Vanguard Charlotte Funds

07/01/2026 | Press release | Distributed by Public on 07/01/2026 07:48

Semi-Annual Report by Investment Company (Form N-CSRS)

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: 811-22619

Name of Registrant: Vanguard Charlotte Funds
Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service: Natalie Lamarque, Esquire
P.O. Box 876
Valley Forge, PA 19482

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2025-April 30, 2026

Item 1: Reports to Shareholders.

TABLE OF CONTENTS

Vanguard Global Credit Bond Fund
Investor Shares - VGCIX

   

Vanguard Global Credit Bond Fund
Admiral™ Shares - VGCAX

   
Vanguard Global Credit Bond Fund
Investor Shares (VGCIX)
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Global Credit Bond Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Investor Shares $17 0.35%1
​1
Annualized.
Fund Statistics
(as of April 30, 2026)
Fund Net Assets
(in millions) 		$979
Number of Portfolio Holdings 1,862
Portfolio Turnover Rate 75%
Portfolio Composition % of Net Assets
(as of April 30, 2026)
Africa 0.9%
Asia 4.2%
Europe 36.3%
North America 49.0%
Oceania 8.8%
South America 0.6%
Other Assets and Liabilities-Net 0.2%
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR2025
Vanguard Global Credit Bond Fund
Admiral™ Shares (VGCAX)
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Global Credit Bond Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Admiral Shares $12 0.25%1
​1
Annualized.
Fund Statistics
(as of April 30, 2026)
Fund Net Assets
(in millions) 		$979
Number of Portfolio Holdings 1,862
Portfolio Turnover Rate 75%
Portfolio Composition % of Net Assets
(as of April 30, 2026)
Africa 0.9%
Asia 4.2%
Europe 36.3%
North America 49.0%
Oceania 8.8%
South America 0.6%
Other Assets and Liabilities-Net 0.2%
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR525

Item 2: Code of Ethics.

Not applicable.

Item 3: Audit Committee Financial Expert.

Not applicable.

Item 4: Principal Accountant Fees and Services.

Not applicable.

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: Investments.

