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: 811-01766
Name of Registrant: | Vanguard Wellesley Income Fund |
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: September 30
Date of reporting period: October 1, 2021—September 30, 2022
Item 1: Reports to Shareholders
Your Fund’s Performance at a Glance | 1 |
Advisor’s Report | 2 |
About Your Fund’s Expenses | 6 |
Performance Summary | 8 |
Financial Statements | 10 |
Trustees Approve Advisory Arrangement | 60 |
• | The 12 months ended September 30, 2022, were a challenging period for financial markets. Vanguard Wellesley Income Fund returned –12.11% for Admiral Shares and –12.18% for Investor Shares. The fund fared slightly better than its benchmark, the Wellesley Income Composite Index, which returned –12.84%. The composite index reflects the fund’s target allocation of 65% bonds and 35% stocks. |
• | Early in the period, pent-up demand helped spur global growth and push unemployment rates down. The economic backdrop deteriorated, however, as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by the Federal Reserve to bring inflation back in check, which weighed on bond prices and increased fears of recession. |
• | On the bond side of the portfolio, the fund’s underweight exposure to credits and higher-duration bonds relative to the benchmark was beneficial during a period when credit spreads and interest rates were rising. |
• | Equity outperformance was driven by selection within financials, consumer discretionary, and industrials. An underweight to the communication services sector and an overweight to the health care sector also aided results. |
Average Annual Total Returns Periods Ended September 30, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -17.22% | 7.95% | 9.00% |
Russell 2000 Index (Small-caps) | -23.50 | 4.29 | 3.55 |
Russell 3000 Index (Broad U.S. market) | -17.63 | 7.70 | 8.62 |
FTSE All-World ex US Index (International) | -24.76 | -0.95 | -0.38 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -14.61% | -3.22% | -0.23% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.50 | -1.85 | 0.59 |
FTSE Three-Month U.S. Treasury Bill Index | 0.63 | 0.57 | 1.12 |
CPI | |||
Consumer Price Index | 8.20% | 4.95% | 3.76% |
• | 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. |
• | 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. |
Six Months Ended September 30, 2022 | |||
Beginning Account Value 3/31/2022 | Ending Account Value 9/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Wellesley Income Fund | |||
Investor Shares | $1,000.00 | $884.30 | $1.13 |
Admiral™ Shares | 1,000.00 | 884.60 | 0.80 |
Based on Hypothetical 5% Yearly Return | |||
Wellesley Income Fund | |||
Investor Shares | $1,000.00 | $1,023.87 | $1.22 |
Admiral Shares | 1,000.00 | 1,024.22 | 0.86 |
Average Annual Total Returns Periods Ended September 30, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Wellesley Income Fund Investor Shares | -12.18% | 3.24% | 5.01% | $16,308 | |
Wellesley Income Composite Index | -12.84 | 2.39 | 4.47 | 15,480 | |
Bloomberg U.S. Aggregate Bond Index | -14.60 | -0.27 | 0.89 | 10,927 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -18.05 | 8.48 | 11.28 | 29,120 |
One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
Wellesley Income Fund Admiral Shares | -12.11% | 3.31% | 5.08% | $82,097 | |
Wellesley Income Composite Index | -12.84 | 2.39 | 4.47 | 77,402 | |
Bloomberg U.S. Aggregate Bond Index | -14.60 | -0.27 | 0.89 | 54,634 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -18.05 | 8.48 | 11.28 | 145,598 |
Asset-Backed/Commercial Mortgage-Backed Securities | 1.6% |
Common Stocks | 38.0 |
Corporate Bonds - Communications | 2.7 |
Corporate Bonds - Consumer Discretionary | 2.1 |
Corporate Bonds - Consumer Staples | 1.3 |
Corporate Bonds - Energy | 2.1 |
Corporate Bonds - Financials | 18.1 |
Corporate Bonds - Health Care | 4.4 |
Corporate Bonds - Industrials | 1.8 |
Corporate Bonds - Materials | 0.1 |
Corporate Bonds - Real Estate | 0.9 |
Corporate Bonds - Technology | 3.8 |
Corporate Bonds - Utilities | 6.0 |
Sovereign Bonds | 0.9 |
Taxable Municipal Bonds | 3.1 |
U.S. Government and Agency Obligations | 13.1 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
U.S. Government and Agency Obligations (13.0%) | ||||||
U.S. Government Securities (10.7%) | ||||||
United States Treasury Note/Bond | 2.250% | 3/31/24 | 13,000 | 12,606 | ||
1 | United States Treasury Note/Bond | 0.250% | 6/15/24 | 242,350 | 226,294 | |
2 | United States Treasury Note/Bond | 0.375% | 8/15/24 | 325,000 | 302,250 | |
United States Treasury Note/Bond | 0.375% | 9/15/24 | 83,000 | 76,957 | ||
United States Treasury Note/Bond | 4.250% | 9/30/24 | 30,000 | 30,014 | ||
2 | United States Treasury Note/Bond | 0.625% | 10/15/24 | 501,000 | 465,617 | |
United States Treasury Note/Bond | 1.000% | 12/15/24 | 68,000 | 63,346 | ||
United States Treasury Note/Bond | 1.125% | 1/15/25 | 271,270 | 252,620 | ||
2 | United States Treasury Note/Bond | 1.750% | 3/15/25 | 605,000 | 569,551 | |
United States Treasury Note/Bond | 2.625% | 4/15/25 | 165,050 | 158,474 | ||
United States Treasury Note/Bond | 2.750% | 5/15/25 | 50,000 | 48,109 | ||
2 | United States Treasury Note/Bond | 0.250% | 5/31/25 | 295,605 | 265,814 | |
United States Treasury Note/Bond | 0.250% | 7/31/25 | 523,245 | 467,569 | ||
United States Treasury Note/Bond | 3.125% | 8/15/25 | 260,000 | 252,038 | ||
United States Treasury Note/Bond | 0.250% | 8/31/25 | 44,990 | 40,069 | ||
United States Treasury Note/Bond | 3.500% | 9/15/25 | 5,310 | 5,202 | ||
2,3 | United States Treasury Note/Bond | 0.375% | 1/31/26 | 588,320 | 518,273 | |
2 | United States Treasury Note/Bond | 1.250% | 12/31/26 | 421,835 | 374,708 | |
United States Treasury Note/Bond | 2.500% | 3/31/27 | 36,240 | 33,850 | ||
United States Treasury Note/Bond | 2.750% | 4/30/27 | 72,505 | 68,427 | ||
United States Treasury Note/Bond | 2.750% | 7/31/27 | 259,255 | 244,145 | ||
2 | United States Treasury Note/Bond | 3.125% | 8/31/27 | 343,500 | 329,545 | |
United States Treasury Note/Bond | 1.875% | 2/28/29 | 2,855 | 2,512 | ||
United States Treasury Note/Bond | 1.125% | 2/15/31 | 430 | 348 | ||
United States Treasury Note/Bond | 2.750% | 8/15/32 | 11,568 | 10,581 | ||
2 | United States Treasury Note/Bond | 2.000% | 11/15/41 | 868,895 | 621,396 | |
United States Treasury Note/Bond | 3.375% | 8/15/42 | 352,860 | 319,669 | ||
United States Treasury Note/Bond | 2.250% | 2/15/52 | 935 | 679 | ||
United States Treasury Note/Bond | 2.875% | 5/15/52 | 179,670 | 150,614 | ||
United States Treasury Note/Bond | 3.000% | 8/15/52 | 32,345 | 27,923 | ||
5,939,200 | ||||||
Agency Bonds and Notes (0.0%) | ||||||
Tennessee Valley Authority | 4.625% | 9/15/60 | 19,800 | 19,355 | ||
Conventional Mortgage-Backed Securities (1.9%) | ||||||
4,5 | Fannie Mae Pool | 1.770% | 1/1/36 | 21,147 | 16,128 | |
4,5 | Freddie Mac Gold Pool | 4.000% | 7/1/33 | 3 | 3 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
4 | Ginnie Mae I Pool | 6.000% | 6/15/31–7/15/35 | 16 | 16 | |
4 | Ginnie Mae I Pool | 6.500% | 4/15/32–7/15/38 | 1,254 | 1,261 | |
4,5 | UMBS Pool | 2.500% | 8/1/27–4/1/38 | 26,184 | 23,153 | |
4,5,6 | UMBS Pool | 3.000% | 10/13/52 | 355,000 | 308,628 | |
4,5,6 | UMBS Pool | 4.000% | 10/13/52 | 434,895 | 403,093 | |
4,5,6 | UMBS Pool | 4.500% | 10/13/52 | 286,002 | 271,791 | |
1,024,073 | ||||||
Nonconventional Mortgage-Backed Securities (0.4%) | ||||||
4,5 | Fannie Mae REMICS | 1.250% | 2/25/28 | 8,507 | 7,986 | |
4,5 | Fannie Mae REMICS | 1.500% | 8/25/41–11/25/42 | 4,158 | 3,817 | |
4,5 | Fannie Mae REMICS | 1.700% | 6/25/43 | 1,618 | 1,537 | |
4,5 | Fannie Mae REMICS | 2.000% | 6/25/43–6/25/44 | 5,665 | 5,196 | |
4,5 | Fannie Mae REMICS | 2.500% | 8/25/46–2/25/47 | 31,536 | 25,388 | |
4,5 | Fannie Mae REMICS | 3.000% | 12/25/39–9/25/57 | 44,128 | 39,455 | |
4,5 | Fannie Mae REMICS | 3.500% | 4/25/31–11/25/57 | 71,314 | 67,388 | |
4,5 | Fannie Mae REMICS | 4.000% | 7/25/53 | 2,526 | 2,467 | |
4,5 | Freddie Mac REMICS | 1.500% | 10/15/42 | 5,503 | 4,745 | |
4,5 | Freddie Mac REMICS | 2.000% | 9/15/31 | 7,828 | 7,418 | |
4,5 | Freddie Mac REMICS | 2.500% | 9/15/32 | 992 | 970 | |
4,5 | Freddie Mac REMICS | 3.000% | 6/15/44–5/15/46 | 31,857 | 28,497 | |
4,5 | Freddie Mac REMICS | 3.500% | 3/15/31–10/15/45 | 8,609 | 7,942 | |
4,5 | Freddie Mac REMICS | 4.000% | 12/15/30–2/15/31 | 3,495 | 3,372 | |
4 | Ginnie Mae | 1.700% | 10/20/45 | 1,075 | 1,057 | |
207,235 | ||||||
Total U.S. Government and Agency Obligations (Cost $7,938,748) | 7,189,863 | |||||
Asset-Backed/Commercial Mortgage-Backed Securities (1.6%) | ||||||
4,7 | Aaset Trust Class A Series 2019-1 | 3.844% | 5/15/39 | 8,652 | 5,743 | |
4,7 | Affirm Asset Securitization Trust Class A Series 2021-A | 0.880% | 8/15/25 | 4,846 | 4,816 | |
4,7 | Affirm Asset Securitization Trust Class A Series 2021-B | 1.030% | 8/17/26 | 17,575 | 16,789 | |
4,7 | Affirm Asset Securitization Trust Class A Series 2021-Z1 | 1.070% | 8/15/25 | 8,134 | 7,895 | |
4,7 | Affirm Asset Securitization Trust Class A Series 2021-Z2 | 1.170% | 11/16/26 | 6,663 | 6,426 | |
4,7 | Aligned Data Centers Issuer LLC Class A2 Series 2021-1A | 1.937% | 8/15/46 | 43,730 | 37,534 | |
4,7 | American Tower Trust #1 Class 2A Series 13 | 3.070% | 3/15/48 | 32,900 | 32,666 | |
4,7,8 | Angel Oak Mortgage Trust Class A1 Series 2019-5 | 2.593% | 10/25/49 | 2,001 | 1,961 | |
4,7,8 | Angel Oak Mortgage Trust Class A1 Series 2019-6 | 2.620% | 11/25/59 | 4,527 | 4,396 | |
4,7,8 | Angel Oak Mortgage Trust Class A1 Series 2021-6 | 1.458% | 9/25/66 | 24,687 | 20,751 | |
4,7,8 | Angel Oak Mortgage Trust I LLC Class A1 Series 2019-2 | 3.628% | 3/25/49 | 21 | 21 | |
4,7,8 | Angel Oak Mortgage Trust I LLC Class A1 Series 2019-4 | 2.993% | 7/26/49 | 1,063 | 1,057 | |
4,7,8 | BX Commercial Mortgage Trust Class A Series 2021-VOLT, 1M USD LIBOR + 0.700% | 3.518% | 9/15/36 | 28,565 | 27,269 | |
4,7,8 | BX Trust Class A Series 2021-ARIA, 1M USD LIBOR + 0.899% | 3.717% | 10/15/36 | 14,465 | 13,723 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
4,7,8 | BXHPP Trust Class A Series 2021-FILM, 1M USD LIBOR + 0.650% | 3.468% | 8/15/36 | 15,215 | 14,070 | |
4,7,8 | BXHPP Trust Class B Series 2021-FILM, 1M USD LIBOR + 0.900% | 3.718% | 8/15/36 | 3,140 | 2,921 | |
4,7 | Castlelake Aircraft Structured Trust Class A Series 2019-1A | 3.967% | 4/15/39 | 18,451 | 15,916 | |
4,7,8 | Cent CLO 21 Ltd. Class A1R3 Series 2014-21A, 3M USD LIBOR + 0.970% | 3.739% | 7/27/30 | 10,000 | 9,816 | |
4,7 | CF Hippolyta LLC Class A1 Series 2021-A1 | 1.530% | 3/15/61 | 25,366 | 21,917 | |
4,7 | Chesapeake Funding II LLC Class A1 Series 2018-3A | 3.390% | 1/15/31 | 711 | 711 | |
4,7,8 | Cloud Pass-Through Trust Class CLOU Series 2019-1A | 3.554% | 12/5/22 | 35 | 35 | |
4,7 | DB Master Finance LLC Class A2II Series 2019-1A | 4.021% | 5/20/49 | 13,124 | 12,227 | |
4,7 | Domino's Pizza Master Issuer LLC Class A2I Series 2021-1A | 2.662% | 4/25/51 | 16,797 | 13,894 | |
4,7 | Domino's Pizza Master Issuer LLC Class A2II Series 2021-1A | 3.151% | 4/25/51 | 26,302 | 20,864 | |
4,7 | Enterprise Fleet Financing LLC Class A2 Series 2019-2 | 2.290% | 2/20/25 | 2,297 | 2,294 | |
4,7 | Enterprise Fleet Financing LLC Class A2 Series 2019-3 | 2.060% | 5/20/25 | 1,693 | 1,690 | |
4,5,8 | Fannie Mae Connecticut Avenue Securities Class 2M2 Series 2016-C03, 1M USD LIBOR + 5.900% | 8.984% | 10/25/28 | 3,100 | 3,207 | |
4,7 | FirstKey Homes Trust Class A Series 2021-SFR1 | 1.538% | 8/17/38 | 67,169 | 58,233 | |
4,5 | Freddie Mac Multifamily Structured Pass Through Certificates Class A2 Series K1521 | 2.184% | 8/25/36 | 17,210 | 12,833 | |
4,5 | Freddie Mac Multifamily Structured Pass Through Certificates Class A2 Series K733 | 3.750% | 8/25/25 | 10,785 | 10,532 | |
4,5 | Freddie Mac Multifamily Structured Pass Through Certificates Class A3 Series K-1512 | 3.059% | 4/25/34 | 7,200 | 6,166 | |
4,5 | Freddie Mac Multifamily Structured Pass Through Certificates Class A3 Series K1513 | 2.797% | 8/25/34 | 7,552 | 6,275 | |
4,7 | Home Partners of America Trust Class A Series 2021-2 | 1.901% | 12/17/26 | 34,916 | 30,299 | |
4,7 | Horizon Aircraft Finance II Ltd. Class A Series 2019-1 | 3.721% | 7/15/39 | 9,146 | 7,642 | |
4,7 | Horizon Aircraft Finance III Ltd. Class A Series 2019-2 | 3.425% | 11/15/39 | 9,727 | 8,068 | |
4,7,8 | Life Mortgage Trust Class A Series 2021-BMR, 1M USD LIBOR + 0.700% | 3.518% | 3/15/38 | 9,717 | 9,338 | |
4,7 | MACH 1 Cayman Ltd. Class A Series 2019-1 | 3.474% | 10/15/39 | 9,009 | 7,919 | |
4,7,8 | Madison Park Funding XIII Ltd. Class AR2 Series 2014-13A, 3M USD LIBOR + 0.950% | 3.688% | 4/19/30 | 32,461 | 31,963 | |
4,7,8 | Magnetite VII Ltd. Class A1R2 Series 2012-7A, 3M USD LIBOR + 0.800% | 3.312% | 1/15/28 | 29,103 | 28,641 | |
4,7 | MAPS Ltd. Class A Series 2019-1A | 4.458% | 3/15/44 | 3,695 | 3,236 | |
4,7 | Mercury Financial Credit Card Master Trust Class A Series 2021-1A | 1.540% | 3/20/26 | 36,145 | 34,234 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
4,7 | MMAF Equipment Finance LLC Class A3 Series 2019-B | 2.010% | 12/12/24 | 15,314 | 15,058 | |
4,7 | New Economy Assets Phase 1 Sponsor LLC Class A1 Series 2021-1 | 1.910% | 10/20/61 | 98,855 | 83,648 | |
4,7 | New Economy Assets Phase 1 Sponsor LLC Class B1 Series 2021-1 | 2.410% | 10/20/61 | 10,130 | 8,465 | |
4,7 | OneMain Direct Auto Receivables Trust Class A Series 2021-1A | 0.870% | 7/14/28 | 29,755 | 27,579 | |
4,5 | Seasoned Credit Risk Transfer Trust Class MA Series 2019-3 | 3.500% | 10/25/58 | 25,435 | 24,545 | |
4,7,8 | SFAVE Commercial Mortgage Securities Trust Class A2B Series 2015-5AVE | 4.144% | 1/5/43 | 22,000 | 16,463 | |
4,7 | SoFi Professional Loan Program Trust Class AFX Series 2021-B | 1.140% | 2/15/47 | 16,325 | 13,553 | |
4,7 | START Ireland Class A Series 2019-1 | 4.089% | 3/15/44 | 9,685 | 8,485 | |
4,7,8 | Symphony CLO XIV Ltd. Class AR Series 2014-14A, 3M USD LIBOR + 0.950% | 3.433% | 7/14/26 | 2,751 | 2,736 | |
4,7 | Taco Bell Funding LLC Class A2I Series 2021-1A | 1.946% | 8/25/51 | 30,192 | 25,301 | |
4,7 | Taco Bell Funding LLC Class A2II Series 2021-1A | 2.294% | 8/25/51 | 36,445 | 29,450 | |
4,7 | Vantage Data Centers Issuer LLC Class A2 Series 2019-1A | 3.188% | 7/15/44 | 10,133 | 9,680 | |
4,7 | Vantage Data Centers Issuer LLC Class A2 Series 2021-1A | 2.165% | 10/15/46 | 47,695 | 41,334 | |
4,7 | Vantage Data Centers LLC Class A2 Series 2020-1A | 1.645% | 9/15/45 | 32,830 | 28,913 | |
