Vanguard Wellington Fund

02/03/2026 | Press release | Distributed by Public on 02/03/2026 12:37

Annual Report by Investment Company (Form N-CSR)

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: 811-00121

Name of Registrant: Vanguard Wellington Fund
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: November 30

Date of reporting period: December 1, 2024-November 30, 2025

Item 1: Reports to Shareholders.

TABLE OF CONTENTS

Vanguard Wellington™ Fund
Investor Shares - VWELX

   

Vanguard Wellington™ Fund
Admiral™ Shares - VWENX

   
Vanguard Wellington™ Fund
Investor Shares (VWELX)
Annual Shareholder Report | November 30, 2025
This annual shareholder report contains important information about Vanguard Wellington Fund (the "Fund") for the period of December 1, 2024, to November 30, 2025. 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.
What were the Fund costs for the last year?
(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 $26 0.24%
How did the Fund perform during the reporting period?
  • For the 12 months ended November 30, 2025, the Fund outperformed its benchmark.
  • Optimism in the U.S. regarding robust corporate earnings and artificial intelligence was tempered at times by market concerns about evolving trade policies, stretched equity valuations, and stubbornly high inflation. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.
  • In the stock portion of the Fund's portfolio, strong selection in industrials, communication services, real estate, and information technology contributed to relative performance and more than offset positions that detracted, such as an allocation to cash, selection in health care, and an overweight allocation to financials.
  • The portfolio's credit spread duration, which measures bond prices' sensitivity to changes in their credit spreads, was the primary reason the bond portion of the Fund's portfolio detracted from performance.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2015, Through November 30, 2025
Initial Investment of $10,000
Average Annual Total Returns
1 Year 5 Years 10 Years
Investor Shares 14.37% 9.77% 9.87%
Wellington Composite Index 11.84% 9.77% 10.49%
Bloomberg U.S. Aggregate Bond Index 5.70% -0.31% 1.99%
Dow Jones U.S. Total Stock Market Float Adjusted Index 13.53% 14.07% 13.98%
Fund Statistics
(as of November 30, 2025)
Fund Net Assets
(in millions) 		$122,290
Number of Portfolio Holdings 1,636
Portfolio Turnover Rate 62%
Total Investment Advisory Fees
(in thousands) 		$73,053
Portfolio Composition % of Net Assets
(as of November 30, 2025)
Asset-Backed/Commercial Mortgage-Backed Securities 0.8%
Common Stocks 66.1%
Corporate Bonds 21.7%
Sovereign Bonds 0.6%
Taxable Municipal Bonds 1.4%
U.S. Government and Agency Obligations 8.2%
Other Assets and Liabilities-Net 1.2%
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
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.
AR21
Vanguard Wellington™ Fund
Admiral™ Shares (VWENX)
Annual Shareholder Report | November 30, 2025
This annual shareholder report contains important information about Vanguard Wellington Fund (the "Fund") for the period of December 1, 2024, to November 30, 2025. 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.
What were the Fund costs for the last year?
(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 $17 0.16%
How did the Fund perform during the reporting period?
  • For the 12 months ended November 30, 2025, the Fund outperformed its benchmark.
  • Optimism in the U.S. regarding robust corporate earnings and artificial intelligence was tempered at times by market concerns about evolving trade policies, stretched equity valuations, and stubbornly high inflation. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.
  • In the stock portion of the Fund's portfolio, strong selection in industrials, communication services, real estate, and information technology contributed to relative performance and more than offset positions that detracted, such as an allocation to cash, selection in health care, and an overweight allocation to financials.
  • The portfolio's credit spread duration, which measures bond prices' sensitivity to changes in their credit spreads, was the primary reason the bond portion of the Fund's portfolio detracted from performance.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2015, Through November 30, 2025
Initial Investment of $50,000
Average Annual Total Returns
1 Year 5 Years 10 Years
Admiral Shares 14.48% 9.86% 9.96%
Wellington Composite Index 11.84% 9.77% 10.49%
Bloomberg U.S. Aggregate Bond Index 5.70% -0.31% 1.99%
Dow Jones U.S. Total Stock Market Float Adjusted Index 13.53% 14.07% 13.98%
Fund Statistics
(as of November 30, 2025)
Fund Net Assets
(in millions) 		$122,290
Number of Portfolio Holdings 1,636
Portfolio Turnover Rate 62%
Total Investment Advisory Fees
(in thousands) 		$73,053
Portfolio Composition % of Net Assets
(as of November 30, 2025)
Asset-Backed/Commercial Mortgage-Backed Securities 0.8%
Common Stocks 66.1%
Corporate Bonds 21.7%
Sovereign Bonds 0.6%
Taxable Municipal Bonds 1.4%
U.S. Government and Agency Obligations 8.2%
Other Assets and Liabilities-Net 1.2%
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
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.
AR521

