nbsp;&nbsp;Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security. |
| SPAC (Special Purpose Acquisition Company) | &nbsp;&nbsp;A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company. |
| Spread Betting | &nbsp;&nbsp;A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down. |
| Stock | &nbsp;&nbsp;A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends. |
| UCITS (Undertakings for the Collective Investment of Transferable Securities) | &nbsp;&nbsp;A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. |
| Vanguard Client | &nbsp;&nbsp;The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves. |
| Vanguard Fund | &nbsp;&nbsp;Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts. |
| Warrant | &nbsp;&nbsp;An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder. |

---

Page **26** of **37**

**Policy Compliance** 

Questions regarding this policy may be submitted to Code_of_Ethics@vanguard.com.

Please be aware of and comply with any supplemental policies that may apply to your role, department, or geographic region. Check with your manager for more information.

If you believe you may have breached this policy, you should immediately report it to your manager, notify the policy contact for your region, and work with them to take swift corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation into conduct regarding this policy.

The Compliance Department is the owner of this policy. Any violations or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result in disciplinary action up to and including termination of employment.

Refer to the Policy Disclaimer Statement for more information.

Page **27** of **37**

**Appendix**

**Appendix A**

Am I an Access Person, and if so, which Access Person "designation" applies?

**Appendix B**

What accounts must be disclosed?

**Appendix C**

Trading and Reporting Requirements for Advisor Access Persons

**Appendix D**

Trading and Reporting Requirements for Fund Access Persons

**Appendix E**

Trading and Reporting Requirements for Fund Access Persons

**Appendices Endnotes**

Clarifications and explanations to the content within the appendices

Page **28** of **37**

**APPENDIX A**

Am I an Access Person, and if so, which Access Person "designation" applies?

To determine if you are designated as an Access Person, review your offer letter for specifics. If you are unsure, ask your recruiter to confirm for you which designation you fall under. They can look up your designation by referencing our internal Access Person Code of Conduct policy. Your designation will be one of the following:

&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;1. Advisor Access

&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;2. Fund Access

&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;3. Investment Access

&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;4. Non-Access (If this is your designation,
this packet does not apply to you.)

Page **29** of **37**

![](tm234376d1_coeimg01.jpg)

**APPENDIX B** 

What accounts must be disclosed?

This list provides a snapshot of what accounts you will need to disclose. Come prepared knowing how to access the statements for these accounts. Please note, this is list is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Common Account Types** | &nbsp;&nbsp;**Access<br> Person<br> disclosure<br> required?** |
| &nbsp;&nbsp; Employer sponsored retirement plans (plan **doesn't** have the ability to hold Vanguard funds) <br> Examples: 401k, 403b, 457b, Employee Stock Options Plan (ESOP), Employee Stock Purchase Plan (ESPP), and pension plans  | No |
| &nbsp;&nbsp; Employer sponsored retirement plans (plan **does** have the ability to hold Vanguard funds) <br> Examples: 401k, 403b, 457b, Employee Stock Options Plan (ESOP), Employee Stock Purchase Plan (ESPP), and pension plans  | Yes |
| &nbsp;&nbsp;529 Plans (plan **doesn't** have the ability to hold Vanguard funds) | No |
| &nbsp;&nbsp;529 plans (plan **does** have the ability to hold Vanguard funds) | Yes |
| &nbsp;&nbsp;Health Savings Account (plan **doesn't** have the ability to hold Vanguard funds) | No |
| &nbsp;&nbsp;Health Savings Account (plan **does** have the ability to hold Vanguard funds) - Including Vanguard's HSA | Yes |
| &nbsp;&nbsp; Vanguard personal accounts<sup>i</sup> <br> **Examples:** Vanguard Brokerage Accounts, Transfer Agent Accounts (Mutual Fund Only account)  | Yes |
| &nbsp;&nbsp; Outside brokerage accounts (including retirement accounts not listed above)<sup>3</sup> <br> **Please Note:** Accounts that are open but have a $0 balance also must be reported because they still have the ability to hold securities.  | Yes |
| &nbsp;&nbsp;Bank accounts - checking and savings | No |
| &nbsp;&nbsp;Annuities | No |
| &nbsp;&nbsp;Fully managed accounts<sup>ii</sup> | Yes<sup>2</sup> |