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $1,008,220) | 891,198 | |||||
Corporate Bonds (43.0%) | ||||||
Communications (2.7%) | ||||||
America Movil SAB de CV | 3.625% | 4/22/29 | 25,600 | 22,992 | ||
America Movil SAB de CV | 6.125% | 3/30/40 | 10,010 | 9,970 | ||
AT&T Inc. | 2.750% | 6/1/31 | 61,900 | 49,634 | ||
AT&T Inc. | 4.300% | 12/15/42 | 5,945 | 4,704 | ||
AT&T Inc. | 3.650% | 6/1/51 | 6,086 | 4,150 | ||
AT&T Inc. | 3.500% | 9/15/53 | 33,465 | 22,298 | ||
AT&T Inc. | 3.850% | 6/1/60 | 17,664 | 11,883 | ||
Charter Communications Operating LLC / Charter Communications Operating Capital | 2.800% | 4/1/31 | 7,635 | 5,793 | ||
Charter Communications Operating LLC / Charter Communications Operating Capital | 2.300% | 2/1/32 | 7,635 | 5,439 | ||
Charter Communications Operating LLC / Charter Communications Operating Capital | 3.500% | 3/1/42 | 4,895 | 3,098 | ||
Comcast Corp. | 3.375% | 2/15/25 | 2,565 | 2,481 | ||
Comcast Corp. | 3.150% | 3/1/26 | 15,280 | 14,407 | ||
Comcast Corp. | 3.400% | 4/1/30 | 4,915 | 4,328 | ||
Comcast Corp. | 4.250% | 1/15/33 | 15,060 | 13,672 | ||
Comcast Corp. | 4.200% | 8/15/34 | 25,155 | 22,161 | ||
Comcast Corp. | 4.400% | 8/15/35 | 32,657 | 28,941 | ||
Comcast Corp. | 3.969% | 11/1/47 | 40,576 | 31,035 | ||
Comcast Corp. | 4.000% | 3/1/48 | 17,415 | 13,394 | ||
Comcast Corp. | 3.999% | 11/1/49 | 26,848 | 20,558 | ||
Comcast Corp. | 2.887% | 11/1/51 | 37,513 | 23,431 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Comcast Corp. | 2.450% | 8/15/52 | 35,080 | 20,075 | ||
Comcast Corp. | 4.049% | 11/1/52 | 19,891 | 15,172 | ||
Comcast Corp. | 2.937% | 11/1/56 | 156,916 | 93,677 | ||
Comcast Corp. | 2.987% | 11/1/63 | 109,670 | 63,620 | ||
7 | Cox Communications Inc. | 4.800% | 2/1/35 | 58,525 | 51,487 | |
7 | Deutsche Telekom International Finance BV | 3.600% | 1/19/27 | 10,674 | 9,956 | |
7 | Deutsche Telekom International Finance BV | 4.375% | 6/21/28 | 21,168 | 20,049 | |
Discovery Communications LLC | 4.125% | 5/15/29 | 4,406 | 3,768 | ||
Discovery Communications LLC | 3.625% | 5/15/30 | 24,240 | 20,003 | ||
Discovery Communications LLC | 4.000% | 9/15/55 | 27,367 | 16,293 | ||
NBCUniversal Media LLC | 4.450% | 1/15/43 | 6,495 | 5,414 | ||
7 | NBN Co. Ltd. | 1.625% | 1/8/27 | 25,935 | 22,242 | |
7 | NBN Co. Ltd. | 2.625% | 5/5/31 | 38,645 | 30,753 | |
7 | NBN Co. Ltd. | 2.500% | 1/8/32 | 68,983 | 53,497 | |
7 | NTT Finance Corp. | 1.162% | 4/3/26 | 76,700 | 66,999 | |
7 | NTT Finance Corp. | 2.065% | 4/3/31 | 10,125 | 7,968 | |
7 | Ooredoo International Finance Ltd. | 2.625% | 4/8/31 | 45,300 | 37,420 | |
Orange SA | 9.000% | 3/1/31 | 54,566 | 65,482 | ||
7 | SK Telecom Co. Ltd. | 3.750% | 4/16/23 | 12,220 | 12,122 | |
7 | Sky Ltd. | 3.750% | 9/16/24 | 42,911 | 41,867 | |
4,7 | Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC | 4.738% | 9/20/29 | 27,459 | 27,082 | |
Time Warner Entertainment Co. LP | 8.375% | 3/15/23 | 3,215 | 3,260 | ||
T-Mobile USA Inc. | 2.050% | 2/15/28 | 37,480 | 31,106 | ||
T-Mobile USA Inc. | 3.875% | 4/15/30 | 59,480 | 52,711 | ||
T-Mobile USA Inc. | 2.550% | 2/15/31 | 19,710 | 15,614 | ||
T-Mobile USA Inc. | 2.250% | 11/15/31 | 5,105 | 3,859 | ||
T-Mobile USA Inc. | 4.375% | 4/15/40 | 17,030 | 13,926 | ||
T-Mobile USA Inc. | 4.500% | 4/15/50 | 23,440 | 18,852 | ||
T-Mobile USA Inc. | 3.300% | 2/15/51 | 20,490 | 13,362 | ||
T-Mobile USA Inc. | 3.600% | 11/15/60 | 9,670 | 6,253 | ||
TWDC Enterprises 18 Corp. | 4.125% | 6/1/44 | 3,720 | 3,037 | ||
Verizon Communications Inc. | 4.329% | 9/21/28 | 22,990 | 21,649 | ||
Verizon Communications Inc. | 2.355% | 3/15/32 | 22,780 | 17,518 | ||
Verizon Communications Inc. | 4.812% | 3/15/39 | 50,074 | 44,019 | ||
Verizon Communications Inc. | 4.750% | 11/1/41 | 23,900 | 20,672 | ||
Verizon Communications Inc. | 2.987% | 10/30/56 | 39,918 | 23,698 | ||
Walt Disney Co. | 2.000% | 9/1/29 | 84,065 | 68,683 | ||
Walt Disney Co. | 2.650% | 1/13/31 | 13,285 | 10,977 | ||
Walt Disney Co. | 6.200% | 12/15/34 | 11,000 | 11,428 | ||
Walt Disney Co. | 3.500% | 5/13/40 | 52,100 | 40,255 | ||
Walt Disney Co. | 2.750% | 9/1/49 | 14,600 | 9,255 | ||
Walt Disney Co. | 3.600% | 1/13/51 | 48,240 | 35,927 | ||
Walt Disney Co. | 3.800% | 5/13/60 | 16,160 | 11,979 | ||
1,477,355 | ||||||
Consumer Discretionary (2.1%) | ||||||
Amazon.com Inc. | 2.800% | 8/22/24 | 8,900 | 8,625 | ||
Amazon.com Inc. | 3.600% | 4/13/32 | 82,875 | 75,269 | ||
Amazon.com Inc. | 4.800% | 12/5/34 | 55,880 | 55,094 | ||
Amazon.com Inc. | 4.950% | 12/5/44 | 17,920 | 17,204 | ||
Amazon.com Inc. | 3.950% | 4/13/52 | 35,665 | 29,305 | ||
Amazon.com Inc. | 4.250% | 8/22/57 | 32,790 | 27,385 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
American Honda Finance Corp. | 2.300% | 9/9/26 | 17,135 | 15,474 | ||
American Honda Finance Corp. | 2.000% | 3/24/28 | 34,925 | 29,664 | ||
7 | BMW US Capital LLC | 2.250% | 9/15/23 | 93,000 | 90,754 | |
7 | BMW US Capital LLC | 0.800% | 4/1/24 | 25,960 | 24,475 | |
7 | BMW US Capital LLC | 1.250% | 8/12/26 | 28,890 | 25,073 | |
4 | Duke University | 2.832% | 10/1/55 | 9,635 | 6,298 | |
Emory University | 2.143% | 9/1/30 | 39,256 | 32,410 | ||
7 | ERAC USA Finance LLC | 3.300% | 10/15/22 | 745 | 745 | |
7 | ERAC USA Finance LLC | 7.000% | 10/15/37 | 3,775 | 3,959 | |
7 | ERAC USA Finance LLC | 5.625% | 3/15/42 | 31,000 | 28,081 | |
General Motors Financial Co. Inc. | 3.950% | 4/13/24 | 58,730 | 57,275 | ||
George Washington University | 3.545% | 9/15/46 | 10,000 | 7,379 | ||
Georgetown University | 4.315% | 4/1/49 | 5,155 | 4,230 | ||
Georgetown University | 2.943% | 4/1/50 | 9,795 | 6,370 | ||
Home Depot Inc. | 3.900% | 12/6/28 | 10,040 | 9,532 | ||
Home Depot Inc. | 2.700% | 4/15/30 | 7,305 | 6,245 | ||
Home Depot Inc. | 1.875% | 9/15/31 | 8,465 | 6,574 | ||
Home Depot Inc. | 3.250% | 4/15/32 | 22,220 | 19,262 | ||
Home Depot Inc. | 4.500% | 9/15/32 | 34,395 | 32,908 | ||
Home Depot Inc. | 3.300% | 4/15/40 | 32,073 | 24,561 | ||
Home Depot Inc. | 4.400% | 3/15/45 | 22,390 | 19,056 | ||
Home Depot Inc. | 4.250% | 4/1/46 | 4,500 | 3,778 | ||
Home Depot Inc. | 4.500% | 12/6/48 | 12,020 | 10,516 | ||
Home Depot Inc. | 3.125% | 12/15/49 | 2,435 | 1,673 | ||
Home Depot Inc. | 2.375% | 3/15/51 | 2,435 | 1,434 | ||
Home Depot Inc. | 2.750% | 9/15/51 | 19,470 | 12,410 | ||
Home Depot Inc. | 3.625% | 4/15/52 | 39,335 | 29,674 | ||
Home Depot Inc. | 4.950% | 9/15/52 | 8,620 | 8,081 | ||
7 | Hyundai Capital America | 0.800% | 4/3/23 | 118,000 | 115,471 | |
7 | Hyundai Capital America | 0.875% | 6/14/24 | 30,300 | 28,033 | |
7 | Hyundai Capital America | 1.650% | 9/17/26 | 36,110 | 30,569 | |
4 | Johns Hopkins University | 4.083% | 7/1/53 | 7,145 | 6,076 | |
4 | Johns Hopkins University | 2.813% | 1/1/60 | 2,920 | 1,834 | |
Lowe's Cos. Inc. | 3.100% | 5/3/27 | 115,000 | 105,550 | ||
Lowe's Cos. Inc. | 3.750% | 4/1/32 | 17,090 | 14,782 | ||
McDonald's Corp. | 3.250% | 6/10/24 | 4,400 | 4,303 | ||
McDonald's Corp. | 3.625% | 9/1/49 | 28,770 | 20,974 | ||
4 | Northeastern University | 2.894% | 10/1/50 | 8,570 | 5,675 | |
Starbucks Corp. | 3.350% | 3/12/50 | 7,185 | 4,882 | ||
Thomas Jefferson University | 3.847% | 11/1/57 | 11,905 | 8,765 | ||
4 | University of Chicago | 2.761% | 4/1/45 | 9,540 | 7,198 | |
University of Miami | 4.063% | 4/1/52 | 16,335 | 13,238 | ||
VF Corp. | 2.800% | 4/23/27 | 23,720 | 21,371 | ||
VF Corp. | 2.950% | 4/23/30 | 54,225 | 44,629 | ||
1,164,123 | ||||||
Consumer Staples (1.3%) | ||||||
Altria Group Inc. | 5.800% | 2/14/39 | 15,727 | 13,624 | ||
Altria Group Inc. | 4.500% | 5/2/43 | 5,615 | 3,955 | ||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.700% | 2/1/36 | 15,460 | 13,938 | ||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | 4.900% | 2/1/46 | 64,790 | 56,153 | ||
Anheuser-Busch InBev Worldwide Inc. | 4.950% | 1/15/42 | 5,967 | 5,304 | ||
Anheuser-Busch InBev Worldwide Inc. | 3.750% | 7/15/42 | 19,080 | 14,522 | ||
Anheuser-Busch InBev Worldwide Inc. | 4.600% | 6/1/60 | 14,980 | 11,906 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Archer-Daniels-Midland Co. | 4.500% | 3/15/49 | 34,425 | 31,348 | ||
BAT Capital Corp. | 3.557% | 8/15/27 | 60,340 | 52,983 | ||
7 | BAT International Finance plc | 3.950% | 6/15/25 | 15,000 | 14,280 | |
7 | Cargill Inc. | 2.125% | 4/23/30 | 10,230 | 8,290 | |
7 | Cargill Inc. | 4.760% | 11/23/45 | 57,879 | 51,636 | |
7 | CK Hutchison International 20 Ltd. | 3.375% | 5/8/50 | 22,780 | 16,502 | |
7 | Coca-Cola Europacific Partners plc | 0.800% | 5/3/24 | 53,765 | 50,269 | |
Conagra Brands Inc. | 4.600% | 11/1/25 | 7,685 | 7,515 | ||
Conagra Brands Inc. | 1.375% | 11/1/27 | 12,255 | 9,907 | ||
Conagra Brands Inc. | 5.300% | 11/1/38 | 10,375 | 9,099 | ||
7 | Danone SA | 2.589% | 11/2/23 | 10,000 | 9,774 | |
7 | Danone SA | 2.947% | 11/2/26 | 68,785 | 63,077 | |
Diageo Capital plc | 2.625% | 4/29/23 | 42,580 | 42,100 | ||
Diageo Capital plc | 2.375% | 10/24/29 | 19,420 | 16,239 | ||
Diageo Capital plc | 2.000% | 4/29/30 | 11,315 | 9,064 | ||
Diageo Capital plc | 2.125% | 4/29/32 | 3,585 | 2,778 | ||
Estee Lauder Cos. Inc. | 2.375% | 12/1/29 | 12,280 | 10,372 | ||
Estee Lauder Cos. Inc. | 2.600% | 4/15/30 | 9,875 | 8,378 | ||
Hormel Foods Corp. | 1.700% | 6/3/28 | 11,685 | 9,954 | ||
Kroger Co. | 3.850% | 8/1/23 | 5,055 | 5,021 | ||
McCormick & Co. Inc. | 2.500% | 4/15/30 | 6,060 | 4,937 | ||
Molson Coors Beverage Co. | 3.000% | 7/15/26 | 57,600 | 52,624 | ||
PepsiCo Inc. | 2.375% | 10/6/26 | 72,545 | 66,536 | ||
Philip Morris International Inc. | 4.500% | 3/20/42 | 11,665 | 8,641 | ||
Philip Morris International Inc. | 3.875% | 8/21/42 | 22,785 | 15,309 | ||
Philip Morris International Inc. | 4.125% | 3/4/43 | 10,000 | 6,947 | ||
Philip Morris International Inc. | 4.875% | 11/15/43 | 5,835 | 4,464 | ||
Philip Morris International Inc. | 4.250% | 11/10/44 | 15,000 | 10,498 | ||
7 | Sigma Alimentos SA de CV | 4.125% | 5/2/26 | 21,075 | 19,055 | |
736,999 | ||||||
Energy (2.1%) | ||||||
BP Capital Markets America Inc. | 1.749% | 8/10/30 | 16,205 | 12,627 | ||
BP Capital Markets America Inc. | 2.721% | 1/12/32 | 94,170 | 76,487 | ||
BP Capital Markets America Inc. | 2.772% | 11/10/50 | 17,760 | 11,018 | ||
BP Capital Markets America Inc. | 2.939% | 6/4/51 | 32,550 | 20,668 | ||
BP Capital Markets America Inc. | 3.001% | 3/17/52 | 54,330 | 35,146 | ||
BP Capital Markets America Inc. | 3.379% | 2/8/61 | 19,795 | 12,935 | ||
BP Capital Markets plc | 2.500% | 11/6/22 | 8,000 | 7,982 | ||
7 | ConocoPhillips Co. | 3.758% | 3/15/42 | 11,185 | 8,983 | |
Eastern Gas Transmission & Storage Inc. | 3.000% | 11/15/29 | 19,580 | 16,786 | ||
Eastern Gas Transmission & Storage Inc. | 4.800% | 11/1/43 | 14,190 | 11,827 | ||
Eastern Gas Transmission & Storage Inc. | 4.600% | 12/15/44 | 7,003 | 5,714 | ||
7 | EIG Pearl Holdings Sarl | 3.545% | 8/31/36 | 59,370 | 47,411 | |
7 | EIG Pearl Holdings Sarl | 4.387% | 11/30/46 | 24,880 | 17,603 | |
Energy Transfer LP | 5.350% | 5/15/45 | 3,410 | 2,751 | ||
Energy Transfer LP | 5.300% | 4/15/47 | 5,600 | 4,479 | ||
Energy Transfer LP | 5.400% | 10/1/47 | 20,601 | 16,712 | ||
Energy Transfer Operating LP | 5.000% | 5/15/50 | 10,000 | 7,814 | ||
Enterprise Products Operating LLC | 4.900% | 5/15/46 | 5,000 | 4,264 | ||
Enterprise Products Operating LLC | 4.250% | 2/15/48 | 23,475 | 18,152 | ||
Enterprise Products Operating LLC | 3.700% | 1/31/51 | 5,445 | 3,833 | ||
Enterprise Products Operating LLC | 3.300% | 2/15/53 | 24,250 | 15,870 | ||
Equinor ASA | 2.450% | 1/17/23 | 10,840 | 10,778 | ||
Equinor ASA | 2.650% | 1/15/24 | 10,105 | 9,836 | ||
Equinor ASA | 3.700% | 3/1/24 | 20,035 | 19,753 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Equinor ASA | 3.250% | 11/10/24 | 17,460 | 16,976 | ||
Equinor ASA | 2.875% | 4/6/25 | 4,965 | 4,736 | ||
Equinor ASA | 3.125% | 4/6/30 | 82,270 | 72,297 | ||
Equinor ASA | 2.375% | 5/22/30 | 15,795 | 13,137 | ||
Exxon Mobil Corp. | 2.726% | 3/1/23 | 10,710 | 10,656 | ||
Exxon Mobil Corp. | 3.043% | 3/1/26 | 7,330 | 6,930 | ||
Exxon Mobil Corp. | 2.275% | 8/16/26 | 35,095 | 32,026 | ||
Exxon Mobil Corp. | 2.440% | 8/16/29 | 24,070 | 20,682 | ||
Exxon Mobil Corp. | 2.610% | 10/15/30 | 36,910 | 31,332 | ||
Exxon Mobil Corp. | 4.114% | 3/1/46 | 10,845 | 8,983 | ||
7 | Galaxy Pipeline Assets Bidco Ltd. | 2.160% | 3/31/34 | 48,951 | 40,206 | |
7 | Galaxy Pipeline Assets Bidco Ltd. | 2.940% | 9/30/40 | 37,644 | 28,654 | |
7 | Qatar Energy | 2.250% | 7/12/31 | 32,240 | 25,917 | |
7 | Qatar Energy | 3.125% | 7/12/41 | 23,670 | 17,178 | |
7 | Saudi Arabian Oil Co. | 3.500% | 4/16/29 | 27,885 | 25,156 | |
7 | Schlumberger Holdings Corp. | 4.000% | 12/21/25 | 21,010 | 20,250 | |
7 | Schlumberger Holdings Corp. | 3.900% | 5/17/28 | 25,724 | 23,256 | |
Shell International Finance BV | 3.250% | 5/11/25 | 28,680 | 27,573 | ||
Shell International Finance BV | 4.125% | 5/11/35 | 40,575 | 35,656 | ||
Shell International Finance BV | 5.500% | 3/25/40 | 10,795 | 10,688 | ||
Shell International Finance BV | 4.375% | 5/11/45 | 95,725 | 80,537 | ||
Shell International Finance BV | 3.000% | 11/26/51 | 51,310 | 34,015 | ||
Suncor Energy Inc. | 5.950% | 12/1/34 | 13,000 | 12,380 | ||
Total Capital International SA | 2.700% | 1/25/23 | 32,714 | 32,571 | ||
Total Capital International SA | 3.750% | 4/10/24 | 50,000 | 49,234 | ||
TransCanada PipeLines Ltd. | 4.875% | 1/15/26 | 58,060 | 57,042 | ||
TransCanada PipeLines Ltd. | 4.100% | 4/15/30 | 14,595 | 13,080 | ||
1,150,577 | ||||||
Financials (17.9%) | ||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.000% | 10/29/28 | 14,995 | 12,089 | ||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.400% | 10/29/33 | 8,910 | 6,457 | ||
7 | AIA Group Ltd. | 3.600% | 4/9/29 | 49,000 | 45,101 | |
7 | AIA Group Ltd. | 3.375% | 4/7/30 | 12,795 | 11,412 | |
American International Group Inc. | 6.250% | 5/1/36 | 8,338 | 8,695 | ||
American International Group Inc. | 4.800% | 7/10/45 | 7,655 | 6,597 | ||
American International Group Inc. | 4.750% | 4/1/48 | 21,540 | 18,506 | ||
American International Group Inc. | 4.375% | 6/30/50 | 13,125 | 10,595 | ||
Ameriprise Financial Inc. | 4.500% | 5/13/32 | 18,270 | 17,261 | ||
Aon Corp. / Aon Global Holdings plc | 2.850% | 5/28/27 | 18,420 | 16,502 | ||
7 | Athene Global Funding | 1.000% | 4/16/24 | 23,855 | 22,228 | |
7 | Athene Global Funding | 1.985% | 8/19/28 | 700 | 553 | |
7 | Athene Global Funding | 2.717% | 1/7/29 | 42,315 | 34,212 | |
7 | Australia & New Zealand Banking Group Ltd. | 2.570% | 11/25/35 | 23,805 | 17,363 | |