Item 2: Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

Item 3: Audit Committee Financial Expert.

All members of the Audit and Risk Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

Item 4: Principal Accountant Fees and Services.

Includes fees billed in connection with services to the Registrant only.

Fiscal Year Ended
November 30, 2025 		Fiscal Year Ended
November 30, 2024
(a)   Audit Fees. $ 247,000 $ 253,000
(b)   Audit-Related Fees. 0 0
(c)   Tax Fees. 0 0
(d)   All Other Fees. 0 0
Total. $ 247,000 $ 253,000

(e)           (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)             For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

(g)            Aggregate Non-Audit Fees.

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

Fiscal Year Ended
November 30, 2025 		Fiscal Year Ended
November 30, 2024
Non-audit fees to the Registrant only, listed as (b) through (d) above. $ 0 $ 0
Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
Audit-Related Fees. $ 1,514,219 $ 3,802,420
Tax Fees. $ 1,622,344 $ 1,960,472
All Other Fees. $ 25,000 $ 293,000
Total. $ 3,161,563 $ 6,055,892

(h)            For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

Item 5: Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: Sarah Bloom Raskin,Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

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 year ended November 30, 2025
Vanguard Wellington™ Fund
Contents
Financial Statements
1
Report of Independent Registered

Public Accounting Firm
39
Tax information
40
Wellington Fund
Financial Statements
Schedule of Investments
As of November 30, 2025
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.
Shares Market
Value•
 ($000)
Common Stocks (66.1%)
Communication Services (7.2%)
Alphabet Inc. Class A 17,495,195 5,601,611
Meta Platforms Inc. Class A 3,160,449 2,047,813
T-Mobile US Inc. 3,754,963 784,825
* Netflix Inc. 3,169,070 340,929
8,775,178
Consumer Discretionary (6.7%)
* Amazon.com Inc. 16,741,033 3,904,344
Marriott International Inc. Class A 3,100,439 944,983
* Tesla Inc. 2,113,100 908,992
Home Depot Inc. 2,421,911 864,428
TJX Cos. Inc. 3,698,296 561,845
Tractor Supply Co. 9,357,037 512,579
* O'Reilly Automotive Inc. 4,971,918 505,644
* Navan Inc. Class A 2,164,411 36,124
8,238,939
Consumer Staples (3.0%)
British American Tobacco plc 17,232,288 1,011,797
Coca-Cola Co. 9,649,341 705,560
Unilever plc 9,962,230 599,406
Kroger Co. 8,783,385 590,946
Philip Morris International Inc. 1,655,332 260,682
* US Foods Holding Corp. 3,027,166 238,147
* Performance Food Group Co. 2,089,341 202,812
3,609,350
Energy (2.2%)
Targa Resources Corp. 5,264,281 922,881
Williams Cos. Inc. 11,835,506 721,137
Exxon Mobil Corp. 5,416,010 627,824
Marathon Petroleum Corp. 2,100,295 406,890
2,678,732
Financials (8.3%)
Wells Fargo & Co. 27,248,896 2,339,318
Nasdaq Inc. 16,184,496 1,471,494
Mastercard Inc. Class A 2,543,075 1,400,039
JPMorgan Chase & Co. 3,116,040 975,570
UBS Group AG (Registered) 22,357,001 862,855
American Express Co. 1,867,407 682,108
Blackrock Inc. 563,653 590,314
