Vanguard® Ultra-Short Bond ETF
Schedule of Investments (unaudited)
As of September 30, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
U.S. Government and Agency Obligations (5.9%)
U.S. Government Securities (5.9%)
  United States Treasury Note/Bond 0.125% 8/31/23 55,000 52,955
  United States Treasury Note/Bond 0.375% 10/31/23 49,700 47,634
  United States Treasury Note/Bond 2.625% 12/31/23 70,800 69,329
Total U.S. Government and Agency Obligations (Cost $173,145) 169,918
Asset-Backed/Commercial Mortgage-Backed Securities (11.8%)
1 Ally Auto Receivables Trust Class A2 Series 2022-1 2.670% 4/15/25 8,000 7,919
1 Ally Auto Receivables Trust Class A3 Series 2019-3 1.930% 5/15/24 102 102
1 Ally Auto Receivables Trust Class A3 Series 2022-1 3.310% 11/15/26 3,500 3,429
1,2 American Credit Acceptance Receivables Trust Class A Series 2021-4 0.450% 9/15/25 322 321
1,2 American Credit Acceptance Receivables Trust Class B Series 2021-2 0.680% 5/13/25 1,210 1,209
1,2 American Credit Acceptance Receivables Trust Class B Series 2021-4 0.860% 2/13/26 800 788
1 AmeriCredit Automobile Receivables Trust Class A2 Series 2021-2 0.260% 11/18/24 818 815
1 AmeriCredit Automobile Receivables Trust Class A2A Series 2022-2 4.200% 12/18/25 11,890 11,822
1 AmeriCredit Automobile Receivables Trust Class A3 Series 2021-2 0.340% 12/18/26 3,000 2,901
1 AmeriCredit Automobile Receivables Trust Class C Series 2018-2 3.590% 6/18/24 732 732
1,2 ARI Fleet Lease Trust Class A2 Series 2021-A 0.370% 3/15/30 4,419 4,333
1,2 ARI Fleet Lease Trust Class A2 Series 2022-A 3.120% 1/15/31 1,000 981
1,2 ARI Fleet Lease Trust Class A3 Series 2022-A 3.430% 1/15/31 500 478
1,2 Avis Budget Rental Car Funding AESOP LLC Class A Series 2017-2A 2.970% 3/20/24 3,500 3,486
1 BMW Vehicle Lease Trust Class A2 Series 2022-1 0.670% 5/28/24 2,530 2,506
1 BMW Vehicle Owner Trust Class A2A Series 2022-A 2.520% 12/26/24 5,500 5,443
1 BMW Vehicle Owner Trust Class A3 Series 2022-A 3.210% 8/25/26 4,250 4,147
1,2 Canadian Pacer Auto Receivables Trust Class A2A Series 2021-1A 0.240% 10/19/23 150 150
1 Capital One Prime Auto Receivables Trust Class A2 Series 2021-1 0.320% 2/18/25 984 973
1 Capital One Prime Auto Receivables Trust Class A2a Series 2022-2 3.740% 9/15/25 8,000 7,953
1 CarMax Auto Owner Trust Class A2 Series 2022-1 0.910% 2/18/25 3,623 3,580
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
1 CarMax Auto Owner Trust Class A2A Series 2021-2 0.270% 6/17/24 617 616
1 CarMax Auto Owner Trust Class A2A Series 2021-3 0.290% 9/16/24 1,690 1,680
1 CarMax Auto Owner Trust Class A2A Series 2021-4 0.240% 11/15/24 828 821
1 CarMax Auto Owner Trust Class A3 Series 2022-2 3.490% 2/16/27 1,200 1,174
1 Carvana Auto Receivables Trust Class A2 Series 2021-P3 0.380% 1/10/25 643 637
1 Carvana Auto Receivables Trust Class A3 Series 2022-P1 3.350% 2/10/27 1,500 1,458
1,2 Chase Auto Owner Trust Class A2 Series 2022-AA 3.860% 10/27/25 6,500 6,456
1 CNH Equipment Trust Class A2 Series 2021-C 0.330% 1/15/25 884 873
1 CNH Equipment Trust Class A2 Series 2022-B 3.940% 12/15/25 2,790 2,772
1 CNH Equipment Trust Class A3 Series 2020-A 1.160% 6/16/25 169 166
1,2,3,4 Connecticut Avenue Securities Trust Class 1M1 Series 2021-R01, SOFR + 0.750% 3.031% 10/25/41 931 929
1,2 Dell Equipment Finance Trust Class A2 Series 2021-2 0.330% 12/22/26 873 860
1,2 Dell Equipment Finance Trust Class A2 Series 2022-2 4.030% 7/22/27 3,270 3,247
1,2 DLL LLC Class A4 Series 2019-MT3 2.150% 9/21/26 794 792
1,2 DLLAA LLC Class A2 Series 2021-1A 0.360% 5/17/24 1,641 1,627
1,2 DLLAD LLC Class A2 Series 2021-1A 0.350% 9/20/24 2,719 2,671
1,2 Dllmt LLC Class A2 Series 2021-1 0.600% 3/20/24 1,380 1,361
1,2 DLLST LLC Class A3 Series 2022-1A 3.400% 1/21/25 3,000 2,936
1,2 DLLST LLC Class A4 Series 2022-1A 3.690% 9/20/28 1,500 1,453
1,2 Donlen Fleet Lease Funding 2 LLC Class A2 Series 2021-2 0.560% 12/11/34 1,289 1,252
1 Drive Auto Receivables Trust Class A3 Series 2021-2 0.350% 3/17/25 731 731
1 Drive Auto Receivables Trust Class A3 Series 2021-3 0.790% 10/15/25 1,160 1,147
1 Drive Auto Receivables Trust Class B Series 2021-1 0.650% 7/15/25 1,182 1,178
1 Drive Auto Receivables Trust Class C Series 2019-4 2.510% 11/17/25 137 136
1 Drive Auto Receivables Trust Class D Series 2018-5 4.300% 4/15/26 5,283 5,282
1 Drive Auto Receivables Trust Class D Series 2019-1 4.090% 6/15/26 165 165
1,2 DT Auto Owner Trust Class A Series 2021-1A 0.350% 1/15/25 18 18
1,2 DT Auto Owner Trust Class A Series 2021-2A 0.410% 3/17/25 876 870
1,2 DT Auto Owner Trust Class A Series 2021-3A 0.330% 4/15/25 572 565
1,2 DT Auto Owner Trust Class A Series 2021-4 0.560% 9/15/25 651 638
1,2 DT Auto Owner Trust Class A Series 2022-2A 2.880% 6/15/26 4,550 4,485
1,2 Enterprise Fleet Financing LLC Class A2 Series 2019-3 2.060% 5/20/25 95 95
1,2 Enterprise Fleet Financing LLC Class A2 Series 2021-2 0.480% 5/20/27 3,983 3,816
1 Exeter Automobile Receivables Trust Class A3 Series 2021-3A 0.350% 2/18/25 368 367
1 Exeter Automobile Receivables Trust Class A3 Series 2021-4A 0.680% 7/15/25 476 474
1 Exeter Automobile Receivables Trust Class A3 Series 2022-2A 2.800% 11/17/25 2,500 2,464
1,2,3,4 Fannie Mae Connecticut Avenue Securities Class 2M1 Series 2021-R02, SOFR + 0.900% 3.181% 11/25/41 1,566 1,567
1,2 Flagship Credit Auto Trust Class A Series 2021-2 0.370% 12/15/26 1,479 1,459
1,2 Flagship Credit Auto Trust Class A Series 2021-3 0.360% 7/15/27 1,106 1,079
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
1,2 Flagship Credit Auto Trust Class A Series 2021-4 0.810% 7/17/26 1,088 1,058
1 Ford Credit Auto Lease Trust Class A2 Series 2021-B 0.240% 4/15/24 1,704 1,693
1 Ford Credit Auto Lease Trust Class A3 Series 2021-B 0.370% 10/15/24 3,780 3,673