7 | Aviation Capital Group LLC | 1.950% | 9/20/26 | 23,950 | 19,398 | |
Banco Santander SA | 3.125% | 2/23/23 | 28,600 | 28,431 | ||
Banco Santander SA | 3.848% | 4/12/23 | 17,000 | 16,877 | ||
Banco Santander SA | 1.849% | 3/25/26 | 48,600 | 42,082 | ||
Banco Santander SA | 2.749% | 12/3/30 | 16,800 | 11,916 | ||
Banco Santander SA | 2.958% | 3/25/31 | 9,800 | 7,455 | ||
Bank of America Corp. | 3.559% | 4/23/27 | 54,370 | 50,186 | ||
Bank of America Corp. | 3.593% | 7/21/28 | 37,995 | 34,309 | ||
Bank of America Corp. | 3.419% | 12/20/28 | 48,603 | 43,113 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Bank of America Corp. | 4.271% | 7/23/29 | 72,640 | 66,270 | ||
Bank of America Corp. | 3.974% | 2/7/30 | 69,430 | 61,962 | ||
Bank of America Corp. | 3.194% | 7/23/30 | 33,250 | 28,004 | ||
Bank of America Corp. | 2.496% | 2/13/31 | 99,085 | 78,216 | ||
Bank of America Corp. | 2.687% | 4/22/32 | 65,125 | 50,748 | ||
Bank of America Corp. | 2.572% | 10/20/32 | 21,500 | 16,461 | ||
Bank of America Corp. | 6.110% | 1/29/37 | 30,000 | 29,015 | ||
Bank of America Corp. | 3.846% | 3/8/37 | 62,865 | 50,799 | ||
Bank of America Corp. | 5.875% | 2/7/42 | 8,770 | 8,492 | ||
Bank of America Corp. | 3.311% | 4/22/42 | 30,000 | 21,186 | ||
Bank of America Corp. | 5.000% | 1/21/44 | 24,180 | 20,905 | ||
Bank of America Corp. | 3.946% | 1/23/49 | 5,290 | 3,893 | ||
Bank of America Corp. | 4.330% | 3/15/50 | 59,475 | 46,767 | ||
Bank of America Corp. | 2.972% | 7/21/52 | 29,030 | 17,771 | ||
Bank of New York Mellon Corp. | 2.200% | 8/16/23 | 32,698 | 32,054 | ||
Bank of New York Mellon Corp. | 3.000% | 2/24/25 | 22,710 | 21,844 | ||
8 | Bank of New York Mellon Corp., 3M USD LIBOR + 1.050% | 3.856% | 10/30/23 | 43,060 | 43,065 | |
Bank of Nova Scotia | 2.700% | 8/3/26 | 60,225 | 54,953 | ||
Bank of Nova Scotia | 1.950% | 2/2/27 | 12,170 | 10,587 | ||
7 | Banque Federative du Credit Mutuel SA | 1.604% | 10/4/26 | 33,875 | 28,880 | |
Barclays plc | 3.932% | 5/7/25 | 52,770 | 50,740 | ||
Barclays plc | 2.852% | 5/7/26 | 9,735 | 8,845 | ||
Barclays plc | 2.279% | 11/24/27 | 14,635 | 12,256 | ||
Barclays plc | 2.667% | 3/10/32 | 52,470 | 38,354 | ||
Barclays plc | 2.894% | 11/24/32 | 42,750 | 30,937 | ||
Barclays plc | 3.330% | 11/24/42 | 16,060 | 10,197 | ||
8 | Barclays plc, 3M USD LIBOR + 1.380% | 4.302% | 5/16/24 | 36,710 | 36,558 | |
Berkshire Hathaway Finance Corp. | 2.875% | 3/15/32 | 20,000 | 16,864 | ||
Berkshire Hathaway Inc. | 3.125% | 3/15/26 | 23,645 | 22,466 | ||
BlackRock Inc. | 2.100% | 2/25/32 | 24,410 | 18,706 | ||
7 | Blackstone Holdings Finance Co. LLC | 2.550% | 3/30/32 | 18,535 | 14,516 | |
BNP Paribas SA | 3.250% | 3/3/23 | 4,190 | 4,170 | ||
7 | BNP Paribas SA | 3.800% | 1/10/24 | 56,070 | 55,041 | |
7 | BNP Paribas SA | 3.375% | 1/9/25 | 61,070 | 58,035 | |
7 | BNP Paribas SA | 2.819% | 11/19/25 | 44,480 | 41,500 | |
7 | BNP Paribas SA | 1.323% | 1/13/27 | 20,420 | 17,342 | |
7 | BNP Paribas SA | 3.500% | 11/16/27 | 74,220 | 65,775 | |
7 | BNP Paribas SA | 2.591% | 1/20/28 | 66,815 | 57,152 | |
7 | BNP Paribas SA | 2.159% | 9/15/29 | 30,900 | 24,233 | |
7 | BNP Paribas SA | 2.871% | 4/19/32 | 23,320 | 17,700 | |
7 | BPCE SA | 5.700% | 10/22/23 | 10,670 | 10,605 | |
BPCE SA | 4.000% | 4/15/24 | 25,885 | 25,414 | ||
7 | BPCE SA | 5.150% | 7/21/24 | 37,185 | 36,259 | |
7 | BPCE SA | 2.045% | 10/19/27 | 24,910 | 21,028 | |
7 | BPCE SA | 3.500% | 10/23/27 | 64,900 | 56,968 | |
7 | BPCE SA | 2.700% | 10/1/29 | 48,550 | 40,163 | |
7 | Brighthouse Financial Global Funding | 1.000% | 4/12/24 | 4,600 | 4,296 | |
7 | Brighthouse Financial Global Funding | 1.750% | 1/13/25 | 16,695 | 15,223 | |
7 | Brighthouse Financial Global Funding | 1.550% | 5/24/26 | 37,050 | 31,857 | |
7 | Brighthouse Financial Global Funding | 2.000% | 6/28/28 | 27,235 | 22,339 | |
7 | Canadian Imperial Bank of Commerce | 1.150% | 7/8/26 | 35,110 | 30,776 | |
Capital One Financial Corp. | 3.750% | 4/24/24 | 60,945 | 59,654 | ||
Capital One Financial Corp. | 3.200% | 2/5/25 | 9,055 | 8,591 | ||
Charles Schwab Corp. | 0.750% | 3/18/24 | 58,465 | 55,313 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Charles Schwab Corp. | 3.200% | 3/2/27 | 19,790 | 18,456 | ||
Charles Schwab Corp. | 2.000% | 3/20/28 | 45,325 | 38,988 | ||
Charles Schwab Corp. | 2.900% | 3/3/32 | 46,475 | 38,380 | ||
Chubb INA Holdings Inc. | 3.350% | 5/15/24 | 20,340 | 19,861 | ||
Chubb INA Holdings Inc. | 3.350% | 5/3/26 | 12,280 | 11,596 | ||
Chubb INA Holdings Inc. | 4.350% | 11/3/45 | 24,795 | 20,990 | ||
Citigroup Inc. | 0.981% | 5/1/25 | 52,610 | 48,806 | ||
Citigroup Inc. | 1.462% | 6/9/27 | 105,990 | 90,230 | ||
Citigroup Inc. | 3.070% | 2/24/28 | 34,000 | 30,310 | ||
Citigroup Inc. | 4.125% | 7/25/28 | 45,085 | 40,736 | ||
Citigroup Inc. | 3.520% | 10/27/28 | 72,260 | 64,607 | ||
Citigroup Inc. | 6.625% | 6/15/32 | 9,000 | 9,109 | ||
Citigroup Inc. | 3.878% | 1/24/39 | 37,225 | 30,028 | ||
Citigroup Inc. | 5.875% | 1/30/42 | 7,460 | 7,101 | ||
Citigroup Inc. | 2.904% | 11/3/42 | 19,070 | 12,213 | ||
Citigroup Inc. | 5.300% | 5/6/44 | 12,142 | 10,508 | ||
7 | CNO Global Funding | 1.650% | 1/6/25 | 8,460 | 7,771 | |
7 | CNO Global Funding | 2.650% | 1/6/29 | 22,195 | 18,450 | |
Comerica Bank | 2.500% | 7/23/24 | 26,085 | 24,961 | ||
7 | Commonwealth Bank of Australia | 2.688% | 3/11/31 | 79,335 | 59,817 | |
7 | Commonwealth Bank of Australia | 3.784% | 3/14/32 | 9,825 | 7,844 | |
7 | Cooperatieve Rabobank UA | 1.106% | 2/24/27 | 50,065 | 42,706 | |
7 | Cooperatieve Rabobank UA | 4.655% | 8/22/28 | 46,035 | 43,401 | |
7 | Corebridge Financial Inc. | 3.900% | 4/5/32 | 10,118 | 8,539 | |
7 | Corebridge Financial Inc. | 4.350% | 4/5/42 | 5,430 | 4,213 | |
7 | Corebridge Financial Inc. | 4.400% | 4/5/52 | 13,765 | 10,517 | |
7 | Credit Agricole SA | 3.750% | 4/24/23 | 31,690 | 31,488 | |
7 | Credit Agricole SA | 3.250% | 10/4/24 | 79,590 | 76,131 | |
Credit Suisse AG | 3.625% | 9/9/24 | 3,955 | 3,769 | ||
7 | Credit Suisse Group AG | 4.207% | 6/12/24 | 12,285 | 12,031 | |
Credit Suisse Group AG | 3.750% | 3/26/25 | 57,400 | 53,490 | ||
7 | Credit Suisse Group AG | 2.593% | 9/11/25 | 33,940 | 30,877 | |
7 | Credit Suisse Group AG | 1.305% | 2/2/27 | 49,860 | 40,437 | |
7 | Credit Suisse Group AG | 3.869% | 1/12/29 | 11,050 | 9,031 | |
7 | Credit Suisse Group AG | 3.091% | 5/14/32 | 41,460 | 29,151 | |
7 | Credit Suisse Group AG | 6.537% | 8/12/33 | 44,285 | 39,882 | |
7,8 | Credit Suisse Group AG, 3M USD LIBOR + 1.240% | 4.476% | 6/12/24 | 24,825 | 24,353 | |
7 | Danske Bank A/S | 3.875% | 9/12/23 | 45,515 | 44,727 | |
7 | Danske Bank A/S | 5.375% | 1/12/24 | 57,035 | 56,654 | |
7 | Danske Bank A/S | 1.621% | 9/11/26 | 30,135 | 26,044 | |
7 | Danske Bank A/S | 1.549% | 9/10/27 | 55,390 | 46,619 | |
7 | DNB Bank ASA | 1.535% | 5/25/27 | 51,450 | 44,353 | |
7 | DNB Bank ASA | 1.605% | 3/30/28 | 45,295 | 37,799 | |
7 | Equitable Financial Life Global Funding | 1.400% | 7/7/25 | 15,285 | 13,763 | |
7 | Equitable Financial Life Global Funding | 1.300% | 7/12/26 | 26,910 | 23,354 | |
7 | Equitable Financial Life Global Funding | 1.700% | 11/12/26 | 12,195 | 10,594 | |
7 | Equitable Financial Life Global Funding | 1.400% | 8/27/27 | 33,510 | 27,829 | |
7 | Equitable Financial Life Global Funding | 1.800% | 3/8/28 | 30,265 | 25,300 | |
Fifth Third Bancorp | 2.550% | 5/5/27 | 9,850 | 8,765 | ||
Fifth Third Bancorp | 4.055% | 4/25/28 | 19,480 | 18,234 | ||
Fifth Third Bancorp | 4.337% | 4/25/33 | 16,015 | 14,261 | ||
Fifth Third Bank NA | 3.850% | 3/15/26 | 29,295 | 27,664 | ||
7 | Five Corners Funding Trust | 4.419% | 11/15/23 | 5,320 | 5,274 | |
7 | GA Global Funding Trust | 1.000% | 4/8/24 | 36,170 | 33,615 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Goldman Sachs Group Inc. | 3.625% | 1/22/23 | 7,715 | 7,703 | ||
Goldman Sachs Group Inc. | 3.500% | 1/23/25 | 16,660 | 16,012 | ||
Goldman Sachs Group Inc. | 3.272% | 9/29/25 | 44,260 | 42,172 | ||
Goldman Sachs Group Inc. | 3.500% | 11/16/26 | 48,000 | 44,312 | ||
Goldman Sachs Group Inc. | 3.850% | 1/26/27 | 36,525 | 34,051 | ||
Goldman Sachs Group Inc. | 1.431% | 3/9/27 | 76,670 | 65,990 | ||
Goldman Sachs Group Inc. | 1.542% | 9/10/27 | 43,275 | 36,608 | ||
Goldman Sachs Group Inc. | 3.691% | 6/5/28 | 14,525 | 13,153 | ||
Goldman Sachs Group Inc. | 3.814% | 4/23/29 | 72,755 | 64,689 | ||
Goldman Sachs Group Inc. | 4.223% | 5/1/29 | 54,990 | 50,076 | ||
Goldman Sachs Group Inc. | 3.800% | 3/15/30 | 19,710 | 17,100 | ||
Goldman Sachs Group Inc. | 2.615% | 4/22/32 | 88,650 | 68,724 | ||
Goldman Sachs Group Inc. | 2.383% | 7/21/32 | 45,765 | 34,571 | ||
Goldman Sachs Group Inc. | 2.650% | 10/21/32 | 24,510 | 18,779 | ||
Goldman Sachs Group Inc. | 3.102% | 2/24/33 | 83,655 | 66,456 | ||
Goldman Sachs Group Inc. | 6.250% | 2/1/41 | 20,700 | 20,534 | ||
Goldman Sachs Group Inc. | 3.210% | 4/22/42 | 10,000 | 6,756 | ||
Goldman Sachs Group Inc. | 4.800% | 7/8/44 | 19,895 | 16,498 | ||
7 | Guardian Life Global Funding | 1.250% | 5/13/26 | 7,235 | 6,320 | |
HSBC Holdings plc | 3.600% | 5/25/23 | 56,130 | 55,606 | ||
HSBC Holdings plc | 0.976% | 5/24/25 | 19,405 | 17,830 | ||
HSBC Holdings plc | 3.900% | 5/25/26 | 7,915 | 7,418 | ||
HSBC Holdings plc | 1.589% | 5/24/27 | 27,800 | 23,238 | ||
HSBC Holdings plc | 2.251% | 11/22/27 | 73,225 | 61,509 | ||
HSBC Holdings plc | 4.041% | 3/13/28 | 27,520 | 24,731 | ||
HSBC Holdings plc | 2.013% | 9/22/28 | 10,000 | 8,046 | ||
HSBC Holdings plc | 4.583% | 6/19/29 | 40,190 | 35,798 | ||
HSBC Holdings plc | 2.206% | 8/17/29 | 32,365 | 25,149 | ||
HSBC Holdings plc | 2.357% | 8/18/31 | 62,305 | 45,877 | ||
HSBC Holdings plc | 7.625% | 5/17/32 | 15,800 | 17,275 | ||
HSBC Holdings plc | 2.804% | 5/24/32 | 54,790 | 40,284 | ||
HSBC Holdings plc | 2.871% | 11/22/32 | 16,015 | 11,678 | ||
HSBC Holdings plc | 6.500% | 5/2/36 | 22,000 | 20,970 | ||
HSBC Holdings plc | 6.100% | 1/14/42 | 43,680 | 42,137 | ||
HSBC Holdings plc | 5.250% | 3/14/44 | 5,795 | 4,693 | ||
8 | HSBC Holdings plc, 3M USD LIBOR + 1.000% | 3.961% | 5/18/24 | 26,495 | 26,230 | |
HSBC USA Inc. | 3.500% | 6/23/24 | 18,355 | 17,876 | ||
Huntington National Bank | 4.552% | 5/17/28 | 17,175 | 16,525 | ||
ING Groep NV | 3.950% | 3/29/27 | 33,605 | 30,950 | ||
ING Groep NV | 1.726% | 4/1/27 | 33,125 | 28,398 | ||
Intercontinental Exchange Inc. | 4.350% | 6/15/29 | 15,905 | 15,035 | ||
Intercontinental Exchange Inc. | 1.850% | 9/15/32 | 16,125 | 11,772 | ||
Intercontinental Exchange Inc. | 4.600% | 3/15/33 | 43,125 | 40,197 | ||
Intercontinental Exchange Inc. | 2.650% | 9/15/40 | 6,100 | 4,087 | ||
Intercontinental Exchange Inc. | 3.000% | 6/15/50 | 55,840 | 36,448 | ||
Intercontinental Exchange Inc. | 4.950% | 6/15/52 | 46,610 | 41,317 | ||
Intercontinental Exchange Inc. | 3.000% | 9/15/60 | 27,695 | 16,401 | ||
7 | JAB Holdings BV | 2.200% | 11/23/30 | 10,375 | 7,670 | |
7 | JAB Holdings BV | 3.750% | 5/28/51 | 20,355 | 11,961 | |
7 | JAB Holdings BV | 4.500% | 4/8/52 | 51,835 | 33,536 | |
7 | Jackson National Life Global Funding | 3.250% | 1/30/24 | 48,955 | 47,503 | |
7 | Jackson National Life Global Funding | 1.750% | 1/12/25 | 18,300 | 16,842 | |
JPMorgan Chase & Co. | 3.375% | 5/1/23 | 20,345 | 20,222 | ||
JPMorgan Chase & Co. | 3.875% | 2/1/24 | 11,200 | 11,089 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
JPMorgan Chase & Co. | 3.900% | 7/15/25 | 11,560 | 11,194 | ||
JPMorgan Chase & Co. | 7.750% | 7/15/25 | 25,000 | 26,713 | ||
JPMorgan Chase & Co. | 3.300% | 4/1/26 | 26,730 | 25,069 | ||
JPMorgan Chase & Co. | 2.950% | 10/1/26 | 75,000 | 68,793 | ||
JPMorgan Chase & Co. | 4.250% | 10/1/27 | 9,275 | 8,694 | ||
JPMorgan Chase & Co. | 2.069% | 6/1/29 | 14,530 | 11,796 | ||
JPMorgan Chase & Co. | 4.452% | 12/5/29 | 40,000 | 36,589 | ||
JPMorgan Chase & Co. | 3.702% | 5/6/30 | 18,940 | 16,564 | ||
JPMorgan Chase & Co. | 1.953% | 2/4/32 | 37,965 | 28,088 | ||
JPMorgan Chase & Co. | 2.580% | 4/22/32 | 22,175 | 17,161 | ||
JPMorgan Chase & Co. | 4.912% | 7/25/33 | 38,440 | 35,500 | ||
JPMorgan Chase & Co., | 5.717% | 9/14/33 | 39,110 | 36,952 | ||
JPMorgan Chase & Co. | 3.109% | 4/22/41 | 38,075 | 26,264 | ||
JPMorgan Chase & Co. | 5.600% | 7/15/41 | 70,000 | 66,522 | ||
JPMorgan Chase & Co. | 5.400% | 1/6/42 | 16,235 | 15,002 | ||
JPMorgan Chase & Co. | 3.157% | 4/22/42 | 19,440 | 13,311 | ||
JPMorgan Chase & Co. | 5.625% | 8/16/43 | 13,500 | 12,354 | ||
JPMorgan Chase & Co. | 4.950% | 6/1/45 | 12,000 | 10,027 | ||
JPMorgan Chase & Co. | 3.964% | 11/15/48 | 160,000 | 119,807 | ||
JPMorgan Chase & Co. | 3.109% | 4/22/51 | 38,610 | 24,220 | ||
7 | Liberty Mutual Group Inc. | 4.250% | 6/15/23 | 2,608 | 2,583 | |
7 | Liberty Mutual Group Inc. | 4.569% | 2/1/29 | 9,217 | 8,477 | |
7 | Liberty Mutual Group Inc. | 5.500% | 6/15/52 | 33,825 | 29,487 | |
7 | Liberty Mutual Insurance Co. | 8.500% | 5/15/25 | 21,665 | 22,924 | |
Loews Corp. | 2.625% | 5/15/23 | 14,100 | 13,949 | ||
7 | LSEGA Financing plc | 1.375% | 4/6/26 | 97,795 | 85,749 | |
7 | LSEGA Financing plc | 2.000% | 4/6/28 | 63,125 | 52,860 | |
7 | LSEGA Financing plc | 2.500% | 4/6/31 | 38,890 | 31,598 | |
7 | Macquarie Group Ltd. | 4.150% | 3/27/24 | 50,725 | 50,467 | |
7 | Macquarie Group Ltd. | 1.935% | 4/14/28 | 42,250 | 35,257 | |
7 | Macquarie Group Ltd. | 2.871% | 1/14/33 | 59,070 | 44,835 | |
Manufacturers & Traders Trust Co. | 2.900% | 2/6/25 | 20,085 | 19,125 | ||
Marsh & McLennan Cos. Inc. | 4.375% | 3/15/29 | 22,125 | 21,049 | ||
Marsh & McLennan Cos. Inc. | 4.900% | 3/15/49 | 10,400 | 9,255 | ||
Marsh & McLennan Cos. Inc. | 2.900% | 12/15/51 | 18,280 | 11,463 | ||
7 | Massachusetts Mutual Life Insurance Co. | 3.200% | 12/1/61 | 19,410 | 12,048 | |
Metlife Inc. | 5.000% | 7/15/52 | 12,423 | 11,326 | ||
MetLife Inc. | 3.600% | 4/10/24 | 28,000 | 27,491 | ||
MetLife Inc. | 4.125% | 8/13/42 | 5,300 | 4,329 | ||
MetLife Inc. | 4.875% | 11/13/43 | 17,500 | 15,647 | ||
7 | Metropolitan Life Global Funding I | 3.450% | 12/18/26 | 29,970 | 27,879 | |
7 | Metropolitan Life Global Funding I | 4.400% | 6/30/27 | 15,070 | 14,527 | |
7 | Metropolitan Life Global Funding I | 3.000% | 9/19/27 | 43,250 | 38,954 | |
7 | Metropolitan Life Global Funding I | 4.300% | 8/25/29 | 23,695 | 22,105 | |
7 | Metropolitan Life Global Funding I | 2.400% | 1/11/32 | 58,345 | 45,907 | |
7 | Metropolitan Life Insurance Co. | 7.800% | 11/1/25 | 25,000 | 26,361 | |
Mitsubishi UFJ Financial Group Inc. | 5.017% | 7/20/28 | 49,105 | 47,169 | ||
Morgan Stanley | 3.750% | 2/25/23 | 23,000 | 22,928 | ||