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

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

Financial Statements
For the six-months ended April 30, 2026
Vanguard Global Credit Bond Fund
Contents
Financial Statements
1
Global Credit Bond Fund
Financial Statements (unaudited)
Schedule of Investments
As of April 30, 2026
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
U.S. Government and Agency Obligations (3.5%)
1 United States Treasury Note/Bond 1.250% 5/15/2050 2,630 1,234
2 United States Treasury Note/Bond 1.625% 11/15/2050 2,500 1,290
United States Treasury Note/Bond 2.000% 11/15/2041 1,992 1,368
United States Treasury Note/Bond 2.375% 11/15/2049-5/15/2051 3,419 2,128
1 United States Treasury Note/Bond 2.500% 2/15/2045 4,000 2,778
1,2,3 United States Treasury Note/Bond 2.750% 5/31/2029 10,000 9,662
3 United States Treasury Note/Bond 2.875% 5/15/2052 1,000 685
United States Treasury Note/Bond 3.500% 2/15/2029 3,482 3,445
United States Treasury Note/Bond 4.125% 8/15/2044 1,000 899
1 United States Treasury Note/Bond 4.250% 1/31/2030 4,996 5,045
2 United States Treasury Note/Bond 4.375% 8/15/2043 2,282 2,136
1 United States Treasury Note/Bond 4.625% 5/15/2044-2/15/2046 2,160 2,072
United States Treasury Note/Bond 5.000% 5/15/2045 1,311 1,317
Total U.S. Government and Agency Obligations (Cost $34,616) 34,059
Asset-Backed/Commercial Mortgage-Backed Securities (0.0%)
United States (0.0%)
4 CD Mortgage Trust Series 2018-CD7 4.999% 8/15/2051 50 47
4,5 Ford Credit Auto Owner Trust Series 2022-1 4.670% 11/15/2034 100 100
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $148) 147
Corporate Bonds (75.3%)
Australia (8.4%)
4,6 AGI Finance Pty Ltd. 6.109% 6/28/2030 2,560 1,865
4,6 AGI Finance Pty Ltd. 4.832% 9/25/2031 3,000 2,055
7 Amcor UK Finance plc 3.750% 2/20/2033 1,500 1,721
4,6 Aurizon Finance Pty Ltd. 3.000% 3/9/2028 7,170 4,921
4,6 Aurizon Network Pty Ltd. 2.900% 9/2/2030 2,000 1,266
4,6 Aurizon Network Pty Ltd. 6.100% 9/12/2031 890 638
4,6 Ausgrid Finance Pty Ltd. 5.408% 3/28/2031 5,000 3,524
4,6 AusNet Services Holdings Pty Ltd. 2.600% 7/31/2029 2,370 1,553
5 Australia & New Zealand Banking Group Ltd. 6.742% 12/8/2032 320 348
4,6,8 Australia & New Zealand Banking Group Ltd., 3M Australian Bank Bill Rate + 2.350% 6.307% 5/16/2033 5,000 3,696
4,6,8 Australia & New Zealand Banking Group Ltd., 3M Australian Bank Bill Rate + 1.950% 6.270% 1/16/2034 1,625 1,195
4,6,8 Australia & New Zealand Banking Group Ltd., 3M Australian Bank Bill Rate + 1.520% 5.844% 1/15/2035 3,000 2,185
4,6 Australian Gas Networks Ltd. 2.149% 4/28/2028 400 270
4,6 Coles Group Treasury Pty Ltd. 2.100% 8/27/2030 470 292
4,6,8 Commonwealth Bank of Australia, 3M Australian Bank Bill Rate + 2.700% 6.640% 11/9/2032 5,000 3,696
4,6,8 Commonwealth Bank of Australia, 3M Australian Bank Bill Rate + 1.700% 5.880% 9/12/2035 5,000 3,668
4,6 GAIF Bond Issuer Pty Ltd. 4.742% 6/3/2030 7,000 4,867
5 Glencore Finance Canada Ltd. 5.550% 10/25/2042 35 33
5 Glencore Funding LLC 6.125% 10/6/2028 120 124
5 Glencore Funding LLC 4.900% 7/1/2031 1,200 1,201
5 Glencore Funding LLC 5.700% 5/8/2033 58 60
5 Glencore Funding LLC 5.673% 4/1/2035 1,210 1,241
5 Glencore Funding LLC 5.508% 4/1/2036 1,550 1,561
5 Goodman US Finance Eight LLC 5.875% 4/28/2046 320 312
5 Goodman US Finance Seven LLC 5.250% 4/28/2036 440 434
4,6,8 ING Bank Australia Ltd., 3M Australian Bank Bill Rate + 0.800% 4.978% 6/13/2028 2,970 2,146
4,6 Lonsdale Finance Pty Ltd. 5.500% 11/19/2031 5,000 3,529
5 Macquarie Bank Ltd. 3.624% 6/3/2030 80 76
6,8 Macquarie Bank Ltd., 3M Australian Bank Bill Rate + 1.950% 5.917% 3/1/2034 2,870 2,106
5 Macquarie Group Ltd. 4.098% 6/21/2028 330 328
5 National Australia Bank Ltd. 2.990% 5/21/2031 250 228
4,6 Network Finance Co. Pty Ltd. 2.579% 10/3/2028 760 511
4,6 Pacific National Finance Pty Ltd. 5.400% 5/12/2027 1,190 850
4,6 Pacific National Finance Pty Ltd. 3.700% 9/24/2029 1,500 984
4,6 Perth Airport Pty Ltd. 5.600% 3/5/2031 3,510 2,489
1
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
4,6 Qantas Airways Ltd. 3.150% 9/27/2028 1,460 990
4,6 Qantas Airways Ltd. 2.950% 11/27/2029 1,130 737
4,6 QPH Finance Co. Pty Ltd. 2.850% 1/29/2031 8,190 5,166
Rio Tinto Finance USA Ltd. 5.200% 11/2/2040 250 245
4,6 Scentre Group Trust 1 5.900% 11/27/2034 3,500 2,463
4,6 Stockland Trust 5.420% 3/25/2032 5,000 3,492
4,6 Sydney Airport Finance Co. Pty Ltd. 5.500% 4/23/2032 2,100 1,474
4,6 Sydney Airport Finance Co. Pty Ltd. 5.900% 4/19/2034 1,500 1,060
4,6 Victoria Power Networks Finance Pty Ltd. 5.057% 3/14/2029 1,500 1,066
4,6 WestConnex Finance Co. Pty Ltd. 6.150% 10/9/2030 3,380 2,449
4,6 Westpac Banking Corp. 5.351% 2/12/2035 4,000 2,820
Westpac Banking Corp. 2.963% 11/16/2040 75 55
4,6 Westpac Banking Corp. 6.085% 2/12/2041 3,000 2,105
4,6 Woolworths Group Ltd. 5.910% 11/29/2034 3,000 2,120
82,215
Austria (1.8%)
4,7 Kommunalkredit Austria AG 5.250% 3/28/2029 5,600 6,774
7 Volksbank Wien AG 5.750% 6/21/2034 6,800 8,228
7 Volksbank Wien AG 5.500% 12/4/2035 2,200 2,652
17,654
Belgium (0.1%)
Anheuser-Busch InBev Worldwide Inc. 5.875% 6/15/2035 240 256
Anheuser-Busch InBev Worldwide Inc. 5.450% 1/23/2039 244 248
Anheuser-Busch InBev Worldwide Inc. 4.439% 10/6/2048 150 126
630
Bermuda (0.7%)
7 Athora Holding Ltd. 6.625% 6/16/2028 3,654 4,480
7 Athora Holding Ltd. 5.875% 9/10/2034 1,700 2,046
RenaissanceRe Holdings Ltd. 5.800% 4/1/2035 130 133
6,659
Brazil (0.2%)
Petrobras Global Finance BV 5.125% 9/10/2030 1,331 1,318
Suzano Netherlands BV 5.500% 1/15/2036 325 318
4 Vale Overseas Ltd. 6.000% 2/25/2056 330 332
1,968
Canada (0.9%)
5 1011778 BC ULC 3.875% 1/15/2028 28 28
5 1011778 BC ULC 6.125% 6/15/2029 5 5
5 1011778 BC ULC 5.625% 9/15/2029 3 3
5 Air Canada 3.875% 8/15/2026 30 30
Bell Telephone Co. of Canada or Bell Canada 5.100% 5/11/2033 4 4
5 Bombardier Inc. 7.250% 7/1/2031 5 5
5 Bombardier Inc. 7.000% 6/1/2032 5 5
5 Bombardier Inc. 6.750% 6/15/2033 5 5
Canadian National Railway Co. 4.400% 8/5/2052 230 191
Canadian Natural Resources Ltd. 2.950% 7/15/2030 125 118
Canadian Natural Resources Ltd. 6.250% 3/15/2038 140 148
Canadian Pacific Railway Co. 4.800% 8/1/2045 60 54
Canadian Pacific Railway Co. 3.500% 5/1/2050 146 103
Canadian Pacific Railway Co. 5.500% 3/15/2056 350 334
Cenovus Energy Inc. 6.750% 11/15/2039 15 16
Cenovus Energy Inc. 5.400% 6/15/2047 30 27
Enbridge Inc. 5.300% 4/5/2029 115 117
Enbridge Inc. 3.125% 11/15/2029 42 40
Enbridge Inc. 6.200% 11/15/2030 229 242
Enbridge Inc. 4.850% 3/27/2031 830 834
Enbridge Inc. 5.450% 3/27/2036 890 899
Enbridge Inc. 5.950% 4/5/2054 635 632
5 Garda World Security Corp. 6.500% 1/15/2031 15 15
5 Garda World Security Corp. 8.250% 8/1/2032 14 14
5 Gildan Activewear Inc. 4.700% 10/7/2030 30 30
5 Gildan Activewear Inc. 5.400% 10/7/2035 135 132
Manulife Financial Corp. 4.986% 12/11/2035 1,000 985
5 NOVA Chemicals Corp. 4.250% 5/15/2029 9 9
5 NOVA Chemicals Corp. 9.000% 2/15/2030 41 43
Nutrien Ltd. 5.800% 3/27/2053 90 88
5 Ontario Gaming GTA LP 8.000% 8/1/2030 5 5
Rogers Communications Inc. 7.000% 4/15/2055 5 5
2
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Rogers Communications Inc. 7.125% 4/15/2055 20 21
South Bow Canadian Infrastructure Holdings Ltd. 7.500% 3/1/2055 10 11
South Bow Canadian Infrastructure Holdings Ltd. 7.625% 3/1/2055 5 5
Suncor Energy Inc. 3.750% 3/4/2051 40 28
Toronto-Dominion Bank 4.783% 12/17/2029 760 769
Toronto-Dominion Bank 4.866% 4/22/2033 895 890
TransCanada PipeLines Ltd. 4.250% 5/15/2028 1,405 1,399
TransCanada PipeLines Ltd. 6.200% 10/15/2037 80 85
4 TransCanada PipeLines Ltd. 6.375% 10/17/2056 170 171
8,545
Chile (0.0%)
5 Sociedad Transmisora Metropolitana SpA 6.385% 12/15/2055 243 247
Cyprus (0.3%)
4,7 Bank of Cyprus Holdings plc 4.250% 9/18/2036 2,200 2,539
Czech Republic (0.6%)
4,7 Czechoslovak Group A/S 5.250% 1/10/2031 4,800 5,788
Denmark (0.4%)
5 Danske Bank A/S 5.427% 3/1/2028 200 202
5 Danske Bank A/S 4.999% 3/27/2032 3,210 3,220
3,422
France (1.6%)
4,7 Accor SA 3.500% 3/4/2033 2,300 2,574
7 Banque Federative du Credit Mutuel SA 4.000% 1/15/2035 500 586
5 BNP Paribas SA 4.792% 5/9/2029 560 562
5 BNP Paribas SA 5.497% 5/20/2030 300 307
5 BNP Paribas SA 5.283% 11/19/2030 370 376
5 BNP Paribas SA 5.085% 5/9/2031 840 848
5 BNP Paribas SA 5.738% 2/20/2035 150 154
5 BPCE SA 5.936% 5/30/2035 50 51
5 Credit Agricole SA 4.631% 9/11/2028 250 250
4,9 Engie SA 5.625% 4/3/2053 600 697
7 IPSOS SA 3.750% 1/22/2030 1,000 1,169
5 Opal Bidco SAS 6.500% 3/31/2032 30 30
5 SNF Group SACA 3.375% 3/15/2030 97 90
5 Societe Generale SA 2.797% 1/19/2028 540 533
5 Societe Generale SA 3.000% 1/22/2030 155 145
5 Societe Generale SA 4.027% 1/21/2043 80 60
4,7 Teleperformance SE 3.750% 6/24/2029 500 580
4,7 Teleperformance SE 4.250% 1/21/2030 1,000 1,174
4,7 TotalEnergies Capital International SA 3.852% 3/3/2045 1,500 1,605
TotalEnergies Capital SA 5.275% 9/10/2054 225 210
TotalEnergies Capital USA LLC 4.857% 1/13/2036 1,100 1,084
4,7 TotalEnergies SE 1.625% Perpetual 2,000 2,267
7 Veolia Environnement SA 1.625% Perpetual 600 698
16,050
Germany (4.7%)
7 Allianz SE 1.301% 9/25/2049 1,000 1,084
4,7 Amprion GmbH 4.000% 9/30/2040 500 558
4,7 Aroundtown SA 3.500% 5/13/2030 400 458
4,9 Aroundtown SA 5.250% 12/11/2032 500 636
4,7 Bayer AG 1.375% 7/6/2032 800 815
4,7 Bayer AG 6.625% 9/25/2083 3,500 4,304
Deutsche Bank AG 6.720% 1/18/2029 33 34
Deutsche Bank AG 6.819% 11/20/2029 33 35
Deutsche Bank AG 4.950% 8/4/2031 931 928
Deutsche Bank AG 7.079% 2/10/2034 200 215
4,7 Deutsche Bank AG 4.450% 5/15/2041 1,400 1,604
7 Deutsche EuroShop AG 4.500% 10/15/2030 3,300 3,868
4,7 Deutsche Lufthansa AG 4.125% 9/3/2032 1,000 1,185
4,7 Deutsche Pfandbriefbank AG 4.000% 1/27/2028 565 662
5 Deutsche Telekom International Finance BV 4.875% 3/6/2042 75 68
4,7 DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH 4.875% 8/21/2030 8,800 10,452
4,7 Gothaer Allgemeine Versicherung AG 5.000% 6/20/2045 1,800 2,147
7 Grand City Properties Finance Sarl 4.750% Perpetual 1,400 1,566
5 IHO Verwaltungs GmbH 7.375% 5/15/2033 7 7
3
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
4,7 Oldenburgische Landesbank AG 8.000% 4/24/2034 1,000 1,287
4,7 Oldenburgische Landesbank AG 8.500% 4/24/2034 1,500 1,956
4,7 Viridium Group Sarl 4.375% 11/16/2035 500 555
4,7 Volkswagen Bank GmbH 3.625% 10/2/2032 500 574
4,6 Volkswagen Financial Services Australia Pty Ltd. 5.200% 10/16/2030 3,090 2,147
5 Volkswagen Group of America Finance LLC 4.450% 9/11/2027 385 384
5 Volkswagen Group of America Finance LLC 1.625% 11/24/2027 150 143
7 Volkswagen International Finance NV 3.748% Perpetual 1,300 1,518
4,7 Volkswagen International Finance NV 4.375% Perpetual 2,500 2,788
7 Wuestenrot & Wuerttembergische AG 2.125% 9/10/2041 3,100 3,238
7 Wuestenrot & Wuerttembergische AG 4.983% 10/27/2045 800 922
5 ZF North America Capital Inc. 7.500% 3/24/2031 35 35
5 ZF North America Capital Inc. 6.875% 4/23/2032 2 2
46,175
Hong Kong (0.0%)
5 Melco Resorts Finance Ltd. 6.500% 9/24/2033 20 20
Ireland (0.5%)
AerCap Ireland Capital DAC 6.100% 1/15/2027 880 890
AerCap Ireland Capital DAC 4.625% 10/15/2027 150 150
AerCap Ireland Capital DAC 3.000% 10/29/2028 380 366
AerCap Ireland Capital DAC 4.375% 11/15/2030 389 382
AerCap Ireland Capital DAC 4.750% 1/15/2033 780 762
AerCap Ireland Capital DAC 3.400% 10/29/2033 100 89
AerCap Ireland Capital DAC 5.300% 1/19/2034 500 499
AerCap Ireland Capital DAC 3.850% 10/29/2041 150 121
5 GGAM Finance Ltd. 8.000% 2/15/2027 7 7
5 Phoenix Aviation Capital Ltd. 9.250% 7/15/2030 20 21
Smurfit Kappa Treasury ULC 5.200% 1/15/2030 220 224
Smurfit Kappa Treasury ULC 5.438% 4/3/2034 770 782
Smurfit Westrock Financing DAC 5.418% 1/15/2035 262 264
Smurfit Westrock Financing DAC 5.185% 1/15/2036 260 256
5 Virgin Media O2 Vendor Financing Notes VI DAC 8.500% 3/15/2033 15 13
4,826
Israel (0.0%)
Teva Pharmaceutical Finance Netherlands III BV 3.150% 10/1/2026 8 8
Teva Pharmaceutical Finance Netherlands III BV 4.750% 5/9/2027 70 70
Teva Pharmaceutical Finance Netherlands III BV 6.000% 12/1/2032 15 16
Teva Pharmaceutical Finance Netherlands III BV 4.100% 10/1/2046 9 7
Teva Pharmaceutical Finance Netherlands IV BV 5.750% 12/1/2030 10 10
111
Italy (0.3%)
5 ENEL Finance International NV 4.750% 5/25/2047 200 166
4,7 Eni SpA 4.125% Perpetual 2,200 2,517
2,683
Japan (0.8%)
5 Kioxia Holdings Corp. 6.250% 7/24/2030 10 10
5 Kioxia Holdings Corp. 6.625% 7/24/2033 7 7
Mitsubishi UFJ Financial Group Inc. 4.080% 4/19/2028 2,353 2,346
Mitsubishi UFJ Financial Group Inc. 5.258% 4/17/2030 660 672
Mitsubishi UFJ Financial Group Inc. 2.048% 7/17/2030 600 541
Mitsubishi UFJ Financial Group Inc. 5.057% 1/14/2037 595 584
Mizuho Financial Group Inc. 5.667% 5/27/2029 250 256
5 Nippon Life Insurance Co. 4.748% 4/2/2031 260 260
5 Nippon Life Insurance Co. 5.046% 4/2/2033 225 225
7 Nippon Life Insurance Co. 4.114% 1/23/2055 600 684
4,7 Nippon Life Insurance Co. 4.165% 9/2/2055 600 682
5 Nissan Motor Co. Ltd. 7.750% 7/17/2032 5 5
5 Nissan Motor Co. Ltd. 8.125% 7/17/2035 20 21
Sumitomo Mitsui Financial Group Inc. 5.558% 7/9/2034 600 616
Sumitomo Mitsui Financial Group Inc. 5.570% 1/15/2047 760 737
Takeda Pharmaceutical Co. Ltd. 3.025% 7/9/2040 100 75
Takeda Pharmaceutical Co. Ltd. 3.175% 7/9/2050 100 66
Takeda Pharmaceutical Co. Ltd. 3.375% 7/9/2060 200 125
7,912
Lithuania (0.3%)
7 Artea Bankas AB 3.739% 10/7/2029 2,600 3,032
4
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Luxembourg (0.4%)
7 JAB Holdings BV 4.375% 4/25/2034 3,200 3,813
Macao (0.0%)
5 MGM China Holdings Ltd. 7.125% 6/26/2031 18 19
5 Studio City Co. Ltd. 7.000% 2/15/2027 10 10
5 Studio City Finance Ltd. 5.000% 1/15/2029 30 28
5 Wynn Macau Ltd. 5.625% 8/26/2028 39 39
5 Wynn Macau Ltd. 5.125% 12/15/2029 2 2
5 Wynn Macau Ltd. 6.750% 2/15/2034 16 16
114
Malaysia (0.1%)
4 Petronas Capital Ltd. 3.500% 4/21/2030 215 208
4 Petronas Capital Ltd. 5.340% 4/3/2035 411 424
632
Netherlands (1.5%)
4,7 Akzo Nobel NV 2.000% 3/28/2032 1,200 1,264
7 ASR Nederland NV 7.000% 12/7/2043 700 951
7 Athora Netherlands NV 5.375% 8/31/2032 1,300 1,547
4,7 JDE Peet's NV 4.125% 1/23/2030 1,200 1,427
NXP BV 5.000% 1/15/2033 310 310
5 Sunrise FinCo I BV 4.875% 7/15/2031 15 15
7 Triodos Bank NV 4.875% 9/12/2029 7,300 8,691
4,7 Triodos Bank NV 2.250% 2/5/2032 500 578
5 VZ Secured Financing BV 5.000% 1/15/2032 5 4
14,787
Norway (1.5%)
4,7 Public Property Invest A/S 4.625% 3/12/2030 5,645 6,741
4,7 Public Property Invest A/S 3.875% 10/16/2031 3,100 3,544
4,7 Public Property Invest A/S 4.375% 10/1/2032 4,200 4,873
15,158
Panama (0.0%)
5,10 Generadora de Gatun SA 6.874% 9/30/2044 478 478
Poland (0.0%)
5 Canpack SA 3.875% 11/15/2029 37 35
Saudi Arabia (0.1%)
Suci Second Investment Co. 4.375% 9/10/2027 865 863
South Africa (0.1%)
4 Bidvest Group UK plc 6.200% 9/17/2032 500 503
Spain (0.0%)
Banco Santander SA 5.437% 4/15/2036 200 199
Sweden (0.5%)
5 Swedbank AB 4.898% 3/30/2031 4,700 4,727
7 Telia Co. AB 2.750% 6/30/2083 500 576
5,303
Switzerland (1.8%)
7 ELM BV for Helvetia Schweizerische Versicherungsgesellschaft AG 3.375% 9/29/2047 2,400 2,795
7 Helvetia Europe SA 2.750% 9/30/2041 2,625 2,887
4,7 IWG US Finance LLC 6.500% 6/28/2030 2,612 3,291
7 IWG US Finance LLC 5.125% 5/14/2032 2,100 2,497
UBS Americas Inc. 7.125% 7/15/2032 350 391
5 UBS Group AG 3.869% 1/12/2029 602 595
5 UBS Group AG 4.151% 12/23/2029 1,455 1,439
5 UBS Group AG 5.617% 9/13/2030 163 168
5 UBS Group AG 4.398% 9/23/2031 770 756
5 UBS Group AG 3.091% 5/14/2032 290 267
5 UBS Group AG 5.580% 5/9/2036 935 951
5 UBS Group AG 5.010% 3/23/2037 630 611
5 UBS Group AG 5.528% 5/6/2047 793 760
17,408
Turkiye (0.0%)
5 ADM Elektrik Dagitim A/S 9.500% 2/5/2031 400 393
5
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
United Arab Emirates (0.0%)
4 Galaxy Pipeline Assets Bidco Ltd. 2.160% 3/31/2034 396 355
United Kingdom (6.8%)
5,10 A&K Travel Group Holdings Ltd. 7.500% 5/15/2033 7 7
5 Ardonagh Group Finance Ltd. 8.875% 2/15/2032 2 2
Barclays plc 4.836% 5/9/2028 300 300
Barclays plc 4.837% 9/10/2028 177 178
Barclays plc 7.385% 11/2/2028 600 624
Barclays plc 4.942% 9/10/2030 1,000 1,004
Barclays plc 5.207% 2/24/2037 500 485
Barclays plc 3.330% 11/24/2042 200 149
BAT Capital Corp. 3.557% 8/15/2027 235 233
BAT Capital Corp. 2.259% 3/25/2028 1,930 1,855
BAT Capital Corp. 2.726% 3/25/2031 75 69
BAT Capital Corp. 4.742% 3/16/2032 1,605 1,603
BAT Capital Corp. 4.390% 8/15/2037 560 509
BAT Capital Corp. 7.079% 8/2/2043 165 182
BAT Capital Corp. 4.540% 8/15/2047 124 101
BAT Capital Corp. 5.650% 3/16/2052 210 195
BAT Capital Corp. 7.081% 8/2/2053 1,440 1,593
4,7 BAT International Finance plc 2.000% 3/13/2045 600 469
5 Belron UK Finance plc 5.750% 10/15/2029 75 76
5 Brightstar Lottery plc 5.750% 1/15/2033 5 5
4,7 British American Tobacco plc 3.750% Perpetual 1,712 1,970