1 Ford Credit Auto Lease Trust Class A4 Series 2022-A 3.370% 7/15/25 1,750 1,704
1 Ford Credit Auto Lease Trust Class C Series 2021-A 0.780% 9/15/25 1,050 1,022
1 Ford Credit Auto Lease Trust Class C Series 2022-A 4.180% 10/15/25 1,250 1,224
1,2 Ford Credit Auto Owner Trust Class A Series 2018-2 3.470% 1/15/30 1,860 1,844
1,2 Ford Credit Auto Owner Trust Class A Series 2019-1 3.520% 7/15/30 6,330 6,228
1 Ford Credit Auto Owner Trust Class A2A Series 2022-B 3.440% 2/15/25 8,750 8,686
1 Ford Credit Auto Owner Trust Class A2A Series 2022-C 4.520% 4/15/25 3,530 3,531
1 Ford Credit Auto Owner Trust Class A4 Series 2019-A 2.850% 8/15/24 796 794
1 Ford Credit Auto Owner Trust Class A4 Series 2021-A 0.300% 4/15/24 1,000 986
1 Ford Credit Floorplan Master Owner Trust A Class B Series 2020-1 0.980% 9/15/25 1,100 1,056
1 Ford Credit Floorplan Master Owner Trust Class A1 Series 2020-1 0.700% 9/15/25 4,720 4,543
1 Ford Credit Floorplan Master Owner Trust Class D Series 2020-1 2.120% 9/15/25 500 484
1,2,3,4 Freddie Mac STACR REMIC Trust Class M1 Series 2021-DNA6, SOFR30A + 0.800% 3.081% 10/25/41 1,570 1,539
1,2 GLS Auto Receivables Issuer Trust Class A Series 2021-3A 0.420% 1/15/25 362 359
1,2 GLS Auto Receivables Issuer Trust Class A Series 2021-4A 0.840% 7/15/25 902 888
1,2 GLS Auto Receivables Trust Class A Series 2021-2A 0.310% 11/15/24 644 643
1,2 GLS Auto Receivables Trust Class A Series 2022-1A 1.980% 8/15/25 1,394 1,374
1 GM Financial Automobile Leasing Trust Class A4 Series 2022-2 3.540% 5/20/26 2,750 2,689
1 GM Financial Automobile Leasing Trust Class B Series 2022-2 4.020% 5/20/26 1,750 1,709
1 GM Financial Consumer Automobile Receivables Trust Class A2 Series 2022-1 0.760% 2/18/25 2,527 2,491
1 GM Financial Consumer Automobile Receivables Trust Class A2A Series 2022-3 Class A2A 3.500% 9/16/25 9,720 9,621
1,4 GS Mortgage Securities Trust Class B Series 2013-GC12 3.777% 6/10/46 350 344
1 Harley-Davidson Motorcycle Trust Class A3 Series 2022-A 3.060% 2/15/27 1,250 1,208
1,2 Hertz Vehicle Financing III LLC Class A Series 2022-3A 3.370% 3/25/25 1,760 1,721
1,2 Hertz Vehicle Financing III LLC Class C Series 2022-3A 4.350% 3/25/25 510 496
1 Honda Auto Receivables Owner Trust Class A3 Series 2019-4 1.830% 1/18/24 456 455
1 Honda Auto Receivables Owner Trust Class A3 Series 2022-2 3.810% 3/18/25 4,750 4,718
1,2 HPEFS Equipment Trust Class A2 Series 2021-2A 0.300% 9/20/28 1,793 1,782
1,2 HPEFS Equipment Trust Class A2 Series 2022-1A 1.020% 5/21/29 1,500 1,473
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
1,2 HPEFS Equipment Trust Class A3 Series 2021-2A 0.360% 9/20/28 2,500 2,426
1,2 HPEFS Equipment Trust Class A3 Series 2022-2A 3.760% 9/20/29 1,780 1,749
1,2 Hyundai Auto Lease Securitization Trust Class A2 Series 2021-C 0.240% 1/16/24 1,741 1,726
1,2 Hyundai Auto Lease Securitization Trust Class A2 Series 2022-A 0.810% 4/15/24 3,457 3,396
1,2 Hyundai Auto Lease Securitization Trust Class A3 Series 2021-B 0.330% 6/17/24 1,500 1,464
1,2 Hyundai Auto Lease Securitization Trust Class B Series 2021-A 0.610% 10/15/25 4,150 4,028
1 Hyundai Auto Receivables Trust Class A2 Series 2022-B 3.640% 5/15/25 5,190 5,150
1 Hyundai Auto Receivables Trust Class A2A Series 2021-C 0.360% 10/15/24 4,989 4,926
1 John Deere Owner Trust Class A2 Series 2022-B 3.730% 6/16/25 3,180 3,157
1,2 JPMorgan Chase Bank NA - CACLN Class B Series 2021-2 0.889% 12/26/28 3,110 2,997
1,2 Kubota Credit Owner Trust Class A2 Series 2022-2 4.070% 6/17/25 3,920 3,887
1 Mercedes-Benz Auto Lease Trust Class A3 Series 2021-B 0.400% 11/15/24 5,000 4,829
1 Nissan Auto Lease Trust Class A2 Series 2021-A 0.300% 12/15/23 1,445 1,434
1 Nissan Auto Lease Trust Class A3 Series 2021-A 0.520% 8/15/24 2,240 2,175
1 Nissan Auto Receivables Owner Trust Class A2 Series 2022-B 4.500% 8/15/25 6,530 6,523
1,2,4 RESIMAC Bastille Trust Class A1B Series 2021-2NCA, SOFR + 0.740% 3.724% 2/3/53 1,129 1,121
1,2 Santander Bank NA - SBCLN Class B Series 2021-1A 1.833% 12/15/31 955 922
1 Santander Drive Auto Receivables Trust Class A3 Series 2022-3 3.400% 12/15/26 4,600 4,518
1 Santander Drive Auto Receivables Trust Class A3 Series 2022-4 4.140% 2/16/27 1,750 1,733
1 Santander Drive Auto Receivables Trust Class A3 Series 2022-5 4.110% 8/17/26 4,200 4,155
1 Santander Drive Auto Receivables Trust Class A3 Series 2022-6 4.490% 11/16/26 1,130 1,121
1 Santander Drive Auto Receivables Trust Class B Series 2021-2 0.590% 9/15/25 5,724 5,696
1 Santander Drive Auto Receivables Trust Class D Series 2018-4 3.980% 12/15/25 416 416
1 Santander Drive Auto Receivables Trust Class D Series 2018-5 4.190% 12/16/24 38 38
1,2 Santander Retail Auto Lease Trust Class A2 Series 2021-B 0.310% 1/22/24 1,416 1,408
1,2 Santander Retail Auto Lease Trust Class A2 Series 2021-C 0.290% 4/22/24 432 431
1,2 Santander Retail Auto Lease Trust Class A3 Series 2021-B 0.510% 8/20/24 3,000 2,881
1,2 Santander Retail Auto Lease Trust Class A3 Series 2021-C 0.500% 3/20/25 610 590
1,2 Santander Retail Auto Lease Trust Class A4 Series 2020-A 1.760% 3/20/24 809 808
1,2 Santander Retail Auto Lease Trust Class A4 Series 2022-B 3.330% 10/20/26 1,250 1,202
1,2 Santander Retail Auto Lease Trust Class B Series 2022-B 3.850% 3/22/27 1,750 1,691
1 Synchrony Card Funding LLC Class A Series 2022-A1 3.370% 4/15/28 2,000 1,939
1,2 Tesla Auto Lease Trust Class A2 Series 2021-B 0.360% 9/22/25 1,529 1,492
1,2 Tesla Auto Lease Trust Class A3 Series 2020-A 0.680% 12/20/23 4,213 4,184
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
1 Toyota Auto Receivables Owner Trust Class A2a Series 2022-C 3.830% 8/15/25 7,250 7,208
1,2 Toyota Lease Owner Trust Class A2 Series 2021-A 0.270% 9/20/23 515 514
1,2 Toyota Lease Owner Trust Class A3 Series 2021-B 0.420% 10/21/24 1,800 1,734