Morgan Stanley | 3.875% | 4/29/24 | 22,050 | 21,676 | ||
Morgan Stanley | 0.790% | 5/30/25 | 51,000 | 46,950 | ||
Morgan Stanley | 2.720% | 7/22/25 | 51,520 | 48,847 | ||
Morgan Stanley | 4.000% | 7/23/25 | 20,805 | 20,194 | ||
Morgan Stanley | 2.630% | 2/18/26 | 60,280 | 56,160 | ||
Morgan Stanley | 3.125% | 7/27/26 | 36,950 | 34,055 | ||
Morgan Stanley | 4.350% | 9/8/26 | 15,000 | 14,325 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Morgan Stanley | 3.625% | 1/20/27 | 31,000 | 28,877 | ||
Morgan Stanley | 3.772% | 1/24/29 | 56,830 | 51,211 | ||
Morgan Stanley | 2.699% | 1/22/31 | 72,345 | 58,568 | ||
Morgan Stanley | 7.250% | 4/1/32 | 51,100 | 55,493 | ||
Morgan Stanley | 2.239% | 7/21/32 | 52,315 | 39,338 | ||
Morgan Stanley | 2.511% | 10/20/32 | 90,340 | 69,150 | ||
Morgan Stanley | 2.943% | 1/21/33 | 31,085 | 24,569 | ||
Morgan Stanley | 2.484% | 9/16/36 | 53,080 | 38,036 | ||
Morgan Stanley | 5.297% | 4/20/37 | 14,345 | 12,927 | ||
Morgan Stanley | 4.300% | 1/27/45 | 24,705 | 19,612 | ||
Nasdaq Inc. | 3.950% | 3/7/52 | 17,300 | 12,843 | ||
National Australia Bank Ltd. | 3.905% | 6/9/27 | 60,000 | 57,278 | ||
7 | National Australia Bank Ltd. | 2.332% | 8/21/30 | 83,980 | 62,748 | |
7 | National Australia Bank Ltd. | 2.990% | 5/21/31 | 55,019 | 42,489 | |
7 | National Australia Bank Ltd. | 3.347% | 1/12/37 | 24,765 | 19,108 | |
7 | Nationwide Financial Services Inc. | 3.900% | 11/30/49 | 47,630 | 32,937 | |
7 | Nationwide Mutual Insurance Co. | 4.350% | 4/30/50 | 66,415 | 50,235 | |
NatWest Group plc | 1.642% | 6/14/27 | 30,570 | 25,703 | ||
7 | NatWest Markets plc | 0.800% | 8/12/24 | 23,725 | 21,780 | |
7 | NBK SPC Ltd. | 1.625% | 9/15/27 | 67,250 | 57,757 | |
7 | New York Life Global Funding | 2.900% | 1/17/24 | 58,670 | 57,312 | |
7 | New York Life Insurance Co. | 5.875% | 5/15/33 | 44,785 | 46,260 | |
7 | New York Life Insurance Co. | 3.750% | 5/15/50 | 17,810 | 13,424 | |
7 | New York Life Insurance Co. | 4.450% | 5/15/69 | 14,535 | 11,478 | |
7 | Nordea Bank Abp | 1.500% | 9/30/26 | 65,000 | 55,456 | |
7 | Northwestern Mutual Life Insurance Co. | 3.850% | 9/30/47 | 24,098 | 18,394 | |
7 | Northwestern Mutual Life Insurance Co. | 3.625% | 9/30/59 | 9,060 | 6,262 | |
7 | Pacific Life Global Funding II | 1.375% | 4/14/26 | 51,785 | 45,386 | |
7 | Pacific LifeCorp | 5.400% | 9/15/52 | 29,000 | 27,155 | |
7 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 3.450% | 7/1/24 | 15,560 | 14,956 | |
7 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 2.700% | 11/1/24 | 22,660 | 21,337 | |
7 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 3.950% | 3/10/25 | 53,520 | 51,371 | |
PNC Bank NA | 3.300% | 10/30/24 | 14,645 | 14,177 | ||
PNC Bank NA | 2.950% | 2/23/25 | 34,775 | 33,238 | ||
PNC Bank NA | 3.100% | 10/25/27 | 42,485 | 38,803 | ||
PNC Bank NA | 3.250% | 1/22/28 | 60,960 | 55,931 | ||
PNC Financial Services Group Inc. | 3.900% | 4/29/24 | 40,150 | 39,564 | ||
PNC Financial Services Group Inc. | 2.550% | 1/22/30 | 52,980 | 43,735 | ||
7 | Principal Life Global Funding II | 2.500% | 9/16/29 | 45,000 | 37,314 | |
7 | Protective Life Global Funding | 4.714% | 7/6/27 | 30,000 | 28,921 | |
Prudential Financial Inc. | 3.000% | 3/10/40 | 8,200 | 5,893 | ||
Prudential plc | 3.125% | 4/14/30 | 2,725 | 2,274 | ||
7 | RGA Global Funding | 2.700% | 1/18/29 | 32,500 | 27,149 | |
Santander Holdings USA Inc. | 3.400% | 1/18/23 | 26,105 | 26,009 | ||
7 | Standard Chartered plc | 1.214% | 3/23/25 | 12,545 | 11,646 | |
7 | Sumitomo Mitsui Trust Bank Ltd. | 0.850% | 3/25/24 | 100,340 | 94,128 | |
7 | Svenska Handelsbanken AB | 1.418% | 6/11/27 | 65,775 | 56,676 | |
7 | Teachers Insurance & Annuity Assn. of America | 4.900% | 9/15/44 | 21,990 | 19,607 | |
7 | Teachers Insurance & Annuity Assn. of America | 4.270% | 5/15/47 | 42,865 | 35,161 | |
7 | Temasek Financial I Ltd. | 2.375% | 1/23/23 | 39,070 | 38,845 | |
7 | Temasek Financial I Ltd. | 3.625% | 8/1/28 | 36,135 | 34,463 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
7 | Temasek Financial I Ltd. | 2.375% | 8/2/41 | 46,325 | 33,534 | |
7 | Temasek Financial I Ltd. | 2.250% | 4/6/51 | 40,775 | 25,962 | |
7 | Temasek Financial I Ltd. | 2.500% | 10/6/70 | 23,800 | 14,161 | |
Truist Bank | 3.300% | 5/15/26 | 11,955 | 11,086 | ||
Truist Financial Corp. | 2.200% | 3/16/23 | 60,000 | 59,429 | ||
Truist Financial Corp. | 3.700% | 6/5/25 | 48,000 | 46,303 | ||
Truist Financial Corp. | 1.950% | 6/5/30 | 33,005 | 25,829 | ||
7 | UBS AG | 1.250% | 6/1/26 | 60,465 | 52,137 | |
7 | UBS Group AG | 1.494% | 8/10/27 | 40,025 | 33,624 | |
7 | UBS Group AG | 3.126% | 8/13/30 | 18,240 | 14,977 | |
7 | UBS Group AG | 2.095% | 2/11/32 | 25,345 | 18,452 | |
7 | UBS Group AG | 2.746% | 2/11/33 | 28,115 | 20,889 | |
7 | UBS Group AG | 3.179% | 2/11/43 | 29,380 | 18,989 | |
7 | UniCredit SpA | 1.982% | 6/3/27 | 37,130 | 30,643 | |
7 | UniCredit SpA | 3.127% | 6/3/32 | 40,330 | 28,726 | |
US Bancorp | 3.700% | 1/30/24 | 39,005 | 38,566 | ||
US Bancorp | 2.375% | 7/22/26 | 45,000 | 41,136 | ||
US Bancorp | 2.677% | 1/27/33 | 64,325 | 51,506 | ||
US Bancorp | 4.967% | 7/22/33 | 32,525 | 30,511 | ||
US Bancorp | 2.491% | 11/3/36 | 63,125 | 47,742 | ||
Wachovia Corp. | 6.605% | 10/1/25 | 15,000 | 15,471 | ||
Wells Fargo & Co. | 4.480% | 1/16/24 | 34,444 | 34,250 | ||
Wells Fargo & Co. | 3.750% | 1/24/24 | 30,455 | 29,997 | ||
Wells Fargo & Co. | 3.000% | 2/19/25 | 28,660 | 27,235 | ||
Wells Fargo & Co. | 0.805% | 5/19/25 | 24,935 | 23,114 | ||
Wells Fargo & Co. | 3.550% | 9/29/25 | 27,170 | 25,871 | ||
Wells Fargo & Co. | 3.000% | 4/22/26 | 36,830 | 33,740 | ||
Wells Fargo & Co. | 3.000% | 10/23/26 | 6,435 | 5,833 | ||
Wells Fargo & Co. | 3.196% | 6/17/27 | 57,145 | 52,017 | ||
Wells Fargo & Co. | 3.526% | 3/24/28 | 70,000 | 63,528 | ||
Wells Fargo & Co. | 2.879% | 10/30/30 | 28,045 | 23,087 | ||
Wells Fargo & Co. | 2.572% | 2/11/31 | 98,745 | 79,035 | ||
Wells Fargo & Co. | 3.350% | �� 3/2/33 | 21,795 | 17,714 | ||
Wells Fargo & Co. | 4.897% | 7/25/33 | 53,620 | 49,324 | ||
Wells Fargo & Co. | 5.606% | 1/15/44 | 28,551 | 25,595 | ||
Wells Fargo & Co. | 4.650% | 11/4/44 | 20,735 | 16,456 | ||
Wells Fargo & Co. | 4.900% | 11/17/45 | 16,060 | 13,129 | ||
Wells Fargo & Co. | 4.400% | 6/14/46 | 36,200 | 27,660 | ||
Wells Fargo & Co. | 4.750% | 12/7/46 | 38,790 | 31,028 | ||
Wells Fargo & Co. | 4.611% | 4/25/53 | 58,110 | 47,206 | ||
9,922,564 | ||||||
Health Care (4.4%) | ||||||
AbbVie Inc. | 3.800% | 3/15/25 | 12,825 | 12,417 | ||
AbbVie Inc. | 3.200% | 11/21/29 | 21,925 | 19,237 | ||
AbbVie Inc. | 4.300% | 5/14/36 | 2,780 | 2,410 | ||
AbbVie Inc. | 4.050% | 11/21/39 | 19,895 | 16,112 | ||
AdventHealth Obligated Group | 2.795% | 11/15/51 | 21,620 | 13,834 | ||
Advocate Health & Hospitals Corp. | 2.211% | 6/15/30 | 17,670 | 14,371 | ||
Advocate Health & Hospitals Corp. | 3.008% | 6/15/50 | 19,220 | 12,941 | ||
Aetna Inc. | 2.800% | 6/15/23 | 32,080 | 31,647 | ||
7 | Alcon Finance Corp. | 2.750% | 9/23/26 | 5,645 | 5,063 | |
7 | Alcon Finance Corp. | 2.600% | 5/27/30 | 7,035 | 5,668 | |
7 | Alcon Finance Corp. | 3.800% | 9/23/49 | 32,825 | 23,651 | |
AmerisourceBergen Corp. | 0.737% | 3/15/23 | 12,108 | 11,904 | ||
Amgen Inc. | 3.625% | 5/22/24 | 38,185 | 37,516 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Anthem Inc. | 3.650% | 12/1/27 | 13,150 | 12,238 | ||
Anthem Inc. | 4.101% | 3/1/28 | 42,145 | 39,774 | ||
Anthem Inc. | 2.550% | 3/15/31 | 38,225 | 30,815 | ||
Anthem Inc. | 4.650% | 8/15/44 | 3,181 | 2,733 | ||
Ascension Health | 2.532% | 11/15/29 | 48,025 | 40,608 | ||
4 | Ascension Health | 4.847% | 11/15/53 | 1,950 | 1,903 | |
AstraZeneca plc | 3.375% | 11/16/25 | 27,755 | 26,502 | ||
AstraZeneca plc | 4.000% | 1/17/29 | 33,295 | 31,575 | ||
Banner Health | 2.907% | 1/1/42 | 12,150 | 8,657 | ||
Baxter International Inc. | 2.272% | 12/1/28 | 36,960 | 30,543 | ||
7 | Bayer US Finance II LLC | 4.250% | 12/15/25 | 23,781 | 22,802 | |
7 | Bayer US Finance II LLC | 5.500% | 7/30/35 | 15,000 | 13,698 | |
7 | Bayer US Finance LLC | 3.375% | 10/8/24 | 26,960 | 25,982 | |
Beth Israel Lahey Health Inc. | 3.080% | 7/1/51 | 12,965 | 8,137 | ||
4 | Bon Secours Mercy Health Inc. | 3.464% | 6/1/30 | 17,675 | 15,642 | |
Bon Secours Mercy Health Inc. | 2.095% | 6/1/31 | 11,525 | 8,961 | ||
Bristol-Myers Squibb Co. | 2.750% | 2/15/23 | 4,416 | 4,393 | ||
Bristol-Myers Squibb Co. | 3.250% | 2/20/23 | 7,303 | 7,271 | ||
Bristol-Myers Squibb Co. | 3.400% | 7/26/29 | 9,086 | 8,255 | ||
Bristol-Myers Squibb Co. | 2.950% | 3/15/32 | 10,915 | 9,370 | ||
Bristol-Myers Squibb Co. | 4.125% | 6/15/39 | 16,775 | 14,649 | ||
Bristol-Myers Squibb Co. | 3.550% | 3/15/42 | 40,260 | 31,589 | ||
Bristol-Myers Squibb Co. | 4.550% | 2/20/48 | 5,553 | 4,878 | ||
Bristol-Myers Squibb Co. | 4.250% | 10/26/49 | 48,907 | 40,974 | ||
Bristol-Myers Squibb Co. | 2.550% | 11/13/50 | 17,765 | 10,980 | ||
Bristol-Myers Squibb Co. | 3.700% | 3/15/52 | 14,050 | 10,786 | ||
Children's Hospital Corp. | 2.585% | 2/1/50 | 5,670 | 3,499 | ||
Cigna Corp. | 3.250% | 4/15/25 | 30,765 | 29,431 | ||
Cigna Corp. | 4.375% | 10/15/28 | 18,115 | 17,107 | ||
CommonSpirit Health | 2.950% | 11/1/22 | 33,780 | 33,703 | ||
CommonSpirit Health | 4.200% | 8/1/23 | 11,695 | 11,579 | ||
CommonSpirit Health | 2.760% | 10/1/24 | 28,080 | 26,740 | ||
CommonSpirit Health | 3.347% | 10/1/29 | 44,950 | 37,807 | ||
CommonSpirit Health | 2.782% | 10/1/30 | 22,715 | 18,104 | ||
4 | CommonSpirit Health | 4.350% | 11/1/42 | 21,485 | 16,805 | |
CommonSpirit Health | 4.187% | 10/1/49 | 50,733 | 37,948 | ||
CommonSpirit Health | 3.910% | 10/1/50 | 2,570 | 1,832 | ||
Cottage Health Obligated Group | 3.304% | 11/1/49 | 10,000 | 7,153 | ||
7 | CSL UK Holdings Ltd. | 4.250% | 4/27/32 | 34,505 | 31,451 | |
7 | CSL UK Holdings Ltd. | 4.750% | 4/27/52 | 6,895 | 5,943 | |
CVS Health Corp. | 4.300% | 3/25/28 | 1,905 | 1,802 | ||
CVS Health Corp. | 1.750% | 8/21/30 | 4,915 | 3,763 | ||
CVS Health Corp. | 4.875% | 7/20/35 | 18,205 | 16,473 | ||
CVS Health Corp. | 4.125% | 4/1/40 | 18,000 | 14,386 | ||
4,7 | CVS Pass-Through Trust | 5.926% | 1/10/34 | 11,068 | 10,678 | |
Dignity Health | 3.812% | 11/1/24 | 18,560 | 18,000 | ||
Gilead Sciences Inc. | 2.500% | 9/1/23 | 36,390 | 35,615 | ||
Gilead Sciences Inc. | 3.700% | 4/1/24 | 21,420 | 21,096 | ||
Gilead Sciences Inc. | 3.500% | 2/1/25 | 28,575 | 27,611 | ||
Gilead Sciences Inc. | 4.500% | 2/1/45 | 30,892 | 25,697 | ||
Gilead Sciences Inc. | 4.150% | 3/1/47 | 14,640 | 11,575 | ||
Gilead Sciences Inc. | 2.800% | 10/1/50 | 20,185 | 12,446 | ||
GlaxoSmithKline Capital Inc. | 5.375% | 4/15/34 | 16,055 | 16,009 | ||
7 | HCA Inc. | 3.625% | 3/15/32 | 20,465 | 16,580 | |
7 | HCA Inc. | 4.375% | 3/15/42 | 4,590 | 3,437 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
7 | HCA Inc. | 4.625% | 3/15/52 | 10,970 | 8,254 | |
Indiana University Health Inc. Obligated Group | 2.852% | 11/1/51 | 12,815 | 8,253 | ||
Inova Health System Foundation | 4.068% | 5/15/52 | 14,145 | 11,605 | ||
Johnson & Johnson | 2.450% | 3/1/26 | 78,000 | 73,019 | ||
Kaiser Foundation Hospitals | 3.150% | 5/1/27 | 15,190 | 14,126 | ||
Kaiser Foundation Hospitals | 2.810% | 6/1/41 | 39,420 | 27,503 | ||
Kaiser Foundation Hospitals | 4.875% | 4/1/42 | 12,710 | 11,957 | ||
Kaiser Foundation Hospitals | 3.002% | 6/1/51 | 38,650 | 25,538 | ||
Mass General Brigham Inc. | 3.192% | 7/1/49 | 32,645 | 23,299 | ||
Mass General Brigham Inc. | 3.342% | 7/1/60 | 31,285 | 20,974 | ||
Mayo Clinic | 4.128% | 11/15/52 | 6,465 | 5,509 | ||
Memorial Sloan-Kettering Cancer Center | 5.000% | 7/1/42 | 11,505 | 11,085 | ||
Memorial Sloan-Kettering Cancer Center | 2.955% | 1/1/50 | 20,260 | 13,554 | ||
Memorial Sloan-Kettering Cancer Center | 4.125% | 7/1/52 | 7,820 | 6,501 | ||
Memorial Sloan-Kettering Cancer Center | 4.200% | 7/1/55 | 5,940 | 4,977 | ||
Merck & Co. Inc. | 2.750% | 2/10/25 | 38,000 | 36,468 | ||
Merck & Co. Inc. | 3.400% | 3/7/29 | 58,390 | 53,625 | ||
Merck & Co. Inc. | 4.150% | 5/18/43 | 28,405 | 24,210 | ||
Mercy Health | 4.302% | 7/1/28 | 19,830 | 18,658 | ||
Novartis Capital Corp. | 3.400% | 5/6/24 | 13,425 | 13,190 | ||
Novartis Capital Corp. | 4.400% | 5/6/44 | 21,485 | 19,351 | ||
OhioHealth Corp. | 2.297% | 11/15/31 | 12,575 | 9,967 | ||
Pfizer Inc. | 3.000% | 12/15/26 | 28,400 | 26,694 | ||
Pfizer Inc. | 3.450% | 3/15/29 | 52,500 | 48,361 | ||
Pfizer Inc. | 1.700% | 5/28/30 | 9,100 | 7,282 | ||
Pfizer Inc. | 4.100% | 9/15/38 | 52,715 | 46,280 | ||
Pfizer Inc. | 2.550% | 5/28/40 | 11,300 | 7,926 | ||
Piedmont Healthcare Inc. | 2.044% | 1/1/32 | 8,750 | 6,647 | ||
Piedmont Healthcare Inc. | 2.719% | 1/1/42 | 8,750 | 5,839 | ||
Piedmont Healthcare Inc. | 2.864% | 1/1/52 | 11,625 | 7,311 | ||
Providence St. Joseph Health Obligated Group | 2.746% | 10/1/26 | 10,125 | 9,282 | ||
Providence St. Joseph Health Obligated Group | 2.532% | 10/1/29 | 25,655 | 21,199 | ||
4 | Providence St. Joseph Health Obligated Group | 3.930% | 10/1/48 | 12,030 | 9,466 | |
Providence St. Joseph Health Obligated Group | 2.700% | 10/1/51 | 34,000 | 20,308 | ||
7 | Roche Holdings Inc. | 2.375% | 1/28/27 | 61,570 | 55,681 | |
7 | Roche Holdings Inc. | 2.607% | 12/13/51 | 12,495 | 8,118 | |
Royalty Pharma plc | 3.550% | 9/2/50 | 48,265 | 30,159 | ||
Rush Obligated Group | �� 3.922% | 11/15/29 | 12,000 | 10,879 | ||
SSM Health Care Corp. | 3.823% | 6/1/27 | 41,615 | 39,584 | ||
Sutter Health | 2.294% | 8/15/30 | 19,905 | 16,012 | ||
Takeda Pharmaceutical Co. Ltd. | 2.050% | 3/31/30 | 30,825 | 24,426 | ||
Takeda Pharmaceutical Co. Ltd. | 3.025% | 7/9/40 | 18,290 | 12,934 | ||
Thermo Fisher Scientific Inc. | 1.750% | 10/15/28 | 8,960 | 7,509 | ||
Thermo Fisher Scientific Inc. | 2.000% | 10/15/31 | 19,320 | 15,234 | ||
Toledo Hospital | 5.750% | 11/15/38 | 17,965 | 16,378 | ||
UnitedHealth Group Inc. | 2.875% | 3/15/23 | 12,000 | 11,921 | ||
UnitedHealth Group Inc. | 3.100% | 3/15/26 | 14,220 | 13,454 | ||
UnitedHealth Group Inc. | 3.850% | 6/15/28 | 34,260 | 32,245 | ||
UnitedHealth Group Inc. | 2.000% | 5/15/30 | 11,275 | 9,096 | ||
UnitedHealth Group Inc. | 2.300% | 5/15/31 | 14,600 | 11,744 | ||
UnitedHealth Group Inc. | 4.200% | 5/15/32 | 16,790 | 15,611 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
UnitedHealth Group Inc. | 4.625% | 7/15/35 | 9,285 | 8,527 | ||
UnitedHealth Group Inc. | 6.625% | 11/15/37 | 20,000 | 21,973 | ||
UnitedHealth Group Inc. | 3.500% | 8/15/39 | 7,300 | 5,732 | ||
UnitedHealth Group Inc. | 2.750% | 5/15/40 | 12,760 | 8,927 | ||