7 British American Tobacco plc 4.750% Perpetual 1,700 1,943
5 California Buyer Ltd. 6.375% 2/15/2032 10 10
9 Chesnara plc 4.750% 8/4/2032 300 377
9 Close Brothers Group plc 7.750% 6/14/2028 2,891 4,072
9 Close Brothers Group plc 6.125% 8/3/2036 1,900 2,499
5 Flutter Treasury DAC 5.875% 6/4/2031 15 15
5 Froneri Lux FinCo Sarl 6.000% 8/1/2032 25 25
5 Howden UK Refinance plc 7.250% 2/15/2031 15 15
5 Howden UK Refinance plc 8.125% 2/15/2032 40 38
HSBC Holdings plc 5.130% 11/19/2028 444 448
4 HSBC Holdings plc 3.973% 5/22/2030 460 450
HSBC Holdings plc 2.804% 5/24/2032 280 253
HSBC Holdings plc 5.133% 11/6/2036 760 746
HSBC Holdings plc 5.279% 3/10/2037 595 587
4 HSBC Holdings plc 6.500% 9/15/2037 125 133
HSBC Holdings plc 6.332% 3/9/2044 300 317
HSBC Holdings plc 5.250% 3/14/2044 200 188
5 Imperial Brands Finance plc 6.125% 7/27/2027 200 204
5 Imperial Brands Finance plc 4.500% 6/30/2028 530 530
5 Imperial Brands Finance plc 6.375% 7/1/2055 260 261
9 International Distribution Services plc 7.375% 9/14/2030 300 425
9 Just Group plc 6.875% 3/30/2035 500 675
Lloyds Banking Group plc 7.953% 11/15/2033 140 160
Lloyds Banking Group plc 6.068% 6/13/2036 200 205
Lloyds Banking Group plc 4.344% 1/9/2048 40 32
4,7 NatWest Group plc 1.043% 9/14/2032 1,000 1,140
5 NatWest Markets plc 4.893% 3/27/2031 1,570 1,579
9 Pension Insurance Corp. plc 4.625% 5/7/2031 500 636
9 Pension Insurance Corp. plc 3.625% 10/21/2032 3,057 3,563
9 Pension Insurance Corp. plc 8.000% 11/13/2033 600 870
RELX Capital Inc. 3.000% 5/22/2030 98 92
Santander UK Group Holdings plc 4.320% 9/22/2029 940 932
9 Scottish Widows Ltd. 7.000% 6/16/2043 800 1,080
4,9 SW Finance I plc 1.625% 3/30/2027 2,864 3,758
4,9 SW Finance I plc 2.375% 5/28/2028 3,000 3,808
9 SW Finance I plc 7.750% 10/31/2031 4,284 6,075
4,9 SW Finance I plc 6.875% 8/7/2032 800 1,103
4,9 SW Finance I plc 7.000% 4/16/2040 600 782
4,9 United Utilities Water Finance plc 5.125% 10/6/2038 700 843
4,9 United Utilities Water Finance plc 5.250% 1/22/2046 1,000 1,124
4,9 United Utilities Water Finance plc 5.750% 5/28/2051 500 582
9 Utmost Group plc 4.000% 12/15/2031 150 183
Vodafone Group plc 6.150% 2/27/2037 121 130
Vodafone Group plc 5.625% 2/10/2053 260 243
Vodafone Group plc 5.750% 6/28/2054 320 303
6
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
9 Wessex Water Services Finance plc 5.125% 10/31/2032 500 648
4,9 WPP Finance 2017 3.750% 5/19/2032 749 898
9 Yorkshire Water Finance plc 1.750% 11/26/2026 4,068 5,428
4,9 Yorkshire Water Finance plc 5.500% 4/28/2035 700 887
4,9 Yorkshire Water Finance plc 6.625% 7/22/2040 1,200 1,568
4,9 Yorkshire Water Finance plc 2.750% 4/18/2041 2,143 1,785
66,257
United States (40.9%)
5 1261229 BC Ltd. 10.000% 4/15/2032 34 35
5 200 Park Funding Trust 5.740% 2/15/2055 470 452
Abbott Laboratories 4.300% 3/15/2033 2,765 2,698
Abbott Laboratories 4.650% 3/15/2036 1,000 972
Abbott Laboratories 5.600% 3/15/2066 790 761
AbbVie Inc. 4.400% 3/15/2033 385 377
AbbVie Inc. 4.750% 3/15/2036 1,000 978
AbbVie Inc. 4.050% 11/21/2039 418 366
AbbVie Inc. 4.250% 11/21/2049 240 194
AbbVie Inc. 5.400% 3/15/2054 955 905
5 Acushnet Co. 5.625% 12/1/2033 5 5
5 ADT Security Corp. 5.875% 10/15/2033 8 8
5 Advance Auto Parts Inc. 7.000% 8/1/2030 7 7
5 Advance Auto Parts Inc. 7.375% 8/1/2033 21 22
5 Advanced Drainage Systems Inc. 6.375% 6/15/2030 5 5
Advanced Micro Devices Inc. 4.393% 6/1/2052 160 133
4 AdventHealth Obligated Group 2.795% 11/15/2051 300 182
AEP Texas Inc. 5.450% 5/15/2029 265 272
AEP Texas Inc. 5.400% 6/1/2033 140 143
AEP Texas Inc. 5.850% 10/15/2055 360 346
AEP Transmission Co. LLC 5.375% 6/15/2035 140 142
AEP Transmission Co. LLC 4.250% 9/15/2048 100 80
4 AEP Transmission Co. LLC 3.650% 4/1/2050 70 51
4 AEP Transmission Co. LLC 2.750% 8/15/2051 100 60
AES Corp. 5.450% 6/1/2028 77 78
Aflac Inc. 4.750% 1/15/2049 50 43
Agilent Technologies Inc. 4.750% 9/9/2034 155 153
Agree LP 2.000% 6/15/2028 50 48
Agree LP 5.625% 6/15/2034 750 769
Airbnb Inc. 4.650% 3/16/2031 120 120
Airbnb Inc. 5.250% 3/16/2036 160 160
Alabama Power Co. 5.100% 4/2/2035 390 394
Alabama Power Co. 4.150% 8/15/2044 50 41
5 Albertsons Cos. Inc. 5.500% 3/31/2031 5 5
5 Albertsons Cos. Inc. 6.250% 3/15/2033 25 25
5 Albertsons Cos. Inc. 5.750% 3/31/2034 25 24
5 Alcon Finance Corp. 3.800% 9/23/2049 200 148
5 Alliant Holdings Intermediate LLC 6.750% 4/15/2028 70 71
5 Alliant Holdings Intermediate LLC 7.000% 1/15/2031 3 3
5 Allied Universal Holdco LLC 6.875% 6/15/2030 2 2
4 Allina Health System 3.887% 4/15/2049 130 99
5 Allison Transmission Inc. 4.750% 10/1/2027 24 24
5 Allison Transmission Inc. 5.875% 12/1/2033 5 5
Ally Financial Inc. 5.737% 5/15/2029 335 340
Alphabet Inc. 4.400% 2/15/2033 828 814
Alphabet Inc. 5.650% 2/15/2056 927 909
Alphabet Inc. 5.700% 11/15/2075 353 338
9 Alphabet Inc. 6.125% 2/13/2126 500 630
Altria Group Inc. 4.875% 2/4/2028 390 393
Altria Group Inc. 4.800% 2/14/2029 240 242
Altria Group Inc. 2.450% 2/4/2032 165 145
Altria Group Inc. 5.625% 2/6/2035 730 749
Altria Group Inc. 3.400% 2/4/2041 70 53
Altria Group Inc. 5.375% 1/31/2044 100 93
Altria Group Inc. 5.950% 2/14/2049 100 97
5 Alumina Pty Ltd. 6.125% 3/15/2030 5 5
5 Alumina Pty Ltd. 6.375% 9/15/2032 23 24
Amazon.com Inc. 4.650% 11/20/2035 1,065 1,036
Amazon.com Inc. 4.875% 3/13/2036 5,475 5,394
AMC Global Media Inc. 4.250% 2/15/2029 5 4
Amcor Flexibles North America Inc. 4.800% 3/17/2028 660 664
7
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Amcor Flexibles North America Inc. 5.100% 3/17/2030 490 496
Amcor Flexibles North America Inc. 5.125% 3/12/2036 710 692
Ameren Corp. 5.375% 3/15/2035 600 608
Ameren Illinois Co. 4.150% 3/15/2046 75 60
Ameren Illinois Co. 5.900% 12/1/2052 130 131
5 American Airlines Inc. 7.250% 2/15/2028 6 6
5 American Airlines Inc. 5.750% 4/20/2029 50 50
4,10 American Airlines Pass-Through Trust Class B Series 2026-1 5.750% 5/10/2035 175 175
4,10 American Airlines Pass-Through Trust Class A Series 2026-1 5.250% 11/10/2038 718 717
American Axle & Manufacturing Inc. 5.000% 10/1/2029 12 12
5 American Builders & Contractors Supply Co. Inc. 4.000% 1/15/2028 3 3
5 American Builders & Contractors Supply Co. Inc. 3.875% 11/15/2029 3 3
4 American Electric Power Co. Inc. 6.050% 3/15/2056 270 269
American Express Co. 5.085% 1/30/2031 780 794
American Express Co. 4.804% 10/24/2036 860 832
American Homes 4 Rent LP 4.950% 6/15/2030 195 196
American Homes 4 Rent LP 5.500% 7/15/2034 1,000 1,004
American Honda Finance Corp. 4.450% 1/8/2031 815 800
4 American Honda Finance Corp. 4.900% 4/10/2031 25 25
American International Group Inc. 4.850% 5/7/2030 905 914
American Water Capital Corp. 5.200% 4/1/2036 710 711
5 Ameritex Holdco Intermediate LLC 7.625% 8/15/2033 5 5
Amgen Inc. 6.375% 6/1/2037 460 501
Amgen Inc. 5.150% 11/15/2041 61 58
Amgen Inc. 5.600% 3/2/2043 250 246
Amgen Inc. 5.650% 3/2/2053 385 370
Amgen Inc. 2.770% 9/1/2053 147 86
Amgen Inc. 5.750% 3/2/2063 76 73
Amphenol Corp. 3.900% 11/15/2028 342 339
Amphenol Corp. 4.125% 11/15/2030 564 556
Amphenol Corp. 4.400% 2/15/2033 1,359 1,328
Amphenol Corp. 4.625% 2/15/2036 618 597
Amphenol Corp. 5.300% 11/15/2055 351 328
Amrize Finance US LLC 5.400% 4/7/2035 40 41
5 AmWINS Group Inc. 6.375% 2/15/2029 7 7
5 AmWINS Group Inc. 4.875% 6/30/2029 7 7
5 Antero Midstream Partners LP 6.625% 2/1/2032 5 5
5 Antero Midstream Partners LP 5.750% 10/15/2033 15 15
Aon Global Ltd. 4.600% 6/14/2044 35 30
Aon Global Ltd. 4.750% 5/15/2045 70 60
Aon North America Inc. 5.150% 3/1/2029 510 519
5 APLD ComputeCo 2 LLC 6.750% 3/15/2031 15 15
Apollo Debt Solutions BDC 6.900% 4/13/2029 112 116
Apollo Global Management Inc. 5.150% 8/12/2035 208 202
Apollo Global Management Inc. 5.800% 5/21/2054 489 462
Apollo Global Management Inc. 6.000% 12/15/2054 319 312
4 Appalachian Power Co. 2.700% 4/1/2031 1,190 1,084
Appalachian Power Co. 4.450% 6/1/2045 360 295
4 Appalachian Power Co. 4.500% 3/1/2049 30 24
5 Ardagh Metal Packaging Finance USA LLC 4.000% 9/1/2029 23 21
5 Ardagh Metal Packaging Finance USA LLC 6.250% 1/30/2031 15 15
Ares Capital Corp. 5.875% 3/1/2029 150 151
Ares Capital Corp. 5.950% 7/15/2029 444 448
Ares Strategic Income Fund 5.700% 3/15/2028 286 286
Ares Strategic Income Fund 6.350% 8/15/2029 41 42
Asbury Automotive Group Inc. 4.500% 3/1/2028 46 46
4 Ascension Health 4.923% 11/15/2035 1,930 1,908
5 Ascent Resources Utica Holdings LLC 6.625% 10/15/2032 90 92
5 Ascent Resources Utica Holdings LLC 6.625% 7/15/2033 5 5
5 Asurion LLC 8.000% 12/31/2032 20 21
5 Asurion LLC 8.375% 2/1/2034 20 20
AT&T Inc. 4.750% 4/30/2033 1,014 1,000
AT&T Inc. 3.500% 6/1/2041 95 73
AT&T Inc. 4.750% 5/15/2046 70 59
AT&T Inc. 3.500% 9/15/2053 455 295
AT&T Inc. 3.550% 9/15/2055 213 137
AT&T Inc. 6.050% 8/15/2056 1,282 1,249
AT&T Inc. 3.800% 12/1/2057 451 300
AT&T Inc. 3.650% 9/15/2059 305 194
AT&T Inc. 6.300% 10/30/2066 317 312
8
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
5 AthenaHealth Group Inc. 6.500% 2/15/2030 40 38
9 Athene Global Funding 1.750% 11/24/2027 960 1,234
4,9 Athene Global Funding 5.146% 11/1/2029 600 801
Athene Holding Ltd. 3.450% 5/15/2052 369 225
Athene Holding Ltd. 6.250% 4/1/2054 341 313
Athene Holding Ltd. 6.625% 10/15/2054 801 775
Athene Holding Ltd. 6.875% 6/28/2055 885 859
5 Atlas Warehouse Lending Co. LP 5.250% 1/15/2033 520 509
Atmos Energy Corp. 6.200% 11/15/2053 110 116
Augusta SpinCo Corp. 5.245% 3/23/2036 765 762
Autodesk Inc. 5.300% 6/15/2035 280 281
AutoZone Inc. 4.750% 8/1/2032 370 367
5 Aviation Capital Group LLC 4.875% 1/28/2033 415 402
Baker Hughes Holdings LLC 5.000% 6/15/2036 5,320 5,236
Ball Corp. 2.875% 8/15/2030 7 6
Ball Corp. 5.500% 9/15/2033 5 5
Bank of America Corp. 6.204% 11/10/2028 440 452
4 Bank of America Corp. 3.970% 3/5/2029 200 198
4 Bank of America Corp. 2.087% 6/14/2029 100 95
4 Bank of America Corp. 3.974% 2/7/2030 300 296
4 Bank of America Corp. 2.592% 4/29/2031 125 116
Bank of America Corp. 2.687% 4/22/2032 675 612
Bank of America Corp. 4.571% 4/27/2033 200 197
Bank of America Corp. 5.744% 2/12/2036 1,090 1,110
Bank of America Corp. 5.489% 4/23/2037 1,420 1,410
4 Bank of America Corp. 4.078% 4/23/2040 200 174
4 Bank of America Corp. 2.676% 6/19/2041 560 403
Bank of America Corp. 3.311% 4/22/2042 60 46
Bank of New York Mellon Corp. 4.942% 2/11/2031 200 202
4 Bank of New York Mellon Corp. 6.474% 10/25/2034 300 328
4 Bank of New York Mellon Corp. 5.188% 3/14/2035 485 491
Bank of New York Mellon Corp. 5.316% 6/6/2036 987 999
Bank of New York Mellon Corp. 5.085% 4/23/2037 965 957
5 Bausch + Lomb Corp. 8.375% 10/1/2028 21 22
5,11 Beach Acquisition Bidco LLC, 10.750% PIK or 10.000% Cash 10.000% 7/15/2033 5 6
Becton Dickinson & Co. 4.874% 2/8/2029 275 278
Berkshire Hathaway Energy Co. 2.850% 5/15/2051 100 60
Berry Global Inc. 5.650% 1/15/2034 48 49
4 Beth Israel Lahey Health Inc. 3.080% 7/1/2051 180 116
5 Big River Steel LLC 6.625% 1/31/2029 42 42
Black Hills Corp. 6.000% 1/15/2035 120 124
5 Black Pearl Compute LLC 6.125% 2/15/2031 5 5
5 Block Inc. 5.625% 8/15/2030 15 15
Block Inc. 6.500% 5/15/2032 23 23
5 Block Inc. 6.000% 8/15/2033 5 5
Blue Owl Capital Corp. 6.200% 7/15/2030 15 15
5 Blue Racer Midstream LLC 7.000% 7/15/2029 77 80
5 Blue Racer Midstream LLC 7.250% 7/15/2032 2 2
Boeing Co. 6.298% 5/1/2029 2,070 2,171
Boeing Co. 5.150% 5/1/2030 277 281
Boeing Co. 3.625% 2/1/2031 2,001 1,908
Boeing Co. 6.388% 5/1/2031 1,792 1,915
Boeing Co. 6.528% 5/1/2034 810 886
Boeing Co. 5.805% 5/1/2050 445 433
Boeing Co. 6.858% 5/1/2054 800 888
Boeing Co. 7.008% 5/1/2064 880 981
BorgWarner Inc. 4.950% 8/15/2029 120 121
BorgWarner Inc. 5.400% 8/15/2034 235 238
BP Capital Markets America Inc. 3.060% 6/17/2041 169 127
BP Capital Markets America Inc. 2.939% 6/4/2051 548 345
Brandywine Operating Partnership LP 8.875% 4/12/2029 15 16
Brandywine Operating Partnership LP 6.125% 1/15/2031 5 5
Broadcom Inc. 5.000% 4/15/2030 120 122
Broadcom Inc. 4.600% 7/15/2030 1,876 1,884
Broadcom Inc. 4.150% 11/15/2030 530 522
5 Broadcom Inc. 4.150% 4/15/2032 185 179
Broadcom Inc. 5.200% 7/15/2035 550 555
5 Broadcom Inc. 3.187% 11/15/2036 145 122
Broadcom Inc. 4.900% 2/15/2038 312 301
Broadcom Inc. 5.700% 1/15/2056 371 368
9
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Brown & Brown Inc. 4.700% 6/23/2028 228 229
Brown & Brown Inc. 2.375% 3/15/2031 1,200 1,060
5 Builders FirstSource Inc. 6.375% 3/1/2034 10 10
5 Builders FirstSource Inc. 6.750% 5/15/2035 15 15
5 Burford Capital Global Finance LLC 6.250% 4/15/2028 5 5
5 Burford Capital Global Finance LLC 9.250% 7/1/2031 5 5
5 Burford Capital Global Finance LLC 8.500% 1/15/2034 15 13
Burlington Northern Santa Fe LLC 5.750% 5/1/2040 325 339
Burlington Northern Santa Fe LLC 5.500% 3/15/2055 135 130
5 Cable One Inc. 4.000% 11/15/2030 9 6
5 Caesars Entertainment Inc. 6.500% 2/15/2032 5 5
5 California Resources Corp. 7.000% 1/15/2034 20 20
Camden Property Trust 3.350% 11/1/2049 110 75
5 Canpack Group Inc. 6.000% 5/15/2031 5 5
Capital One Financial Corp. 5.468% 2/1/2029 90 91
Capital One Financial Corp. 6.312% 6/8/2029 226 234
Capital One Financial Corp. 5.700% 2/1/2030 438 450
Capital One Financial Corp. 3.273% 3/1/2030 400 386
4 Capital One Financial Corp. 7.624% 10/30/2031 190 210
Capital One Financial Corp. 2.618% 11/2/2032 175 154
Capital One Financial Corp. 5.817% 2/1/2034 500 514
Capital One Financial Corp. 6.051% 2/1/2035 340 352
Capital One Financial Corp. 6.183% 1/30/2036 1,359 1,384
Capital One Financial Corp. 5.197% 9/11/2036 577 559
Capital One Financial Corp. 5.399% 1/30/2037 530 521
Cardinal Health Inc. 5.750% 11/15/2054 785 765
Carlyle Group Inc. 5.050% 9/19/2035 147 142
5 Carnival Corp. 4.000% 8/1/2028 7 7
5 Carnival Corp. 5.125% 5/1/2029 20 20
5 Carnival Corp. 5.750% 3/15/2030 20 20
5 Carnival Corp. 5.875% 6/15/2031 25 25
5 CCO Holdings LLC 4.750% 3/1/2030 52 49
5 CCO Holdings LLC 4.500% 8/15/2030 90 84
5 CCO Holdings LLC 4.250% 2/1/2031 10 9
CCO Holdings LLC 4.500% 5/1/2032 40 35
5 CCO Holdings LLC 7.000% 2/1/2033 5 5
CDW LLC 5.100% 3/1/2030 470 472
Cencora Inc. 2.700% 3/15/2031 230 210
Cencora Inc. 4.600% 2/13/2033 130 128
Cencora Inc. 4.300% 12/15/2047 80 65
CenterPoint Energy Houston Electric LLC 5.050% 3/1/2035 690 690
CenterPoint Energy Houston Electric LLC 3.550% 8/1/2042 65 51
CenterPoint Energy Houston Electric LLC 5.300% 4/1/2053 40 37
CenterPoint Energy Inc. 5.400% 6/1/2029 1,775 1,820
CenterPoint Energy Resources Corp. 5.400% 3/1/2033 5 5
5,12 Central Parent Inc. 7.250% 6/15/2029 74 39
5,12 Central Parent LLC 8.000% 6/15/2029 2 1
5 Champ Acquisition Corp. 8.375% 12/1/2031 67 71
5 Charles River Laboratories International Inc. 3.750% 3/15/2029 75 72
Charles Schwab Corp. 5.643% 5/19/2029 35 36
Charles Schwab Corp. 6.196% 11/17/2029 200 209
Charles Schwab Corp. 4.343% 11/14/2031 370 365
5 Chart Industries Inc. 7.500% 1/1/2030 5 5
5 Chart Industries Inc. 9.500% 1/1/2031 2 2
Charter Communications Operating LLC 3.750% 2/15/2028 790 777
Charter Communications Operating LLC 4.200% 3/15/2028 40 40
Charter Communications Operating LLC 2.250% 1/15/2029 40 37
Charter Communications Operating LLC 5.050% 3/30/2029 480 481
Charter Communications Operating LLC 6.100% 6/1/2029 5,090 5,255
Charter Communications Operating LLC 2.300% 2/1/2032 610 522
Charter Communications Operating LLC 6.650% 2/1/2034 542 562
Charter Communications Operating LLC 3.500% 3/1/2042 200 136
Charter Communications Operating LLC 6.484% 10/23/2045 760 700
Charter Communications Operating LLC 5.375% 5/1/2047 395 317
Charter Communications Operating LLC 5.750% 4/1/2048 460 386
Charter Communications Operating LLC 6.700% 12/1/2055 614 579
5 Chemours Co. 4.625% 11/15/2029 10 10
5 Chemours Co. 7.875% 3/15/2034 15 15
Cheniere Corpus Christi Holdings LLC 3.700% 11/15/2029 70 68
5 Cheniere Energy Inc. 5.200% 7/30/2036 510 504
10
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Cheniere Energy Partners LP 3.250% 1/31/2032 770 704
Cheniere Energy Partners LP 5.950% 6/30/2033 35 37
Cheniere Energy Partners LP 5.550% 10/30/2035 650 662
4 Children's Hospital of Philadelphia 2.704% 7/1/2050 150 92
5 Chobani LLC 6.375% 4/15/2034 5 5
5 Chord Energy Corp. 6.000% 10/1/2030 10 10
5 Chord Energy Corp. 6.750% 3/15/2033 10 10
5 Churchill Downs Inc. 5.500% 4/1/2027 33 33
5 Churchill Downs Inc. 4.750% 1/15/2028 31 31
5 Churchill Downs Inc. 5.750% 4/1/2030 5 5
Cigna Group 2.375% 3/15/2031 75 68
Cigna Group 3.400% 3/15/2050 150 102
5 Cipher Compute LLC 7.125% 11/15/2030 10 10
5 Citadel Finance LLC 5.900% 2/10/2030 500 504
Citigroup Inc. 4.542% 9/19/2030 1,340 1,335
4 Citigroup Inc. 2.976% 11/5/2030 140 132
4 Citigroup Inc. 2.572% 6/3/2031 500 459
Citigroup Inc. 2.520% 11/3/2032 250 221
Citigroup Inc. 6.174% 5/25/2034 180 187
Citigroup Inc. 5.827% 2/13/2035 290 295
Citigroup Inc. 6.020% 1/24/2036 350 359
Citigroup Inc. 5.174% 9/11/2036 327 324
Citigroup Inc. 4.650% 7/30/2045 90 79
Citigroup Inc. 4.650% 7/23/2048 55 48