1 Verizon Master Trust Class A1a Series 2022-5 3.720% 7/20/27 7,500 7,410
1 Verizon Master Trust Class B Series 2022-1 1.270% 1/20/27 3,500 3,406
1 Verizon Master Trust Class B Series 2022-1 1.390% 1/20/27 1,500 1,458
1 Verizon Owner Trust Class C Series 2019-C 2.160% 4/22/24 3,000 2,981
1 Verizon Owner Trust Class C Series 2020-B 0.830% 2/20/25 2,740 2,623
1 Volkswagen Auto Lease Trust Class A2 Series 2022-A 3.020% 10/21/24 10,000 9,876
1,2 Westlake Automobile Receivables Trust Class A2A Series 2021-1A 0.390% 10/15/24 240 238
1,2 Westlake Automobile Receivables Trust Class A2A Series 2021-2A 0.320% 4/15/25 1,969 1,948
1,2 Westlake Automobile Receivables Trust Class A3 Series 2021-3A 0.950% 6/16/25 2,780 2,695
1,2 Westlake Automobile Receivables Trust Class A3 Series 2022-1A 2.420% 7/15/25 1,900 1,848
1,2 Wheels Fleet Lease Funding 1 LLC Class A Series 2022-1A 2.470% 10/18/36 780 761
1 World Omni Auto Receivables Trust Class A2 Series 2021-D 0.350% 12/16/24 1,270 1,256
1 World Omni Auto Receivables Trust Class A2 Series 2022-C 3.730% 3/16/26 8,000 7,923
1 World Omni Automobile Lease Securitization Trust Class A4 Series 2022-A 3.340% 6/15/27 540 526
1 World Omni Automobile Lease Securitization Trust Class B Series 2022-A 3.670% 6/15/27 790 768
1 World Omni Select Auto Trust Class A2 Series 2021-A 0.290% 2/18/25 522 520
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $343,337) 338,327
Corporate Bonds (68.2%)
Communications (3.7%)
  AT&T Inc. 0.900% 3/25/24 199 189
  British Telecommunications plc 4.500% 12/4/23 630 625
  Charter Communications Operating LLC / Charter Communications Operating Capital 4.500% 2/1/24 719 711
  Comcast Corp. 3.700% 4/15/24 1,136 1,117
2 Cox Communications Inc. 2.950% 6/30/23 9,540 9,402
2 Deutsche Telekom International Finance BV 2.485% 9/19/23 5,940 5,795
  Discovery Communications LLC 2.950% 3/20/23 11,053 10,965
  Discovery Communications LLC 3.950% 6/15/25 2,096 2,003
  Interpublic Group of Cos. Inc. 4.200% 4/15/24 4,096 4,013
2 Magallanes Inc. 3.428% 3/15/24 3,915 3,787
2 NTT Finance Corp. 0.373% 3/3/23 7,810 7,677
2 NTT Finance Corp. 0.583% 3/1/24 1,390 1,310
2 NTT Finance Corp. 4.142% 7/26/24 5,540 5,468
  Omnicom Group Inc. / Omnicom Capital Inc. 3.650% 11/1/24 5,237 5,089
2 Sky Ltd. 3.125% 11/26/22 15,300 15,275
  Sprint Corp. 7.875% 9/15/23 7,895 8,005
  Take-Two Interactive Software Inc. 3.300% 3/28/24 13,312 12,976
  TWDC Enterprises 18 Corp. 2.350% 12/1/22 3,806 3,796
5 Verizon Communications Inc. 3.500% 2/17/23 4,820 3,073
5 Vodafone Group plc 3.250% 12/13/22 5,470 3,494
  Vodafone Group plc 2.950% 2/19/23 299 297
            105,067
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
Consumer Discretionary (6.1%)
  Amazon.com Inc. 2.500% 11/29/22 1,265 1,263
  Amazon.com Inc. 2.400% 2/22/23 138 137
  American Honda Finance Corp. 0.400% 10/21/22 50 50
  American Honda Finance Corp. 2.600% 11/16/22 635 634
  American Honda Finance Corp. 2.050% 1/10/23 146 145
  American Honda Finance Corp. 1.950% 5/10/23 1,352 1,334
  American Honda Finance Corp. 0.875% 7/7/23 2,000 1,944
  American Honda Finance Corp. 3.450% 7/14/23 1,453 1,439
  American Honda Finance Corp. 0.650% 9/8/23 3,500 3,368
  American Honda Finance Corp. 3.625% 10/10/23 22,631 22,389
  American Honda Finance Corp. 3.550% 1/12/24 4,000 3,944
  AutoZone Inc. 2.875% 1/15/23 1,511 1,502
  AutoZone Inc. 3.125% 7/15/23 6,561 6,471
2 BMW US Capital LLC 3.800% 4/6/23 1,430 1,424
2 BMW US Capital LLC 3.450% 4/12/23 6,480 6,443
2 BMW US Capital LLC 2.250% 9/15/23 3,830 3,738
2 BMW US Capital LLC 0.800% 4/1/24 2,615 2,465
2 BMW US Capital LLC 3.150% 4/18/24 2,313 2,251
2 Daimler Finance North America LLC 3.350% 2/22/23 545 542
2 Daimler Finance North America LLC 1.750% 3/10/23 5,320 5,250
2 Daimler Finance North America LLC 3.700% 5/4/23 547 542
2 Daimler Finance North America LLC 3.650% 2/22/24 4,280 4,199
2 Daimler Finance North America LLC 3.250% 8/1/24 3,514 3,398
2 ERAC USA Finance LLC 3.300% 10/15/22 2,031 2,030
2 ERAC USA Finance LLC 2.700% 11/1/23 12,081 11,757
  General Motors Co. 5.400% 10/2/23 2,970 2,970
  General Motors Financial Co. Inc. 3.250% 1/5/23 3,850 3,838
  General Motors Financial Co. Inc. 3.700% 5/9/23 2,893 2,876
  General Motors Financial Co. Inc. 4.150% 6/19/23 5,119 5,093
  General Motors Financial Co. Inc. 5.100% 1/17/24 1,900 1,890
2 Harley-Davidson Financial Services Inc. 3.350% 2/15/23 1,000 993
  Lowe's Cos. Inc. 3.875% 9/15/23 1,509 1,494
  Marriott International Inc. 2.125% 10/3/22 451 451
2 Nissan Motor Acceptance Co. LLC 3.450% 3/15/23 4,252 4,214
2 Nissan Motor Acceptance Co. LLC 3.875% 9/21/23 735 723
2 Nissan Motor Co. Ltd. 3.043% 9/15/23 5,337 5,207
  Starbucks Corp. 3.850% 10/1/23 1,132 1,124
  Stellantis NV 5.250% 4/15/23 2,954 2,953
  Toyota Motor Corp. 0.681% 3/25/24 2,000 1,887
  Toyota Motor Credit Corp. 2.625% 1/10/23 4,236 4,219
  Toyota Motor Credit Corp. 2.700% 1/11/23 240 239
  Toyota Motor Credit Corp. 2.500% 3/22/24 7,765 7,528
  Toyota Motor Credit Corp. 4.400% 9/20/24 17,550 17,441
5 Volkswagen Financial Services Australia Pty Ltd. 3.100% 4/17/23 2,590 1,644
2 Volkswagen Group of America Finance LLC 3.125% 5/12/23 6,205 6,134
2 Volkswagen Group of America Finance LLC 0.875% 11/22/23 15,698 14,966
            176,543
Consumer Staples (2.7%)
2 7-Eleven Inc. 0.625% 2/10/23 14,479 14,269
  Altria Group Inc. 3.800% 2/14/24 4,328 4,244
  BAT Capital Corp. 3.222% 8/15/24 4,000 3,849
  Campbell Soup Co. 3.650% 3/15/23 1,784 1,777
  Church & Dwight Co. Inc. 2.875% 10/1/22 3,222 3,222
2 CK Hutchison International 17 II Ltd. 2.750% 3/29/23 305 302
2 Coca-Cola Europacific Partners plc 0.500% 5/5/23 2,500 2,435
  Constellation Brands Inc. 3.600% 5/9/24 1,000 979
  Diageo Capital plc 3.500% 9/18/23 3,120 3,080