UnitedHealth Group Inc. | 4.625% | 11/15/41 | 36,010 | 32,270 | ||
UnitedHealth Group Inc. | 4.250% | 3/15/43 | 31,000 | 26,275 | ||
UnitedHealth Group Inc. | 4.750% | 7/15/45 | 12,296 | 11,070 | ||
UnitedHealth Group Inc. | 4.200% | 1/15/47 | 8,345 | 6,890 | ||
UnitedHealth Group Inc. | 3.750% | 10/15/47 | 4,870 | 3,747 | ||
UnitedHealth Group Inc. | 4.250% | 6/15/48 | 12,545 | 10,403 | ||
UnitedHealth Group Inc. | 4.450% | 12/15/48 | 4,890 | 4,140 | ||
UnitedHealth Group Inc. | 3.700% | 8/15/49 | 40,900 | 30,850 | ||
UnitedHealth Group Inc. | 2.900% | 5/15/50 | 76,019 | 49,627 | ||
UnitedHealth Group Inc. | 3.250% | 5/15/51 | 19,810 | 13,803 | ||
UnitedHealth Group Inc. | 4.750% | 5/15/52 | 8,745 | 7,820 | ||
UnitedHealth Group Inc. | 3.875% | 8/15/59 | 8,560 | 6,390 | ||
UnitedHealth Group Inc. | 3.125% | 5/15/60 | 12,840 | 8,250 | ||
Wyeth LLC | 5.950% | 4/1/37 | 15,000 | 15,790 | ||
2,446,443 | ||||||
Industrials (1.8%) | ||||||
7 | Ashtead Capital Inc. | 2.450% | 8/12/31 | 17,920 | 13,090 | |
7 | BAE Systems Holdings Inc. | 3.800% | 10/7/24 | 26,068 | 25,307 | |
7 | BAE Systems Holdings Inc. | 3.850% | 12/15/25 | 29,838 | 28,424 | |
7 | BAE Systems plc | 3.400% | 4/15/30 | 9,390 | 8,151 | |
Boeing Co. | 1.433% | 2/4/24 | 34,165 | 32,482 | ||
Boeing Co. | 2.700% | 2/1/27 | 16,380 | 14,241 | ||
Boeing Co. | 3.625% | 2/1/31 | 24,370 | 20,204 | ||
Burlington Northern Santa Fe LLC | 5.150% | 9/1/43 | 3,748 | 3,541 | ||
Burlington Northern Santa Fe LLC | 4.550% | 9/1/44 | 5,750 | 5,023 | ||
Burlington Northern Santa Fe LLC | 4.150% | 4/1/45 | 21,220 | 17,409 | ||
Burlington Northern Santa Fe LLC | 4.125% | 6/15/47 | 26,898 | 22,353 | ||
Burlington Northern Santa Fe LLC | 4.050% | 6/15/48 | 3,225 | 2,635 | ||
Burlington Northern Santa Fe LLC | 3.050% | 2/15/51 | 16,975 | 11,547 | ||
Burlington Northern Santa Fe LLC | 2.875% | 6/15/52 | 13,410 | 8,731 | ||
Burlington Northern Santa Fe LLC | 4.450% | 1/15/53 | 7,485 | 6,486 | ||
Canadian National Railway Co. | 2.450% | 5/1/50 | 25,925 | 15,653 | ||
Canadian Pacific Railway Co. | 2.450% | 12/2/31 | 8,515 | 6,825 | ||
Canadian Pacific Railway Co. | 3.100% | 12/2/51 | 20,120 | 13,270 | ||
Carrier Global Corp. | 2.722% | 2/15/30 | 15,103 | 12,465 | ||
Caterpillar Financial Services Corp. | 2.625% | 3/1/23 | 39,500 | 39,229 | ||
Caterpillar Inc. | 3.400% | 5/15/24 | 19,475 | 19,105 | ||
Caterpillar Inc. | 5.200% | 5/27/41 | 19,770 | 19,581 | ||
CSX Corp. | 3.350% | 9/15/49 | 7,745 | 5,443 | ||
7 | Daimler Trucks Finance North America LLC | 3.650% | 4/7/27 | 26,835 | 24,555 | |
Eaton Corp. | 6.500% | 6/1/25 | 10,000 | 10,271 | ||
Eaton Corp. | 4.150% | 3/15/33 | 23,580 | 21,303 | ||
Eaton Corp. | 4.700% | 8/23/52 | 6,555 | 5,757 | ||
Illinois Tool Works Inc. | 3.500% | 3/1/24 | 42,775 | 42,222 | ||
John Deere Capital Corp. | 2.800% | 1/27/23 | 8,000 | 7,963 | ||
John Deere Capital Corp. | 3.350% | 6/12/24 | 9,000 | 8,815 | ||
John Deere Capital Corp. | 3.450% | 3/13/25 | 43,560 | 42,329 | ||
Kansas City Southern | 4.950% | 8/15/45 | 13,845 | 12,098 | ||
Lockheed Martin Corp. | 1.850% | 6/15/30 | 2,545 | 2,068 | ||
Lockheed Martin Corp. | 4.500% | 5/15/36 | 6,715 | 6,182 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Lockheed Martin Corp. | 3.800% | 3/1/45 | 7,501 | 5,970 | ||
Lockheed Martin Corp. | 4.700% | 5/15/46 | 12,041 | 10,918 | ||
Lockheed Martin Corp. | 4.090% | 9/15/52 | 4,609 | 3,842 | ||
Parker-Hannifin Corp. | 3.250% | 6/14/29 | 9,065 | 7,994 | ||
Parker-Hannifin Corp. | 4.450% | 11/21/44 | 14,290 | 11,685 | ||
Raytheon Technologies Corp. | 4.125% | 11/16/28 | 32,800 | 30,691 | ||
Raytheon Technologies Corp. | 4.450% | 11/16/38 | 9,050 | 7,886 | ||
Raytheon Technologies Corp. | 3.750% | 11/1/46 | 5,891 | 4,433 | ||
7 | Siemens Financieringsmaatschappij NV | 3.125% | 3/16/24 | 62,200 | 60,797 | |
7 | Siemens Financieringsmaatschappij NV | 1.700% | 3/11/28 | 21,840 | 18,335 | |
7 | Siemens Financieringsmaatschappij NV | 2.150% | 3/11/31 | 38,245 | 30,501 | |
7 | Siemens Financieringsmaatschappij NV | 4.400% | 5/27/45 | 40,495 | 34,736 | |
Stanley Black & Decker Inc. | 4.850% | 11/15/48 | 24,040 | 21,237 | ||
Teledyne Technologies Inc. | 2.250% | 4/1/28 | 40,240 | 33,656 | ||
Teledyne Technologies Inc. | 2.750% | 4/1/31 | 44,340 | 34,982 | ||
Union Pacific Corp. | 3.700% | 3/1/29 | 27,750 | 25,746 | ||
Union Pacific Corp. | 2.800% | 2/14/32 | 10,855 | 9,037 | ||
Union Pacific Corp. | 3.375% | 2/14/42 | 17,820 | 13,570 | ||
Union Pacific Corp. | 3.250% | 2/5/50 | 14,765 | 10,439 | ||
Union Pacific Corp. | 3.799% | 10/1/51 | 29,538 | 22,829 | ||
Union Pacific Corp. | 3.500% | 2/14/53 | 34,490 | 25,065 | ||
Union Pacific Corp. | 3.839% | 3/20/60 | 32,310 | 24,035 | ||
Union Pacific Corp. | 3.550% | 5/20/61 | 10,000 | 6,952 | ||
Union Pacific Corp. | 2.973% | 9/16/62 | 7,030 | 4,267 | ||
Union Pacific Corp. | 3.750% | 2/5/70 | 16,165 | 11,228 | ||
4 | United Airlines Class B Series 2018-1 Pass Through Trust | 4.600% | 9/1/27 | 4,967 | 4,538 | |
1,010,127 | ||||||
Materials (0.1%) | ||||||
7 | Air Liquide Finance SA | 2.250% | 9/27/23 | 21,000 | 20,495 | |
7 | Air Liquide Finance SA | 2.500% | 9/27/26 | 16,815 | 15,381 | |
7 | Corp. Nacional del Cobre de Chile | 3.700% | 1/30/50 | 20,390 | 13,529 | |
49,405 | ||||||
Real Estate (0.9%) | ||||||
American Tower Corp. | 5.000% | 2/15/24 | 8,641 | 8,636 | ||
American Tower Corp. | 4.400% | 2/15/26 | 7,300 | 7,044 | ||
American Tower Corp. | 3.800% | 8/15/29 | 32,261 | 28,344 | ||
Boston Properties LP | 3.125% | 9/1/23 | 13,520 | 13,267 | ||
Boston Properties LP | 3.800% | 2/1/24 | 1,780 | 1,748 | ||
Crown Castle International Corp. | 3.650% | 9/1/27 | 10,385 | 9,409 | ||
Crown Castle International Corp. | 3.800% | 2/15/28 | 8,575 | 7,768 | ||
Crown Castle International Corp. | 2.100% | 4/1/31 | 76,475 | 57,275 | ||
CubeSmart LP | 2.250% | 12/15/28 | 11,790 | 9,547 | ||
Healthpeak Properties Inc. | 2.125% | 12/1/28 | 29,850 | 24,537 | ||
Healthpeak Properties Inc. | 3.000% | 1/15/30 | 30,600 | 25,595 | ||
Realty Income Corp. | 3.400% | 1/15/28 | 8,845 | 8,046 | ||
Realty Income Corp. | 2.200% | 6/15/28 | 25,855 | 21,824 | ||
Realty Income Corp. | 3.250% | 1/15/31 | 19,405 | 16,479 | ||
Realty Income Corp. | 2.850% | 12/15/32 | 19,565 | 15,684 | ||
7 | SBA Tower Trust | 1.840% | 4/15/27 | 53,140 | 44,871 | |
7 | SBA Tower Trust | 3.448% | 3/15/48 | 28,730 | 28,491 | |
7 | SBA Tower Trust | 2.836% | 1/15/50 | 24,160 | 22,643 | |
7 | SBA Tower Trust | 1.884% | 7/15/50 | 9,320 | 8,170 | |
7 | SBA Tower Trust | 1.631% | 5/15/51 | 40,475 | 34,463 | |
7 | SBA Tower Trust | 2.593% | 10/15/56 | 50,750 | 39,739 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
7 | Scentre Group Trust 1 / Scentre Group Trust 2 | 4.375% | 5/28/30 | 28,670 | 25,429 | |
Simon Property Group LP | 3.750% | 2/1/24 | 6,645 | 6,548 | ||
Simon Property Group LP | 3.375% | 10/1/24 | 20,470 | 19,861 | ||
Simon Property Group LP | 2.450% | 9/13/29 | 38,350 | 31,255 | ||
516,673 | ||||||
Technology (3.8%) | ||||||
Apple Inc. | 3.000% | 2/9/24 | 22,750 | 22,334 | ||
Apple Inc. | 3.450% | 5/6/24 | 31,140 | 30,644 | ||
Apple Inc. | 2.850% | 5/11/24 | 45,635 | 44,521 | ||
Apple Inc. | 2.750% | 1/13/25 | 21,615 | 20,804 | ||
Apple Inc. | 3.250% | 2/23/26 | 38,220 | 36,662 | ||
Apple Inc. | 2.450% | 8/4/26 | 55,182 | 50,990 | ||
Apple Inc. | 3.350% | 2/9/27 | 56,435 | 53,900 | ||
Apple Inc. | 3.200% | 5/11/27 | 39,750 | 37,479 | ||
Apple Inc. | 2.900% | 9/12/27 | 83,420 | 76,970 | ||
Apple Inc. | 3.850% | 5/4/43 | 15,275 | 12,854 | ||
Apple Inc. | 4.450% | 5/6/44 | 4,035 | 3,704 | ||
Apple Inc. | 3.850% | 8/4/46 | 36,510 | 30,242 | ||
Apple Inc. | 2.650% | 5/11/50 | 26,520 | 17,513 | ||
Apple Inc. | 2.550% | 8/20/60 | 50,285 | 30,235 | ||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 3.875% | 1/15/27 | 10,955 | 10,097 | ||
Broadcom Inc. | 4.110% | 9/15/28 | 38,911 | 35,203 | ||
Broadcom Inc. | 4.150% | 11/15/30 | 4,670 | 4,036 | ||
7 | Broadcom Inc. | 2.600% | 2/15/33 | 25,345 | 18,153 | |
7 | Broadcom Inc. | 3.419% | 4/15/33 | 10,360 | 7,949 | |
7 | Broadcom Inc. | 3.500% | 2/15/41 | 21,335 | 14,389 | |
Cisco Systems Inc. | 2.500% | 9/20/26 | 15,921 | 14,810 | ||
Intel Corp. | 2.875% | 5/11/24 | 29,825 | 29,057 | ||
Intel Corp. | 2.000% | 8/12/31 | 11,260 | 8,731 | ||
Intel Corp. | 4.100% | 5/19/46 | 47,755 | 38,278 | ||
Intel Corp. | 3.250% | 11/15/49 | 10,000 | 6,655 | ||
Intel Corp. | 3.050% | 8/12/51 | 60,730 | 38,849 | ||
Intel Corp. | 4.900% | 8/5/52 | 123,570 | 109,055 | ||
Intel Corp. | 3.200% | 8/12/61 | 16,360 | 10,140 | ||
International Business Machines Corp. | 3.375% | 8/1/23 | 61,300 | 60,770 | ||
International Business Machines Corp. | 3.625% | 2/12/24 | 22,800 | 22,469 | ||
International Business Machines Corp. | 3.000% | 5/15/24 | 81,400 | 79,219 | ||
International Business Machines Corp. | 7.000% | 10/30/25 | 25,000 | 26,499 | ||
International Business Machines Corp. | 3.300% | 5/15/26 | 148,025 | 139,586 | ||
International Business Machines Corp. | 3.500% | 5/15/29 | 98,025 | 88,588 | ||
Microsoft Corp. | 2.875% | 2/6/24 | 47,230 | 46,297 | ||
Microsoft Corp. | 2.700% | 2/12/25 | 23,890 | 22,938 | ||
Microsoft Corp. | 3.125% | 11/3/25 | 11,865 | 11,411 | ||
Microsoft Corp. | 2.400% | 8/8/26 | 64,501 | 59,722 | ||
Microsoft Corp. | 3.450% | 8/8/36 | 25,692 | 22,454 | ||
Microsoft Corp. | 2.525% | 6/1/50 | 162,183 | 106,669 | ||
Microsoft Corp. | 2.921% | 3/17/52 | 115,380 | 81,579 | ||
Microsoft Corp. | 2.675% | 6/1/60 | 19,051 | 12,067 | ||
Oracle Corp. | 2.400% | 9/15/23 | 63,535 | 61,971 | ||
Oracle Corp. | 2.950% | 11/15/24 | 80,105 | 76,444 | ||
Oracle Corp. | 1.650% | 3/25/26 | 51,805 | 45,431 | ||
Oracle Corp. | 3.250% | 11/15/27 | 96,975 | 86,391 | ||
Oracle Corp. | 4.000% | 11/15/47 | 16,360 | 10,986 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Oracle Corp. | 3.850% | 4/1/60 | 18,920 | 11,435 | ||
QUALCOMM Inc. | 1.300% | 5/20/28 | 27,611 | 22,809 | ||
QUALCOMM Inc. | 2.150% | 5/20/30 | 44,450 | 36,715 | ||
QUALCOMM Inc. | 1.650% | 5/20/32 | 41,504 | 31,129 | ||
QUALCOMM Inc. | 4.250% | 5/20/32 | 8,595 | 8,117 | ||
QUALCOMM Inc. | 4.500% | 5/20/52 | 19,725 | 16,962 | ||
7 | S&P Global Inc. | 2.700% | 3/1/29 | 25,905 | 22,410 | |
7 | S&P Global Inc. | 2.900% | 3/1/32 | 11,910 | 9,951 | |
7 | S&P Global Inc. | 3.700% | 3/1/52 | 6,220 | 4,710 | |
Workday Inc. | 3.700% | 4/1/29 | 9,155 | 8,211 | ||
Workday Inc. | 3.800% | 4/1/32 | 35,295 | 30,704 | ||
2,078,898 | ||||||
Utilities (5.9%) | ||||||
AEP Texas Inc. | 4.150% | 5/1/49 | 4,750 | 3,614 | ||
AEP Texas Inc. | 3.450% | 1/15/50 | 16,810 | 11,432 | ||
AEP Transmission Co. LLC | 4.500% | 6/15/52 | 14,190 | 12,079 | ||
Alabama Power Co. | 5.200% | 6/1/41 | 3,365 | 3,019 | ||
Alabama Power Co. | 4.100% | 1/15/42 | 5,595 | 4,367 | ||
Alabama Power Co. | 3.750% | 3/1/45 | 20,255 | 15,268 | ||
Alabama Power Co. | 4.300% | 7/15/48 | 27,790 | 22,961 | ||
Ameren Illinois Co. | 3.800% | 5/15/28 | 22,365 | 20,939 | ||
Ameren Illinois Co. | 3.700% | 12/1/47 | 5,085 | 3,870 | ||
American Water Capital Corp. | 2.950% | 9/1/27 | 20,245 | 18,377 | ||
American Water Capital Corp. | 4.450% | 6/1/32 | 33,370 | 31,023 | ||
American Water Capital Corp. | 3.750% | 9/1/47 | 1,495 | 1,124 | ||
American Water Capital Corp. | 4.200% | 9/1/48 | 29,696 | 23,965 | ||
American Water Capital Corp. | 4.150% | 6/1/49 | 885 | 710 | ||
American Water Capital Corp. | 3.450% | 5/1/50 | 4,430 | 3,188 | ||
Arizona Public Service Co. | 3.350% | 5/15/50 | 16,830 | 10,996 | ||
Baltimore Gas and Electric Co. | 2.400% | 8/15/26 | 20,945 | 19,044 | ||
Baltimore Gas and Electric Co. | 2.900% | 6/15/50 | 9,820 | 6,389 | ||
Baltimore Gas and Electric Co. | 4.550% | 6/1/52 | 3,880 | 3,343 | ||
Berkshire Hathaway Energy Co. | 6.125% | 4/1/36 | 32,052 | 32,510 | ||
Berkshire Hathaway Energy Co. | 5.950% | 5/15/37 | 865 | 866 | ||
Berkshire Hathaway Energy Co. | 5.150% | 11/15/43 | 10,725 | 9,795 | ||
Berkshire Hathaway Energy Co. | 4.250% | 10/15/50 | 32,020 | 25,849 | ||
7 | Berkshire Hathaway Energy Co. | 4.600% | 5/1/53 | 52,900 | 44,868 | |
7 | Boston Gas Co. | 3.150% | 8/1/27 | 8,010 | 7,127 | |
7 | Boston Gas Co. | 3.001% | 8/1/29 | 5,700 | 4,812 | |
7 | Boston Gas Co. | 3.757% | 3/16/32 | 13,050 | 10,991 | |
7 | Brooklyn Union Gas Co. | 4.273% | 3/15/48 | 63,125 | 46,453 | |
CenterPoint Energy Houston Electric LLC | 4.250% | 2/1/49 | 6,685 | 5,608 | ||
CenterPoint Energy Resources Corp. | 4.000% | 4/1/28 | 9,123 | 8,432 | ||
CenterPoint Energy Resources Corp. | 6.625% | 11/1/37 | 4,406 | 4,488 | ||
Cleco Corporate Holdings LLC | 3.375% | 9/15/29 | 13,465 | 11,356 | ||
Cleco Securitization I LLC | 4.646% | 9/1/44 | 26,300 | 25,262 | ||
Commonwealth Edison Co. | 2.950% | 8/15/27 | 23,275 | 21,251 | ||
Commonwealth Edison Co. | 4.350% | 11/15/45 | 11,990 | 10,009 | ||
Commonwealth Edison Co. | 3.650% | 6/15/46 | 6,420 | 4,874 | ||
Commonwealth Edison Co. | 3.750% | 8/15/47 | 5,000 | 3,866 | ||
Commonwealth Edison Co. | 4.000% | 3/1/48 | 17,900 | 14,346 | ||
Commonwealth Edison Co. | 3.850% | 3/15/52 | 13,160 | 10,279 | ||
Consolidated Edison Co of New York Inc. | 3.600% | 6/15/61 | 1,350 | 927 | ||
Consolidated Edison Co. of New York Inc. | 5.850% | 3/15/36 | 9,500 | 9,454 | ||
Consolidated Edison Co. of New York Inc. | 6.300% | 8/15/37 | 45,000 | 46,272 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Consolidated Edison Co. of New York Inc. | 4.500% | 12/1/45 | 30,855 | 25,332 | ||
Consolidated Edison Co. of New York Inc. | 3.850% | 6/15/46 | 2,752 | 2,088 | ||
Consolidated Edison Co. of New York Inc. | 3.950% | 4/1/50 | 1,755 | 1,355 | ||
Consolidated Edison Co. of New York Inc. | 3.200% | 12/1/51 | 32,238 | 21,419 | ||
Consolidated Edison Co. of New York Inc. | 4.625% | 12/1/54 | 24,915 | 20,450 | ||
Consolidated Edison Co. of New York Inc. | 4.500% | 5/15/58 | 27,272 | 21,478 | ||
Consumers Energy Co. | 4.200% | 9/1/52 | 28,110 | 23,365 | ||
Delmarva Power & Light Co. | 3.500% | 11/15/23 | 9,550 | 9,428 | ||
7 | Dominion Energy Inc. | 2.450% | 1/15/23 | 106,490 | 105,888 | |
Dominion Energy Inc. | 4.900% | 8/1/41 | 13,562 | 11,975 | ||
Dominion Energy Inc. | 4.600% | 3/15/49 | 13,855 | 11,795 | ||
Dominion Energy South Carolina Inc. | 6.625% | 2/1/32 | 4,832 | 5,151 | ||
Dominion Energy South Carolina Inc. | 5.300% | 5/15/33 | 1,446 | 1,434 | ||
Dominion Energy South Carolina Inc. | 6.050% | 1/15/38 | 23,085 | 23,918 | ||
Dominion Energy South Carolina Inc. | 5.450% | 2/1/41 | 9,627 | 9,266 | ||