Citizens Financial Group Inc. 5.253% 3/5/2031 248 251
4 City of Hope 4.378% 8/15/2048 80 64
5 Clarios Global LP 6.750% 2/15/2030 48 50
5 Clarios Global LP 6.750% 9/15/2032 5 5
5 Clean Harbors Inc. 5.750% 10/15/2033 15 15
5 Clearway Energy Operating LLC 4.750% 3/15/2028 25 25
5 Clearway Energy Operating LLC 3.750% 1/15/2032 2 2
5 Cleveland-Cliffs Inc. 4.625% 3/1/2029 9 9
5 Cleveland-Cliffs Inc. 7.500% 9/15/2031 11 11
5 Cleveland-Cliffs Inc. 7.625% 1/15/2034 10 10
5 Cloud Software Group Inc. 6.500% 3/31/2029 10 10
5 Cloud Software Group Inc. 9.000% 9/30/2029 15 15
5 Cloud Software Group Inc. 8.250% 6/30/2032 76 72
CMS Energy Corp. 4.875% 3/1/2044 135 118
5 CNX Resources Corp. 7.375% 1/15/2031 1 1
5 CNX Resources Corp. 7.250% 3/1/2032 14 15
5 CNX Resources Corp. 5.875% 3/1/2034 10 10
5 Columbia Pipelines Holding Co. LLC 5.681% 1/15/2034 195 199
Comcast Corp. 4.400% 8/15/2035 90 85
Comcast Corp. 6.550% 7/1/2039 80 86
Comcast Corp. 3.250% 11/1/2039 145 111
Comcast Corp. 4.500% 1/15/2043 140 114
Comcast Corp. 4.000% 8/15/2047 150 111
Comcast Corp. 2.937% 11/1/2056 1,185 652
Comcast Corp. 4.950% 10/15/2058 65 53
Comcast Corp. 2.650% 8/15/2062 263 128
Comcast Corp. 2.987% 11/1/2063 413 217
5 Commercial Metals Co. 5.750% 11/15/2033 13 13
5 Commercial Metals Co. 6.000% 12/15/2035 10 10
4 CommonSpirit Health 4.350% 11/1/2042 220 189
Commonwealth Edison Co. 3.800% 10/1/2042 115 92
4 Commonwealth Edison Co. 3.125% 3/15/2051 50 32
Commonwealth Edison Co. 5.300% 2/1/2053 260 241
5 Community Health Systems Inc. 10.875% 1/15/2032 12 13
5 Community Health Systems Inc. 9.750% 1/15/2034 15 15
ConocoPhillips Co. 4.300% 11/15/2044 65 55
ConocoPhillips Co. 3.800% 3/15/2052 40 29
ConocoPhillips Co. 5.300% 5/15/2053 75 69
ConocoPhillips Co. 5.700% 9/15/2063 40 38
4 Consolidated Edison Co. of New York Inc. 5.500% 12/1/2039 65 65
Consolidated Edison Co. of New York Inc. 5.700% 6/15/2040 160 163
Consolidated Edison Co. of New York Inc. 5.900% 11/15/2053 400 400
Constellation Brands Inc. 4.950% 11/1/2035 1,595 1,548
Constellation Energy Generation LLC 5.875% 1/15/2066 530 510
5 Continental Resources Inc. 2.268% 11/15/2026 100 99
5 Continental Resources Inc. 2.875% 4/1/2032 40 35
11
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
COPT Defense Properties LP 4.500% 10/15/2030 61 60
COPT Defense Properties LP 2.750% 4/15/2031 105 95
Corebridge Financial Inc. 3.850% 4/5/2029 170 167
Corebridge Financial Inc. 3.900% 4/5/2032 194 183
Corebridge Financial Inc. 5.750% 1/15/2034 1,500 1,542
Corebridge Financial Inc. 4.350% 4/5/2042 100 83
Corebridge Financial Inc. 4.400% 4/5/2052 150 119
Coterra Energy Inc. 4.375% 3/15/2029 130 129
Coterra Energy Inc. 5.400% 2/15/2035 610 615
Coterra Energy Inc. 5.900% 2/15/2055 620 596
Cotiviti Inc. 7.625% 5/1/2031 5 5
Cousins Properties LP 4.875% 3/1/2033 455 440
5 Cox Communications Inc. 4.800% 2/1/2035 557 507
5 Credit Acceptance Corp. 6.625% 3/15/2030 25 25
5 Crescent Energy Finance LLC 7.750% 7/31/2029 5 5
CRH America Finance Inc. 4.400% 2/9/2031 1,480 1,462
CRH America Finance Inc. 5.000% 2/9/2036 1,040 1,023
Crown Americas LLC 5.875% 6/1/2033 15 15
Crown Castle Inc. 4.750% 5/15/2047 125 104
5 CSC Holdings LLC 11.750% 1/31/2029 78 56
5 CSC Holdings LLC 3.375% 2/15/2031 10 6
CSX Corp. 4.750% 11/15/2048 190 165
CubeSmart LP 2.250% 12/15/2028 225 213
CVS Health Corp. 5.400% 6/1/2029 400 409
CVS Health Corp. 5.125% 2/21/2030 365 371
CVS Health Corp. 1.750% 8/21/2030 200 177
CVS Health Corp. 5.550% 6/1/2031 315 326
CVS Health Corp. 5.250% 2/21/2033 240 244
CVS Health Corp. 4.875% 7/20/2035 80 77
CVS Health Corp. 4.780% 3/25/2038 419 389
CVS Health Corp. 4.125% 4/1/2040 58 49
CVS Health Corp. 5.125% 7/20/2045 85 75
CVS Health Corp. 6.000% 6/1/2063 130 123
5 Cyprium Corp. 6.125% 4/15/2031 5 5
5 Cyprium Corp. 6.375% 4/15/2034 3 3
Dana Inc. 4.250% 9/1/2030 6 6
Dana Inc. 4.500% 2/15/2032 42 40
5 DaVita Inc. 4.625% 6/1/2030 28 27
5 DaVita Inc. 3.750% 2/15/2031 10 9
5 DaVita Inc. 6.875% 9/1/2032 15 15
DCP Midstream Operating LP 3.250% 2/15/2032 700 640
5 DCP Midstream Operating LP 6.750% 9/15/2037 300 324
Dell International LLC 6.200% 7/15/2030 219 231
Dell International LLC 4.750% 10/6/2032 600 593
Dell International LLC 5.400% 4/15/2034 636 646
Dell International LLC 8.350% 7/15/2046 44 55
5 Delta Air Lines Inc. 4.750% 10/20/2028 990 991
Delta Air Lines Inc. 3.750% 10/28/2029 9 9
Devon Energy Corp. 5.750% 9/15/2054 590 556
5 Diamond Foreign Asset Co. 8.500% 10/1/2030 10 11
Diamondback Energy Inc. 3.125% 3/24/2031 15 14
Diamondback Energy Inc. 5.750% 4/18/2054 470 450
Diamondback Energy Inc. 5.900% 4/18/2064 255 246
7 Digital Euro Finco LLC 3.750% 1/15/2033 400 458
5 Directv Financing LLC 5.875% 8/15/2027 5 5
5 Directv Financing LLC 8.875% 2/1/2030 15 15
5 Directv Financing LLC 10.000% 2/15/2031 15 16
4 Discovery Global Holdings Inc. 4.279% 3/15/2032 25 23
4 Discovery Global Holdings Inc. 5.050% 3/15/2042 9 6
4 Discovery Global Holdings Inc. 5.141% 3/15/2052 37 24
5 DISH Network Corp. 11.750% 11/15/2027 12 12
4 Dominion Energy Inc. 4.050% 9/15/2042 170 135
Dominion Energy South Carolina Inc. 5.450% 2/1/2041 40 39
Dominion Energy South Carolina Inc. 4.600% 6/15/2043 240 210
Dominion Energy South Carolina Inc. 6.250% 10/15/2053 185 194
DTE Electric Co. 5.250% 5/15/2035 720 730
DTE Electric Co. 3.700% 6/1/2046 75 56
DTE Energy Co. 5.100% 3/1/2029 1,890 1,920
Duke Energy Carolinas LLC 5.300% 2/15/2040 20 20
Duke Energy Carolinas LLC 4.250% 12/15/2041 125 108
12
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Duke Energy Carolinas LLC 3.700% 12/1/2047 39 29
Duke Energy Corp. 3.500% 6/15/2051 100 67
Duke Energy Florida LLC 3.400% 10/1/2046 35 25
Duke Energy Florida LLC 6.200% 11/15/2053 110 115
Duke Energy Indiana LLC 2.750% 4/1/2050 75 45
Duke Energy Ohio Inc. 5.650% 4/1/2053 90 87
Duke Energy Progress LLC 5.050% 3/15/2035 770 772
Duke Energy Progress LLC 4.100% 5/15/2042 200 166
Duke Energy Progress LLC 2.500% 8/15/2050 170 97
4,7 DXC Capital Funding DAC 0.950% 9/15/2031 1,000 961
Eastern Energy Gas Holdings LLC 6.200% 1/15/2055 320 325
Eaton Capital ULC 4.450% 5/9/2030 230 230
Eaton Corp. 4.200% 3/6/2031 360 355
10 Edison International 5.000% 5/5/2028 790 790
Edison International 5.250% 3/15/2032 40 39
5 EF Holdco 7.375% 9/30/2030 10 10
5 Element Solutions Inc. 3.875% 9/1/2028 11 11
Elevance Health Inc. 5.150% 6/15/2029 230 234
Elevance Health Inc. 3.125% 5/15/2050 190 122
Elevance Health Inc. 6.100% 10/15/2052 155 156
Elevance Health Inc. 5.650% 6/15/2054 435 411
Elevance Health Inc. 5.700% 2/15/2055 835 797
Elevance Health Inc. 5.700% 9/15/2055 380 363
Eli Lilly & Co. 5.050% 8/14/2054 645 587
5 Ellucian Holdings Inc. 6.500% 12/1/2029 10 10
Enbridge Energy Partners LP 7.375% 10/15/2045 230 263
5 Endo Finance Holdings LP 8.500% 4/15/2031 36 38
5 Energizer Holdings Inc. 4.750% 6/15/2028 28 28
5 Energizer Holdings Inc. 4.375% 3/31/2029 35 34
5 Energizer Holdings Inc. 6.000% 9/15/2033 15 14
Energy Transfer LP 5.250% 4/15/2029 130 132
Energy Transfer LP 5.250% 7/1/2029 230 235
Energy Transfer LP 3.750% 5/15/2030 30 29
Energy Transfer LP 6.400% 12/1/2030 230 246
Energy Transfer LP 5.750% 2/15/2033 130 135
Energy Transfer LP 6.550% 12/1/2033 230 249
Energy Transfer LP 5.350% 1/15/2036 800 795
Energy Transfer LP 6.050% 6/1/2041 535 540
Energy Transfer LP 6.500% 2/1/2042 100 104
Energy Transfer LP 5.300% 4/1/2044 75 67
Energy Transfer LP 5.150% 3/15/2045 55 48
Energy Transfer LP 6.250% 4/15/2049 70 69
5 Enpro Inc. 6.125% 6/1/2033 10 10
5 Entegris Inc. 4.750% 4/15/2029 135 134
5 Entegris Inc. 5.950% 6/15/2030 45 46
Entergy Arkansas LLC 5.450% 6/1/2034 380 391
Entergy Arkansas LLC 5.750% 6/1/2054 560 546
Entergy Corp. 3.750% 6/15/2050 650 461
Entergy Mississippi LLC 5.800% 4/15/2055 360 353
Entergy Texas Inc. 5.550% 9/15/2054 545 515
Enterprise Products Operating LLC 5.200% 1/15/2036 1,960 1,978
Enterprise Products Operating LLC 4.850% 3/15/2044 215 195
Enterprise Products Operating LLC 4.900% 5/15/2046 59 53
Enterprise Products Operating LLC 4.250% 2/15/2048 50 41
Enterprise Products Operating LLC 3.700% 1/31/2051 70 51
EOG Resources Inc. 5.350% 1/15/2036 1,530 1,552
EOG Resources Inc. 5.650% 12/1/2054 950 921
EQT Corp. 3.900% 10/1/2027 28 28
EQT Corp. 7.500% 6/1/2030 10 11
Equitable Holdings Inc. 5.594% 1/11/2033 148 151
Equitable Holdings Inc. 5.000% 4/20/2048 79 68
5 ERAC USA Finance LLC 4.500% 10/30/2029 1,433 1,430
5 ERAC USA Finance LLC 4.700% 4/30/2031 1,211 1,209
5 ERAC USA Finance LLC 7.000% 10/15/2037 180 205
ERP Operating LP 4.500% 7/1/2044 135 118
5 Esab Corp. 5.625% 4/1/2031 10 10
Essential Utilities Inc. 4.800% 8/15/2027 2,685 2,695
Essex Portfolio LP 4.500% 3/15/2048 60 49
Everest Reinsurance Holdings Inc. 3.500% 10/15/2050 96 64
Evergy Inc. 4.250% 3/15/2029 660 655
13
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Evergy Kansas Central Inc. 3.250% 9/1/2049 150 101
Evergy Kansas Central Inc. 5.700% 3/15/2053 380 371
5 Excelerate Energy LP 8.000% 5/15/2030 6 6
Exelon Corp. 5.150% 3/15/2028 210 212
Exelon Corp. 4.050% 4/15/2030 2,920 2,859
Exelon Corp. 3.350% 3/15/2032 200 185
Exelon Corp. 4.450% 4/15/2046 165 135
Exelon Corp. 4.100% 3/15/2052 100 75
Exelon Corp. 5.600% 3/15/2053 390 367
Extra Space Storage LP 5.700% 4/1/2028 150 153
Extra Space Storage LP 5.500% 7/1/2030 374 384
Extra Space Storage LP 2.400% 10/15/2031 80 70
Extra Space Storage LP 4.950% 1/15/2033 436 432
Exxon Mobil Corp. 4.114% 3/1/2046 55 46
5 Fair Isaac Corp. 6.000% 5/15/2033 10 10
5 Fair Isaac Corp. 6.250% 9/15/2034 20 20
4 FedEx Corp. 3.875% 8/1/2042 30 24
4 FedEx Corp. 4.550% 4/1/2046 70 58
4 FedEx Corp. 4.050% 2/15/2048 70 53
5 Fedex Freight Holding Co. Inc. 4.650% 3/15/2031 550 543
5 Fedex Freight Holding Co. Inc. 4.950% 3/15/2033 320 314
5 Fedex Freight Holding Co. Inc. 5.250% 3/15/2036 380 370
Ferguson Enterprises Inc. 4.350% 3/15/2031 310 305
Fifth Third Bancorp 6.339% 7/27/2029 310 321
FirstEnergy Corp. 2.650% 3/1/2030 2,690 2,497
4 FirstEnergy Corp. 3.400% 3/1/2050 1,100 733
5 FirstEnergy Pennsylvania Electric Co. 4.550% 3/15/2031 830 825
5 FirstEnergy Transmission LLC 2.866% 9/15/2028 260 250
FirstEnergy Transmission LLC 4.550% 1/15/2030 134 134
FirstEnergy Transmission LLC 4.750% 1/15/2033 3,202 3,164
5 FirstEnergy Transmission LLC 4.550% 4/1/2049 405 336
Fiserv Inc. 5.600% 3/2/2033 120 122
5 Flash Compute LLC 7.250% 12/31/2030 10 10
FMC Corp. 5.650% 5/18/2033 10 9
FMC Corp. 8.450% 11/1/2055 17 11
5 Focus Financial Partners LLC 6.750% 9/15/2031 5 5
Ford Motor Credit Co. LLC 4.950% 5/28/2027 45 45
Ford Motor Credit Co. LLC 4.125% 8/17/2027 5 5
Ford Motor Credit Co. LLC 3.815% 11/2/2027 22 22
Ford Motor Credit Co. LLC 6.800% 5/12/2028 20 21
Ford Motor Credit Co. LLC 6.798% 11/7/2028 200 207
Ford Motor Credit Co. LLC 2.900% 2/10/2029 53 50
Ford Motor Credit Co. LLC 7.200% 6/10/2030 10 11
Ford Motor Credit Co. LLC 6.532% 3/19/2032 600 621
Ford Motor Credit Co. LLC 5.753% 4/6/2033 585 580
Ford Motor Credit Co. LLC 7.122% 11/7/2033 200 212
5 Foundry JV Holdco LLC 5.500% 1/25/2031 290 298
5 Foundry JV Holdco LLC 6.150% 1/25/2032 1,542 1,623
5 Foundry JV Holdco LLC 5.900% 1/25/2033 712 742
5 Foundry JV Holdco LLC 6.250% 1/25/2035 709 749
5 Foundry JV Holdco LLC 6.200% 1/25/2037 1,790 1,887
5 Freedom Mortgage Holdings LLC 9.250% 2/1/2029 2 2
5 Freedom Mortgage Holdings LLC 6.875% 5/1/2031 15 14
5 Freedom Mortgage Holdings LLC 9.125% 5/15/2031 65 67
5 Freedom Mortgage Holdings LLC 8.375% 4/1/2032 5 5
5 Freedom Mortgage Holdings LLC 7.875% 4/1/2033 10 10
Freeport-McMoRan Inc. 5.450% 3/15/2043 10 10
4,7 GA Global Funding Trust 3.750% 6/20/2032 400 453
4,7 GA Global Funding Trust 4.133% 9/16/2035 2,700 3,065
5 Garrett Motion Holdings Inc. 7.750% 5/31/2032 6 6
5 Gates Corp. 6.875% 7/1/2029 5 5
GE HealthCare Technologies Inc. 4.800% 8/14/2029 155 156
GE HealthCare Technologies Inc. 5.857% 3/15/2030 110 115
GE HealthCare Technologies Inc. 4.800% 1/15/2031 330 331
GE HealthCare Technologies Inc. 5.500% 6/15/2035 300 304
GE HealthCare Technologies Inc. 4.950% 12/15/2035 375 366
GE HealthCare Technologies Inc. 6.377% 11/22/2052 100 105
GE Vernova Inc. 4.250% 2/4/2031 332 329
5 Gen Digital Inc. 6.250% 4/1/2033 15 15
General Motors Co. 5.200% 4/1/2045 478 418
14
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
General Motors Financial Co. Inc. 5.350% 7/15/2027 225 227
General Motors Financial Co. Inc. 5.550% 7/15/2029 575 589
General Motors Financial Co. Inc. 3.600% 6/21/2030 95 91
General Motors Financial Co. Inc. 4.600% 1/8/2031 2,510 2,480
General Motors Financial Co. Inc. 5.750% 2/8/2031 1,905 1,969
General Motors Financial Co. Inc. 6.400% 1/9/2033 170 181
General Motors Financial Co. Inc. 5.450% 1/8/2036 250 248
5 Genesee & Wyoming Inc. 6.250% 4/15/2032 10 10
Genesis Energy LP 8.250% 1/15/2029 5 5
Genesis Energy LP 8.000% 5/15/2033 10 11
Genesis Energy LP 6.750% 3/15/2034 10 10
Georgia Power Co. 4.300% 3/15/2042 130 112
Georgia Power Co. 5.125% 5/15/2052 70 64
5,10 Georgia-Pacific LLC 4.900% 5/15/2033 2,130 2,124
5 GFL Environmental Holdings US Inc. 5.500% 2/1/2034 10 10
Gilead Sciences Inc. 4.150% 3/1/2047 190 153
5 Global Atlantic Fin Co. 7.950% 6/15/2033 1,098 1,203
5 Global Atlantic Fin Co. 6.750% 3/15/2054 240 227
Goldman Sachs Group Inc. 5.727% 4/25/2030 2,500 2,575
4,7 Goldman Sachs Group Inc. 3.509% 8/17/2033 5,400 6,214
Goldman Sachs Group Inc. 5.094% 4/20/2034 1,489 1,485
Goldman Sachs Group Inc. 4.939% 10/21/2036 1,085 1,053
Goldman Sachs Group Inc. 5.065% 1/21/2037 238 233
Goldman Sachs Group Inc. 6.750% 10/1/2037 300 326
4 Goldman Sachs Group Inc. 4.411% 4/23/2039 255 230
Goldman Sachs Group Inc. 5.387% 2/2/2041 1,130 1,099
Goldman Sachs Group Inc. 3.210% 4/22/2042 100 75
4 Goldman Sachs Group Inc. 4.800% 7/8/2044 90 80
Golub Capital Private Credit Fund 5.875% 5/1/2030 351 347
Goodyear Tire & Rubber Co. 5.000% 7/15/2029 45 43
Goodyear Tire & Rubber Co. 6.625% 7/15/2030 11 11
5 Graphic Packaging International LLC 3.500% 3/15/2028 1 1
5 Graphic Packaging International LLC 3.750% 2/1/2030 77 72
5 Gray Media Inc. 9.625% 7/15/2032 10 10
5 Gray Media Inc. 7.250% 8/15/2033 7 7
5 Hawaiian Electric Co. Inc. 6.000% 10/1/2033 20 20
HCA Inc. 5.000% 3/1/2028 150 151
HCA Inc. 5.250% 3/1/2030 285 290
HCA Inc. 5.450% 4/1/2031 80 82
HCA Inc. 4.600% 11/15/2032 1,510 1,475
HCA Inc. 5.000% 5/15/2033 315 313
HCA Inc. 5.450% 9/15/2034 50 51
HCA Inc. 5.750% 3/1/2035 50 51
HCA Inc. 4.900% 11/15/2035 225 218
HCA Inc. 5.300% 5/15/2036 675 669
HCA Inc. 5.250% 6/15/2049 115 101
HCA Inc. 4.625% 3/15/2052 205 163
HCA Inc. 6.100% 4/1/2064 740 714
Helmerich & Payne Inc. 2.900% 9/29/2031 220 198
5 Herc Holdings Inc. 6.625% 6/15/2029 5 5
5 Herc Holdings Inc. 7.000% 6/15/2030 10 10
5 Herc Holdings Inc. 5.750% 3/15/2031 10 10
5 Herc Holdings Inc. 7.250% 6/15/2033 6 6
5 Herc Holdings Inc. 6.000% 3/15/2034 5 5
Hess Corp. 7.300% 8/15/2031 5 6
5 Hess Midstream Operations LP 6.500% 6/1/2029 6 6
Hewlett Packard Enterprise Co. 4.550% 10/15/2029 689 686
Hewlett Packard Enterprise Co. 4.400% 10/15/2030 1,363 1,339
Hewlett Packard Enterprise Co. 4.850% 10/15/2031 911 905
Hewlett Packard Enterprise Co. 5.000% 10/15/2034 294 287
Hewlett Packard Enterprise Co. 5.600% 10/15/2054 405 365
Highwoods Realty LP 2.600% 2/1/2031 310 275
Highwoods Realty LP 7.650% 2/1/2034 429 478
5 Hilton Domestic Operating Co. Inc. 6.125% 4/1/2032 70 71
5 Hilton Domestic Operating Co. Inc. 5.875% 3/15/2033 10 10
5 Hilton Domestic Operating Co. Inc. 5.750% 9/15/2033 25 25
5 Hilton Domestic Operating Co. Inc. 5.500% 3/31/2034 10 10
5 Honeywell Aerospace Inc. 4.300% 3/16/2031 1,196 1,181
5 Honeywell Aerospace Inc. 4.600% 3/16/2033 645 637
5 Honeywell Aerospace Inc. 4.950% 3/16/2036 1,483 1,466
15
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
5 Honeywell Aerospace Inc. 5.622% 3/16/2046 551 542
5 Honeywell Aerospace Inc. 5.852% 3/16/2066 677 666
Host Hotels & Resorts LP 4.250% 12/15/2028 285 282
Host Hotels & Resorts LP 5.700% 7/1/2034 215 219
5 Howard Midstream Energy Partners LLC 6.625% 1/15/2034 15 15
HPS Corporate Lending Fund 4.900% 9/11/2028 589 576
HPS Corporate Lending Fund 5.950% 4/14/2032 240 236
5 HUB International Ltd. 7.250% 6/15/2030 5 5
5 HUB International Ltd. 7.375% 1/31/2032 5 5
Hudson Pacific Properties LP 3.950% 11/1/2027 2 2
Hudson Pacific Properties LP 5.950% 2/15/2028 5 5
Huntington Bancshares Inc. 6.208% 8/21/2029 1,150 1,190
Huntington Bancshares Inc. 5.709% 2/2/2035 434 445
Huntington Bancshares Inc. 2.487% 8/15/2036 150 129
Huntington Bancshares Inc. 5.605% 1/28/2041 410 401
Huntington Ingalls Industries Inc. 5.353% 1/15/2030 368 376
Huntington Ingalls Industries Inc. 5.749% 1/15/2035 308 319
5 HUT 8 DC LLC 6.192% 11/15/2042 512 517
Hyatt Hotels Corp. 5.250% 6/30/2029 45 46
4 Indiana Michigan Power Co. 3.750% 7/1/2047 250 185