---

Page **30** of **37**

![](tm234376d1_coeimg01.jpg)

**APPENDIX C**

Trading and Reporting Requirements for Advisor Access Persons

---

| | | | |
|:---|:---|:---|:---|
| **Securities and Activities** | **Can I Trade** | **60 Day Hold** | **Reportable<sup>iii</sup>** |
| &nbsp;&nbsp;**American Depository Receipts (ADRs)** | Yes | Yes | Yes |
| &nbsp;&nbsp;**Annuities and Insurance Products** | Yes | No | No |
| &nbsp;&nbsp;**Bankers' Acceptances, Certificates of Deposits, and Commercial Paper** | Yes | No | No |
| &nbsp;&nbsp;**Bonds (municipal and corporate)** | Yes | Yes | Yes |
| &nbsp;&nbsp;**Cash** | No | No | No |
| &nbsp;&nbsp;**Closed-End Funds** | Yes | Yes | Yes |
| &nbsp;&nbsp;**Commodities (ex: futures & options)** | Yes | No | No |
| &nbsp;&nbsp;**Currencies** | Yes | No | No |
| &nbsp;&nbsp;**Debentures** | Yes | Yes | Yes |
| &nbsp;&nbsp;**Digital Currency** | Yes | No | No |
| &nbsp;&nbsp;**Digital Utility Tokens** | Yes | No | Yes |
| &nbsp;&nbsp;**Digital Security Tokens** | Yes | No | Yes |
| &nbsp;&nbsp;**Direct Obligations** | Yes | No | No |
| &nbsp;&nbsp;**Non-Vanguard ETFs and ETNs** | Yes | No | Yes |
| &nbsp;&nbsp;**Evidence of Indebtedness** | Yes | Yes | Yes |
| &nbsp;&nbsp;**Government bonds** | Yes | No | No |
| &nbsp;&nbsp;**High Quality Short Term Debt Instruments** | Yes | No | Yes |
| &nbsp;&nbsp;**Investment Contracts** | Yes | Yes | Yes |
| &nbsp;&nbsp;**IPOs (and ICOs)** | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**Money market instruments (non-Vanguard)** | Yes | No | No |
| &nbsp;&nbsp;**Money market instruments (Vanguard)** | Yes | No | Yes |
| &nbsp;&nbsp;**Open-End funds (non-Vanguard)** | Yes | No | No |
| &nbsp;&nbsp;**Notes** | Yes | Yes | Yes |
| &nbsp;&nbsp;**Options on Covered Securities** | Yes | Yes<sup>iv</sup> | Yes |
| &nbsp;&nbsp;**Private placements (unlisted securities)** | Yes<sup>v</sup> | No | Yes |
| &nbsp;&nbsp;**Rights** | Yes | Yes | Yes |
| &nbsp;&nbsp;**Real Estate Investment Trusts** | Yes | Yes | Yes |
| &nbsp;&nbsp;**Security Futures** | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**Short Positions** | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**SPACs** | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**Stocks** | Yes | Yes | Yes |
| &nbsp;&nbsp;**Unit Investment Trusts** | Yes | Yes | Yes |

---

Page **31** of **37**

![](tm234376d1_coeimg01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Securities and Activities** | **Can I Trade** | **60 Day Hold** | **Reportable<sup>iii</sup>** |
| &nbsp;&nbsp;**UCITs Funds (non-Vanguard)** | **Yes** | **No** | **No** |
| &nbsp;&nbsp;**Vanguard Annuities and Insurance Products** | Yes | No | Yes |
| &nbsp;&nbsp;**Vanguard ETFs** | Yes | No | Yes |
| &nbsp;&nbsp;**Vanguard Funds** | Yes | No | Yes |
| &nbsp;&nbsp;**Warrants** | Yes | Yes | Yes |