Morgan Stanley 2,972,245 504,271
KKR & Co. Inc. 4,112,687 503,023
American International Group Inc. 5,787,631 440,786
Arthur J Gallagher & Co. 1,721,459 426,268
10,196,046
Health Care (7.5%)
Eli Lilly & Co. 1,463,994 1,574,482
Merck & Co. Inc. 11,815,072 1,238,574
Abbott Laboratories 6,454,047 831,927
AbbVie Inc. 3,647,864 830,619
Thermo Fisher Scientific Inc. 1,266,732 748,423
Haleon plc 151,399,132 744,564
HCA Healthcare Inc. 1,389,634 706,337
UnitedHealth Group Inc. 1,613,928 532,225
GSK plc ADR 10,918,873 522,577
AstraZeneca plc ADR 5,319,261 493,202
Roche Holding AG 1,221,274 467,874
Regeneron Pharmaceuticals Inc. 561,571 438,132
9,128,936
1
Wellington Fund
Shares Market
Value•
 ($000)
Industrials (4.1%)
Caterpillar Inc. 2,144,891 1,234,942
Republic Services Inc. 3,889,586 844,273
Johnson Controls International plc 6,878,600 800,050
Parker-Hannifin Corp. 879,909 758,218
PACCAR Inc. 4,640,529 489,205
WW Grainger Inc. 497,332 471,784
Hubbell Inc. Class B 1,050,873 453,378
5,051,850
Information Technology (22.5%)
NVIDIA Corp. 37,889,501 6,706,441
Apple Inc. 21,746,311 6,063,959
Microsoft Corp. 11,925,185 5,867,310
Broadcom Inc. 7,434,952 2,995,988
* Advanced Micro Devices Inc. 3,853,401 838,230
Amphenol Corp. Class A 5,747,264 809,789
Texas Instruments Inc. 4,646,476 781,863
Corning Inc. 8,336,743 701,954
* ServiceNow Inc. 678,613 551,312
Intuit Inc. 828,983 525,642
* Snowflake Inc. Class A 2,019,514 507,383
Jabil Inc. 1,706,921 359,665
* Palantir Technologies Inc. Class A 2,099,397 353,643
Micron Technology Inc. 1,434,725 339,284
*,1 Via Transportation Inc. Class A 1,720,700 59,932
27,462,395
Materials (1.2%)
Freeport-McMoRan Inc. 12,062,653 518,453
Anglo American plc 12,597,342 476,120
Linde plc 896,629 367,905
Teck Resources Ltd. Class B 3,636,161 155,955
1,518,433
Real Estate (1.5%)
Welltower Inc. 4,591,912 956,128
Simon Property Group Inc. 4,986,660 929,114
1,885,242
Utilities (1.9%)
Sempra 11,684,796 1,106,784
Duke Energy Corp. 5,710,211 707,723
NextEra Energy Inc. 6,204,121 535,354
2,349,861
Total Common Stocks (Cost $46,653,699) 80,894,962
Coupon Maturity
Date 		Face
Amount
($000)
U.S. Government and Agency Obligations (8.2%)
U.S. Government Securities (7.5%)
United States Treasury Note/Bond 3.875% 5/31/2027 112,190 112,712
United States Treasury Note/Bond 3.750% 6/30/2027 221,694 222,387
United States Treasury Note/Bond 4.375% 7/15/2027 121,767 123,356
United States Treasury Note/Bond 2.750% 7/31/2027 114,106 112,653
United States Treasury Note/Bond 3.750% 8/15/2027 128,580 129,037
United States Treasury Note/Bond 3.625% 8/31/2027 40,000 40,067
United States Treasury Note/Bond 4.125% 9/30/2027 35,000 35,373
United States Treasury Note/Bond 3.500% 10/31/2027 751,938 751,791
United States Treasury Note/Bond 4.125% 10/31/2027 62,400 63,102
United States Treasury Note/Bond 2.250% 11/15/2027 161,802 157,959
United States Treasury Note/Bond 3.875% 11/30/2027 67,100 67,574
United States Treasury Note/Bond 4.000% 12/15/2027 138,136 139,496
United States Treasury Note/Bond 4.250% 1/15/2028 56,098 56,949