Indiana Michigan Power Co. 5.625% 4/1/2053 340 328
Indiana Michigan Power Co. 5.600% 3/15/2056 280 269
5 Ingram Micro Inc. 4.750% 5/15/2029 13 13
Intel Corp. 2.450% 11/15/2029 1,273 1,185
Intel Corp. 5.125% 2/10/2030 1,482 1,506
Intel Corp. 4.650% 6/1/2031 219 218
Intel Corp. 2.000% 8/12/2031 158 138
Intel Corp. 5.000% 8/15/2033 174 173
Intel Corp. 5.300% 5/15/2036 367 366
Intel Corp. 5.625% 2/10/2043 80 77
Intel Corp. 3.734% 12/8/2047 266 190
Intel Corp. 3.050% 8/12/2051 177 109
Intel Corp. 5.700% 2/10/2053 1,608 1,503
Intel Corp. 5.600% 2/21/2054 200 186
Intel Corp. 6.125% 5/15/2056 789 784
Intel Corp. 5.900% 2/10/2063 60 57
Intercontinental Exchange Inc. 3.000% 6/15/2050 66 43
Intercontinental Exchange Inc. 4.950% 6/15/2052 20 18
Intercontinental Exchange Inc. 3.000% 9/15/2060 50 29
Intercontinental Exchange Inc. 5.200% 6/15/2062 220 197
International Business Machines Corp. 4.600% 2/3/2033 704 690
5 IQVIA Inc. 6.250% 6/1/2032 15 15
5 ITC Holdings Corp. 5.500% 4/15/2036 470 473
Jabil Inc. 4.750% 2/1/2033 48 47
Jacobs Engineering Group Inc. 5.900% 3/1/2033 110 113
Jacobs Solutions Inc. 5.375% 3/3/2036 580 563
JBS NV 6.750% 3/15/2034 138 150
JBS NV 6.375% 2/25/2055 1,055 1,043
5 Jersey Central Power & Light Co. 5.150% 1/15/2036 470 467
5 JetBlue Airways Corp. 9.875% 9/20/2031 74 69
5 JH North America Holdings Inc. 5.875% 1/31/2031 5 5
5 JH North America Holdings Inc. 6.125% 7/31/2032 5 5
JPMorgan Chase & Co. 4.851% 7/25/2028 140 141
JPMorgan Chase & Co. 5.012% 1/23/2030 730 739
JPMorgan Chase & Co. 5.581% 4/22/2030 1,210 1,244
JPMorgan Chase & Co. 4.995% 7/22/2030 570 577
JPMorgan Chase & Co. 4.603% 10/22/2030 470 471
JPMorgan Chase & Co. 5.140% 1/24/2031 720 733
JPMorgan Chase & Co. 5.350% 6/1/2034 130 133
JPMorgan Chase & Co. 4.946% 10/22/2035 1,130 1,117
JPMorgan Chase & Co. 5.576% 7/23/2036 1,460 1,484
JPMorgan Chase & Co. 4.810% 10/22/2036 1,385 1,345
JPMorgan Chase & Co. 4.898% 1/22/2037 770 751
JPMorgan Chase & Co. 5.193% 2/5/2037 2,870 2,818
JPMorgan Chase & Co. 5.148% 4/23/2037 1,255 1,248
JPMorgan Chase & Co. 6.400% 5/15/2038 150 165
4 JPMorgan Chase & Co. 3.882% 7/24/2038 62 55
JPMorgan Chase & Co. 5.534% 11/29/2045 490 484
5 KeHE Distributors LLC 9.000% 2/15/2029 19 20
5 KeHE Distributors LLC 7.125% 4/30/2033 10 10
16
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Keybank National Association 5.000% 1/26/2033 100 99
KeyCorp 6.401% 3/6/2035 110 117
Keysight Technologies Inc. 4.950% 10/15/2034 266 264
Kimco Realty OP LLC 4.250% 4/1/2045 75 62
Kimco Realty OP LLC 3.700% 10/1/2049 70 51
Kinder Morgan Inc. 5.150% 6/1/2030 430 440
5 Kinetik Holdings LP 6.625% 12/15/2028 10 10
5 Kinetik Holdings LP 5.875% 6/15/2030 2 2
KKR & Co. Inc. 5.100% 8/7/2035 116 113
Kraft Heinz Foods Co. 3.750% 4/1/2030 1,400 1,355
Kraft Heinz Foods Co. 5.000% 6/4/2042 460 406
Kraft Heinz Foods Co. 4.375% 6/1/2046 120 94
Kraft Heinz Foods Co. 4.875% 10/1/2049 27 22
Kraft Heinz Foods Co. 5.500% 6/1/2050 465 416
Kroger Co. 5.000% 9/15/2034 295 291
Kroger Co. 5.150% 8/1/2043 300 277
Kroger Co. 5.500% 9/15/2054 1,205 1,116
Kyndryl Holdings Inc. 3.150% 10/15/2031 410 348
L3Harris Technologies Inc. 5.250% 6/1/2031 1,180 1,209
L3Harris Technologies Inc. 5.054% 4/27/2045 30 28
5 Lamb Weston Holdings Inc. 4.875% 5/15/2028 6 6
5 Liberty Mutual Group Inc. 5.250% 5/1/2036 700 688
5 LifePoint Health Inc. 7.000% 5/1/2034 10 10
5 Light & Wonder International Inc. 6.250% 10/1/2033 10 10
7 Linde plc 3.750% 6/4/2044 1,000 1,088
5 Lithia Motors Inc. 4.625% 12/15/2027 10 10
5 Live Nation Entertainment Inc. 6.500% 5/15/2027 31 31
Lowe's Cos. Inc. 4.000% 10/15/2028 95 94
Lowe's Cos. Inc. 4.250% 3/15/2031 295 291
Lowe's Cos. Inc. 3.750% 4/1/2032 55 52
Lowe's Cos. Inc. 4.500% 10/15/2032 1,685 1,656
Lowe's Cos. Inc. 4.850% 10/15/2035 1,925 1,878
Lowe's Cos. Inc. 4.450% 4/1/2062 190 144
LYB International Finance III LLC 3.375% 10/1/2040 50 37
M&T Bank Corp. 7.413% 10/30/2029 316 337
M&T Bank Corp. 5.179% 7/8/2031 451 456
M&T Bank Corp. 5.053% 1/27/2034 116 115
M&T Bank Corp. 5.400% 7/30/2035 299 299
5 Magnera Corp. 7.250% 11/15/2031 75 70
Manufacturers & Traders Trust Co. 4.700% 1/27/2028 358 360
Marathon Petroleum Corp. 5.150% 3/1/2030 800 817
Marriott International Inc. 4.500% 5/1/2033 950 920
5 Mars Inc. 5.000% 3/1/2032 1,290 1,308
5 Mars Inc. 5.200% 3/1/2035 1,602 1,615
5 Mars Inc. 3.875% 4/1/2039 178 154
5 Mars Inc. 5.700% 5/1/2055 1,055 1,026
5 Mars Inc. 5.800% 5/1/2065 1,085 1,060
Marsh & McLennan Cos. Inc. 4.900% 3/15/2049 75 66
Marsh & McLennan Cos. Inc. 2.900% 12/15/2051 150 92
Marsh & McLennan Cos. Inc. 6.250% 11/1/2052 110 115
Marvell Technology Inc. 5.300% 4/15/2036 394 395
5 Matador Resources Co. 6.250% 4/15/2033 2 2
5 Matador Resources Co. 6.000% 4/15/2034 10 10
5 Match Group Holdings II LLC 4.125% 8/1/2030 75 70
5 McAfee Corp. 7.375% 2/15/2030 8 6
McKesson Corp. 4.950% 5/30/2032 2,405 2,441
5 Medline Borrower LP 6.250% 4/1/2029 41 42
5 Medline Borrower LP 5.250% 10/1/2029 4 4
Merck & Co. Inc. 5.550% 12/4/2055 705 679
Merck & Co. Inc. 5.150% 5/17/2063 160 142
5 Meridian Arc Holdco LLC 6.250% 4/30/2031 10 10
Meta Platforms Inc. 4.200% 11/15/2030 530 524
Meta Platforms Inc. 4.875% 11/15/2035 824 803
10 Meta Platforms Inc. 6.200% 5/15/2046 1,567 1,569
Meta Platforms Inc. 4.450% 8/15/2052 248 192
Meta Platforms Inc. 5.400% 8/15/2054 250 222
10 Meta Platforms Inc. 6.300% 5/15/2056 1,186 1,188
Meta Platforms Inc. 4.650% 8/15/2062 42 32
Meta Platforms Inc. 5.750% 11/15/2065 700 636
MetLife Inc. 4.125% 8/13/2042 60 50
17
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
MetLife Inc. 4.875% 11/13/2043 60 54
MetLife Inc. 5.250% 1/15/2054 60 56
MGM Resorts International 6.500% 4/15/2032 5 5
MidAmerican Energy Co. 5.300% 2/1/2055 530 491
5 Midcontinent Communications 8.000% 8/15/2032 80 75
5 Miter Brands Acquisition Holdco Inc. 6.750% 4/1/2032 5 5
5 MIWD Holdco II LLC 5.500% 2/1/2030 15 14
Morgan Stanley 5.173% 1/16/2030 740 750
Morgan Stanley 4.654% 10/18/2030 740 739
Morgan Stanley 5.230% 1/15/2031 665 676
4 Morgan Stanley 2.511% 10/20/2032 2,220 1,967
Morgan Stanley 2.943% 1/21/2033 268 241
Morgan Stanley 5.466% 1/18/2035 120 122
Morgan Stanley 5.587% 1/18/2036 102 105
Morgan Stanley 5.664% 4/17/2036 2,000 2,053
4 Morgan Stanley 4.892% 10/22/2036 1,317 1,275
Morgan Stanley 5.073% 1/30/2037 1,769 1,736
Morgan Stanley 5.296% 4/10/2037 780 776
4 Morgan Stanley 3.971% 7/22/2038 90 79
4 Morgan Stanley 4.457% 4/22/2039 165 152
Morgan Stanley 5.314% 1/18/2041 410 399
Morgan Stanley 6.375% 7/24/2042 150 161
4 Morgan Stanley 4.375% 1/22/2047 200 165
Motorola Solutions Inc. 5.200% 8/15/2032 685 695
Motorola Solutions Inc. 5.550% 8/15/2035 85 87
MPLX LP 4.800% 2/15/2029 110 111
MPT Operating Partnership LP 3.500% 3/15/2031 19 14
5 MPT Operating Partnership LP 8.500% 2/15/2032 25 26
5 Mueller Water Products Inc. 4.000% 6/15/2029 60 58
Nasdaq Inc. 5.350% 6/28/2028 112 114
Nasdaq Inc. 3.950% 3/7/2052 233 172
5 Nationwide Financial Services Inc. 3.900% 11/30/2049 65 49
5 Nationwide Mutual Insurance Co. 4.350% 4/30/2050 125 95
Navient Corp. 4.875% 3/15/2028 2 2
Navient Corp. 9.375% 7/25/2030 3 3
5 NCL Corp. Ltd. 7.750% 2/15/2029 75 78
5 NCL Corp. Ltd. 5.875% 1/15/2031 5 5
5 NCL Corp. Ltd. 6.750% 2/1/2032 20 20
Nevada Power Co. 6.000% 3/15/2054 180 180
Nevada Power Co. 6.250% 5/15/2055 220 221
Newell Brands Inc. 6.375% 9/15/2027 4 4
5 Newell Brands Inc. 8.500% 6/1/2028 10 10
Newell Brands Inc. 6.625% 9/15/2029 10 10
Newell Brands Inc. 6.375% 5/15/2030 10 10
Newell Brands Inc. 6.625% 5/15/2032 70 68
Newell Brands Inc. 7.375% 4/1/2036 6 6
Newell Brands Inc. 7.500% 4/1/2046 4 3
5 Nexstar Media Inc. 6.500% 9/15/2033 30 30
5 Nexstar Media Inc. 7.250% 4/15/2034 10 10
NextEra Energy Capital Holdings Inc. 6.375% 8/15/2055 650 664
NiSource Inc. 5.250% 3/30/2028 100 101
NiSource Inc. 5.200% 7/1/2029 700 714
NiSource Inc. 5.400% 6/30/2033 60 62
NiSource Inc. 5.350% 4/1/2034 400 408
NiSource Inc. 4.800% 2/15/2044 630 551
NiSource Inc. 3.950% 3/30/2048 50 38
NiSource Inc. 5.850% 4/1/2055 260 253
5 Nissan Motor Acceptance Co. LLC 5.625% 9/29/2028 5 5
5 Nissan Motor Acceptance Co. LLC 5.550% 9/13/2029 10 10
5 Nissan Motor Acceptance Co. LLC 6.125% 9/30/2030 25 25
Norfolk Southern Corp. 3.050% 5/15/2050 120 77
Norfolk Southern Corp. 5.950% 3/15/2064 150 149
Northern States Power Co. 6.250% 6/1/2036 34 37
Northern States Power Co. 5.650% 5/15/2055 430 420
Northern Trust Corp. 5.117% 11/19/2040 1,073 1,049
Northrop Grumman Corp. 5.250% 5/1/2050 545 506
Novartis Capital Corp. 4.900% 3/18/2036 1,275 1,266
5 Novelis Corp. 4.750% 1/30/2030 67 64
5 Novelis Corp. 3.875% 8/15/2031 55 50
5 NRG Energy Inc. 5.750% 7/15/2029 5 5
18
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
5 NRG Energy Inc. 5.750% 1/15/2034 15 15
5 NRG Energy Inc. 6.250% 11/1/2034 75 76
5 NRG Energy Inc. 6.000% 1/15/2036 20 20
5 NRG Energy Inc. 6.125% 5/15/2036 10 10
Nucor Corp. 4.400% 5/1/2048 70 58
Nucor Corp. 3.850% 4/1/2052 50 38
NuStar Logistics LP 6.375% 10/1/2030 20 21
5 OAK-Eagle Acquireco Inc. 7.250% 7/1/2033 10 10
5 OAK-Eagle Acquireco Inc. 8.750% 7/1/2034 15 16
Occidental Petroleum Corp. 7.500% 5/1/2031 44 49
Occidental Petroleum Corp. 6.450% 9/15/2036 925 994
Occidental Petroleum Corp. 6.600% 3/15/2046 10 10
Occidental Petroleum Corp. 6.050% 10/1/2054 735 715
OGE Energy Corp. 5.450% 5/15/2029 150 154
Ohio Power Co. 5.650% 6/1/2034 500 514
5 Olympus Water US Holding Corp. 7.250% 6/15/2031 5 5
5 Olympus Water US Holding Corp. 6.750% 8/1/2032 15 15
5 Olympus Water US Holding Corp. 7.250% 2/15/2033 40 39
Omega Healthcare Investors Inc. 3.625% 10/1/2029 336 323
Omega Healthcare Investors Inc. 3.375% 2/1/2031 185 172
Omnicom Group Inc. 3.375% 3/1/2041 100 74
5 Omnis Funding Trust 6.722% 5/15/2055 350 359
OneMain Finance Corp. 3.500% 1/15/2027 15 15
OneMain Finance Corp. 6.125% 5/15/2030 5 5
OneMain Finance Corp. 6.750% 3/15/2032 5 5
OneMain Finance Corp. 7.125% 9/15/2032 5 5
OneMain Finance Corp. 6.500% 3/15/2033 20 20
OneMain Finance Corp. 6.750% 9/15/2033 15 15
Oracle Corp. 4.800% 8/3/2028 700 699
Oracle Corp. 4.550% 2/4/2029 318 314
Oracle Corp. 4.450% 9/26/2030 2,279 2,198
Oracle Corp. 4.950% 2/4/2031 331 324
Oracle Corp. 4.800% 9/26/2032 231 220
Oracle Corp. 5.350% 5/4/2033 1,318 1,281
Oracle Corp. 5.200% 9/26/2035 625 582
Oracle Corp. 5.700% 2/4/2036 1,305 1,253
Oracle Corp. 3.600% 4/1/2040 430 310
Oracle Corp. 3.650% 3/25/2041 150 106
Oracle Corp. 5.875% 9/26/2045 313 270
Oracle Corp. 6.550% 2/4/2046 517 480
Oracle Corp. 3.850% 4/1/2060 1,793 1,036
5 Organon & Co. 4.125% 4/30/2028 13 13
5 Organon & Co. 6.750% 5/15/2034 15 16
5 Outfront Media Capital LLC 7.375% 2/15/2031 3 3
5 Owens-Brockway Glass Container Inc. 7.250% 5/15/2031 21 20
5 Owens-Brockway Glass Container Inc. 7.375% 6/1/2032 9 9
Pacific Gas & Electric Co. 3.000% 6/15/2028 100 97
Pacific Gas & Electric Co. 5.550% 5/15/2029 970 992
Pacific Gas & Electric Co. 2.500% 2/1/2031 140 126
Pacific Gas & Electric Co. 6.150% 1/15/2033 130 136
Pacific Gas & Electric Co. 5.200% 5/1/2036 340 331
Pacific Gas & Electric Co. 4.500% 7/1/2040 430 370
Pacific Gas & Electric Co. 4.750% 2/15/2044 40 33
Pacific Gas & Electric Co. 3.500% 8/1/2050 100 66
Pacific Gas & Electric Co. 6.000% 5/1/2056 490 466
5 Panther Escrow Issuer LLC 7.125% 6/1/2031 10 10
Paramount Global 4.200% 6/1/2029 15 14
Paramount Global 4.950% 1/15/2031 10 9
Paramount Global 4.200% 5/19/2032 15 13
Paramount Global 6.875% 4/30/2036 15 14
Paramount Global 4.375% 3/15/2043 35 22
5 Pattern Energy Operations LP 4.500% 8/15/2028 72 71
Paychex Inc. 5.350% 4/15/2032 150 151
PECO Energy Co. 4.150% 10/1/2044 130 106
5 Penn Entertainment Inc. 5.625% 1/15/2027 5 5
5 Penske Truck Leasing Co. LP 6.050% 8/1/2028 155 159
5 Penske Truck Leasing Co. LP 6.200% 6/15/2030 56 59
PepsiCo Inc. 4.200% 7/18/2052 25 20
5 Performance Food Group Inc. 6.125% 9/15/2032 10 10
5 Performance Food Group Inc. 5.625% 3/1/2034 10 10
19
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Pfizer Investment Enterprises Pte. Ltd. 5.110% 5/19/2043 260 245
Pfizer Investment Enterprises Pte. Ltd. 5.300% 5/19/2053 400 370
Pfizer Investment Enterprises Pte. Ltd. 5.340% 5/19/2063 155 140
Philip Morris International Inc. 5.125% 2/15/2030 105 107
Philip Morris International Inc. 4.250% 10/29/2032 1,380 1,340
Philip Morris International Inc. 5.750% 11/17/2032 224 236
Philip Morris International Inc. 5.375% 2/15/2033 165 170
Philip Morris International Inc. 4.875% 4/30/2035 1,535 1,517
Philip Morris International Inc. 4.250% 11/10/2044 440 365
Phillips Edison Grocery Center Operating Partnership I LP 4.750% 3/15/2033 680 667
Pinnacle Bank 5.625% 2/15/2028 250 252
Pinnacle Bank 5.957% 1/15/2036 263 261
Pinnacle Financial Partners Inc. 6.168% 11/1/2030 635 651
Pinnacle West Capital Corp. 4.900% 5/15/2028 220 222
Pioneer Natural Resources Co. 1.900% 8/15/2030 150 135
Plains All American Pipeline LP 4.700% 1/15/2031 150 150
Plains All American Pipeline LP 5.600% 1/15/2036 200 200
Plains All American Pipeline LP 4.900% 2/15/2045 30 26
PNC Financial Services Group Inc. 5.492% 5/14/2030 1,400 1,438
PNC Financial Services Group Inc. 5.068% 1/24/2034 390 391
PNC Financial Services Group Inc. 5.939% 8/18/2034 160 168
PNC Financial Services Group Inc. 6.875% 10/20/2034 585 647
PNC Financial Services Group Inc. 5.676% 1/22/2035 700 721
PNC Financial Services Group Inc. 5.575% 1/29/2036 840 858
PNC Financial Services Group Inc. 5.423% 1/25/2041 540 529
5 Post Holdings Inc. 6.250% 2/15/2032 5 5
5 Post Holdings Inc. 6.375% 3/1/2033 6 6
5 Post Holdings Inc. 6.250% 10/15/2034 5 5
5 Post Holdings Inc. 6.500% 3/15/2036 15 15
5,10 PR RNO Property Owner 1 LLC 6.500% 5/1/2031 30 30
Progressive Corp. 4.600% 3/26/2031 70 70
Progressive Corp. 5.150% 3/26/2036 350 350
4 Prudential Financial Inc. 4.350% 2/25/2050 65 52
4 Prudential Financial Inc. 3.700% 3/13/2051 70 50
Prudential Financial Inc. 6.500% 3/15/2054 130 134
5 PSEG Power LLC 5.200% 5/15/2030 1,115 1,132
Public Service Co. of Colorado 5.050% 6/15/2036 590 579
Public Service Co. of Colorado 4.050% 9/15/2049 230 176
4 Public Service Electric & Gas Co. 3.600% 12/1/2047 100 73
4 Public Service Electric & Gas Co. 5.125% 3/15/2053 160 146
4 Public Service Electric & Gas Co. 5.625% 1/1/2056 450 441
Public Service Enterprise Group Inc. 5.200% 4/1/2029 1,010 1,028
Public Service Enterprise Group Inc. 5.400% 3/15/2035 300 303
5 Qnity Electronics Inc. 5.750% 8/15/2032 25 25
10 Quest Diagnostics Inc. 5.000% 6/30/2036 630 619
5 Quikrete Holdings Inc. 6.375% 3/1/2032 15 15
5 Quikrete Holdings Inc. 6.750% 3/1/2033 30 30
5 Radiology Partners Inc. 8.500% 7/15/2032 15 15
5 Range Resources Corp. 4.750% 2/15/2030 70 69
5 Raven Acquisition Holdings LLC 6.875% 11/15/2031 5 5
5 RD Michigan Property Owner I LLC 7.500% 3/30/2045 678 679
Realty Income Corp. 4.850% 3/15/2030 165 167
4 Realty Income Corp. 4.750% 4/15/2033 850 840
Regions Financial Corp. 5.722% 6/6/2030 950 976
5 RHP Hotel Properties LP 6.500% 4/1/2032 5 5
5 RHP Hotel Properties LP 6.500% 6/15/2033 5 5
5 RHP Hotel Properties LP 5.750% 3/15/2034 5 5
5 Rivers Enterprise Borrower LLC 6.250% 10/15/2030 8 8
5 Rocket Cos. Inc. 6.500% 8/1/2029 5 5
5 Rocket Cos. Inc. 6.125% 8/1/2030 10 10
5 Rocket Cos. Inc. 7.125% 2/1/2032 1 1
5 Rocket Cos. Inc. 6.375% 8/1/2033 95 96
5 Rocket Mortgage LLC 2.875% 10/15/2026 9 9
5 Rocket Mortgage LLC 3.875% 3/1/2031 10 9
5 Rocket Software Inc. 9.000% 11/28/2028 10 10
5 Rocket Software Inc. 6.500% 2/15/2029 70 62
5 Rockies Express Pipeline LLC 4.950% 7/15/2029 2 2
5 Rockies Express Pipeline LLC 6.750% 3/15/2033 3 3
5 Roller Bearing Co. of America Inc. 4.375% 10/15/2029 5 5
RPM International Inc. 4.550% 3/1/2029 115 115
20
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
RTX Corp. 2.375% 3/15/2032 1,200 1,061
RTX Corp. 4.875% 10/15/2040 557 526
RTX Corp. 6.400% 3/15/2054 983 1,058
5 Ryan Specialty LLC 4.375% 2/1/2030 70 68
5 Ryan Specialty LLC 5.875% 8/1/2032 13 13
Ryder System Inc. 4.300% 12/1/2030 265 262
Sabine Pass Liquefaction LLC 4.500% 5/15/2030 889 888
Sabra Health Care LP 3.900% 10/15/2029 1 1
Sabra Health Care LP 3.200% 12/1/2031 320 289
Salesforce Inc. 4.900% 9/15/2031 1,000 997
Salesforce Inc. 5.550% 3/15/2036 800 798
Salesforce Inc. 6.550% 3/15/2056 106 105
San Diego Gas & Electric Co. 5.550% 4/15/2054 140 133
SBA Communications Corp. 3.125% 2/1/2029 17 16
5 Scripps Escrow II Inc. 3.875% 1/15/2029 5 5
5 Service Properties Trust 0.000% 9/30/2027 5 5
Service Properties Trust 3.950% 1/15/2028 7 7
Service Properties Trust 8.875% 6/15/2032 15 15
4 Shell Finance US Inc. 4.375% 5/11/2045 70 59
4 Shell Finance US Inc. 3.750% 9/12/2046 141 108
Sherwin-Williams Co. 4.500% 6/1/2047 80 67
5 Shift4 Payments LLC 6.750% 8/15/2032 16 16
5 Sirius XM Radio LLC 5.000% 8/1/2027 10 10
5 Six Flags Entertainment Corp. 8.625% 1/15/2032 5 5