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Dollar General Corp. 4.250% 9/20/24 4,470 4,416
  General Mills Inc. 2.600% 10/12/22 8,115 8,113
2 GSK Consumer Healthcare Capital US LLC 3.024% 3/24/24 3,760 3,641
  Hormel Foods Corp. 0.650% 6/3/24 5,000 4,685
  Keurig Dr Pepper Inc. 0.750% 3/15/24 10 9
  Kimberly-Clark Corp. 2.400% 6/1/23 1,195 1,179
  Philip Morris International Inc. 2.500% 11/2/22 2,924 2,920
  Philip Morris International Inc. 2.625% 3/6/23 1,000 991
  Philip Morris International Inc. 1.125% 5/1/23 2,404 2,354
  Philip Morris International Inc. 2.125% 5/10/23 4,712 4,640
  Reynolds American Inc. 4.850% 9/15/23 2,220 2,212
  Unilever Capital Corp. 3.125% 3/22/23 170 169
  Walgreens Boots Alliance Inc. 0.950% 11/17/23 6,825 6,541
            76,027
Energy (3.6%)
  Canadian Natural Resources Ltd. 2.950% 1/15/23 6,185 6,154
  Cheniere Corpus Christi Holdings LLC 7.000% 6/30/24 1,575 1,601
  ConocoPhillips Co. 2.400% 12/15/22 9,000 8,966
  Ecopetrol SA 5.875% 9/18/23 4,545 4,513
  Enable Midstream Partners LP 3.900% 5/15/24 2,000 1,947
  Enbridge Inc. 4.000% 10/1/23 9,232 9,143
  Enbridge Inc. 0.550% 10/4/23 2,800 2,676
4 Enbridge Inc., SOFR + 0.630% 3.304% 2/16/24 1,610 1,593
  Energy Transfer LP 3.450% 1/15/23 82 82
  Energy Transfer LP 3.600% 2/1/23 2,917 2,904
  Energy Transfer LP 4.250% 3/15/23 4,500 4,479
  Energy Transfer LP 4.200% 9/15/23 2,210 2,183
  Energy Transfer LP 4.900% 2/1/24 2,574 2,559
  EOG Resources Inc. 2.625% 3/15/23 5,146 5,103
6 EQT Corp. 5.678% 10/1/25 515 511
  Kinder Morgan Energy Partners LP 3.450% 2/15/23 725 721
  Kinder Morgan Energy Partners LP 3.500% 9/1/23 696 685
  Kinder Morgan Inc. 3.150% 1/15/23 633 630
2 Kinder Morgan Inc. 5.625% 11/15/23 5,290 5,295
  MPLX LP 4.500% 7/15/23 7,130 7,087
  Phillips 66 3.700% 4/6/23 4,025 4,011
  Phillips 66 0.900% 2/15/24 3,685 3,493
  Pioneer Natural Resources Co. 0.550% 5/15/23 5,000 4,877
  Sabine Pass Liquefaction LLC 5.625% 4/15/23 3,300 3,306
2 Saudi Arabian Oil Co. 1.250% 11/24/23 200 192
2 Schlumberger Finance Canada Ltd. 2.650% 11/20/22 2,060 2,058
2 Schlumberger Holdings Corp. 3.625% 12/21/22 224 224
2 Schlumberger Holdings Corp. 3.750% 5/1/24 648 636
  Sinopec Group Overseas Development 2013 Ltd. 4.375% 10/17/23 410 409
2 Southern Natural Gas Co. LLC 0.625% 4/28/23 1,500 1,462
  Thai Oil PCL 3.625% 1/23/23 100 99
  Thaioil Treasury Center Co. Ltd. 3.625% 1/23/23 200 199
  TotalEnergies Capital Canada Ltd. 2.750% 7/15/23 3,950 3,903
  TransCanada PipeLines Ltd. 1.000% 10/12/24 1,220 1,125
  Williams Cos. Inc. 3.700% 1/15/23 1,281 1,280
  Williams Cos. Inc. 4.500% 11/15/23 3,035 3,018
  Williams Cos. Inc. 4.300% 3/4/24 4,305 4,250
            103,374
Financials (32.1%)
  AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.300% 1/23/23 500 497
  AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.500% 9/15/23 4,500 4,440
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
4 AerCap Ireland Capital DAC / AerCap Global Aviation Trust, SOFR + 0.680% 3.651% 9/29/23 2,900 2,847
  Affiliated Managers Group Inc. 4.250% 2/15/24 1,458 1,446
2 AIG Global Funding 0.400% 9/13/23 5,124 4,919
2 AIG Global Funding 0.450% 12/8/23 5,902 5,609
  Air Lease Corp. 2.250% 1/15/23 1,000 993
  Air Lease Corp. 2.750% 1/15/23 4,855 4,821
  Air Lease Corp. 3.875% 7/3/23 2,812 2,782
  Air Lease Corp. 3.000% 9/15/23 2,000 1,951
  Air Lease Corp. 0.700% 2/15/24 1,837 1,717
  Allstate Corp. 3.150% 6/15/23 14,005 13,870
  Ally Financial Inc. 3.050% 6/5/23 7,807 7,714
  Ally Financial Inc. 1.450% 10/2/23 10,000 9,649
  American Express Co. 3.400% 2/27/23 4,391 4,372
  American Express Co. 3.700% 8/3/23 8,723 8,662
  American Express Co. 3.375% 5/3/24 13,000 12,679
2 ANZ New Zealand International Ltd. 1.900% 2/13/23 2,966 2,940
2 ANZ New Zealand International Ltd. 3.400% 3/19/24 1,143 1,119
  Aon Corp. 2.200% 11/15/22 1,140 1,137
  Aon plc 4.000% 11/27/23 5,415 5,366
  Ares Capital Corp. 3.500% 2/10/23 716 712
2 ASB Bank Ltd. 3.750% 6/14/23 281 279
2 Athene Global Funding 2.800% 5/26/23 1,355 1,334
2 Athene Global Funding 1.200% 10/13/23 17,773 17,021
4,5 Australia & New Zealand Banking Group Ltd., 3M Australian Bank Bill Rate + 2.000% 4.251% 7/26/29 432 278
  Banco Santander SA 3.125% 2/23/23 7,645 7,600
  Banco Santander SA 3.848% 4/12/23 6,681 6,633
  Banco Santander SA 2.706% 6/27/24 11,800 11,277
  Banco Santander SA 0.701% 6/30/24 5,698 5,477
4,5 Banco Santander SA, 3M Australian Bank Bill Rate + 1.650% 3.841% 1/19/23 400 256
  Bank of America Corp. 3.004% 12/20/23 12,377 12,314
  Bank of America Corp. 3.550% 3/5/24 14,956 14,841
  Bank of America Corp. 1.486% 5/19/24 1,000 978
  Bank of America Corp. 0.523% 6/14/24 1,919 1,853
  Bank of America Corp. 0.810% 10/24/24 421 400
  Bank of Montreal 0.400% 9/15/23 18,400 17,610
  Bank of Montreal 0.450% 12/8/23 200 190
  Bank of Montreal 0.625% 7/9/24 200 185
  Bank of Montreal 4.250% 9/14/24 7,400 7,280
  Bank of New York Mellon Corp. 3.650% 2/4/24 1,402 1,383
  Bank of Nova Scotia 1.625% 5/1/23 13,897 13,669
  Bank of Nova Scotia 0.400% 9/15/23 7,089 6,785
  Bank of Nova Scotia 0.550% 9/15/23 1,000 958
2 Banque Federative du Credit Mutuel SA 3.750% 7/20/23 3,260 3,236
  Barclays plc 4.338% 5/16/24 3,967 3,923
  Barclays plc 1.007% 12/10/24 5,000 4,706
4,5 Barclays plc, 3M Australian Bank Bill Rate + 1.800% 4.553% 6/15/23 1,250 801
2 BNP Paribas SA 3.500% 3/1/23 6,000 5,960
2 BNZ International Funding Ltd. 2.650% 11/3/22 600 599
2 BNZ International Funding Ltd. 3.375% 3/1/23 2,122 2,112
2 BPCE SA 2.750% 1/11/23 1,945 1,937
2 BPCE SA 5.700% 10/22/23 5,800 5,765
4,5 BPCE SA, 3M Australian Bank Bill Rate + 1.100% 3.351% 4/26/23 410 263
2 Brighthouse Financial Global Funding 0.600% 6/28/23 10,575 10,234