Dominion Energy South Carolina Inc. | 4.600% | 6/15/43 | 6,830 | 5,919 | ||
Dominion Energy South Carolina Inc. | 5.100% | 6/1/65 | 25,065 | 23,128 | ||
Duke Energy Carolinas LLC | 6.000% | 12/1/28 | 5,000 | 5,162 | ||
Duke Energy Carolinas LLC | 6.100% | 6/1/37 | 13,915 | 13,715 | ||
Duke Energy Carolinas LLC | 6.050% | 4/15/38 | 4,000 | 4,114 | ||
Duke Energy Carolinas LLC | 4.250% | 12/15/41 | 6,375 | 5,337 | ||
Duke Energy Carolinas LLC | 4.000% | 9/30/42 | 5,205 | 4,188 | ||
Duke Energy Carolinas LLC | 3.700% | 12/1/47 | 17,220 | 12,857 | ||
Duke Energy Corp. | 2.650% | 9/1/26 | 17,480 | 15,858 | ||
Duke Energy Corp. | 3.400% | 6/15/29 | 11,420 | 10,056 | ||
Duke Energy Corp. | 4.500% | 8/15/32 | 25,540 | 23,100 | ||
Duke Energy Corp. | 3.300% | 6/15/41 | 33,075 | 23,060 | ||
Duke Energy Corp. | 4.800% | 12/15/45 | 37,600 | 31,234 | ||
Duke Energy Corp. | 3.750% | 9/1/46 | 14,740 | 10,446 | ||
Duke Energy Corp. | 3.500% | 6/15/51 | 36,945 | 24,918 | ||
Duke Energy Corp. | 5.000% | 8/15/52 | 22,795 | 19,471 | ||
Duke Energy Progress LLC | 3.400% | 4/1/32 | 38,235 | 32,830 | ||
Duke Energy Progress LLC | 6.300% | 4/1/38 | 1,625 | 1,699 | ||
Duke Energy Progress LLC | 4.100% | 3/15/43 | 6,221 | 5,088 | ||
Duke Energy Progress LLC | 4.200% | 8/15/45 | 61,923 | 50,156 | ||
Duke Energy Progress LLC | 2.500% | 8/15/50 | 2,455 | 1,468 | ||
Duke Energy Progress LLC | 2.900% | 8/15/51 | 2,503 | 1,624 | ||
Duke Energy Progress LLC | 4.000% | 4/1/52 | 9,770 | 7,647 | ||
4 | Duke Energy Progress NC Storm Funding LLC | 2.387% | 7/1/39 | 34,240 | 25,900 | |
7 | East Ohio Gas Co. | 2.000% | 6/15/30 | 13,440 | 10,441 | |
7 | East Ohio Gas Co. | 3.000% | 6/15/50 | 19,575 | 12,328 | |
Eastern Energy Gas Holdings LLC | 3.550% | 11/1/23 | 14,085 | 13,856 | ||
7 | Electricite de France SA | 4.875% | 9/21/38 | 69,690 | 58,419 | |
7 | Electricite de France SA | 4.875% | 1/22/44 | 2,910 | 2,281 | |
7 | Electricite de France SA | 4.950% | 10/13/45 | 12,500 | 9,557 | |
Emera US Finance LP | 3.550% | 6/15/26 | 32,320 | 30,069 | ||
7 | Enel Finance International NV | 5.000% | 6/15/32 | 44,990 | 38,446 | |
7 | Enel Finance International NV | 5.500% | 6/15/52 | 48,955 | 38,569 | |
Entergy Corp. | 2.950% | 9/1/26 | 7,085 | 6,475 | ||
Entergy Louisiana LLC | 3.120% | 9/1/27 | 10,065 | 9,135 | ||
Evergy Inc. | 2.450% | 9/15/24 | 28,130 | 26,638 | ||
Evergy Kansas Central Inc. | 3.250% | 9/1/49 | 3,120 | 2,136 | ||
Evergy Metro Inc. | 2.250% | 6/1/30 | 8,520 | 6,932 | ||
Evergy Metro Inc. | 4.200% | 3/15/48 | 3,282 | 2,670 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Eversource Energy | 2.900% | 10/1/24 | 25,155 | 24,110 | ||
Eversource Energy | 3.150% | 1/15/25 | 6,775 | 6,479 | ||
Eversource Energy | 3.300% | 1/15/28 | 14,490 | 13,113 | ||
Eversource Energy | 3.375% | 3/1/32 | 14,435 | 12,161 | ||
7 | Exelon Corp. | 3.350% | 3/15/32 | 35,015 | 29,389 | |
Florida Power & Light Co. | 6.200% | 6/1/36 | 12,452 | 13,007 | ||
Florida Power & Light Co. | 5.950% | 2/1/38 | 10,000 | 10,291 | ||
Florida Power & Light Co. | 5.690% | 3/1/40 | 4,994 | 5,020 | ||
Florida Power & Light Co. | 5.250% | 2/1/41 | 29,745 | 28,857 | ||
Florida Power & Light Co. | 4.125% | 2/1/42 | 20,000 | 16,743 | ||
Florida Power & Light Co. | 3.700% | 12/1/47 | 27,690 | 21,532 | ||
Fortis Inc. | 3.055% | 10/4/26 | 44,365 | 40,505 | ||
Georgia Power Co. | 4.700% | 5/15/32 | 30,600 | 28,713 | ||
Georgia Power Co. | 4.750% | 9/1/40 | 34,725 | 28,991 | ||
Georgia Power Co. | 4.300% | 3/15/42 | 28,162 | 22,484 | ||
Georgia Power Co. | 3.700% | 1/30/50 | 9,335 | 6,750 | ||
Georgia Power Co. | 5.125% | 5/15/52 | 35,520 | 32,093 | ||
Indiana Michigan Power Co. | 4.250% | 8/15/48 | 14,590 | 11,500 | ||
7 | ITC Holdings Corp. | 4.950% | 9/22/27 | 4,440 | 4,331 | |
7 | KeySpan Gas East Corp. | 2.742% | 8/15/26 | 37,580 | 33,568 | |
7 | KeySpan Gas East Corp. | 5.819% | 4/1/41 | 5,060 | 4,760 | |
7 | Massachusetts Electric Co. | 5.900% | 11/15/39 | 21,895 | 21,303 | |
7 | Metropolitan Edison Co. | 4.300% | 1/15/29 | 6,851 | 6,392 | |
MidAmerican Energy Co. | 5.750% | 11/1/35 | 9,925 | 10,101 | ||
MidAmerican Energy Co. | 4.400% | 10/15/44 | 1,110 | 944 | ||
MidAmerican Energy Co. | 4.250% | 5/1/46 | 14,675 | 12,399 | ||
MidAmerican Energy Co. | 4.250% | 7/15/49 | 11,000 | 9,120 | ||
MidAmerican Energy Co. | 3.150% | 4/15/50 | 44,720 | 30,547 | ||
7 | Mid-Atlantic Interstate Transmission LLC | 4.100% | 5/15/28 | 3,400 | 3,149 | |
7 | Monongahela Power Co. | 4.100% | 4/15/24 | 11,000 | 10,782 | |
7 | Monongahela Power Co. | 5.400% | 12/15/43 | 4,320 | 3,965 | |
National Rural Utilities Cooperative Finance Corp. | 2.950% | 2/7/24 | 15,355 | 14,994 | ||
National Rural Utilities Cooperative Finance Corp. | 2.850% | 1/27/25 | 32,210 | 30,813 | ||
Nevada Power Co. | 3.125% | 8/1/50 | 17,655 | 11,383 | ||
NextEra Energy Capital Holdings Inc. | 3.550% | 5/1/27 | 32,950 | 30,504 | ||
NextEra Energy Capital Holdings Inc. | 1.900% | 6/15/28 | 33,830 | 28,050 | ||
NextEra Energy Capital Holdings Inc. | 3.500% | 4/1/29 | 12,880 | 11,458 | ||
NextEra Energy Capital Holdings Inc. | 2.750% | 11/1/29 | 20,155 | 16,953 | ||
NextEra Energy Capital Holdings Inc. | 2.250% | 6/1/30 | 41,505 | 33,103 | ||
NextEra Energy Capital Holdings Inc. | 5.000% | 7/15/32 | 8,755 | 8,369 | ||
7 | Niagara Mohawk Power Corp. | 4.278% | 12/15/28 | 35,280 | 32,420 | |
7 | Niagara Mohawk Power Corp. | 3.025% | 6/27/50 | 22,255 | 13,626 | |
NiSource Inc. | 5.250% | 2/15/43 | 13,546 | 12,200 | ||
NiSource Inc. | 4.800% | 2/15/44 | 7,995 | 6,716 | ||
NiSource Inc. | 5.000% | 6/15/52 | 21,065 | 18,411 | ||
Northern States Power Co. | 2.250% | 4/1/31 | 4,915 | 4,026 | ||
Northern States Power Co. | 4.500% | 6/1/52 | 6,645 | 5,811 | ||
4,7 | Oglethorpe Power Corp. | 6.191% | 1/1/31 | 35,520 | 35,947 | |
Oglethorpe Power Corp. | 5.950% | 11/1/39 | 5,145 | 4,863 | ||
Oglethorpe Power Corp. | 4.550% | 6/1/44 | 1,835 | 1,441 | ||
Oglethorpe Power Corp. | 4.250% | 4/1/46 | 20,029 | 14,780 | ||
7 | Oglethorpe Power Corp. | 4.500% | 4/1/47 | 4,095 | 3,208 | |
Oglethorpe Power Corp. | 5.050% | 10/1/48 | 4,806 | 4,016 | ||
Oglethorpe Power Corp. | 5.250% | 9/1/50 | 17,225 | 14,533 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Oklahoma Gas and Electric Co. | 6.500% | 4/15/28 | 10,000 | 10,453 | ||
Oncor Electric Delivery Co. LLC | 2.950% | 4/1/25 | 31,858 | 30,404 | ||
7 | Oncor Electric Delivery Co. LLC | 4.150% | 6/1/32 | 7,625 | 7,102 | |
7 | Oncor Electric Delivery Co. LLC | 4.550% | 9/15/32 | 34,590 | 33,303 | |
Oncor Electric Delivery Co. LLC | 5.250% | 9/30/40 | 11,325 | 10,916 | ||
Oncor Electric Delivery Co. LLC | 4.550% | 12/1/41 | 3,275 | 2,883 | ||
Oncor Electric Delivery Co. LLC | 2.700% | 11/15/51 | 23,765 | 15,155 | ||
7 | Oncor Electric Delivery Co. LLC | 4.600% | 6/1/52 | 26,785 | 23,825 | |
7 | Oncor Electric Delivery Co. LLC | 4.950% | 9/15/52 | 25,010 | 23,589 | |
PacifiCorp | 2.950% | 6/1/23 | 14,835 | 14,640 | ||
PacifiCorp | 3.600% | 4/1/24 | 20,000 | 19,695 | ||
PacifiCorp | 3.350% | 7/1/25 | 15,354 | 14,710 | ||
PacifiCorp | 2.700% | 9/15/30 | 8,500 | 7,089 | ||
PacifiCorp | 5.750% | 4/1/37 | 14,188 | 13,729 | ||
PacifiCorp | 4.125% | 1/15/49 | 2,262 | 1,806 | ||
PacifiCorp | 4.150% | 2/15/50 | 11,330 | 9,106 | ||
PacifiCorp | 3.300% | 3/15/51 | 20,663 | 14,426 | ||
PECO Energy Co. | 4.600% | 5/15/52 | 16,875 | 14,860 | ||
4 | PG&E Energy Recovery Funding LLC | 2.280% | 1/15/38 | 3,573 | 2,702 | |
4 | PG&E Energy Recovery Funding LLC | 2.822% | 7/15/48 | 16,435 | 11,478 | |
PG&E Wildfire Recovery Funding LLC | 5.212% | 12/1/49 | 26,060 | 24,823 | ||
PG&E Wildfire Recovery Funding LLC | 5.099% | 6/1/54 | 23,790 | 22,878 | ||
Piedmont Natural Gas Co Inc. | 5.050% | 5/15/52 | 14,375 | 12,630 | ||
Potomac Electric Power Co. | 6.500% | 11/15/37 | 8,000 | 8,630 | ||
Public Service Electric and Gas Co. | 3.100% | 3/15/32 | 13,910 | 11,849 | ||
Puget Sound Energy Inc. | 4.434% | 11/15/41 | 19,880 | 16,455 | ||
San Diego Gas & Electric Co. | 1.700% | 10/1/30 | 4,915 | 3,792 | ||
San Diego Gas & Electric Co. | 3.750% | 6/1/47 | 5,620 | 4,207 | ||
San Diego Gas & Electric Co. | 4.150% | 5/15/48 | 1,505 | 1,243 | ||
San Diego Gas & Electric Co. | 2.950% | 8/15/51 | 711 | 464 | ||
San Diego Gas & Electric Co. | 3.700% | 3/15/52 | 43,105 | 32,610 | ||
4 | SCE Recovery Funding LLC | 0.861% | 11/15/33 | 10,090 | 8,467 | |
SCE Recovery Funding LLC | 1.942% | 5/15/40 | 3,915 | 2,944 | ||
SCE Recovery Funding LLC | 2.510% | 11/15/43 | 3,545 | 2,427 | ||
Sempra Energy | 3.700% | 4/1/29 | 5,190 | 4,638 | ||
Sempra Energy | 3.800% | 2/1/38 | 20,000 | 15,608 | ||
Sempra Energy | 6.000% | 10/15/39 | 21,184 | 20,617 | ||
Sierra Pacific Power Co. | 2.600% | 5/1/26 | 8,027 | 7,413 | ||
Southern California Edison Co. | 3.700% | 8/1/25 | 3,225 | 3,102 | ||
Southern California Edison Co. | 5.750% | 4/1/35 | 5,000 | 4,722 | ||
Southern California Edison Co. | 6.050% | 3/15/39 | 1,995 | 1,925 | ||
Southern California Edison Co. | 4.500% | 9/1/40 | 5,150 | 4,149 | ||
Southern California Edison Co. | 4.050% | 3/15/42 | 17,788 | 13,216 | ||
Southern California Edison Co. | 3.900% | 3/15/43 | 8,782 | 6,449 | ||
Southern California Edison Co. | 4.650% | 10/1/43 | 16,770 | 13,774 | ||
Southern California Edison Co. | 3.600% | 2/1/45 | 8,160 | 5,489 | ||
Southern California Edison Co. | 4.000% | 4/1/47 | 3,675 | 2,686 | ||
Southern California Edison Co. | 4.125% | 3/1/48 | 32,029 | 23,799 | ||
Southern California Edison Co. | 3.650% | 2/1/50 | 25,325 | 17,348 | ||
Southern California Gas Co. | 2.600% | 6/15/26 | 28,885 | 26,465 | ||
Southern California Gas Co. | 2.950% | 4/15/27 | 26,220 | 23,943 | ||
Southern Co. | 2.950% | 7/1/23 | 44,985 | 44,393 | ||
Southern Co. | 4.400% | 7/1/46 | 25,160 | 19,778 | ||
Southwest Gas Corp. | 2.200% | 6/15/30 | 9,465 | 7,154 | ||
Southwestern Electric Power Co. | 2.750% | 10/1/26 | 15,000 | 13,595 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Southwestern Electric Power Co. | 6.200% | 3/15/40 | 9,800 | 9,542 | ||
Southwestern Public Service Co. | 3.700% | 8/15/47 | 3,790 | 2,816 | ||
7 | Texas Electric Market Stabilization Funding N LLC | 4.966% | 2/1/44 | 39,050 | 38,391 | |
7 | Texas Electric Market Stabilization Funding N LLC | 5.057% | 8/1/48 | 18,750 | 17,877 | |
7 | Texas Electric Market Stabilization Funding N LLC | 5.167% | 2/1/52 | 17,590 | 17,576 | |
Union Electric Co. | 4.000% | 4/1/48 | 14,942 | 11,882 | ||
Union Electric Co. | 3.900% | 4/1/52 | 13,335 | 10,487 | ||
Virginia Electric and Power Co. | 3.500% | 3/15/27 | 40,765 | 38,198 | ||
Virginia Electric and Power Co. | 6.000% | 5/15/37 | 9,435 | 9,489 | ||
Wisconsin Electric Power Co. | 5.700% | 12/1/36 | 13,825 | 13,710 | ||
Xcel Energy Inc. | 3.350% | 12/1/26 | 33,370 | 31,017 | ||
3,273,934 | ||||||
Total Corporate Bonds (Cost $27,952,493) | 23,827,098 | |||||
Sovereign Bonds (0.9%) | ||||||
7 | Emirate of Abu Dhabi | 4.951% | 7/7/52 | 20,995 | 20,055 | |
7 | Government of Bermuda | 2.375% | 8/20/30 | 18,120 | 14,480 | |
7 | Government of Bermuda | 3.375% | 8/20/50 | 7,115 | 4,744 | |
7 | Kingdom of Saudi Arabia | 2.875% | 3/4/23 | 30,320 | 30,088 | |
Province of Ontario | 2.500% | 4/27/26 | 100,400 | 93,579 | ||
Province of Quebec | 2.500% | 4/20/26 | 134,755 | 125,861 | ||
Republic of Chile | 2.550% | 1/27/32 | 20,660 | 16,228 | ||
Republic of Chile | 2.550% | 7/27/33 | 37,110 | 27,834 | ||
Republic of Chile | 3.500% | 1/31/34 | 19,975 | 16,302 | ||
Republic of Chile | 3.500% | 4/15/53 | 22,895 | 15,185 | ||
Republic of Chile | 3.100% | 1/22/61 | 14,340 | 8,330 | ||
Republic of Colombia | 4.000% | 2/26/24 | 29,348 | 28,605 | ||
7 | State of Qatar | 3.875% | 4/23/23 | 69,280 | 69,018 | |
7 | State of Qatar | 3.375% | 3/14/24 | 3,250 | 3,185 | |
7 | State of Qatar | 4.400% | 4/16/50 | 13,435 | 11,779 | |
United Mexican States | 4.400% | 2/12/52 | 18,705 | 12,910 | ||
Total Sovereign Bonds (Cost $561,607) | 498,183 | |||||
Taxable Municipal Bonds (3.0%) | ||||||
Alabama Federal Aid Highway Finance Authority Government Fund/Grant Revenue | 2.650% | 9/1/37 | 4,905 | 3,635 | ||
Bay Area Toll Authority Highway Revenue | 2.574% | 4/1/31 | 14,735 | 12,653 | ||
Bay Area Toll Authority Highway Revenue | 6.263% | 4/1/49 | 4,670 | 5,316 | ||
Bay Area Toll Authority Highway Revenue | 7.043% | 4/1/50 | 24,800 | 30,384 | ||
Broward FL Airport System Port, Airport & Marina Revenue | 3.477% | 10/1/43 | 10,070 | 7,754 | ||
California GO | 7.500% | 4/1/34 | 5,845 | 6,958 | ||
California GO | 7.350% | 11/1/39 | 45,195 | 54,303 | ||
California GO | 7.600% | 11/1/40 | 2,215 | 2,785 | ||
California Health Facilities Financing Authority Intergovernmental Agreement Revenue | 4.190% | 6/1/37 | 9,220 | 8,041 | ||
California State University College & University Revenue | 2.719% | 11/1/52 | 12,175 | 7,689 | ||
California State University College & University Revenue | 2.939% | 11/1/52 | 15,330 | 10,141 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Chicago O'Hare International Airport Port, Airport & Marina Revenue | 6.395% | 1/1/40 | 4,780 | 5,386 | ||
Chicago Transit Authority Sales & Transfer Tax Receipts Sales Tax Revenue | 6.899% | 12/1/40 | 61,935 | 69,541 | ||
Chicago Transit Authority Sales & Transfer Tax Receipts Sales Tax Revenue | 6.899% | 12/1/40 | 31,650 | 35,820 | ||
Chicago Transit Authority Sales Tax Receipts Fund Sales Tax Revenue | 6.200% | 12/1/40 | 2,290 | 2,450 | ||
Commonwealth of Massachusetts | 4.110% | 7/15/31 | 20,215 | 19,393 | ||
Commonwealth of Massachusetts GO | 2.514% | 7/1/41 | 10,625 | 7,610 | ||
Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 2.843% | 11/1/46 | 10,280 | 7,204 | ||
Dallas Fort Worth International Airport Port, Airport & Marina Revenue | 4.087% | 11/1/51 | 4,680 | 3,865 | ||
Dallas-Fort Worth International Airport Port, Airport & Marina Revenue | 3.089% | 11/1/40 | 7,770 | 5,941 | ||
Dallas-Fort Worth International Airport Port, Airport & Marina Revenue | 4.507% | 11/1/51 | 28,285 | 24,676 | ||
District of Columbia Income Tax Revenue | 5.591% | 12/1/34 | 6,480 | 6,712 | ||
Duke University College & University Revenue | 5.850% | 4/1/37 | 62,165 | 67,164 | ||
Florida State Board of Administration Finance Corp. Miscellaneous Revenue | 1.705% | 7/1/27 | 33,175 | 28,371 | ||
Foothill-Eastern Transportation Corridor Agency Highway Revenue | 4.094% | 1/15/49 | 5,145 | 3,774 | ||
9 | Foothill-Eastern Transportation Corridor Agency Highway Revenue | 3.924% | 1/15/53 | 38,475 | 27,805 | |