5 Six Flags Entertainment Corp. 6.625% 5/1/2032 5 5
Sixth Street Lending Partners 6.125% 7/15/2030 530 533
5 SM Energy Co. 6.750% 8/1/2029 5 5
5 SM Energy Co. 8.625% 11/1/2030 35 37
5 SM Energy Co. 8.750% 7/1/2031 11 12
5 SM Energy Co. 7.000% 8/1/2032 21 22
5 SM Energy Co. 9.625% 6/15/2033 25 28
5 SM Energy Co. 6.625% 4/15/2034 15 15
Southern California Edison Co. 5.650% 10/1/2028 600 613
4 Southern California Edison Co. 4.200% 3/1/2029 100 99
Southern California Edison Co. 5.450% 6/1/2031 1,140 1,166
Southern California Edison Co. 4.800% 3/15/2033 680 666
Southern California Edison Co. 4.500% 9/1/2040 50 43
4 Southern California Edison Co. 3.900% 3/15/2043 50 38
Southern California Edison Co. 4.000% 4/1/2047 50 37
Southern California Gas Co. 3.750% 9/15/2042 50 39
Southern Co. 5.700% 10/15/2032 100 105
Southern Co. 4.400% 7/1/2046 30 25
7 Southern Co. 1.875% 9/15/2081 1,717 1,955
4 Southern Co. Gas Capital Corp. 5.100% 9/15/2035 130 129
4 Southern Power Co. 4.250% 10/1/2030 170 168
Southwest Airlines Co. 2.625% 2/10/2030 68 63
Southwestern Electric Power Co. 5.200% 4/1/2036 570 562
Sprint Capital Corp. 6.875% 11/15/2028 1,900 2,006
Sprint Capital Corp. 8.750% 3/15/2032 78 93
5 SS&C Technologies Inc. 5.500% 9/30/2027 19 19
5 Standard Building Solutions Inc. 6.500% 8/15/2032 5 5
5 Standard Building Solutions Inc. 6.250% 8/1/2033 15 15
5 Star Parent Inc. 9.000% 10/1/2030 8 8
Starbucks Corp. 3.500% 11/15/2050 125 86
5 Starwood Property Trust Inc. 6.000% 4/15/2030 80 81
5 Starwood Property Trust Inc. 6.500% 10/15/2030 5 5
State Street Corp. 4.784% 10/23/2036 703 686
State Street Corp. 5.094% 4/24/2037 530 525
5 Stellantis Financial Services US Corp. 4.950% 9/15/2028 1,115 1,111
4,7 Stellantis NV 2.750% 4/1/2032 500 533
4,7 Stellantis NV 4.625% 6/6/2035 1,900 2,161
Stryker Corp. 5.200% 2/10/2035 25 25
Sumisho Air Lease Corp. 4.625% 10/1/2028 20 20
5 Sumisho Air Lease Corp. 4.850% 3/24/2031 1,280 1,269
5 Sumisho Air Lease Corp. 5.500% 3/24/2036 100 99
Sun Communities Operating LP 2.300% 11/1/2028 200 189
5 Sunoco LP 7.000% 9/15/2028 10 10
5 Sunoco LP 5.625% 3/15/2031 10 10
5 Sunoco LP 5.375% 7/15/2031 5 5
5 Sunoco LP 5.625% 7/15/2034 10 10
21
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
5 Sunoco LP 7.875% Perpetual 15 16
5 SV RNO Property Owner 1 LLC 5.875% 3/1/2031 15 15
Sysco Corp. 4.400% 7/25/2031 65 64
5 Talen Energy Supply LLC 6.250% 2/1/2034 15 15
5 Talen Energy Supply LLC 6.500% 2/1/2036 10 10
5 Tallgrass Energy Partners LP 7.375% 2/15/2029 70 72
5 Tallgrass Energy Partners LP 6.000% 12/31/2030 7 7
5 Tallgrass Energy Partners LP 6.750% 3/15/2034 15 15
Targa Resources Corp. 6.150% 3/1/2029 310 323
Targa Resources Corp. 6.125% 3/15/2033 153 162
Targa Resources Corp. 6.500% 3/30/2034 600 651
Targa Resources Corp. 6.500% 2/15/2053 28 29
Tenet Healthcare Corp. 4.250% 6/1/2029 13 13
Tenet Healthcare Corp. 4.375% 1/15/2030 5 5
Tenet Healthcare Corp. 6.750% 5/15/2031 10 10
5 Tenet Healthcare Corp. 5.500% 11/15/2032 20 20
Thermo Fisher Scientific Inc. 4.215% 2/12/2031 815 806
Thermo Fisher Scientific Inc. 4.902% 2/12/2036 160 158
9 Time Warner Cable LLC 5.750% 6/2/2031 3,500 4,672
Time Warner Cable LLC 5.875% 11/15/2040 343 310
Time Warner Cable LLC 4.500% 9/15/2042 75 56
T-Mobile USA Inc. 3.375% 4/15/2029 245 238
Toll Brothers Finance Corp. 3.800% 11/1/2029 65 63
5 TopBuild Corp. 3.625% 3/15/2029 5 5
5 TopBuild Corp. 4.125% 2/15/2032 5 5
5 TopBuild Corp. 5.625% 1/31/2034 10 10
4 Toyota Motor Credit Corp. 4.200% 1/10/2031 765 756
5 Trans-Allegheny Interstate Line Co. 5.000% 1/15/2031 410 416
Transcontinental Gas Pipe Line Co. LLC 4.000% 3/15/2028 5 5
Transcontinental Gas Pipe Line Co. LLC 5.750% 3/15/2056 550 535
5 TransDigm Inc. 6.750% 8/15/2028 3 3
5 TransDigm Inc. 6.375% 3/1/2029 18 18
5 TransDigm Inc. 7.125% 12/1/2031 7 7
5 TransDigm Inc. 6.625% 3/1/2032 2 2
5 TransDigm Inc. 6.375% 5/31/2033 35 35
5 TransDigm Inc. 6.125% 7/31/2034 20 20
5 Transocean International Ltd. 8.250% 5/15/2029 5 5
5 Transocean International Ltd. 8.750% 2/15/2030 50 53
5 Transocean International Ltd. 8.500% 5/15/2031 7 7
5 Transocean International Ltd. 7.875% 10/15/2032 5 5
4 Truist Financial Corp. 5.071% 5/20/2031 1,205 1,219
4 Truist Financial Corp. 4.964% 10/23/2036 250 241
Tyson Foods Inc. 4.950% 2/20/2036 95 93
Uber Technologies Inc. 4.300% 1/15/2030 185 184
Uber Technologies Inc. 4.150% 1/15/2031 1,325 1,298
Uber Technologies Inc. 4.800% 9/15/2034 230 225
Uber Technologies Inc. 4.800% 9/15/2035 520 506
Uber Technologies Inc. 5.350% 9/15/2054 650 599
5 UKG Inc. 6.875% 2/1/2031 10 10
Union Electric Co. 4.000% 4/1/2048 65 50
Union Electric Co. 3.250% 10/1/2049 75 50
Union Electric Co. 3.900% 4/1/2052 150 112
Union Electric Co. 5.250% 1/15/2054 250 229
Union Pacific Corp. 3.250% 2/5/2050 270 184
Union Pacific Corp. 3.839% 3/20/2060 35 25
United Airlines Holdings Inc. 4.875% 3/1/2029 10 10
United Airlines Holdings Inc. 5.375% 3/1/2031 5 5
5 United Airlines Inc. 4.625% 4/15/2029 35 35
4 United Airlines Pass-Through Trust Class A Series 2020-1 5.875% 10/15/2027 19 19
UnitedHealth Group Inc. 5.350% 2/15/2033 100 103
UnitedHealth Group Inc. 4.500% 4/15/2033 275 269
UnitedHealth Group Inc. 5.000% 4/15/2034 30 30
UnitedHealth Group Inc. 5.300% 6/15/2035 150 153
UnitedHealth Group Inc. 2.750% 5/15/2040 100 73
UnitedHealth Group Inc. 4.375% 3/15/2042 215 186
UnitedHealth Group Inc. 3.250% 5/15/2051 100 66
UnitedHealth Group Inc. 5.375% 4/15/2054 265 245
UnitedHealth Group Inc. 6.050% 2/15/2063 200 201
UnitedHealth Group Inc. 5.200% 4/15/2063 715 627
5 Univision Communications Inc. 4.500% 5/1/2029 2 2
22
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
5 Univision Communications Inc. 7.375% 6/30/2030 18 18
5 Univision Communications Inc. 8.500% 7/31/2031 70 71
5 Univision Communications Inc. 8.875% 4/15/2033 15 15
US Bancorp 5.775% 6/12/2029 350 359
US Bancorp 5.384% 1/23/2030 190 195
US Bancorp 5.083% 5/15/2031 651 661
4 US Bancorp 4.967% 7/22/2033 25 25
US Bancorp 5.850% 10/21/2033 342 359
US Bancorp 4.839% 2/1/2034 220 218
US Bancorp 5.836% 6/12/2034 276 288
5 US Foods Inc. 6.875% 9/15/2028 2 2
5 US Foods Inc. 4.750% 2/15/2029 9 9
5 US Foods Inc. 5.750% 4/15/2033 5 5
5 UWM Holdings LLC 6.625% 2/1/2030 5 5
5 Vail Resorts Inc. 5.625% 7/15/2030 15 15
5 Vail Resorts Inc. 6.500% 5/15/2032 13 13
5 Valaris Ltd. 8.375% 4/30/2030 14 15
5 Venture Global Calcasieu Pass LLC 3.875% 8/15/2029 5 5
5 Venture Global LNG Inc. 9.500% 2/1/2029 12 13
5 Venture Global LNG Inc. 8.375% 6/1/2031 16 17
5 Venture Global LNG Inc. 9.875% 2/1/2032 25 27
5 Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 5 5
5 Venture Global Plaquemines LNG LLC 6.500% 1/15/2034 8 8
5 Venture Global Plaquemines LNG LLC 6.500% 6/15/2034 41 43
5 Venture Global Plaquemines LNG LLC 6.750% 1/15/2036 15 16
Verisk Analytics Inc. 5.500% 6/15/2045 100 93
Verizon Communications Inc. 1.500% 9/18/2030 285 251
Verizon Communications Inc. 4.750% 1/15/2033 688 679
Verizon Communications Inc. 4.400% 11/1/2034 730 693
Verizon Communications Inc. 5.250% 3/16/2037 170 168
Verizon Communications Inc. 4.812% 3/15/2039 110 102
Verizon Communications Inc. 2.650% 11/20/2040 75 53
Verizon Communications Inc. 3.400% 3/22/2041 560 430
Verizon Communications Inc. 3.875% 3/1/2052 130 95
Verizon Communications Inc. 2.987% 10/30/2056 1,240 722
4 Virginia Electric & Power Co. 4.200% 5/15/2045 150 121
Virginia Electric & Power Co. 5.450% 4/1/2053 100 93
Virginia Electric & Power Co. 5.350% 1/15/2054 350 322
5 Vistra Operations Co. LLC 5.000% 7/31/2027 8 8
5 Vistra Operations Co. LLC 4.300% 10/15/2028 810 801
5 Vistra Operations Co. LLC 7.750% 10/15/2031 3 3
5 Vistra Operations Co. LLC 5.250% 4/30/2033 1,060 1,056
VMware LLC 1.800% 8/15/2028 400 378
VMware LLC 4.700% 5/15/2030 130 131
VMware LLC 2.200% 8/15/2031 220 195
Walmart Inc. 4.450% 4/30/2033 820 816
Walmart Inc. 4.750% 4/30/2036 720 715
Walt Disney Co. 6.650% 11/15/2037 70 79
Walt Disney Co. 2.750% 9/1/2049 45 28
5 Wayfair LLC 7.250% 10/31/2029 3 3
WEC Energy Group Inc. 1.800% 10/15/2030 800 708
4 Wells Fargo & Co. 2.393% 6/2/2028 340 333
4 Wells Fargo & Co. 3.350% 3/2/2033 400 368
Wells Fargo & Co. 5.389% 4/24/2034 250 254
4 Wells Fargo & Co. 5.557% 7/25/2034 1,084 1,113
Wells Fargo & Co. 4.960% 1/23/2037 1,610 1,568
4 Wells Fargo & Co. 3.068% 4/30/2041 320 241
Wells Fargo & Co. 5.375% 11/2/2043 90 84
4 Wells Fargo & Co. 4.400% 6/14/2046 60 48
4 Wells Fargo & Co. 5.013% 4/4/2051 80 71
4 Wells Fargo & Co. 4.611% 4/25/2053 50 41
4 Wells Fargo Bank NA 6.600% 1/15/2038 100 109
5 WESCO Distribution Inc. 6.375% 3/15/2029 10 10
5 WESCO Distribution Inc. 5.250% 4/15/2031 5 5
5 WESCO Distribution Inc. 6.625% 3/15/2032 5 5
5 WESCO Distribution Inc. 6.375% 3/15/2033 10 10
5 WESCO Distribution Inc. 5.500% 4/15/2034 5 5
Western Midstream Operating LP 4.500% 3/1/2028 49 49
Western Midstream Operating LP 4.750% 8/15/2028 104 104
Westinghouse Air Brake Technologies Corp. 4.900% 5/29/2030 590 597
23
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
5 WEX Inc. 6.500% 3/15/2033 10 10
Whirlpool Corp. 6.125% 6/15/2030 10 10
Whirlpool Corp. 6.500% 6/15/2033 35 34
Williams Cos. Inc. 5.300% 8/15/2028 225 229
Williams Cos. Inc. 4.800% 11/15/2029 425 429
Williams Cos. Inc. 4.650% 8/15/2032 80 79
Williams Cos. Inc. 5.150% 3/15/2036 1,030 1,014
Williams Cos. Inc. 6.300% 4/15/2040 65 69
Willis North America Inc. 2.950% 9/15/2029 85 81
Wisconsin Power & Light Co. 5.700% 12/15/2055 310 300
7 WP Carey Inc. 3.750% 5/10/2035 2,100 2,351
5 WR Grace Holdings LLC 5.625% 8/15/2029 5 5
5 WR Grace Holdings LLC 7.375% 3/1/2031 4 4
5 WR Grace Holdings LLC 7.000% 8/1/2033 3 3
5 WULF Compute LLC 7.750% 10/15/2030 17 18
5 Wyndham Hotels & Resorts Inc. 4.375% 8/15/2028 15 15
5 Wyndham Hotels & Resorts Inc. 5.625% 3/1/2033 10 10
5 XHR LP 4.875% 6/1/2029 5 5
5 XHR LP 6.625% 5/15/2030 5 5
5 XPLR Infrastructure Operating Partners LP 4.500% 9/15/2027 70 69
5 XPLR Infrastructure Operating Partners LP 7.250% 1/15/2029 10 10
5 XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 5 5
Zoetis Inc. 4.700% 2/1/2043 129 115
Zoetis Inc. 3.950% 9/12/2047 70 55
400,330
Zambia (0.0%)
5 First Quantum Minerals Ltd. 8.000% 3/1/2033 45 47
5 First Quantum Minerals Ltd. 7.250% 2/15/2034 5 5
52
Total Corporate Bonds (Cost $737,856) 737,156
Floating Rate Loan Interests (0.0%)
Ireland (0.0%)
8 Setanta Aircraft Leasing DAC First Lien Term Loan B, TSFR3M + 1.750% 5.450% 11/6/2028 31 31
United States (0.0%)
8 AAdvantage Loyalty IP Ltd. First Lien Term Loan, TSFR3M + 2.250% 5.925% 4/20/2028 6 6
8 Bausch + Lomb Corp. First Lien Refinancing Term Loan, TSFR1M + 3.750% 7.402% 1/15/2031 5 5
8 Endo Finance Holdings LP First Lien Refinancing Term Loan, TSFR1M + 3.750% 7.418% 4/23/2031 3 4
8 McAfee Corp. First Lien Term Loan B-1, TSFR1M + 3.000% 6.652% 3/1/2029 10 8
23
Total Floating Rate Loan Interests (Cost $55) 54
Sovereign Bonds (20.9%)
Argentina (0.0%)
4 Argentine Republic 0.750% 7/9/2030 335 289
Australia (0.4%)
7 Queensland Treasury Corp. 3.250% 5/21/2035 1,019 1,173
7 Treasury Corp. of Victoria 3.625% 9/29/2040 2,516 2,882
4,055
Belgium (0.1%)
4 Kingdom of Belgium 4.875% 6/10/2055 1,286 1,143
Bermuda (0.1%)
4 Bermuda 5.000% 7/15/2032 500 503
Bulgaria (0.1%)
7 Bulgarian Energy Holding EAD 4.250% 6/19/2030 700 811
Canada (0.9%)
13 Canadian Government Bond 3.500% 12/1/2045 536 378
13 Canadian Government Bond 2.750% 12/1/2048 474 290
13 Canadian Government Bond 1.750% 12/1/2053 573 267
4,5 OMERS Finance Trust 4.000% 7/22/2031 1,147 1,136
Province of British Columbia 4.050% 4/23/2031 6,298 6,256
8,327
24
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Chile (0.1%)
4 Corp. Nacional del Cobre de Chile 5.950% 1/8/2034 467 483
4 Empresa Nacional del Petroleo 5.250% 11/6/2029 452 457
4 Empresa Nacional del Petroleo 3.450% 9/16/2031 200 184
1,124
Cyprus (0.3%)
4,7 Republic of Cyprus 3.250% 1/28/2036 2,846 3,256
Dominican Republic (0.4%)
4 Dominican Republic 5.950% 1/25/2027 935 941
4 Dominican Republic 5.500% 2/22/2029 150 150
4 Dominican Republic 4.500% 1/30/2030 1,465 1,410
4 Dominican Republic 4.875% 9/23/2032 1,050 992
3,493
France (0.9%)
4 Agence Francaise de Developpement 4.125% 2/4/2031 3,800 3,757
7 Caisse d'Amortissement de la Dette Sociale 2.375% 9/24/2028 3,600 4,174
4,5 Caisse d'Amortissement de la Dette Sociale 4.000% 2/12/2031 956 944
4,5 Electricite de France SA 5.700% 5/23/2028 315 322
9,197
Germany (2.0%)
4,7 Federal Republic of Germany 2.100% 4/12/2029 100 116
7 Federal Republic of Germany 1.700% 8/15/2032 5,032 5,534
7 Federal Republic of Germany 2.500% 11/15/2032 70 80
7 Federal Republic of Germany 2.600% 8/15/2035 1,613 1,830
7 Federal Republic of Germany 4.750% 7/4/2040 1,603 2,186
4,7 Federal Republic of Germany 2.600% 5/15/2041 1,845 1,971
7 Federal Republic of Germany 3.250% 7/4/2042 2,047 2,358
7 Federal Republic of Germany 2.500% 7/4/2044 1,188 1,217
7 Federal Republic of Germany 2.500% 8/15/2046 1,003 1,011
7 Federal Republic of Germany 1.250% 8/15/2048 1,369 1,049
4,7 Federal Republic of Germany 0.000% 8/15/2050 2,211 1,118
4,7 Federal Republic of Germany 1.800% 8/15/2053 378 310
7 Federal Republic of Germany 2.900% 8/15/2056 506 523
19,303
Greece (0.3%)
5,7 Hellenic Republic 3.375% 6/16/2036 761 862
5,7 Hellenic Republic 4.375% 7/18/2038 607 738
7 Hellenic Republic 4.200% 1/30/2042 213 250
5,7 Hellenic Republic 4.125% 6/15/2054 752 834
2,684
Guatemala (0.1%)
4 Republic of Guatemala 4.900% 6/1/2030 687 683
Hungary (0.9%)
4,7,14 Magyar Export-Import Bank Zrt. 6.000% 5/16/2029 3,883 4,832
4 Republic of Hungary 6.250% 9/22/2032 404 431
7 Republic of Hungary 4.250% 5/26/2033 1,841 2,191
4,7 Republic of Hungary 5.375% 9/12/2033 182 230
4 Republic of Hungary 6.000% 9/26/2035 210 218
4 Republic of Hungary 6.750% 9/23/2055 600 643
8,545
Iceland (0.2%)
7 Republic of Iceland 2.625% 5/27/2030 1,992 2,289
Indonesia (0.9%)
4 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.125% 5/15/2027 200 199
4 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.450% 5/21/2028 800 809
7 Republic of Indonesia 1.450% 9/18/2026 545 635
7 Republic of Indonesia 1.100% 3/12/2033 230 220
7 Republic of Indonesia 3.750% 10/16/2033 6,380 7,247
9,110
Israel (0.4%)
4 State of Israel 5.375% 2/19/2030 720 733
4 State of Israel 4.500% 1/13/2031 3,115 3,065
4 State of Israel 5.750% 3/12/2054 520 490
4,288
25
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Italy (1.2%)
4,5 Cassa Depositi e Prestiti SpA 5.875% 4/30/2029 2,944 3,062
4 Cassa Depositi e Prestiti SpA 5.875% 4/30/2029 2,059 2,142
4,5 Cassa Depositi e Prestiti SpA 4.375% 10/1/2030 4,253 4,207
4 Cassa Depositi e Prestiti SpA 4.375% 10/1/2030 1,987 1,966
11,377
Japan (0.1%)
4,15 Japan 0.400% 3/20/2050 420,350 1,316
Kazakhstan (0.1%)
4 Development Bank of Kazakhstan JSC 5.500% 4/15/2027 281 283
4,5 Republic of Kazakhstan 4.412% 10/28/2030 711 701
984
Latvia (0.1%)
4 Republic of Latvia 5.125% 7/30/2034 565 568
Lithuania (0.8%)
4,7 Republic of Lithuania 3.625% 3/10/2036 6,989 8,047
Luxembourg (0.3%)
7 State of the Grand-Duchy of Luxembourg 2.900% 9/17/2035 2,504 2,859
Mexico (1.2%)
Petroleos Mexicanos 8.750% 6/2/2029 2,789 2,985
Petroleos Mexicanos 6.840% 1/23/2030 476 484
4 United Mexican States 4.750% 4/27/2032 1,404 1,356
4 United Mexican States 5.850% 7/2/2032 1,754 1,785
4 United Mexican States 5.375% 3/22/2033 1,009 992
4 United Mexican States 4.875% 5/19/2033 478 456
4 United Mexican States 3.500% 2/12/2034 3,323 2,849
4 United Mexican States 6.875% 5/13/2037 465 492
7 United Mexican States 5.125% 3/19/2038 185 213
4 United Mexican States 3.771% 5/24/2061 280 169
11,781
Morocco (0.3%)
4 Kingdom of Morocco 2.375% 12/15/2027 1,250 1,208
4 OCP SA 6.100% 4/30/2030 1,662 1,698
2,906
Nigeria (0.0%)
4,5 Federal Republic of Nigeria 8.631% 1/13/2036 292 320
Oman (0.3%)
4 Oman Government Bond 4.750% 6/15/2026 405 405
4 Oman Government Bond 6.750% 10/28/2027 1,990 2,053
2,458
Panama (0.2%)
4 Republic of Panama 2.252% 9/29/2032 1,850 1,564
4 Republic of Panama 5.227% 2/23/2034 654 653
2,217
Paraguay (0.1%)
4,5 Paraguay Government Bond 6.650% 3/4/2055 846 893
Peru (0.2%)
4 Republic of Peru 2.783% 1/23/2031 2,000 1,839
Philippines (0.1%)
7 Republic of the Philippines 3.625% 2/4/2032 746 865
Poland (0.2%)
4 Republic of Poland 6.125% 4/14/2056 2,260 2,267
Portugal (0.1%)
4,5,7 Portuguese Republic 3.625% 6/12/2054 1,154 1,258
Romania (0.6%)
4,7 Republic of Romania 5.375% 3/22/2031 835 997
4,7 Republic of Romania 2.124% 7/16/2031 896 915
26
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
4,7 Republic of Romania 5.125% 9/24/2031 140 165
4,7 Republic of Romania 5.875% 7/11/2032 130 156
4 Republic of Romania 7.125% 1/17/2033 590 626
4,7 Republic of Romania 5.375% 6/7/2033 670 772
4 Republic of Romania 6.375% 1/30/2034 148 149
4,5 Republic of Romania 5.750% 7/4/2036 1,777 1,674