United States Treasury Note/Bond 4.000% 2/29/2028 55,525 56,123
United States Treasury Note/Bond 3.875% 3/15/2028 73,310 73,937
United States Treasury Note/Bond 3.625% 3/31/2028 19,195 19,253
United States Treasury Note/Bond 3.750% 4/15/2028 118,721 119,407
United States Treasury Note/Bond 3.750% 5/15/2028 77,399 77,876
2
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
United States Treasury Note/Bond 3.625% 5/31/2028 12,367 12,407
United States Treasury Note/Bond 3.875% 6/15/2028 67,069 67,708
United States Treasury Note/Bond 3.625% 8/15/2028 120,000 120,422
United States Treasury Note/Bond 4.375% 8/31/2028 20,121 20,579
United States Treasury Note/Bond 3.375% 9/15/2028 26,118 26,039
United States Treasury Note/Bond 4.625% 9/30/2028 58,375 60,144
United States Treasury Note/Bond 3.500% 11/15/2028 29,160 29,168
United States Treasury Note/Bond 4.375% 11/30/2028 101,214 103,713
United States Treasury Note/Bond 3.750% 12/31/2028 97,033 97,739
United States Treasury Note/Bond 4.250% 2/28/2029 221,425 226,355
United States Treasury Note/Bond 4.125% 3/31/2029 207,356 211,260
United States Treasury Note/Bond 4.625% 4/30/2029 178,095 184,342
United States Treasury Note/Bond 4.500% 5/31/2029 117,992 121,743
United States Treasury Note/Bond 4.250% 6/30/2029 133,150 136,344
United States Treasury Note/Bond 4.000% 7/31/2029 166,942 169,564
United States Treasury Note/Bond 3.625% 8/31/2029 25,059 25,128
United States Treasury Note/Bond 3.500% 9/30/2029 121,244 121,026
United States Treasury Note/Bond 3.875% 9/30/2029 4,297 4,346
United States Treasury Note/Bond 4.000% 10/31/2029 15,799 16,052
United States Treasury Note/Bond 4.125% 10/31/2029 177,414 181,087
United States Treasury Note/Bond 4.125% 11/30/2029 132,097 134,863
United States Treasury Note/Bond 4.375% 12/31/2029 2,311 2,382
2 United States Treasury Note/Bond 4.000% 2/28/2030 55,241 56,173
United States Treasury Note/Bond 4.000% 3/31/2030 116,959 118,941
United States Treasury Note/Bond 3.500% 4/30/2030 63,526 63,327
United States Treasury Note/Bond 3.875% 4/30/2030 121,919 123,400
United States Treasury Note/Bond 3.750% 5/31/2030 11,316 11,394
United States Treasury Note/Bond 4.000% 5/31/2030 141,743 144,212
United States Treasury Note/Bond 3.875% 6/30/2030 129,315 130,886
United States Treasury Note/Bond 3.875% 7/31/2030 85,000 86,029
United States Treasury Note/Bond 3.625% 8/31/2030 59,532 59,607
United States Treasury Note/Bond 3.625% 9/30/2030 155,249 155,425
United States Treasury Note/Bond 3.625% 10/31/2030 599,435 600,044
United States Treasury Note/Bond 4.875% 10/31/2030 4,088 4,319
3 United States Treasury Note/Bond 3.500% 11/30/2030 310,447 309,016
United States Treasury Note/Bond 3.750% 12/31/2030 19,022 19,133
United States Treasury Note/Bond 4.125% 7/31/2031 85,473 87,420
United States Treasury Note/Bond 3.625% 9/30/2031 10,517 10,480
United States Treasury Note/Bond 4.125% 10/31/2031 6,565 6,713
United States Treasury Note/Bond 4.375% 1/31/2032 9,570 9,911
United States Treasury Note/Bond 4.000% 4/30/2032 22,240 22,566
United States Treasury Note/Bond 4.000% 6/30/2032 26,254 26,626