2 Brighthouse Financial Global Funding 1.200% 12/15/23 851 812
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Canadian Imperial Bank of Commerce 0.450% 6/22/23 9,540 9,260
  Canadian Imperial Bank of Commerce 0.950% 6/23/23 6,787 6,601
  Canadian Imperial Bank of Commerce 3.500% 9/13/23 5,000 4,938
  Capital One Bank USA NA 3.375% 2/15/23 3,103 3,089
  Capital One Financial Corp. 2.600% 5/11/23 5,547 5,482
  Capital One Financial Corp. 3.500% 6/15/23 1,596 1,584
  Charles Schwab Corp. 2.650% 1/25/23 2,266 2,255
  Charles Schwab Corp. 3.550% 2/1/24 1,424 1,402
  Chubb INA Holdings Inc. 2.875% 11/3/22 4,790 4,780
  Chubb INA Holdings Inc. 2.700% 3/13/23 1,855 1,841
  Citigroup Inc. 3.500% 5/15/23 5,550 5,509
  Citigroup Inc. 1.678% 5/15/24 7,423 7,266
  Citigroup Inc. 4.044% 6/1/24 3,318 3,292
  Citigroup Inc. 0.776% 10/30/24 2,000 1,902
2 Commonwealth Bank of Australia 3.450% 3/16/23 160 159
  Cooperatieve Rabobank UA 3.950% 11/9/22 375 375
  Cooperatieve Rabobank UA 3.875% 8/22/24 5,700 5,589
2 Credit Agricole SA 3.750% 4/24/23 4,313 4,285
  Credit Suisse AG 1.000% 5/5/23 14,000 13,683
  Credit Suisse AG 0.520% 8/9/23 4,695 4,495
  Credit Suisse AG 4.750% 8/9/24 6,300 6,135
  Credit Suisse Group AG 3.800% 6/9/23 9,418 9,246
2 Danske Bank A/S 3.875% 9/12/23 115 113
2 Danske Bank A/S 1.171% 12/8/23 7,500 7,433
2 Danske Bank A/S 1.226% 6/22/24 2,625 2,427
  Deutsche Bank AG 3.300% 11/16/22 3,115 3,109
  Deutsche Bank AG 0.962% 11/8/23 2,400 2,285
  Discover Bank 3.350% 2/6/23 1,744 1,736
  Discover Bank 4.200% 8/8/23 6,311 6,262
  Discover Bank 2.450% 9/12/24 6,000 5,676
2 DNB Bank ASA 2.150% 12/2/22 425 423
2 Equitable Financial Life Global Funding 0.500% 4/6/23 6,939 6,830
2 Equitable Financial Life Global Funding 0.500% 11/17/23 6,587 6,266
  Fifth Third Bancorp 1.625% 5/5/23 500 491
  Fifth Third Bancorp 4.300% 1/16/24 3,101 3,070
  First Republic Bank 1.912% 2/12/24 3,238 3,201
2,7 Five Corners Funding Trust 4.419% 11/15/23 30,305 30,045
2 GA Global Funding Trust 1.000% 4/8/24 7,590 7,054
  GATX Corp. 3.900% 3/30/23 721 718
  Goldman Sachs Group Inc. 3.200% 2/23/23 7,590 7,549
  Goldman Sachs Group Inc. 0.523% 3/8/23 150 148
  Goldman Sachs Group Inc. 0.627% 11/17/23 5,084 5,052
  Goldman Sachs Group Inc. 1.217% 12/6/23 3,000 2,877
  Goldman Sachs Group Inc. 0.673% 3/8/24 3,168 3,095
  Goldman Sachs Group Inc. 3.000% 3/15/24 3,000 2,916
  Goldman Sachs Group Inc. 0.657% 9/10/24 4,595 4,377
  Goldman Sachs Group Inc. 0.925% 10/21/24 1,100 1,044
4,5 Goldman Sachs Group Inc., 3M Australian Bank Bill Rate + 1.200% 3.503% 5/16/23 200 128
  HSBC Holdings plc 3.600% 5/25/23 2,400 2,378
  HSBC Holdings plc 3.033% 11/22/23 5,028 5,010
5 HSBC Holdings plc 3.350% 2/16/24 3,163 1,991
  HSBC Holdings plc 3.950% 5/18/24 12,765 12,603
  HSBC Holdings plc 0.732% 8/17/24 12,477 11,910
  Huntington National Bank 3.550% 10/6/23 1,184 1,171
2 ING Bank NV 5.800% 9/25/23 2,000 1,994
  Invesco Finance plc 4.000% 1/30/24 6,410 6,313
  Jackson Financial Inc. 1.125% 11/22/23 1,135 1,083
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  JPMorgan Chase & Co. 3.375% 5/1/23 1,090 1,083
  JPMorgan Chase & Co. 2.700% 5/18/23 3,394 3,362
  JPMorgan Chase & Co. 0.697% 3/16/24 10,112 9,908
  JPMorgan Chase & Co. 3.559% 4/23/24 11,951 11,829
  JPMorgan Chase & Co. 1.514% 6/1/24 1,277 1,247
  JPMorgan Chase & Co. 3.797% 7/23/24 5,849 5,775
  JPMorgan Chase & Co. 0.653% 9/16/24 1,754 1,674
2 Liberty Mutual Group Inc. 4.250% 6/15/23 4,024 3,985
5 Lloyds Banking Group plc 3.650% 3/20/23 750 478
  Lloyds Banking Group plc 4.050% 8/16/23 10,300 10,183
  Lloyds Banking Group plc 2.907% 11/7/23 2,475 2,469
5 Lloyds Banking Group plc 3.900% 11/23/23 690 435
  Lloyds Banking Group plc 3.900% 3/12/24 612 599
  Lloyds Banking Group plc 0.695% 5/11/24 21,960 21,277
  Loews Corp. 2.625% 5/15/23 8,443 8,353
2 Macquarie Bank Ltd. 0.441% 12/16/22 6,846 6,791
2 Macquarie Group Ltd. 3.189% 11/28/23 22,778 22,706
  Marsh & McLennan Cos. Inc. 4.050% 10/15/23 789 781
  Marsh & McLennan Cos. Inc. 3.875% 3/15/24 6,112 6,029
2 MassMutual Global Funding II 2.500% 10/17/22 459 459
2 MassMutual Global Funding II 0.480% 8/28/23 2,000 1,928
2 Met Tower Global Funding 0.700% 4/5/24 700 656
2 Metropolitan Life Global Funding I 3.000% 1/10/23 3,011 3,003
2 Metropolitan Life Global Funding I 1.950% 1/13/23 11,352 11,261
2 Metropolitan Life Global Funding I 3.600% 1/11/24 2,348 2,309
  Mitsubishi UFJ Financial Group Inc. 3.455% 3/2/23 1,870 1,861
  Mitsubishi UFJ Financial Group Inc. 3.761% 7/26/23 10,400 10,285
  Mitsubishi UFJ Financial Group Inc. 2.527% 9/13/23 222 217
  Mitsubishi UFJ Financial Group Inc. 3.407% 3/7/24 5,300 5,179
  Mitsubishi UFJ Financial Group Inc. 2.801% 7/18/24 400 384
  Mitsubishi UFJ Financial Group Inc. 0.848% 9/15/24 1,045 997
  Mitsubishi UFJ Financial Group Inc. 4.788% 7/18/25 3,500 3,453
2 Mizuho Bank Ltd. 2.950% 10/17/22 10,000 9,993
  Mizuho Financial Group Inc. 1.241% 7/10/24 3,640 3,521
  Mizuho Financial Group Inc. 0.849% 9/8/24 280 267
  Morgan Stanley 4.875% 11/1/22 975 975
  Morgan Stanley 3.750% 2/25/23 3,692 3,680
  Morgan Stanley 4.100% 5/22/23 2,453 2,443
  Morgan Stanley 0.560% 11/10/23 7,868 7,827
  Morgan Stanley 0.529% 1/25/24 2,450 2,411
  Morgan Stanley 0.731% 4/5/24 5,994 5,852
  Morgan Stanley 3.737% 4/24/24 3,441 3,405
  Morgan Stanley 3.875% 4/29/24 4,000 3,932
2 MUFG Bank Ltd. 4.100% 9/9/23 200 198
2 MUFG Bank Ltd. 3.750% 3/10/24 2,000 1,958
  MUFG Union Bank NA 2.100% 12/9/22 1,684 1,678
  Nasdaq Inc. 0.445% 12/21/22 800 792
  National Australia Bank Ltd. 2.875% 4/12/23 300 297
2 National Bank of Canada 2.150% 10/7/22 12,721 12,719
  National Bank of Canada 2.100% 2/1/23 1,477 1,463
2 Nationwide Building Society 2.000% 1/27/23 300 298