Georgia Municipal Electric Authority Electric Power & Light Revenue | 6.637% | 4/1/57 | 71,194 | 77,127 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Funded Revenue | 2.746% | 6/1/34 | 2,375 | 1,866 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Funded Revenue | 3.293% | 6/1/42 | 4,595 | 3,293 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Funded Revenue | 3.000% | 6/1/46 | 9,955 | 8,610 | ||
Grand Parkway Transportation Corp. Texas System Highway Revenue | 3.236% | 10/1/52 | 53,710 | 37,461 | ||
Great Lakes Water Authority Sewage Disposal System Sewer Revenue | 3.056% | 7/1/39 | 12,495 | 9,701 | ||
Houston TX GO | 6.290% | 3/1/32 | 13,425 | 14,100 | ||
Illinois GO | 5.100% | 6/1/33 | 144,465 | 137,612 | ||
Illinois State Toll Highway Authority Highway Revenue | 6.184% | 1/1/34 | 16,525 | 17,649 | ||
JobsOhio Beverage System Miscellaneous Revenue | 2.833% | 1/1/38 | 5,335 | 4,147 | ||
Kansas Development Finance Authority Appropriations Revenue | 4.927% | 4/15/45 | 38,405 | 36,009 | ||
10 | Kansas Development Finance Authority Appropriations Revenue | 2.774% | 5/1/51 | 15,160 | 10,123 | |
Louisville and Jefferson County Metropolitan Sewer District Sewer Revenue | 6.250% | 5/15/43 | 11,000 | 12,062 | ||
Maryland State Transportation Authority Transit Revenue | 5.888% | 7/1/43 | 12,005 | 12,947 | ||
Massachusetts School Building Authority Sales Tax Revenue | 1.753% | 8/15/30 | 28,455 | 23,261 | ||
Massachusetts School Building Authority Sales Tax Revenue | 5.715% | 8/15/39 | 15,000 | 16,293 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Massachusetts School Building Authority Sales Tax Revenue | 3.395% | 10/15/40 | 16,565 | 13,115 | ||
Massachusetts School Building Authority Sales Tax Revenue | 2.950% | 5/15/43 | 23,000 | 17,224 | ||
Massachusetts Water Resources Authority Water Revenue | 2.823% | 8/1/41 | 12,650 | 9,612 | ||
Metropolitan Transportation Authority Fuel Sales Tax Revenue | 6.089% | 11/15/40 | 16,940 | 18,114 | ||
Metropolitan Transportation Authority Miscellaneous Taxes Revenue | 7.336% | 11/15/39 | 2,430 | 2,952 | ||
Metropolitan Transportation Authority Transit Revenue | 6.200% | 11/15/26 | 2,255 | 2,275 | ||
Metropolitan Transportation Authority Transit Revenue | 6.814% | 11/15/40 | 27,855 | 29,867 | ||
Metropolitan Transportation Authority Transit Revenue | 5.175% | 11/15/49 | 37,785 | 33,603 | ||
Michigan Finance Authority Health, Hospital, Nursing Home Revenue | 3.084% | 12/1/34 | 11,385 | 9,459 | ||
New Jersey Turnpike Authority Highway Revenue | 7.414% | 1/1/40 | 28,975 | 35,449 | ||
New York State Dormitory Authority Income Tax Revenue | 3.110% | 2/15/39 | 21,345 | 17,073 | ||
New York State Dormitory Authority Income Tax Revenue | 3.190% | 2/15/43 | 11,865 | 8,700 | ||
New York State Thruway Authority Highway & Bridge Trust Fund Fuel Sales Tax Revenue | 5.883% | 4/1/30 | 29,670 | 31,044 | ||
New York State Thruway Authority Highway Revenue | 2.900% | 1/1/35 | 16,215 | 13,263 | ||
New York State Thruway Authority Highway Revenue | 3.500% | 1/1/42 | 9,140 | 7,168 | ||
North Texas Tollway Authority Highway Revenue | 3.011% | 1/1/43 | 10,335 | 7,472 | ||
North Texas Tollway Authority Highway Revenue | 6.718% | 1/1/49 | 15,100 | 17,909 | ||
Oregon Department of Transportation Fuel Sales Tax Revenue | 5.834% | 11/15/34 | 14,510 | 15,607 | ||
11 | Oregon School Boards Assn. GO | 4.759% | 6/30/28 | 11,993 | 11,822 | |
10 | Oregon State University College & University Revenue | 3.424% | 3/1/60 | 31,000 | 21,849 | |
12 | Philadelphia Authority for Industrial Development Miscellaneous Revenue | 6.550% | 10/15/28 | 64,830 | 68,628 | |
Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 5.859% | 12/1/24 | 1,960 | 1,998 | ||
Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 3.175% | 7/15/60 | 16,940 | 11,072 | ||
Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.458% | 10/1/62 | 53,000 | 46,306 | ||
Port Authority of New York & New Jersey Port, Airport & Marina Revenue | 4.810% | 10/15/65 | 10,910 | 10,176 | ||
Regents of the University of California Medical Center Pooled Health, Hospital, Nursing Home Revenue | 4.132% | 5/15/32 | 17,270 | 15,752 | ||
Riverside CA General Fund Revenue | 3.857% | 6/1/45 | 12,905 | 10,739 | ||
Riverside County CA Appropriations Revenue | 3.818% | 2/15/38 | 9,875 | 8,449 | ||
Rutgers State University of New Jersey College & University Revenue | 3.270% | 5/1/43 | 11,595 | 9,106 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Sales Tax Securitization Corp. Intergovernmental Agreement Illinois Revenue | 3.238% | 1/1/42 | 20,635 | 15,633 | ||
San Antonio TX Electric & Gas Systems Electric Power & Light Revenue | 2.905% | 2/1/48 | 6,360 | 4,468 | ||
Texas Transportation Commission GO | 2.562% | 4/1/42 | 8,625 | 6,139 | ||
Texas Transportation Commission State Highway Fund Fuel Sales Tax Revenue | 5.178% | 4/1/30 | 12,275 | 12,428 | ||
Texas Transportation Commission State Highway Fund Miscellaneous Revenue | 4.000% | 10/1/33 | 17,140 | 15,695 | ||
University of California College & University Revenue | 1.316% | 5/15/27 | 13,645 | 11,725 | ||
University of California College & University Revenue | 1.614% | 5/15/30 | 23,375 | 18,365 | ||
University of California College & University Revenue | 4.601% | 5/15/31 | 19,390 | 18,650 | ||
University of California College & University Revenue | 4.765% | 5/15/44 | 4,740 | 4,452 | ||
University of California College & University Revenue | 3.931% | 5/15/45 | 18,275 | 15,780 | ||
University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue | 6.548% | 5/15/48 | 10,665 | 12,174 | ||
University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue | 6.583% | 5/15/49 | 15,790 | 18,008 | ||
University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue | 3.006% | 5/15/50 | 14,850 | 9,865 | ||
University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue | 4.563% | 5/15/53 | 45,480 | 40,086 | ||
University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue | 3.256% | 5/15/60 | 27,700 | 18,132 | ||
University of Michigan College & University Revenue | 3.504% | 4/1/52 | 14,470 | 11,089 | ||
University of Minnesota College & University Revenue | 4.048% | 4/1/52 | 28,000 | 24,407 | ||
Utility Debt Securitization Authority Electric Power & Light Revenue | 3.435% | 12/15/25 | 3,475 | 3,440 | ||
9 | Wisconsin Appropriations Revenue | 5.700% | 5/1/26 | 6,285 | 6,444 | |
Wisconsin Appropriations Revenue | 3.954% | 5/1/36 | 28,325 | 25,317 | ||
Total Taxable Municipal Bonds (Cost $1,926,976) | 1,685,732 | |||||
Shares | ||||||
Common Stocks (37.6%) | ||||||
Communication Services (0.6%) | ||||||
Comcast Corp. Class A | 11,184,687 | 328,047 | ||||
Consumer Discretionary (2.6%) | ||||||
Home Depot Inc. | 2,703,174 | 745,914 | ||||
TJX Cos. Inc. | 5,068,173 | 314,835 | ||||
Darden Restaurants Inc. | 1,869,216 | 236,119 | ||||
Starbucks Corp. | 1,587,762 | 133,785 | ||||
1,430,653 |
Shares | Market Value• ($000) | |||||
Consumer Staples (5.0%) | ||||||
Unilever plc ADR | 9,463,895 | 414,897 | ||||
Procter & Gamble Co. | 3,104,198 | 391,905 | ||||
Philip Morris International Inc. | 4,524,556 | 375,584 | ||||
Mondelez International Inc. Class A | 5,885,958 | 322,727 | ||||
Kellogg Co. | 3,518,513 | 245,100 | ||||
Archer-Daniels-Midland Co. | 2,876,880 | 231,445 | ||||
PepsiCo Inc. | 1,290,434 | 210,676 | ||||
Sysco Corp. | 2,846,764 | 201,295 | ||||
Coca-Cola Co. | 3,513,537 | 196,828 | ||||
Kimberly-Clark Corp. | 1,703,921 | 191,759 | ||||
2,782,216 | ||||||
Energy (3.5%) | ||||||
ConocoPhillips | 5,865,442 | 600,269 | ||||
EOG Resources Inc. | 3,696,068 | 412,962 | ||||
Coterra Energy Inc. | 14,119,690 | 368,806 | ||||
13 | TC Energy Corp. | 5,506,669 | 221,806 | |||
Pioneer Natural Resources Co. | 893,255 | 193,417 | ||||
Phillips 66 | 2,115,402 | 170,755 | ||||
1,968,015 | ||||||
Financials (6.4%) | ||||||
JPMorgan Chase & Co. | 6,547,171 | 684,179 | ||||
Morgan Stanley | 6,755,016 | 533,714 | ||||
MetLife Inc. | 8,111,726 | 493,031 | ||||
M&T Bank Corp. | 1,963,721 | 346,243 | ||||
Chubb Ltd. | 1,801,613 | 327,677 | ||||
Truist Financial Corp. | 6,242,160 | 271,784 | ||||
Blackstone Inc. | 3,208,653 | 268,564 | ||||
Royal Bank of Canada | 2,622,557 | 236,122 | ||||
PNC Financial Services Group Inc. | 1,348,825 | 201,542 | ||||
BlackRock Inc. | 343,226 | 188,871 | ||||
3,551,727 | ||||||
Health Care (6.7%) | ||||||
Johnson & Johnson | 4,742,137 | 774,675 | ||||
Pfizer Inc. | 16,416,847 | 718,401 | ||||
Merck & Co. Inc. | 7,626,969 | 656,835 | ||||
Eli Lilly & Co. | 1,054,121 | 340,850 | ||||
AstraZeneca plc ADR | 5,896,819 | 323,381 | ||||
CVS Health Corp. | 3,275,084 | 312,345 | ||||
Roche Holding AG | 817,262 | 266,046 | ||||
Medtronic plc | 3,171,635 | 256,109 | ||||
Koninklijke Philips NV GDR | 4,904,526 | 75,481 | ||||
3,724,123 | ||||||
Industrials (3.7%) | ||||||
General Dynamics Corp. | 1,749,383 | 371,167 | ||||
Eaton Corp. plc | 2,393,919 | 319,253 | ||||
Johnson Controls International plc | 5,824,876 | 286,700 | ||||
L3Harris Technologies Inc. | 1,114,674 | 231,663 | ||||
Siemens AG (Registered) | 2,269,473 | 221,825 | ||||
Canadian National Railway Co. | 1,916,840 | 207,011 | ||||
Honeywell International Inc. | 1,220,801 | 203,837 | ||||
Raytheon Technologies Corp. | 2,351,886 | 192,525 | ||||
2,033,981 |
Shares | Market Value• ($000) | |||||
Information Technology (3.7%) | ||||||
Cisco Systems Inc. | 11,413,523 | 456,541 | ||||
Analog Devices Inc. | 2,344,784 | 326,722 | ||||
Texas Instruments Inc. | 1,533,687 | 237,384 | ||||
Corning Inc. | 7,822,876 | 227,020 | ||||
QUALCOMM Inc. | 1,835,987 | 207,430 | ||||
Broadcom Inc. | 461,351 | 204,844 | ||||
NXP Semiconductors NV | 1,360,397 | 200,672 | ||||
Fidelity National Information Services Inc. | 2,631,467 | 198,860 | ||||
2,059,473 | ||||||
Materials (1.5%) | ||||||
LyondellBasell Industries NV Class A | 3,970,406 | 298,892 | ||||
PPG Industries Inc. | 2,663,921 | 294,869 | ||||
13 | Rio Tinto plc ADR | 3,934,901 | 216,656 | |||
810,417 | ||||||
Real Estate (0.7%) | ||||||
Crown Castle Inc. | 1,325,517 | 191,603 | ||||
Welltower Inc. | 2,798,240 | 179,983 | ||||
371,586 | ||||||
Utilities (3.2%) | ||||||
Exelon Corp. | 9,604,710 | 359,792 | ||||
Sempra Energy (XNYS) | 2,346,251 | 351,797 | ||||
American Electric Power Co. Inc. | 4,006,695 | 346,379 | ||||
NextEra Energy Inc. | 3,906,326 | 306,295 | ||||
Duke Energy Corp. | 2,719,186 | 252,939 | ||||
Dominion Energy Inc. | 2,705,801 | 186,998 | ||||
1,804,200 | ||||||
Total Common Stocks (Cost $16,753,508) | 20,864,438 | |||||
Coupon | ||||||
Temporary Cash Investments (2.9%) | ||||||
Money Market Fund (0.7%) | ||||||
14,15 | Vanguard Market Liquidity Fund | 2.828% | 3,776,796 | 377,567 | ||
Maturity Date | Face Amount ($000) | |||||
Repurchase Agreements (1.4%) | ||||||
Bank of America Securities, LLC (Dated 9/30/22, Repurchase Value $4,501,000, collateralized by Ginnie Mae 5.000%, 9/20/52, with a value of $4,590,000) | 3.050% | 10/3/22 | 4,500 | 4,500 | ||
Deutsche Bank Securities, Inc. (Dated 9/30/22, Repurchase Value $189,747,000, collateralized by Fannie Mae 2.500%– 5.000%, 5/1/40–7/1/52, with a value of $193,494,000) | 3.000% | 10/3/22 | 189,700 | 189,700 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
HSBC Bank USA (Dated 9/30/22, Repurchase Value $17,404,000, collateralized by U.S. Treasury Note/Bond 0.125%–4.750%, 7/15/23–5/15/41, with a value of $17,748,000) | 2.960% | 10/3/22 | 17,400 | 17,400 | ||
HSBC Bank USA (Dated 9/30/22, Repurchase Value $125,332,000, collateralized by Fannie Mae 2.500%–5.000%, 6/1/28–7/1/52, and Freddie Mac 2.500%–5.000%, 6/1/35–7/1/52, with a value of $127,806,000) | 3.050% | 10/3/22 | 125,300 | 125,300 | ||
JP Morgan Securities LLC (Dated 9/30/22, Repurchase Value $28,607,000, collateralized by U.S. Treasury Bill 0.000%, 3/16/23, and U.S. Treasury Note/Bond 0.125%–3.375%, 5/15/23–8/15/42, with a value of $29,172,000) | 2.970% | 10/3/22 | 28,600 | 28,600 | ||
Natixis SA (Dated 9/30/22, Repurchase Value $251,662,000, collateralized by Fannie Mae 0.000%, 11/15/30, Federal Home Loan Bank 5.180%, 7/27/37, U.S. Treasury Inflation Indexed Note/Bond 0.875%–2.000%, 1/15/26–2/15/47, and U.S. Treasury Note/Bond 0.125%–6.625%, 1/31/23–5/15/50, with a value of $256,632,000) | 2.950% | 10/3/22 | 251,600 | 251,600 | ||
NatWest Markets plc (Dated 9/30/22, Repurchase Value $77,219,000, collateralized by U.S. Treasury Note/Bond 3.875%–4.125%, 9/30/27–9/30/29, with a value of $78,744,000) | 2.980% | 10/3/22 | 77,200 | 77,200 | ||
Nomura International plc (Dated 9/30/22, Repurchase Value $72,918,000, collateralized by U.S. Treasury Note/Bond 2.625%, 7/31/29, with a value of $74,358,000) | 2.970% | 10/3/22 | 72,900 | 72,900 | ||
RBC Capital Markets LLC (Dated 9/30/22, Repurchase Value $31,808,000, collateralized by Fannie Mae 4.000%, 5/1/52, Freddie Mac 3.500%, 3/1/43, and U.S. Treasury Bill 0.000%, 10/20/22–3/16/23, with a value of $32,436,000) | 3.000% | 10/3/22 | 31,800 | 31,800 | ||
Societe Generale (Dated 9/30/22, Repurchase Value $3,601,000, collateralized by U.S. Treasury Note/Bond 1.125%, 2/28/27, with a value of $3,672,000) | 2.980% | 10/3/22 | 3,600 | 3,600 | ||
802,600 | ||||||
U.S. Government and Agency Obligations (0.8%) | ||||||
Federal Home Loan Banks Discount Notes | 3.144% | 11/10/22 | 90,000 | 89,714 | ||
Federal Home Loan Banks Discount Notes | 3.135% | 11/14/22 | 100,000 | 99,645 |
Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
Federal Home Loan Banks Discount Notes | 3.115% | 11/15/22 | 60,000 | 59,781 | ||
United States Treasury Bill | 0.448%–0.690% | 12/29/22 | 185,000 | 183,567 | ||
432,707 | ||||||
Total Temporary Cash Investments (Cost $1,614,028) | 1,612,874 | |||||
Total Investments (102.0%) (Cost $57,755,580) | 56,569,386 | |||||
Other Assets and Liabilities—Net (-2.0%) | (1,088,918) | |||||
Net Assets (100%) | 55,480,468 | |||||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Securities with a value of $3,037,000 have been segregated as initial margin for open futures contracts. |
2 | Securities with a value of $66,887,000 have been segregated as collateral for certain open To Be Announced (TBA) transactions. |
3 | Securities with a value of $19,380,000 have been segregated as initial margin for open centrally cleared swap 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 September 30, 2022. |
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 September 30, 2022, the aggregate value was $7,463,664,000, representing 13.5% 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 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