5,454
Saudi Arabia (1.0%)
4,5 Kingdom of Saudi Arabia 5.875% 1/12/2056 6,616 6,348
4 Kingdom of Saudi Arabia 3.450% 2/2/2061 309 193
4 KSA Sukuk Ltd. 4.303% 1/19/2029 2,007 1,993
4 Saudi Arabian Oil Co. 3.500% 4/16/2029 316 306
4,5 Saudi Arabian Oil Co. 4.375% 2/2/2031 994 975
9,815
Serbia (0.3%)
4,7 Serbia International Bond 3.125% 5/15/2027 762 892
4,7 Serbia International Bond 1.500% 6/26/2029 1,715 1,857
4 Serbia International Bond 2.125% 12/1/2030 200 175
2,924
Slovakia (0.5%)
7 Slovakia Government Bond 3.750% 2/27/2040 2,513 2,850
7 Slovakia Government Bond 4.125% 2/19/2046 1,470 1,688
4,538
South Africa (0.4%)
16 Eskom Holdings 4.314% 7/23/2027 1,940 1,915
4,17 Republic of South Africa 6.250% 3/31/2036 25,960 1,286
4 Republic of South Africa 5.750% 9/30/2049 247 199
4,5 Republic of South Africa 7.250% 12/11/2055 686 646
4,046
Spain (1.1%)
7 Adif Alta Velocidad 3.125% 1/31/2030 1,700 1,989
7 Adif Alta Velocidad 3.625% 4/30/2035 2,100 2,441
7 City of Madrid Spain 3.360% 10/31/2035 3,040 3,478
4,7 Junta de Andalucia 3.450% 4/30/2036 1,902 2,195
5,7 Kingdom of Spain 3.950% 10/31/2056 528 593
10,696
Supranational (2.9%)
4,5 Central American Bank for Economic Integration 3.750% 1/22/2029 3,221 3,188
Corp. Andina de Fomento 5.000% 1/24/2029 1,560 1,593
Corp. Andina de Fomento 4.625% 1/15/2036 4,062 4,000
4,7 European Union 2.500% 10/14/2030 14,874 17,146
4,7 European Union 0.300% 11/4/2050 2,805 1,466
4,7 European Union 0.700% 7/6/2051 2,079 1,166
28,559
Turkiye (0.1%)
Republic of Turkiye 6.375% 5/22/2031 482 478
4 Republic of Turkiye 7.125% 2/12/2032 337 344
Republic of Turkiye 6.300% 3/14/2033 400 386
1,208
United Kingdom (0.3%)
9 United Kingdom 4.125% 7/22/2029 965 1,298
9 United Kingdom 0.375% 10/22/2030 615 700
9 United Kingdom 4.500% 12/7/2042 570 690
9 United Kingdom 1.500% 7/22/2047 295 196
9 United Kingdom 3.750% 10/22/2053 355 350
9 United Kingdom 3.500% 7/22/2068 90 81
3,315
Uzbekistan (0.2%)
4 Republic of Uzbekistan International Bond 5.375% 2/20/2029 200 201
5,7 Republic of Uzbekistan International Bond 5.100% 2/25/2029 1,878 2,245
2,446
Zambia (0.1%)
4 Republic of Zambia 5.750% 6/30/2033 855 843
Total Sovereign Bonds (Cost $204,817) 204,899
27
Global Credit Bond Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Taxable Municipal Bonds (0.1%)
United States (0.1%)
Los Angeles CA Department of Water & Power System Revenue (Cost $779) 6.574% 7/1/2045 760 796
Shares
Temporary Cash Investments (0.6%)
Money Market Fund (0.6%)
18 Vanguard Market Liquidity Fund (Cost $5,466) 3.685% 54,667 5,466
Total Investments (100.4%) (Cost $983,737) 982,577
Other Assets and Liabilities-Net (-0.4%) (3,763)
Net Assets (100%) 978,814
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Securities with a value of $5,500 have been segregated as collateral for open forward currency contracts and over-the-counter swap contracts.
2 Securities with a value of $4,792 have been segregated as initial margin for open centrally cleared swap contracts.
3 Securities with a value of $2,551 have been segregated as initial margin for open futures contracts.
4 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.
5 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 April 30, 2026, the aggregate value was $104,121, representing 10.6% of net assets.
6 Face amount denominated in Australian dollars.
7 Face amount denominated in euro.
8 Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
9 Face amount denominated in British pounds.
10 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of April 30, 2026.
11 Payment-in-kind (PIK) security which may pay interest as additional principal.
12 Security value determined using significant unobservable inputs.
13 Face amount denominated in Canadian dollars.
14 Guaranteed by the Republic of Hungary.
15 Face amount denominated in Japanese yen.
16 Guaranteed by the Republic of South Africa.
17 Face amount denominated in South African rand.
18 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.
DAC-Designated Activity Company.
TSFR1M-CME Term Secured Overnight Financing Rate 1-Month.
TSFR3M-CME Term Secured Overnight Financing Rate 3-Month.
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 June 2026 240 49,710 (124)
5-Year Government of Canada Bond June 2026 139 11,550 (209)
10-Year Government of Canada Bond June 2026 56 4,911 (122)
10-Year U.S. Treasury Note June 2026 39 4,313 (24)
Euro-Bobl June 2026 51 6,910 2
Euro-Bund June 2026 118 17,361 (64)
Long U.S. Treasury Bond June 2026 229 25,841 (649)
Ultra Long U.S. Treasury Bond June 2026 12 1,380 2
(1,188)
Short Futures Contracts
5-Year U.S. Treasury Note June 2026 (64) (6,901) 31
28
Global Credit Bond Fund
Futures Contracts (continued)
($000)
Expiration Number of
Long (Short)
 Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
10-Year Japanese Government Bond June 2026 (14) (11,559) 224
AUD 3-Year Treasury Bond June 2026 (479) (35,648) 176
AUD 10-Year Treasury Bond June 2026 (156) (12,024) 80
Euro-BTP June 2026 (130) (17,845) 169
Euro-Buxl June 2026 (2) (256) 3
Euro-OAT June 2026 (48) (6,719) 9
Euro-Schatz June 2026 (53) (6,578) 1
Long Gilt June 2026 (39) (4,595) 79
Mini 10-Year Japanese Government Bond June 2026 (18) (1,486) 30
Ultra 10-Year U.S. Treasury Note June 2026 (300) (33,858) 306
1,108
(80)
Forward Currency Contracts
Contract
Settlement
Date 		Contract Amount (000) Unrealized
Appreciation
($000) 		Unrealized
(Depreciation)
 ($000)
Counterparty Receive Deliver
BNP Paribas 5/4/2026 AUD 107,017 USD 76,475 573 -
Toronto-Dominion Bank 5/4/2026 AUD 611 USD 430 12 -
Canadian Imperial Bank of Commerce 5/4/2026 AUD 461 USD 322 10 -
Barclays Bank plc 5/4/2026 AUD 330 USD 235 4 -
Toronto-Dominion Bank 5/5/2026 AUD 228 USD 163 1 -
Royal Bank of Canada 5/4/2026 AUD 156 USD 112 - -
JPMorgan Chase Bank, N.A. 6/2/2026 AUD 125 USD 89 1 -
HSBC Bank plc 5/1/2026 CAD 2,077 USD 1,491 38 -
Wells Fargo Bank N.A. 5/1/2026 CAD 1,740 USD 1,273 8 -
Barclays Bank plc 6/1/2026 CAD 1,710 USD 1,251 9 -
JPMorgan Chase Bank, N.A. 5/1/2026 CAD 206 USD 149 3 -
Barclays Bank plc 5/1/2026 CAD 167 USD 123 - -
State Street Bank & Trust Co. 5/5/2026 CHF 1 USD 1 - -
HSBC Bank plc 5/5/2026 CZK 529 USD 25 - -
JPMorgan Chase Bank, N.A. 5/5/2026 EUR 167,370 USD 195,735 707 -
Toronto-Dominion Bank 5/5/2026 EUR 77,000 USD 90,076 299 -
Goldman Sachs Bank USA 5/5/2026 EUR 6,263 USD 7,246 104 -
State Street Bank & Trust Co. 5/5/2026 EUR 4,862 USD 5,702 5 -
HSBC Bank plc 5/5/2026 EUR 1,920 USD 2,250 3 -
Toronto-Dominion Bank 5/5/2026 EUR 1,257 USD 1,479 - (4)
Standard Chartered Bank 5/5/2026 EUR 320 USD 377 - (2)
Toronto-Dominion Bank 6/2/2026 EUR 171 USD 200 1 -
HSBC Bank plc 5/5/2026 EUR 112 USD 132 - (1)
JPMorgan Chase Bank, N.A. 6/2/2026 EUR 97 USD 113 - -
State Street Bank & Trust Co. 5/5/2026 GBP 41,517 USD 56,085 408 -
Toronto-Dominion Bank 5/5/2026 GBP 1,939 USD 2,566 72 -
HSBC Bank plc 5/5/2026 GBP 1,211 USD 1,639 8 -
Citibank, N.A. 5/5/2026 GBP 1,078 USD 1,426 41 -
Deutsche Bank AG 5/5/2026 GBP 648 USD 855 27 -
Barclays Bank plc 5/7/2026 JPY 174,092 USD 1,110 2 -
Canadian Imperial Bank of Commerce 5/7/2026 JPY 14,100 USD 88 2 -
JPMorgan Chase Bank, N.A. 5/7/2026 JPY 12,056 USD 76 1 -
Royal Bank of Canada 5/7/2026 JPY 4,471 USD 28 - -
State Street Bank & Trust Co. 5/7/2026 JPY 4,488 USD 28 1 -
29
Global Credit Bond Fund
Forward Currency Contracts (continued)
Contract
Settlement
Date 		Contract Amount (000) Unrealized
Appreciation
($000) 		Unrealized
(Depreciation)
 ($000)
Counterparty Receive Deliver
Standard Chartered Bank 6/2/2026 MXN 821 USD 47 - -
Toronto-Dominion Bank 5/5/2026 MXN 821 USD 45 1 -
State Street Bank & Trust Co. 5/5/2026 NOK 30 USD 3 - -
Barclays Bank plc 5/5/2026 NZD 164 USD 96 1 -
State Street Bank & Trust Co. 5/5/2026 SEK 103 USD 11 - -
Standard Chartered Bank 5/5/2026 ZAR 22,617 USD 1,348 10 -
BNP Paribas 6/2/2026 USD 76,435 AUD 107,017 - (571)
Deutsche Bank AG 5/4/2026 USD 73,850 AUD 107,459 - (3,515)
Toronto-Dominion Bank 6/17/2026 NZD 4,211 AUD 3,500 - (26)
State Street Bank & Trust Co. 5/4/2026 USD 445 AUD 627 - (7)
Toronto-Dominion Bank 6/2/2026 USD 163 AUD 228 - (1)
Royal Bank of Canada 5/5/2026 USD 158 AUD 228 - (6)
Barclays Bank plc 5/4/2026 USD 138 AUD 193 - (1)
BNP Paribas 5/4/2026 USD 117 AUD 171 - (6)
Royal Bank of Canada 5/4/2026 USD 91 AUD 127 - -
State Street Bank & Trust Co. 6/2/2026 USD 69 AUD 96 - -
Canadian Imperial Bank of Commerce 5/1/2026 USD 1,486 CAD 2,064 - (34)
State Street Bank & Trust Co. 6/1/2026 USD 1,412 CAD 1,928 - (9)
State Street Bank & Trust Co. 5/1/2026 USD 1,348 CAD 1,876 - (34)
Wells Fargo Bank N.A. 6/1/2026 USD 1,274 CAD 1,740 - (8)
Bank of America, N.A. 5/1/2026 USD 80 CAD 108 - -
HSBC Bank plc 5/1/2026 USD 38 CAD 52 - (1)
Deutsche Bank AG 5/1/2026 USD 35 CAD 48 - -
Barclays Bank plc 5/1/2026 USD 30 CAD 42 - (1)
Toronto-Dominion Bank 6/17/2026 USD 539 CHF 419 - -
State Street Bank & Trust Co. 5/5/2026 USD 1 CHF 1 - -
State Street Bank & Trust Co. 6/2/2026 USD 1 CHF 1 - -
Goldman Sachs Bank USA 5/5/2026 USD 25 CZK 529 - (1)
HSBC Bank plc 6/2/2026 USD 25 CZK 529 - -
HSBC Bank plc 5/5/2026 USD 284,197 EUR 246,555 - (5,187)
JPMorgan Chase Bank, N.A. 6/2/2026 USD 184,406 EUR 157,361 - (540)
Toronto-Dominion Bank 6/2/2026 USD 90,195 EUR 77,000 - (303)
Barclays Bank plc 5/5/2026 USD 4,741 EUR 4,102 - (73)
Toronto-Dominion Bank 5/5/2026 USD 3,730 EUR 3,158 23 -
JPMorgan Chase Bank, N.A. 5/5/2026 USD 2,110 EUR 1,786 13 -
Toronto-Dominion Bank 5/5/2026 USD 1,695 EUR 1,447 - (4)
Toronto-Dominion Bank 6/17/2026 GBP 1,648 EUR 1,900 7 -
Deutsche Bank AG 6/2/2026 USD 1,543 EUR 1,314 - (1)
Wells Fargo Bank N.A. 5/5/2026 USD 1,223 EUR 1,044 - (3)
Citibank, N.A. 5/5/2026 USD 981 EUR 835 1 -
HSBC Bank plc 5/5/2026 USD 204 EUR 174 - -
State Street Bank & Trust Co. 6/17/2026 GBP 130 EUR 150 1 -
Deutsche Bank AG 6/17/2026 USD 76 EUR 66 - (1)
State Street Bank & Trust Co. 6/2/2026 USD 56,084 GBP 41,517 - (408)
State Street Bank & Trust Co. 5/5/2026 USD 55,253 GBP 41,606 - (1,363)
Toronto-Dominion Bank 5/5/2026 USD 4,960 GBP 3,657 - (16)
HSBC Bank plc 5/5/2026 USD 1,526 GBP 1,129 - (11)
HSBC Bank plc 6/2/2026 USD 680 GBP 504 - (6)
State Street Bank & Trust Co. 6/17/2026 USD 2,125 JPY 335,762 - (28)
Wells Fargo Bank N.A. 5/7/2026 USD 1,168 JPY 185,708 - (17)
Barclays Bank plc 6/2/2026 USD 1,059 JPY 165,607 - (2)
JPMorgan Chase Bank, N.A. 6/17/2026 USD 316 JPY 50,000 - (5)
Canadian Imperial Bank of Commerce 5/7/2026 USD 71 JPY 11,270 - (1)
30
Global Credit Bond Fund
Forward Currency Contracts (continued)
Contract
Settlement
Date 		Contract Amount (000) Unrealized
Appreciation
($000) 		Unrealized
(Depreciation)
 ($000)
Counterparty Receive Deliver
JPMorgan Chase Bank, N.A. 5/7/2026 USD 51 JPY 8,135 - (1)
Barclays Bank plc 5/7/2026 USD 26 JPY 4,095 - -
Standard Chartered Bank 5/5/2026 USD 47 MXN 821 - -
Standard Chartered Bank 5/5/2026 USD 3 NOK 30 - -
State Street Bank & Trust Co. 6/2/2026 USD 3 NOK 30 - -
Bank of America, N.A. 6/17/2026 AUD 3,500 NZD 4,205 30 -
Barclays Bank plc 6/3/2026 USD 97 NZD 164 - (1)
State Street Bank & Trust Co. 5/5/2026 USD 94 NZD 164 - (3)
Toronto-Dominion Bank 6/17/2026 GBP 285 SEK 3,533 4 -
Barclays Bank plc 5/5/2026 USD 11 SEK 103 - -
State Street Bank & Trust Co. 6/2/2026 USD 11 SEK 103 - -
Standard Chartered Bank 6/2/2026 USD 1,345 ZAR 22,617 - (10)
HSBC Bank plc 5/5/2026 USD 1,326 ZAR 22,617 - (32)
2,431 (12,244)
AUD-Australian dollar.
CAD-Canadian dollar.
CHF-Swiss franc.
CZK-Czech koruna.
EUR-euro.
GBP-British pound.
JPY-Japanese yen.
MXN-Mexican peso.
NOK-Norwegian krone.
NZD-New Zealand dollar.
SEK-Swedish krona.
USD-U.S. dollar.
ZAR-South African rand.
Centrally Cleared Credit Default Swaps
Reference Entity Termination
Date 		Notional
Amount
($000) 		Periodic
Premium
Received
(Paid)1
(%) 		Value
($000) 		Unrealized
Appreciation
(Depreciation)
 ($000)
Credit Protection Sold
CDX-NA-IG-S46-V1 6/20/2031 USD 90,986 1.000 2,017 338
iTraxx Europe-S44-V1 12/20/2030 EUR 30,000 1.000 737 79
Republic of Turkiye 6/20/2031 USD 3,933 1.000 (251) 67
484
1 Periodic premium received/(paid) quarterly.
EUR-euro.
USD-U.S. dollar.
31
Global Credit Bond Fund
Over-the-Counter Credit Default Swaps
Reference
Entity 		Termination
Date 		Counterparty Notional
Amount
($000)1 		Periodic
Premium
Received
(Paid)2
(%) 		Value
($000) 		Remaining
Up-Front
Premium
Paid
(Received)
($000) 		Unrealized
Appreciation
($000) 		Unrealized
(Depreciation)
 ($000)
Credit Protection Purchased
Telefonica Europe BV 12/20/2030 MSBNA 4,300 (1.000) (90) (76) - (14)
Unibail-Rodamco-Westfield SE 6/20/2028 BARC 600 (1.000) (11) 20 - (31)
Unibail-Rodamco-Westfield SE 6/20/2028 JPMC 600 (1.000) (11) 13 - (24)
(112) (43) - (69)
1 Notional amount denominated in euro.
2 Periodic premium received/(paid) quarterly.
BARC-Barclays Bank plc.
JPMC-JPMorgan Chase Bank, N.A.
MSBNA-Morgan Stanley Bank, N.A.
The notional amount represents the maximum potential amount the fund could be required to pay as a seller of credit protection if the reference entity was subject to a credit event.
At April 30, 2026, the counterparties had deposited in segregated accounts securities with a value of $327 in connection with open forward currency contracts and over-the-counter swap contracts.
Centrally Cleared Interest Rate Swaps
Termination Date Future
Effective
Date 		Notional
Amount
(000) 		Interest
Rate
Received
(%) 		Interest
Rate
(Paid)
 (%) 		Value
($000) 		Unrealized
Appreciation
(Depreciation)
 ($000)
4/9/2027 N/A 20,0001 3.7452 (3.660)3 5 5
4/29/2027 N/A 2,3301 0.0004 (3.455)5 1 1
4/30/2027 N/A 4,6601 0.0004 (3.480)5 1 1
4/30/2027 N/A 2,3301 0.0004 (3.535)5 (1) (1)
5/5/2027 5/5/20266 3,4951 0.0004 (3.425)5 - -
5/5/2027 5/5/20266 2,3301 0.0004 (3.424)5 - -
6/16/2027 N/A 1,274,8607 0.7278 (0.906)2 (5) (5)
4/9/2028 N/A 10,0001 3.6603 (3.678)2 8 8
6/20/2029 6/17/20266 9,3009 2.54210 (0.000)11 (79) (85)
6/20/2029 6/17/20266 2,3299 2.76810 (0.000)11 (9) (9)
4/24/2031 N/A 11,93012 6.76713 (7.508)14 4 4
4/29/2031 N/A 21,65012 6.77513 (7.705)14 (3) (3)
6/18/2031 6/17/20266 3,81315 2.2742 (0.000)16 (77) (76)
6/18/2031 6/17/20266 45315 2.5082 (0.000)16 (3) (3)
6/18/2031 6/17/20266 33915 2.3172 (0.000)16 (6) (6)
3/30/2051 N/A 8,5001 4.1822 (3.660)3 (66) (66)
3/30/2056 N/A 7,7001 3.6603 (4.136)2 84 84
(146) (151)
1 Notional amount denominated in U.S. dollar.
2 Interest payment received/(paid) annually.
3 Based on Secured Overnight Financing Rate (SOFR) as of the most recent reset date. Interest payment received/(paid) annually.
4 Zero-coupon. Based on the return of US Consumer Price Index for All Urban Consumers (USCPIU). Interest payment received/(paid) at maturity.
5 Interest payment received/(paid) at maturity.
6 Forward interest rate swap. In a forward interest rate swap, the fund and the counterparty agree to make periodic net payments beginning on a specified future effective date.
7 Notional amount denominated in Japanese yen.
8 Based on Tokyo Overnight Average Rate (TONAR) as of the most recent reset date. Interest payment received/(paid) annually.
9 Notional amount denominated in Canadian dollar.
10 Interest payment received/(paid) semi-annually.
11 Based on Canadian Overnight Repo Rate Average (CORRA) as of the most recent reset date. Interest payment received/(paid) semi-annually.
12 Notional amount denominated in South African rand.
13 Based on Johannesburg Interbank Agreed Rate (JIBAR) as of the most recent reset date. Interest payment received/(paid) quarterly.
14 Interest payment received/(paid) quarterly.
15 Notional amount denominated in euro.
16 Based on Euro Short Term Rate (ESTR) as of the most recent reset date. Interest payment received/(paid) annually.
See accompanying Notes, which are an integral part of the Financial Statements.
32
Global Credit Bond Fund
Statement of Assets and Liabilities
As of April 30, 2026
($000s, except shares and per-share amounts) Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $978,271) 977,111
Affiliated Issuers (Cost $5,466) 5,466
Total Investments in Securities 982,577
Investment in Vanguard 23
Foreign Currency, at Value (Cost $994) 996
Receivables for Investment Securities Sold 1,551
Receivables for Accrued Income 13,832
Receivables for Capital Shares Issued 571
Swap Premiums Paid 33
Variation Margin Receivable-Futures Contracts 125
Variation Margin Receivable-Centrally Cleared Swap Contracts 101
Unrealized Appreciation-Forward Currency Contracts 2,431
Total Assets 1,002,240
Liabilities
Due to Custodian 199
Payables for Investment Securities Purchased 10,303
Payables for Capital Shares Redeemed 432
Payables to Vanguard 103
Swap Premiums Received 76
Unrealized Depreciation-Forward Currency Contracts 12,244
Unrealized Depreciation-Over-the-Counter Swap Contracts 69
Total Liabilities 23,426
Net Assets 978,814