  NatWest Group plc 3.875% 9/12/23 2,000 1,972
  NatWest Group plc 4.519% 6/25/24 2,000 1,977
2 NatWest Markets plc 2.375% 5/21/23 2,795 2,737
2 New York Life Global Funding 1.100% 5/5/23 526 516
2 New York Life Global Funding 2.900% 1/17/24 484 473
2 Nordea Bank Abp 1.000% 6/9/23 1,835 1,784
2 Nordea Bank Abp 3.750% 8/30/23 3,700 3,654
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Nordea Bank Abp 3.750% 8/30/23 5,000 4,937
2 Penske Truck Leasing Co. LP / PTL Finance Corp. 2.700% 3/14/23 1,523 1,507
2 Penske Truck Leasing Co. LP / PTL Finance Corp. 4.125% 8/1/23 2,705 2,679
  PNC Bank NA 3.500% 6/8/23 2,914 2,895
  PNC Bank NA 3.800% 7/25/23 1,159 1,151
  PNC Financial Services Group Inc. 3.500% 1/23/24 6,016 5,920
  PNC Financial Services Group Inc. 3.900% 4/29/24 1,170 1,153
2 Pricoa Global Funding I 3.450% 9/1/23 100 99
  Principal Financial Group Inc. 3.125% 5/15/23 1,906 1,889
2 Principal Life Global Funding II 0.500% 1/8/24 1,145 1,083
2 Principal Life Global Funding II 0.750% 4/12/24 975 910
2 Protective Life Global Funding 0.502% 4/12/23 5,200 5,088
2 Protective Life Global Funding 0.391% 7/7/23 2,500 2,421
2 Protective Life Global Funding 0.631% 10/13/23 4,775 4,578
  Protective Life Global Funding 0.631% 10/13/23 300 288
  Reinsurance Group of America Inc. 4.700% 9/15/23 246 245
2 Reliance Standard Life Global Funding II 2.150% 1/21/23 895 887
2 Reliance Standard Life Global Funding II 3.850% 9/19/23 5,700 5,615
  Royal Bank of Canada 3.970% 7/26/24 26,323 25,876
  Santander Holdings USA Inc. 3.400% 1/18/23 1,800 1,793
2 Santander UK plc 5.000% 11/7/23 1,965 1,938
2 Skandinaviska Enskilda Banken AB 0.550% 9/1/23 6,000 5,757
2 Standard Chartered plc 1.319% 10/14/23 10,196 10,183
  Standard Chartered plc 1.319% 10/14/23 200 200
  State Bank of India 4.500% 9/28/23 650 644
  State Street Corp. 3.100% 5/15/23 6,300 6,245
4,5 Sumitomo Mitsui Banking Corp., 3M Australian Bank Bill Rate + 0.730% 3.163% 11/29/22 1,250 799
5 Sumitomo Mitsui Financial Group Inc. 3.604% 3/7/23 1,420 905
  Sumitomo Mitsui Financial Group Inc. 3.748% 7/19/23 1,255 1,245
  Sumitomo Mitsui Financial Group Inc. 3.936% 10/16/23 3,021 2,993
2 Sumitomo Mitsui Trust Bank Ltd. 0.800% 9/12/23 3,889 3,735
2 Sumitomo Mitsui Trust Bank Ltd. 0.850% 3/25/24 2,000 1,876
2 Swedbank AB 1.300% 6/2/23 3,050 2,973
2 Swiss Re Treasury US Corp. 2.875% 12/6/22 2,082 2,075
  Toronto-Dominion Bank 0.750% 6/12/23 1,046 1,017
  Toronto-Dominion Bank 3.500% 7/19/23 3,500 3,472
  Toronto-Dominion Bank 3.250% 3/11/24 309 302
  Toronto-Dominion Bank 4.285% 9/13/24 8,600 8,470
  Truist Bank 3.689% 8/2/24 2,190 2,167
2 UBS AG 0.375% 6/1/23 1,228 1,192
2 UBS AG 0.450% 2/9/24 1,434 1,348
2 UBS Group AG 1.008% 7/30/24 7,110 6,859
  US Bancorp 3.375% 2/5/24 503 494
2 USAA Capital Corp. 1.500% 5/1/23 1,750 1,720
  Wells Fargo & Co. 4.125% 8/15/23 7,027 6,991
  Wells Fargo & Co. 1.654% 6/2/24 4,456 4,351
  Westpac Banking Corp. 3.650% 5/15/23 50 50
4,5 Westpac Banking Corp., 3M Australian Bank Bill Rate + 1.800% 4.705% 6/22/28 5,700 3,651
            923,581
Health Care (6.4%)
  AbbVie Inc. 2.900% 11/6/22 66 66
  AbbVie Inc. 2.300% 11/21/22 1,910 1,905
  Aetna Inc. 2.800% 6/15/23 11,180 11,029
  AmerisourceBergen Corp. 0.737% 3/15/23 3,117 3,064
  Amgen Inc. 2.250% 8/19/23 3,000 2,943
  Anthem Inc. 2.950% 12/1/22 1,300 1,297
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Anthem Inc. 3.300% 1/15/23 2,638 2,630
  Anthem Inc. 0.450% 3/15/23 481 472
  Anthem Inc. 3.500% 8/15/24 4,600 4,494
  AstraZeneca plc 0.300% 5/26/23 6,285 6,120
4 Baxter International Inc., SOFR + 0.260% 3.060% 12/1/23 8,000 7,927
  Bristol-Myers Squibb Co. 3.250% 2/20/23 3,247 3,233
  Bristol-Myers Squibb Co. 0.537% 11/13/23 3,520 3,373
  Bristol-Myers Squibb Co. 3.625% 5/15/24 1,317 1,296
  Bristol-Myers Squibb Co. 2.900% 7/26/24 807 783
  Cardinal Health Inc. 3.200% 3/15/23 51 51
  Cigna Corp. 3.050% 11/30/22 3,700 3,694
  Cigna Corp. 3.000% 7/15/23 5,000 4,939
  Cigna Corp. 3.750% 7/15/23 4,500 4,463
  Cigna Corp. 3.500% 6/15/24 1,124 1,098
  CommonSpirit Health 2.950% 11/1/22 857 855
  DH Europe Finance II Sarl 2.050% 11/15/22 9,775 9,752
  Gilead Sciences Inc. 3.700% 4/1/24 1,483 1,461
  Humana Inc. 3.150% 12/1/22 3,200 3,196
  Humana Inc. 2.900% 12/15/22 7,905 7,876
  Humana Inc. 0.650% 8/3/23 2,000 1,932
  Illumina Inc. 0.550% 3/23/23 6,000 5,880
  McKesson Corp. 2.700% 12/15/22 9,443 9,417
  McKesson Corp. 2.850% 3/15/23 2,875 2,855
2 Mylan Inc. 3.125% 1/15/23 800 796
  PerkinElmer Inc. 0.550% 9/15/23 7,830 7,495
2 Roche Holdings Inc. 3.250% 9/17/23 4,737 4,691
2 Roche Holdings Inc. 2.132% 3/10/25 630 595
  Royalty Pharma plc 0.750% 9/2/23 14,169 13,569
  Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23 4,843 4,737
  SSM Health Care Corp. 3.688% 6/1/23 16,000 15,899
  Takeda Pharmaceutical Co. Ltd. 4.400% 11/26/23 10,532 10,532
  Thermo Fisher Scientific Inc. 0.797% 10/18/23 5,950 5,723
4 Thermo Fisher Scientific Inc., SOFR + 0.350% 2.688% 4/18/23 5,000 4,993
  UnitedHealth Group Inc. 2.375% 10/15/22 2,811 2,810
  Wyeth LLC 7.250% 3/1/23 149 151
  Zoetis Inc. 3.250% 2/1/23 2,632 2,620
            182,712
Industrials (3.1%)
  Boeing Co. 2.200% 10/30/22 309 308
  Boeing Co. 1.167% 2/4/23 1,984 1,960
  Boeing Co. 4.508% 5/1/23 8,940 8,911
  Boeing Co. 1.433% 2/4/24 2,815 2,676
  Burlington Northern Santa Fe LLC 3.000% 3/15/23 225 224
  Burlington Northern Santa Fe LLC 3.850% 9/1/23 1,216 1,206
  Canadian Pacific Railway Co. 4.450% 3/15/23 975 974
  Canadian Pacific Railway Co. 1.350% 12/2/24 200 185
  Caterpillar Financial Services Corp. 2.550% 11/29/22 955 954
  Caterpillar Financial Services Corp. 2.625% 3/1/23 533 529
  Caterpillar Financial Services Corp. 3.450% 5/15/23 2,088 2,077