---

Page **32** of **37**

![](tm234376d1_coeimg01.jpg)

**APPENDIX D**

Trading and Reporting Requirements for Fund Access Persons

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities and Activities** | **Can I Trade** | **Preclear** | **7 Day Blackout** | **60 Day Hold** | **Reportable<sup>iii</sup>** |
| &nbsp;&nbsp;**American Depository Receipts (ADRs)** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Annuities and Insurance Products** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Bankers' Acceptances, Certificates of Deposits, and Commercial Paper** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Bonds (municipal and corporate)** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Cash** | No | No | No | No | No |
| &nbsp;&nbsp;**Closed-End Funds** | Yes | Yes | No | Yes | Yes |
| &nbsp;&nbsp;**Commodities (ex: futures & options)** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Currencies** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Debentures** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Digital Currency** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Digital Utility Tokens** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Digital Security Tokens** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Direct Obligations** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Non-Vanguard ETFs and ETNs** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Evidence of Indebtedness** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Government bonds** | Yes | No | No | No | No |
| &nbsp;&nbsp;**High Quality Short Term Debt Instruments** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Investment Contracts** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**IPOs (and ICOs)** | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**Money market instruments (non-Vanguard)** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Money market instruments (Vanguard)** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Open-End funds (non-Vanguard)** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Notes** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Options on Securities** | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**Private placements (unlisted securities)** | Yes<sup>v</sup> | Yes | No | No | Yes |
| &nbsp;&nbsp;**Rights** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Real Estate Investment Trusts** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Security Futures** | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**Short Positions** | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |

---

Page **33** of **37**

![](tm234376d1_coeimg01.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities and Activities** | **Can I Trade** | **Preclear** | **7 Day Blackout** | **60 Day Hold** | **Reportable<sup>iii</sup>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**SPACs** | **Prohibited** | **Prohibited** | **Prohibited** |
| &nbsp;&nbsp;**Stocks** | Yes | Yes<sup>vi</sup> | Yes |
| &nbsp;&nbsp;**Unit Investment Trusts** | Yes | Yes | Yes |
| &nbsp;&nbsp;**UCIT Funds (non-Vanguard)** | No | No | No |
| &nbsp;&nbsp;**Vanguard Annuities and Insurance Products** | No | No | Yes |
| &nbsp;&nbsp;**Vanguard ETFs** | No | No | Yes |
| &nbsp;&nbsp;**Vanguard Funds** | No | No | Yes |
| &nbsp;&nbsp;**Warrants** | Yes | Yes | Yes |

---

Page **34** of **37**

![](tm234376d1_coeimg01.jpg)

**APPENDIX E**

Trading and Reporting Requirements for Investment Access Persons

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities and Activities** | **Can I Trade** | **Preclear** | **7 Day Blackout** | **60 Day Hold** | **Reportable<sup>iii</sup>** |
| &nbsp;&nbsp;**American Depository Receipts (ADRs)** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Annuities and Insurance Products** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Bankers' Acceptances, Certificates of Deposits, and Commercial Paper** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Bonds (municipal and corporate)** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Cash** | No | No | No | No | No |
| &nbsp;&nbsp;**Closed-End Funds** | Yes | Yes | No | Yes | Yes |
| &nbsp;&nbsp;**Commodities (ex: futures & options)** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Currencies** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Debentures** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Digital Currency** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Digital Utility Tokens** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Digital Security Tokens** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Direct Obligations** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Non-Vanguard ETFs and ETNs** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Evidence of Indebtedness** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Government bonds** | Yes | No | No | No | No |
| &nbsp;&nbsp;**High Quality Short Term Debt Instruments** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Investment Contracts** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**IPOs (and ICOs)** | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**Money market instruments (non-Vanguard)** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Money market instruments (Vanguard)** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Open-End funds (non-Vanguard)** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Notes** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Options on Securities** | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**Private placements (unlisted securities)** | Yes<sup>v</sup> | Yes | No | No | Yes |
| &nbsp;&nbsp;**Rights** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Real Estate Investment Trusts** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Security Futures** | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |
| &nbsp;&nbsp;**Short Positions** | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |

---

Page **35** of **37**

![](tm234376d1_coeimg01.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities and Activities** | **Can I Trade** | **Preclear** | **7 Day Blackout** | **60 Day Hold** | **Reportable<sup>iii</sup>** |
| &nbsp;&nbsp;**SPACs** | **Prohibited** | **Prohibited** | **Prohibited** | **Prohibited** | **Prohibited** |
| &nbsp;&nbsp;**Stocks** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**Unit Investment Trusts** | Yes | Yes | Yes | Yes | Yes |
| &nbsp;&nbsp;**UCITs Funds (non-Vanguard)** | Yes | No | No | No | No |
| &nbsp;&nbsp;**Vanguard Annuities and Insurance Products** | Yes | No | No | No | Yes |
| &nbsp;&nbsp;**Vanguard ETFs** | Yes | Yes | No | Yes | Yes |
| &nbsp;&nbsp;**Vanguard Funds** | Yes | No<sup>vii</sup> | No | No<sup>viii</sup> | Yes |
| &nbsp;&nbsp;**Warrants** | Yes | Yes | Yes | Yes | Yes |

---

Page **36** of **37**

![](tm234376d1_coeimg01.jpg)

**APPENDICES ENDNOTES**

Clarifications and explanations to the content within the appendices

<sup>i</sup> Accounts you share ownership with will need to be disclosed, e.g., a joint account

<sup>ii</sup> Fully managed accounts can be maintained outside of Vanguard with review and approval from the Code team. Please provide one of the following documents for review:

&nbsp;&nbsp;&nbsp;&nbsp;· A
 signed discretionary/advisory agreement from the outside firm, or

&nbsp;&nbsp;&nbsp;&nbsp;· A
 signed letter from your advisor on their firm's letterhead.

This documentation should include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· The account number(s) for any account considered fully managed

&nbsp;&nbsp;&nbsp;&nbsp;· The name of your advisor or the name of the program in
which the account is enrolled

&nbsp;&nbsp;&nbsp;&nbsp;· A statement that you have no discretion/trading authority
over your managed account(s)

<sup>iii</sup> Reportable on Initial Holdings Report or when acquired. All Crew and Contingent Workers deemed Associated Persons must report their accounts, holdings, and transactions through My Compliance Office (MCO).

<sup>iv</sup> Options on Covered Securities include trades that are exercised or assigned involuntarily by the crew member.

<sup>v</sup> Prohibited from acquiring Securities in a Private Placement without prior approval from Compliance.

<sup>vi</sup> Permitted to sell stock with a market cap above US $5 billion, so long as, over a rolling 30 day period, their total value aggregate sales of the stock does not exceed $10,000.

<sup>vii</sup> Vanguard ETFs require preclearance.

<sup>viii</sup> Vanguard ETFs require a 60 day hold.

Page **37** of **37**

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Mortimer J. Buckley, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Fixed Income Securities 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: March 24, 2023

---

| |
|:---|
| /s/ Mortimer J. Buckley |
| Mortimer J. Buckley |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Fixed Income Securities 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: March 24, 2023

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

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## 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 Fixed Income Securities 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: March 24, 2023

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| |
|:---|
| /s/ Mortimer J. Buckley |
| Mortimer J. Buckley |
| Chief Executive Officer |

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**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 Fixed Income Securities 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: March 24, 2023

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

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