10 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
11 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
12 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
13 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $352,608,000. |
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. |
15 | Collateral of $377,575,000 was received for securities on loan, of which $377,566,000 is held in Vanguard Market Liquidity Fund and $9,000 is held in cash. |
1M—1-month. | |
3M—3-month. | |
ADR—American Depositary Receipt. | |
CLO—Collaterized Loan Obligation. | |
GDR—Global Depositary Receipt. | |
GO—General Obligation Bond. | |
HSBC—HSBC Bank USA, N.A. | |
LIBOR—London Interbank Offered Rate. | |
RBC—Royal Bank of Canada. | |
REMICS—Real Estate Mortgage Investment Conduits. | |
SOFR—Secured Overnight Financing Rate. | |
UMBS—Uniform Mortgage-Backed Securities. | |
USD—U.S. dollar. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
2-Year U.S. Treasury Note | December 2022 | 786 | 161,437 | (2,613) |
10-Year U.S. Treasury Note | December 2022 | 4,265 | 477,947 | (3,492) |
(6,105) |
Centrally Cleared Credit Default Swaps | ||||||
Reference Entity | Termination Date | Notional Amount (000) | Periodic Premium Received (Paid) (%) | Value ($000) | Unrealized Appreciation (Depreciation) ($000) | |
Credit Protection Sold | ||||||
CDX-NA-IG-S39-V1 | 12/21/27 | USD | 585,000 | 1.000 | (1,682) | (1,335) |
USD—U.S. dollar. |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $57,378,021) | 56,191,819 |
Affiliated Issuers (Cost $377,559) | 377,567 |
Total Investments in Securities | 56,569,386 |
Investment in Vanguard | 2,211 |
Cash | 28,131 |
Foreign Currency, at Value (Cost $513) | 538 |
Receivables for Investment Securities Sold | 188,997 |
Receivables for Accrued Income | 355,241 |
Receivables for Capital Shares Issued | 12,769 |
Total Assets | 57,157,273 |
Liabilities | |
Payables for Investment Securities Purchased | 1,236,500 |
Collateral for Securities on Loan | 377,575 |
Payables to Investment Advisor | 9,729 |
Payables for Capital Shares Redeemed | 49,793 |
Payables to Vanguard | 2,664 |
Variation Margin Payable—Futures Contracts | 43 |
Variation Margin Payable—Centrally Cleared Swap Contracts | 501 |
Total Liabilities | 1,676,805 |
Net Assets | 55,480,468 |
1 Includes $352,608 of securities on loan. | |
At September 30, 2022, net assets consisted of: | |
Paid-in Capital | 54,428,146 |
Total Distributable Earnings (Loss) | 1,052,322 |
Net Assets | 55,480,468 |
Investor Shares—Net Assets | |
Applicable to 419,604,555 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,138,003 |
Net Asset Value Per Share—Investor Shares | $24.16 |
Admiral Shares—Net Assets | |
Applicable to 774,781,662 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 45,342,465 |
Net Asset Value Per Share—Admiral Shares | $58.52 |
Year Ended September 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 773,347 |
Interest | 1,118,253 |
Securities Lending—Net | 388 |
Total Income | 1,891,988 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 34,450 |
Performance Adjustment | 6,633 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 19,005 |
Management and Administrative—Admiral Shares | 49,412 |
Marketing and Distribution—Investor Shares | 938 |
Marketing and Distribution—Admiral Shares | 2,141 |
Custodian Fees | 301 |
Auditing Fees | 27 |
Shareholders’ Reports—Investor Shares | 212 |
Shareholders’ Reports—Admiral Shares | 372 |
Trustees’ Fees and Expenses | 24 |
Other Expenses | 20 |
Total Expenses | 113,535 |
Expenses Paid Indirectly | (50) |
Net Expenses | 113,485 |
Net Investment Income | 1,778,503 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 2,733,047 |
Futures Contracts | (84,586) |
Swap Contracts | 10,778 |
Foreign Currencies | (317) |
Realized Net Gain (Loss) | 2,658,922 |
Statement of Operations (continued) | |
Year Ended September 30, 2022 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (12,255,972) |
Futures Contracts | (6,078) |
Swap Contracts | (1,335) |
Foreign Currencies | (606) |
Change in Unrealized Appreciation (Depreciation) | (12,263,991) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (7,826,566) |
1 | Dividends are net of foreign withholding taxes of $5,164,000. |
2 | Realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were ($20,000), and $9,000 respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended September 30, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,778,503 | 1,652,204 |
Realized Net Gain (Loss) | 2,658,922 | 2,275,119 |
Change in Unrealized Appreciation (Depreciation) | (12,263,991) | 2,824,268 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (7,826,566) | 6,751,591 |
Distributions | ||
Investor Shares | (759,034) | (524,963) |
Admiral Shares | (3,353,809) | (2,128,302) |
Total Distributions | (4,112,843) | (2,653,265) |
Capital Share Transactions | ||
Investor Shares | (287,404) | (465,746) |
Admiral Shares | 925,078 | 2,845,572 |
Net Increase (Decrease) from Capital Share Transactions | 637,674 | 2,379,826 |
Total Increase (Decrease) | (11,301,735) | 6,478,152 |
Net Assets | ||
Beginning of Period | 66,782,203 | 60,304,051 |
End of Period | 55,480,468 | 66,782,203 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended September 30, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $29.31 | $27.46 | $27.18 | $26.43 | $26.66 |
Investment Operations | |||||
Net Investment Income1 | .750 | .724 | .775 | .803 | .779 |
Net Realized and Unrealized Gain (Loss) on Investments | (4.120) | 2.306 | .576 | 1.787 | .086 |
Total from Investment Operations | (3.370) | 3.030 | 1.351 | 2.590 | .865 |
Distributions | |||||
Dividends from Net Investment Income | (.752) | (.714) | (.789) | (.799) | (.786) |
Distributions from Realized Capital Gains | (1.028) | (.466) | (.282) | (1.041) | (.309) |
Total Distributions | (1.780) | (1.180) | (1.071) | (1.840) | (1.095) |
Net Asset Value, End of Period | $24.16 | $29.31 | $27.46 | $27.18 | $26.43 |
Total Return2 | -12.18% | 11.22% | 5.19% | 10.54% | 3.28% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,138 | $12,629 | $12,260 | $12,864 | $12,398 |
Ratio of Total Expenses to Average Net Assets3 | 0.23%4 | 0.23% | 0.23% | 0.23% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 2.72% | 2.51% | 2.86% | 3.08% | 2.93% |
Portfolio Turnover Rate5 | 58% | 39% | 53% | 28% | 36% |
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 performance-based investment advisory fee increases (decreases) of 0.01%, 0.01%, 0.01%, 0.01%, and 0.00%. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.23%. |
5 | Includes 10%, 4%, 7%, 2%, and 4%, respectively, attributable to mortgage-dollar-roll activity. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended September 30, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $70.99 | $66.51 | $65.85 | $64.03 | $64.57 |
Investment Operations | |||||
Net Investment Income1 | 1.865 | 1.801 | 1.923 | 1.990 | 1.934 |
Net Realized and Unrealized Gain (Loss) on Investments | (9.975) | 5.585 | 1.379 | 4.331 | .226 |
Total from Investment Operations | (8.110) | 7.386 | 3.302 | 6.321 | 2.160 |
Distributions | |||||
Dividends from Net Investment Income | (1.869) | (1.777) | (1.959) | (1.979) | (1.951) |
Distributions from Realized Capital Gains | (2.491) | (1.129) | (.683) | (2.522) | (.749) |
Total Distributions | (4.360) | (2.906) | (2.642) | (4.501) | (2.700) |
Net Asset Value, End of Period | $58.52 | $70.99 | $66.51 | $65.85 | $64.03 |
Total Return2 | -12.11% | 11.29% | 5.24% | 10.62% | 3.38% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $45,342 | $54,153 | $48,044 | $45,092 | $40,756 |
Ratio of Total Expenses to Average Net Assets3 | 0.16%4 | 0.16% | 0.16% | 0.16% | 0.16% |
Ratio of Net Investment Income to Average Net Assets | 2.79% | 2.57% | 2.93% | 3.15% | 3.00% |
Portfolio Turnover Rate5 | 58% | 39% | 53% | 28% | 36% |
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 performance-based investment advisory fee increases (decreases) of 0.01%, 0.01%, 0.01%, 0.01%, and 0.00%. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.16%. |
5 | Includes 10%, 4%, 7%, 2%, and 4%, respectively, attributable to mortgage-dollar-roll activity. |
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. |
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. The basic fee is subject to quarterly adjustments based on the fund’s performance relative to a combined index comprising the Bloomberg U.S. Credit A or Better Bond Index and the FTSE High Dividend Yield Index for the preceding three years. For the year ended September 30, 2022, the investment advisory fee represented an effective annual basic rate of 0.05% of the fund’s average net assets, before a net increase of $6,633,000 (0.01%) based on performance. |
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. |
D. | The fund has asked its investment advisor to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund’s management and administrative expenses. The fund’s custodian bank has also agreed to reduce its fees when the |
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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
U.S. Government and Agency Obligations | — | 7,189,863 | — | 7,189,863 |
Asset-Backed/Commercial Mortgage-Backed Securities | — | 891,198 | — | 891,198 |
Corporate Bonds | — | 23,827,098 | — | 23,827,098 |
Sovereign Bonds | — | 498,183 | — | 498,183 |
Taxable Municipal Bonds | — | 1,685,732 | — | 1,685,732 |
Common Stocks | 20,376,567 | 487,871 | — | 20,864,438 |
Temporary Cash Investments | 377,567 | 1,235,307 | — | 1,612,874 |
Total | 20,754,134 | 35,815,252 | — | 56,569,386 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 6,105 | — | — | 6,105 |
Swap Contracts | 1,3351 | — | — | 1,335 |
Total | 7,440 | — | — | 7,440 |
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 September 30, 2022, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
Statement of Assets and Liabilities | Interest Rate Contracts ($000) | Credit Contracts ($000) | Total ($000) |
Unrealized Depreciation—Futures Contracts1 | 6,105 | — | 6,105 |
Unrealized Depreciation—Centrally Cleared Swap Contracts1 | — | 1,335 | 1,335 |
Total Liabilities | 6,105 | 1,335 | 7,440 |
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) on Derivatives | Interest Rate Contracts ($000) | Credit Contracts ($000) | Total ($000) |
Futures Contracts | (84,586) | — | (84,586) |
Swap Contracts | — | 10,778 | 10,778 |
Realized Net Gain (Loss) on Derivatives | (84,586) | 10,778 | (73,808) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (6,078) | — | (6,078) |
Swap Contracts | — | (1,335) | (1,335) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (6,078) | (1,335) | (7,413) |
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, distributions in connection with fund share redemptions, and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 182,806 |
Total Distributable Earnings (Loss) | (182,806) |
Amount ($000) | |
Undistributed Ordinary Income | 42,342 |
Undistributed Long-Term Gains | 2,473,510 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | (251,813) |
Net Unrealized Gains (Losses) | (1,211,754) |
Year Ended September 30, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 2,353,227 | 1,799,998 |
Long-Term Capital Gains | 1,759,616 | 853,267 |
Total | 4,112,843 | 2,653,265 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 57,779,540 |
Gross Unrealized Appreciation | 5,226,701 |
Gross Unrealized Depreciation | (6,438,368) |
Net Unrealized Appreciation (Depreciation) | (1,211,667) |
H. | During the year ended September 30, 2022, the fund purchased $16,358,404,000 of investment securities and sold $18,531,559,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $20,188,084,000 and $19,464,286,000, respectively. |
I. | Capital share transactions for each class of shares were: |
Year Ended September 30, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 1,371,540 | 48,953 | 2,163,754 | 75,141 | |
Issued in Lieu of Cash Distributions | 702,804 | 25,376 | 486,894 | 17,091 | |
Redeemed | (2,361,748) | (85,633) | (3,116,394) | (107,831) | |
Net Increase (Decrease)—Investor Shares | (287,404) | (11,304) | (465,746) | (15,599) | |
Admiral Shares | |||||
Issued | 5,647,334 | 83,501 | 8,167,154 | 116,710 | |
Issued in Lieu of Cash Distributions | 2,970,296 | 44,296 | 1,867,003 | 27,049 | |
Redeemed | (7,692,552) | (115,847) | (7,188,585) | (103,297) | |
Net Increase (Decrease)—Admiral Shares | 925,078 | 11,950 | 2,845,572 | 40,462 |
J. | Management has determined that no events or transactions occurred subsequent to September 30, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
November 18, 2022
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 |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
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 September 30, 2022: $27,000
Fiscal Year Ended September 30, 2021: $31,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended September 30, 2022: $10,494,508
Fiscal Year Ended September 30, 2021: $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 September 30, 2022: $2,757,764
Fiscal Year Ended September 30, 2021: $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 September 30, 2022: $5,202,689
Fiscal Year Ended September 30, 2021: $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 September 30, 2022: $298,000
Fiscal Year Ended September 30, 2021: $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.
(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 not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended September 30, 2022: $5,500,689
Fiscal Year Ended September 30, 2021: $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.
(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.
(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) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications field herewith. |
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 WELLESLEY INCOME FUND | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: November 21, 2022
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 WELLESLEY INCOME FUND | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: November 21, 2022
VANGUARD WELLESLEY INCOME FUND | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: November 21, 2022
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.