  CNH Industrial Capital LLC 1.950% 7/2/23 7,563 7,398
  CNH Industrial NV 4.500% 8/15/23 2,650 2,632
  Cummins Inc. 3.650% 10/1/23 6,830 6,764
2 Daimler Trucks Finance North America LLC 1.125% 12/14/23 5,785 5,514
  Emerson Electric Co. 2.625% 2/15/23 543 540
  Huntington Ingalls Industries Inc. 0.670% 8/16/23 12,400 11,957
  John Deere Capital Corp. 2.700% 1/6/23 136 136
  John Deere Capital Corp. 0.250% 1/17/23 242 239
  John Deere Capital Corp. 2.800% 1/27/23 104 104
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  L3Harris Technologies Inc. 3.850% 6/15/23 475 473
  Parker-Hannifin Corp. 3.650% 6/15/24 1,060 1,037
5 QPH Finance Co. Pty Ltd. 3.750% 6/7/23 50 32
  Republic Services Inc. 4.750% 5/15/23 2,749 2,750
  Rockwell Automation Inc. 0.350% 8/15/23 2,400 2,314
  Ryder System Inc. 3.750% 6/9/23 123 122
  Ryder System Inc. 3.875% 12/1/23 3,000 2,960
  Ryder System Inc. 3.650% 3/18/24 610 598
  Southwest Airlines Co. 2.750% 11/16/22 190 189
  Teledyne Technologies Inc. 0.650% 4/1/23 1,700 1,661
  Trane Technologies Global Holding Co Ltd. 4.250% 6/15/23 2,470 2,459
  Union Pacific Corp. 2.950% 1/15/23 2,786 2,775
  Union Pacific Corp. 2.750% 4/15/23 3,226 3,199
  Union Pacific Corp. 3.500% 6/8/23 7,983 7,937
  Union Pacific Corp. 3.150% 3/1/24 1,349 1,322
  United Parcel Service Inc. 2.450% 10/1/22 694 694
  Waste Management Inc. 2.400% 5/15/23 3,930 3,883
            89,693
Materials (2.3%)
  Carlisle Cos. Inc. 0.550% 9/1/23 3,425 3,290
  Celanese US Holdings LLC 3.500% 5/8/24 2,000 1,922
  Celanese US Holdings LLC 5.900% 7/5/24 2,160 2,131
2 Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP 3.300% 5/1/23 7,579 7,517
  DuPont de Nemours Inc. 4.205% 11/15/23 4,465 4,437
2 Georgia-Pacific LLC 3.734% 7/15/23 1,500 1,490
  Georgia-Pacific LLC 8.000% 1/15/24 1,625 1,689
  Indonesia Asahan Aluminium Persero PT 5.710% 11/15/23 4,126 4,124
  LYB International Finance BV 4.000% 7/15/23 3,210 3,179
  Martin Marietta Materials Inc. 0.650% 7/15/23 4,000 3,866
  Mosaic Co. 4.250% 11/15/23 7,991 7,937
  Nutrien Ltd. 3.150% 10/1/22 3,739 3,739
  Nutrien Ltd. 1.900% 5/13/23 9,555 9,382
  Sherwin-Williams Co. 4.050% 8/8/24 11,963 11,769
            66,472
Real Estate (2.9%)
  American Tower Corp. 3.500% 1/31/23 70 70
  American Tower Corp. 3.000% 6/15/23 12,104 11,947
  American Tower Corp. 0.600% 1/15/24 2,151 2,032
  AvalonBay Communities Inc. 2.850% 3/15/23 402 398
  AvalonBay Communities Inc. 4.200% 12/15/23 6,000 5,955
  Boston Properties LP 3.125% 9/1/23 6,610 6,486
  Boston Properties LP 3.800% 2/1/24 200 196
  Brandywine Operating Partnership LP 3.950% 2/15/23 2,650 2,637
  Camden Property Trust 4.875% 6/15/23 5,526 5,520
  Crown Castle International Corp. 3.150% 7/15/23 7,446 7,348
  Federal Realty Investment Trust 2.750% 6/1/23 1,456 1,438
5 General Property Trust Co. 3.591% 11/7/23 3,380 2,137
  Kimco Realty Corp. 2.700% 3/1/24 1,221 1,183
  Mid-America Apartments LP 4.300% 10/15/23 2,310 2,292
  Omega Healthcare Investors Inc. 4.375% 8/1/23 1,992 1,974
  Realty Income Corp. 4.600% 2/6/24 4,950 4,932
5 Shopping Centres Australasia Property Group 3.900% 6/7/24 1,440 903
  Simon Property Group LP 2.750% 6/1/23 19,698 19,455
  Simon Property Group LP 3.750% 2/1/24 1,200 1,183
  SL Green Operating Partnership LP 3.250% 10/15/22 1,789 1,788
  Ventas Realty LP 3.500% 4/15/24 1,400 1,364
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Ventas Realty LP 3.750% 5/1/24 1,000 977
  Welltower Inc. 4.500% 1/15/24 2,179 2,160
            84,375
Technology (1.8%)
  Adobe Inc. 1.700% 2/1/23 2,476 2,454
  Apple Inc. 2.400% 1/13/23 195 194
  Broadcom Corp. / Broadcom Cayman Finance Ltd. 2.650% 1/15/23 238 237
2 Dell International LLC / EMC Corp. 5.450% 6/15/23 866 868
  Dell International LLC / EMC Corp. 5.450% 6/15/23 6,074 6,089
  Fidelity National Information Services Inc. 0.375% 3/1/23 110 108
  Global Payments Inc. 3.750% 6/1/23 3,637 3,603
  Global Payments Inc. 4.000% 6/1/23 3,699 3,671
  Hewlett Packard Enterprise Co. 4.450% 10/2/23 3,580 3,562
5 Intel Corp. 4.000% 12/1/22 4,270 2,733
  International Business Machines Corp. 2.875% 11/9/22 1,281 1,281
  Oracle Corp. 2.500% 10/15/22 3,000 2,998
  Oracle Corp. 2.625% 2/15/23 4,500 4,468
  Oracle Corp. 3.625% 7/15/23 699 692
  Oracle Corp. 2.400% 9/15/23 5,926 5,780
  Skyworks Solutions Inc. 0.900% 6/1/23 5,680 5,519
  VMware Inc. 0.600% 8/15/23 8,726 8,405
            52,662
Utilities (3.5%)
  Abu Dhabi National Energy Co. PJSC 3.875% 5/6/24 1,100 1,081
  Atmos Energy Corp. 0.625% 3/9/23 210 207
  Baltimore Gas and Electric Co. 3.350% 7/1/23 2,239 2,216
  Berkshire Hathaway Energy Co. 3.750% 11/15/23 2,292 2,271
  Black Hills Corp. 1.037% 8/23/24 600 555
  CenterPoint Energy Inc. 2.500% 9/1/24 1,235 1,175
  CenterPoint Energy Resources Corp. 0.700% 3/2/23 5,088 5,000
  Connecticut Light and Power Co. 2.500% 1/15/23 3,960 3,937
  Consolidated Edison Inc. 0.650% 12/1/23 1,946 1,855
  Consumers Energy Co. 3.375% 8/15/23 1,529 1,510
2 Dominion Energy Inc. 2.450% 1/15/23 5,000 4,972
  DTE Energy Co. 0.550% 11/1/22 1,680 1,676
  Duke Energy Corp. 3.950% 10/15/23 3,692 3,660
  Duke Energy Ohio Inc. 3.800% 9/1/23 1,005 996
  Eastern Energy Gas Holdings LLC 3.550% 11/1/23 5,787 5,693
  Edison International 3.125% 11/15/22 1,610 1,607
  Edison International 2.950% 3/15/23 5,620 5,563
2 Engie SA 2.875% 10/10/22 160 160
  Entergy Louisiana LLC 0.620% 11/17/23 1,318 1,261
  Entergy Louisiana LLC 0.950% 10/1/24 2,000 1,854
  Eversource Energy 2.800% 5/1/23 2,443 2,415
  Eversource Energy 3.800% 12/1/23 5,274 5,203
4 Eversource Energy, SOFR + 0.250% 2.907% 8/15/23 2,400 2,386
  MidAmerican Energy Co. 3.700% 9/15/23 1,281 1,276
  NextEra Energy Capital Holdings Inc. 0.650% 3/1/23 6,700 6,593