At April 30, 2026, net assets consisted of:
Paid-in Capital 1,003,870
Total Distributable Earnings (Loss) (25,056)
Net Assets 978,814
Investor Shares-Net Assets
Applicable to 6,383,980 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		61,143
Net Asset Value Per Share-Investor Shares $9.58
Admiral™ Shares-Net Assets
Applicable to 47,906,230 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		917,671
Net Asset Value Per Share-Admiral Shares $19.16
See accompanying Notes, which are an integral part of the Financial Statements.
33
Global Credit Bond Fund
Statement of Operations
Six Months Ended
April 30, 2026
($000)
Investment Income
Income
Interest1 21,625
Total Income 21,625
Expenses
The Vanguard Group-Note C
Investment Advisory Services 281
Management and Administrative-Investor Shares 75
Management and Administrative-Admiral Shares 738
Marketing and Distribution-Investor Shares 3
Marketing and Distribution-Admiral Shares 23
Custodian Fees 42
Shareholders' Reports-Investor Shares 4
Shareholders' Reports-Admiral Shares 10
Trustees' Fees and Expenses -
Other Expenses 10
Total Expenses 1,186
Net Investment Income 20,439
Realized Net Gain (Loss)
Investment Securities Sold1 5,607
Futures Contracts 1,793
Swap Contracts (159)
Forward Currency Contracts 6,953
Foreign Currencies (9)
Realized Net Gain (Loss) 14,185
Change in Unrealized Appreciation (Depreciation)
Investment Securities1 (13,142)
Futures Contracts (268)
Swap Contracts (3)
Forward Currency Contracts (17,150)
Foreign Currencies 96
Change in Unrealized Appreciation (Depreciation) (30,467)
Net Increase (Decrease) in Net Assets Resulting from Operations 4,157
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $205, ($2), and ($1), respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
34
Global Credit Bond Fund
Statement of Changes in Net Assets
Six Months Ended
April 30,
2026 		Year Ended
October 31,
2025
($000) ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 20,439 32,567
Realized Net Gain (Loss) 14,185 5,315
Change in Unrealized Appreciation (Depreciation) (30,467) 15,229
Net Increase (Decrease) in Net Assets Resulting from Operations 4,157 53,111
Distributions
Investor Shares (1,586) (2,375)
Admiral Shares (23,514) (32,581)
Total Distributions (25,100) (34,956)
Capital Share Transactions
Investor Shares 2,648 13,189
Admiral Shares 125,330 237,366
Net Increase (Decrease) from Capital Share Transactions 127,978 250,555
Total Increase (Decrease) 107,035 268,710
Net Assets
Beginning of Period 871,779 603,069
End of Period 978,814 871,779
See accompanying Notes, which are an integral part of the Financial Statements.
35
Global Credit Bond Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period 		Six Months
Ended
April 30,
2026 		Year Ended October 31,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $9.79 $9.59 $8.89 $8.93 $11.02 $11.26
Investment Operations
Net Investment Income1 .208 .421 .417 .370 .214 .176
Net Realized and Unrealized Gain (Loss) on Investments (.159) .235 .707 (.044) (1.956) .059
Total from Investment Operations .049 .656 1.124 .326 (1.742) .235
Distributions
Dividends from Net Investment Income (.259) (.456) (.424) (.366) (.182) (.217)
Distributions from Realized Capital Gains - - - - (.166) (.258)
Total Distributions (.259) (.456) (.424) (.366) (.348) (.475)
Net Asset Value, End of Period $9.58 $9.79 $9.59 $8.89 $8.93 $11.02
Total Return2 0.51% 7.04% 12.76% 3.58% -16.15% 2.07%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $61 $60 $46 $38 $36 $46
Ratio of Total Expenses to Average Net Assets 0.35% 0.35% 0.35% 0.35%3 0.35%3 0.35%
Ratio of Net Investment Income to Average Net Assets 4.32% 4.37% 4.40% 4.00% 2.14% 1.59%
Portfolio Turnover Rate 75% 170% 157% 178%4 124% 128%4
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.35%.
4 Includes 12% and 13%, respectively, attributable to mortgage-dollar-roll activity.
See accompanying Notes, which are an integral part of the Financial Statements.
36
Global Credit Bond Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period 		Six Months
Ended
April 30,
2026 		Year Ended October 31,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $19.59 $19.19 $17.79 $17.87 $22.04 $22.52
Investment Operations
Net Investment Income1 .425 .860 .855 .760 .449 .375
Net Realized and Unrealized Gain (Loss) on Investments (.327) .471 1.413 (.089) (3.901) .117
Total from Investment Operations .098 1.331 2.268 .671 (3.452) .492
Distributions
Dividends from Net Investment Income (.528) (.931) (.868) (.751) (.385) (.456)
Distributions from Realized Capital Gains - - - - (.333) (.516)
Total Distributions (.528) (.931) (.868) (.751) (.718) (.972)
Net Asset Value, End of Period $19.16 $19.59 $19.19 $17.79 $17.87 $22.04
Total Return2 0.51% 7.15% 12.88% 3.69% -16.02% 2.18%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $918 $812 $558 $273 $228 $233
Ratio of Total Expenses to Average Net Assets 0.25% 0.25% 0.25% 0.25%3 0.25%3 0.25%
Ratio of Net Investment Income to Average Net Assets 4.42% 4.47% 4.50% 4.12% 2.26% 1.69%
Portfolio Turnover Rate 75% 170% 157% 178%4 124% 128%4
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.25%.
4 Includes 12% and 13%, respectively, attributable to mortgage-dollar-roll activity.
See accompanying Notes, which are an integral part of the Financial Statements.
37
Global Credit Bond Fund
Notes to Financial Statements
Vanguard Global Credit Bond Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral, as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, fixed income benchmark curves, foreign exchange rates, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price on a predetermined date. The fund forgoes principal and interest paid on the securities sold. In exchange for the forgone principal and interest paid, the fund is compensated by investing the proceeds of the sale, typically in high-quality short-term fixed income securities, and earning interest on such investments. Further the fund receives a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell substantially similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.
4. Floating Rate Loan Interests: Floating rate loan interests represent interests in amounts owed by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the fund to supply additional cash to the borrower on demand. Floating rate loan interests may be made directly with a borrower or acquired through assignment or participation. The fund's right to enforce a borrower's compliance with the terms of the loan agreement, or benefit directly from the collateral supporting the loan, varies depending on whether the loan is a direct borrowing, an assignment, or a participation. Floating rate loan interests involve various risks including risk of loss in case of default, insolvency, or the bankruptcy of the borrower and are generally subject to restrictions on transfer with limited opportunities to sell them in secondary markets. The fund may also invest in loan commitments, which are contractual obligations for a future funding. The fund may earn a commitment fee on any unfunded portion of these commitments which is amortized to interest income over the commitment period. Both the funded portion of a floating rate loan interest as well as its unfunded commitment, if any, is reflected on the Schedule of Investments.
5. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates or credit exposure. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended April 30, 2026, the fund's average investments in long and short futures contracts represented 13% and 11% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
6. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables
38
Global Credit Bond Fund
against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.
During the six months ended April 30, 2026, the fund's average investment in forward currency contracts represented 141% of net assets, based on the average of the notional amounts at each quarter-end during the period.
7. Swap Contracts: The fund invests in credit default swaps to adjust the overall credit risk of the fund or to actively overweight or underweight credit risk to a specific issuer or group of issuers. The fund may sell credit protection through credit default swaps to simulate investments in long positions that are either unavailable or considered to be less attractively priced in the bond market. The fund may purchase credit protection through credit default swaps to reduce credit exposure to a given issuer or issuers. Under the terms of the swaps, an up-front payment may be exchanged between the seller and buyer. In addition, the seller of the credit protection receives a periodic payment of premium from the buyer that is a fixed percentage applied to a notional amount. If, for example, the reference entity is subject to a credit event (such as bankruptcy, failure to pay, or obligation acceleration) during the term of the swap, the seller agrees to either physically settle or cash settle the swap contract. If the swap is physically settled, the seller agrees to pay the buyer an amount equal to the notional amount and take delivery of a debt instrument of the reference issuer with a par amount equal to such notional amount. If the swap is cash settled, the seller agrees to pay the buyer the difference between the notional amount and the final price for the relevant debt instrument, as determined either in a market auction or pursuant to a pre-agreed-upon valuation procedure.
The fund enters into interest rate swap transactions to adjust the fund's sensitivity to changes in interest rates and maintain the ability to generate income at prevailing market rates. Under the terms of the swaps, one party pays the other either an amount that is a fixed percentage rate or a floating rate, which is reset periodically based on short-term interest rates, applied to a notional amount. In return, the counterparty agrees to pay a different floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount. The fund enters into inflation swap transactions to transfer inflation risk from one party to another through an exchange of cash flows. Under the terms of the swap, one party pays a fixed rate applied to a notional amount. In return, the other party pays a floating rate linked to an inflation index.
The fund enters into centrally cleared credit default and interest rate swaps to achieve the same objectives specified with respect to the equivalent over-the-counter swaps but with less counterparty risk because a regulated clearinghouse is the counterparty instead of the clearing broker or executing broker. The clearinghouse imposes initial margin requirements to secure the fund's performance, and requires daily settlement of variation margin representing changes in the market value of each contract. To further mitigate counterparty risk, the fund trades with a diverse group of prequalified executing brokers; monitors the financial strength of its clearing brokers, executing brokers, and clearinghouse; and has entered into agreements with its clearing brokers and executing brokers.
The primary risk associated with selling credit protection is that, upon the occurrence of a defined credit event, the market value of the debt instrument received by the fund (or, in a cash settled swap, the debt instruments used to determine the settlement payment by the fund) will be significantly less than the amount paid by the fund and, in a physically settled swap, the fund may receive an illiquid debt instrument. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the seller of credit protection is required to take delivery (or, in a cash settled swap, pay the settlement amount determined) upon occurrence of a credit event, periodic payments are made, or the swap
39
Global Credit Bond Fund
terminates, at which time realized gain (loss) is recorded. The net premium to be received or paid by the fund under swap contracts is accrued daily and recorded as realized gain (loss) over the life of the contract.
During the six months ended April 30, 2026, the fund's average amounts of investments in credit protection sold and credit protection purchased represented 18% and 1% of net assets, respectively, based on the average of notional amounts at each quarter-end during the period. The average amount of investments in interest rate swaps represented 8% of net assets, based on the average of notional amounts at each quarter-end during the period.
The following table summarizes the fund's derivative assets and liabilities by counterparty for derivatives subject to arrangements that provide for offsetting assets and liabilities. Exchange-traded and centrally cleared derivatives are listed separately.
Amounts Not Offset in the
Statement of Assets
and Liabilities
Assets
Reflected in
Statement of
Assets
and Liabilities1
($000) 		Liabilities
Reflected in
Statement of
Assets and
Liabilities1
($000) 		Net Amount
Receivable
(Payable)
($000) 		Collateral
Pledged2
($000) 		Collateral
Received2
($000) 		Net
Exposure3
(Not Less
Than $0)
($000)
Derivatives Subject to
Offsetting Arrangements,
by Counterparty
Bank of America, N.A. 30 - 30 - - 30
Barclays Bank plc 16 (109) (93) 75 - -
BNP Paribas 573 (577) (4) - - -
Canadian Imperial Bank of Commerce 12 (35) (23) - - -
Citibank, N.A. 42 - 42 - - 42
Deutsche Bank AG 27 (3,517) (3,490) - - -
Goldman Sachs Bank USA 104 (1) 103 - 102 1
HSBC Bank plc 49 (5,238) (5,189) 4,457 - -
JPMorgan Chase Bank, N.A. 725 (570) 155 - 163 -
Morgan Stanley Bank, N.A. - (14) (14) - - -
Royal Bank of Canada - (6) (6) - - -
Standard Chartered Bank 10 (12) (2) - - -
State Street Bank & Trust Co. 415 (1,852) (1,437) 968 - -
Toronto-Dominion Bank 420 (354) 66 - 62 4
Wells Fargo Bank N.A. 8 (28) (20) - - -
Centrally Cleared Swap Contracts 101 - 101 4,792 - -
Exchange-Traded Futures Contracts 125 - 125 2,551 - -
Total 2,657 (12,313) (9,656) 12,843 327 77
1 Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.
2 Securities or other assets pledged as collateral are noted in the Schedule of Investments and Statement of Assets and Liabilities. Securities or other assets received as collateral are held in a segregated account and not included in the fund's security holdings in the Schedule of Investments.
3 Net exposure represents the net amount receivable from the counterparty in the event of default. Counterparties are not required to exchange collateral if amount is below a specified minimum transfer amount.
8. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
9. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
10. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
40
Global Credit Bond Fund
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended April 30, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
11. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Paid-in-kind interest included in income, if any, is recorded at the fair value of the securities received. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.
C. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2026, the fund had contributed to Vanguard capital in the amount of $23,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
D. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
41
Global Credit Bond Fund
The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2026, 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 - 34,059 - 34,059
Asset-Backed/Commercial Mortgage-Backed Securities - 147 - 147
Corporate Bonds - 737,116 40 737,156
Floating Rate Loan Interests - 54 - 54
Sovereign Bonds - 204,899 - 204,899
Taxable Municipal Bonds - 796 - 796
Temporary Cash Investments 5,466 - - 5,466
Total 5,466 977,071 40 982,577
Derivative Financial Instruments
Assets
Futures Contracts1 1,112 - - 1,112
Forward Currency Contracts - 2,431 - 2,431
Swap Contracts1 - 587 - 587
Total 1,112 3,018 - 4,130
Liabilities
Futures Contracts1 (1,192) - - (1,192)
Forward Currency Contracts - (12,244) - (12,244)
Swap Contracts1 - (323) - (323)
Total (1,192) (12,567) - (13,759)
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.
E. At April 30, 2026, 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) 		Foreign
Exchange
Contracts
($000) 		Credit
Contracts
($000) 		Total
($000)
Swap Premiums Paid - - 33 33
Unrealized Appreciation-Futures Contracts1 1,112 - - 1,112
Unrealized Appreciation-Centrally Cleared Swap Contracts1 103 - 484 587
Unrealized Appreciation-Forward Currency Contracts - 2,431 - 2,431
Total Assets 1,215 2,431 517 4,163
Swap Premiums Received - - (76) (76)
Unrealized Depreciation-Futures Contracts1 (1,192) - - (1,192)
Unrealized Depreciation-Centrally Cleared Swap Contracts1 (254) - - (254)
Unrealized Depreciation-Forward Currency Contracts - (12,244) - (12,244)
Unrealized Depreciation-Over-the-Counter Swap Contracts - - (69) (69)
Total Liabilities (1,446) (12,244) (145) (13,835)
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.
42
Global Credit Bond Fund
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2026, were:
Realized Net Gain (Loss) on Derivatives Interest
Rate
Contracts
($000) 		Foreign
Exchange
Contracts
($000) 		Credit
Contracts
($000) 		Total
($000)
Futures Contracts 1,793 - - 1,793
Swap Contracts (28) - (131) (159)
Forward Currency Contracts - 6,953 - 6,953
Realized Net Gain (Loss) on Derivatives 1,765 6,953 (131) 8,587
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts (268) - - (268)
Swap Contracts (209) - 206 (3)
Forward Currency Contracts - (17,150) - (17,150)
Change in Unrealized Appreciation (Depreciation) on Derivatives (477) (17,150) 206 (17,421)
F. As of April 30, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 988,428
Gross Unrealized Appreciation 13,823
Gross Unrealized Depreciation (29,346)
Net Unrealized Appreciation (Depreciation) (15,523)
The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2025, the fund had available capital losses totaling $19,696,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
G. During the six months ended April 30, 2026, the fund purchased $722,359,000 of investment securities and sold $547,071,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $95,875,000 and $139,879,000, respectively.
H. Capital share transactions for each class of shares were:
Six Months Ended
April 30, 2026 		Year Ended
October 31, 2025
Amount
($000) 		Shares
(000) 		Amount
($000) 		Shares
(000)
Investor Shares
Issued 14,348 1,475 26,569 2,757
Issued in Lieu of Cash Distributions 1,350 141 1,926 201
Redeemed (13,050) (1,343) (15,306) (1,596)
Net Increase (Decrease)-Investor Shares 2,648 273 13,189 1,362
Admiral Shares
Issued 181,258 9,337 336,419 17,545
Issued in Lieu of Cash Distributions 19,641 1,024 26,227 1,370
Redeemed (75,569) (3,904) (125,280) (6,523)
Net Increase (Decrease)-Admiral Shares 125,330 6,457 237,366 12,392
I. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
43
Global Credit Bond Fund
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
At April 30, 2026, one shareholder was the record or beneficial owner of 26% of the fund's net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund's expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.
J. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
K. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
Q20252 062026
44

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

Not applicable.

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

Not applicable.

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

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

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

Trustees Approve Advisory Arrangement - Global Credit Bond Fund

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

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

Nature, extent, and quality of services

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

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

Investment performance

The Trustees determined that VCM's Fixed Income Group, in its management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes.

Cost

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

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

The benefit of economies of scale

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 16: Controls and Procedures.

(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 changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable.

Item 18: Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19: Exhibits.

(a)(1) Not applicable.
(a)(2) Certifications filed herewith.
(a)(2) Certifications filed 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 CHARLOTTE FUNDS
BY: /s/ SALIM RAMJI*
SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: June 23, 2026

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

VANGUARD CHARLOTTE FUNDS
BY: /s/ SALIM RAMJI*
SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: June 23, 2026

VANGUARD CHARLOTTE FUNDS
BY: /s/ CHRISTINE BUCHANAN*
CHRISTINE BUCHANAN
CHIEF FINANCIAL OFFICER

Date: June 23, 2026

* By: /s/ Natalie Lamarque

Natalie Lamarque, pursuant to a Power of Attorney filed on December 19, 2025 (see File Number 33-49023), and to a Power of Attorney filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

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