  NextEra Energy Capital Holdings Inc. 2.940% 3/21/24 4,000 3,888
4 NextEra Energy Capital Holdings Inc., SOFR + 0.400% 2.986% 11/3/23 7,300 7,232
  NTPC Ltd. 4.750% 10/3/22 1,010 1,010
  Oklahoma Gas and Electric Co. 0.553% 5/26/23 53 52
  Public Service Electric and Gas Co. 2.375% 5/15/23 2,556 2,523
  Southern California Edison Co. 0.700% 4/3/23 658 645
  Southern California Edison Co. 3.400% 6/1/23 1,066 1,053
  Southern California Edison Co. 0.700% 8/1/23 285 275
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  Southern California Edison Co. 3.500% 10/1/23 262 258
  Southern Co. 4.475% 8/1/24 2,240 2,211
  Southern Co. Gas Capital Corp. 2.450% 10/1/23 645 629
  State Grid Overseas Investment 2013 Ltd. 3.125% 5/22/23 1,258 1,247
2 State Grid Overseas Investment BVI Ltd. 3.750% 5/2/23 2,353 2,343
  Tampa Electric Co. 3.875% 7/12/24 720 707
5 United Energy Distribution Pty Ltd. 3.500% 9/12/23 4,260 2,699
  Virginia Electric and Power Co. 2.750% 3/15/23 170 168
  WEC Energy Group Inc. 0.550% 9/15/23 9,300 8,910
            100,972
Total Corporate Bonds (Cost $1,999,977) 1,961,478
Sovereign Bonds (1.7%)
5 Airservices Australia 2.750% 5/15/23 1,060 673
  APICORP Sukuk Ltd. 3.141% 11/1/22 3,012 3,002
  Export-Import Bank of India 4.000% 1/14/23 1,603 1,599
  Kingdom of Morocco 4.250% 12/11/22 200 199
8 Korea Monetary Stabilization Bond 3.050% 7/9/23 40,000,000 27,863
8 Korea Monetary Stabilization Bond 3.310% 9/9/23 9,000,000 6,253
  Perusahaan Penerbit SBSN Indonesia III 3.300% 11/21/22 591 589
  Republic of Chile 2.250% 10/30/22 1,590 1,586
  Republic of Colombia 2.625% 3/15/23 200 197
  Republic of Croatia 5.500% 4/4/23 840 839
  Republic of Hungary 5.375% 2/21/23 3,478 3,472
  Republic of Hungary 5.375% 3/25/24 730 718
  Romania 4.375% 8/22/23 2,388 2,376
Total Sovereign Bonds (Cost $52,417) 49,366
          Shares  
Temporary Cash Investments (11.5%)
             
Money Market Fund (1.0%)
9 Vanguard Market Liquidity Fund  2.828%   286,343 28,626
        Maturity
Date 		Face
Amount
($000) 		 
Commercial Paper (0.5%)
  Raytheon Technologies Corp. 3.797% 12/1/22 1,600 1,589
  Raytheon Technologies Corp. 3.691% 12/19/22 1,200 1,189
  Raytheon Technologies Corp. 3.861% 12/30/22 10,400 10,296
            13,074
U.S. Government and Agency Obligations (10.0%)
  United States Treasury Bill 3.335% 8/10/23 86,600 83,817
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value
($000)
  United States Treasury Bill 3.615% 9/7/23 212,500 204,756
            288,573
Total Temporary Cash Investments (Cost $331,413) 330,273
Total Investments (99.1%) (Cost $2,900,289) 2,849,362
Other Assets and Liabilities—Net (0.9%) 26,389
Net Assets (100%) 2,875,751
Cost is in $000.      
1 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2022, the aggregate value was $584,774,000, representing 20.3% of net assets.
3 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
4 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.
5 Face amount denominated in Australian dollars.
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 Securities with a value of $467,000 have been segregated as initial margin for open futures contracts.
8 Face amount denominated in Korean won.
9 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  3M—3-month.
  REMIC—Real Estate Mortgage Investment Conduits.
  SOFR—Secured Overnight Financing Rate.
  SOFR30A—30 Day Average Secured Overnight Financing Rate.
Derivative Financial Instruments Outstanding as of Period End
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 849 174,377 (813)
 
Short Futures Contracts        
5-Year U.S. Treasury Note December 2022 (44) (4,730) 138
        (675)
    
Forward Currency Contracts
  Contract
Settlement
Date 		Contract Amount (000) Unrealized
Appreciation
($000) 		Unrealized
Depreciation
($000)
Counterparty Receive Deliver
Citibank, N.A. 11/2/22 AUD 40 USD 27 — (1)
JPMorgan Chase Bank, N.A. 11/2/22 AUD 35 USD 24 — (1)
Credit Agricole CIB 11/2/22 USD 29,199 AUD 43,249 1,524 —
JPMorgan Chase Bank, N.A. 7/10/23 USD 17,551 KRW 24,000,000 540 —
Forward Currency Contracts (continued)
  Contract
Settlement
Date 		Contract Amount (000) Unrealized
Appreciation
($000) 		Unrealized
Depreciation
($000)
Counterparty Receive Deliver
Citibank, N.A. 7/10/23 USD 16,199 KRW 21,000,000 1,315 —
BNP Paribas 7/10/23 USD 4,387 KRW 6,000,000 134 —
            3,513 (2)
AUD—Australian dollar.
KRW—Korean won.
USD—U.S. dollar.
At September 30, 2022, the counterparties had deposited in segregated accounts securities with a value of $703,000 and cash of $2,360,000 in connection with open forward currency contracts.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral, as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.  Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
D. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The fund’s risks in using these contracts include movement in the values of the foreign
currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability).
E.  Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of September 30, 2022, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
U.S. Government and Agency Obligations — 169,918 — 169,918
Asset-Backed/Commercial Mortgage-Backed Securities — 338,327 — 338,327
Corporate Bonds — 1,961,478 — 1,961,478
Sovereign Bonds — 49,366 — 49,366
Temporary Cash Investments 28,626 301,647 — 330,273
Total 28,626 2,820,736 — 2,849,362
Derivative Financial Instruments
Assets        
Futures Contracts1 138 — — 138
Forward Currency Contracts — 3,513 — 3,513
Total 138 3,513 — 3,651
Liabilities        
Futures Contracts1 813 — — 813
Forward Currency Contracts — 2 — 2
Total 813 2 — 815
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.