United States Treasury Note/Bond 3.875% 8/31/2032 12,677 12,754
United States Treasury Note/Bond 3.875% 9/30/2032 75,355 75,785
United States Treasury Note/Bond 3.750% 10/31/2032 61,931 61,795
United States Treasury Note/Bond 4.250% 11/15/2034 9,585 9,802
United States Treasury Note/Bond 4.250% 8/15/2035 609,278 621,250
United States Treasury Note/Bond 4.000% 11/15/2035 220,521 220,176
United States Treasury Note/Bond 1.750% 8/15/2041 12,610 8,673
United States Treasury Note/Bond 2.000% 11/15/2041 227,873 162,146
United States Treasury Note/Bond 2.375% 2/15/2042 8,898 6,674
United States Treasury Note/Bond 3.250% 5/15/2042 20,950 17,808
United States Treasury Note/Bond 3.375% 8/15/2042 120,104 103,482
United States Treasury Note/Bond 4.000% 11/15/2042 110,357 103,111
United States Treasury Note/Bond 3.875% 2/15/2043 85,497 78,457
United States Treasury Note/Bond 4.375% 8/15/2043 23,886 23,286
United States Treasury Note/Bond 4.750% 11/15/2043 43,742 44,644
United States Treasury Note/Bond 4.125% 8/15/2044 15,310 14,354
United States Treasury Note/Bond 4.625% 11/15/2044 3,260 3,262
United States Treasury Note/Bond 4.750% 2/15/2045 69,571 70,667
United States Treasury Note/Bond 5.000% 5/15/2045 161,210 169,013
United States Treasury Note/Bond 4.875% 8/15/2045 250,230 258,049
3 United States Treasury Note/Bond 4.625% 11/15/2045 52,000 51,951
United States Treasury Note/Bond 2.375% 5/15/2051 14,667 9,539
United States Treasury Note/Bond 3.000% 8/15/2052 109 81
United States Treasury Note/Bond 4.000% 11/15/2052 437 390
United States Treasury Note/Bond 3.625% 2/15/2053 28,411 23,701
United States Treasury Note/Bond 4.125% 8/15/2053 9,145 8,338
United States Treasury Note/Bond 4.625% 5/15/2054 56,707 56,218
United States Treasury Note/Bond 4.500% 11/15/2054 6,472 6,286
3
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
United States Treasury Note/Bond 4.625% 2/15/2055 79,542 78,880
United States Treasury Note/Bond 4.750% 5/15/2055 52,251 52,890
United States Treasury Note/Bond 4.750% 8/15/2055 217,058 219,780
United States Treasury Note/Bond 4.625% 11/15/2055 112,192 111,364
9,161,691
Conventional Mortgage-Backed Securities (0.6%)
4,5 Fannie Mae Pool 1.770% 1/1/2036 18,746 15,262
4,5 Fannie Mae Pool 3.000% 6/1/2043 4,988 4,602
3,4,5,6 Fannie Mae Pool 3.820% 12/1/2030 37,709 37,858
4,5 Fannie Mae Pool 4.050% 9/1/2030 39,285 39,372
4,5 Fannie Mae Pool 4.120% 10/1/2030 28,642 28,790
4,5 Fannie Mae Pool 4.190% 8/1/2030 18,123 18,274
4,5 Fannie Mae Pool 4.200% 10/1/2030 52,490 52,948
4,5 Fannie Mae Pool 4.220% 8/1/2030-9/1/2030 35,439 35,779
4,5 Fannie Mae Pool 4.240% 9/1/2030 62,807 63,413
4,5 Fannie Mae Pool 4.270% 10/1/2030 36,365 36,795
4,5 Fannie Mae Pool 4.295% 10/1/2030 24,450 24,767
4,5 Fannie Mae Pool 4.340% 4/1/2030-8/1/2030 129,269 131,217
4,5 Fannie Mae Pool 4.360% 7/1/2030 15,100 15,352
4,5 Fannie Mae Pool 4.380% 8/1/2030 12,790 13,000
4,5 Fannie Mae Pool 4.400% 9/1/2030 24,875 25,311
4,5 Fannie Mae Pool 4.420% 8/1/2030 59,670 60,752
4,5 Fannie Mae Pool 4.670% 8/1/2030 8,296 8,534
4 Ginnie Mae I Pool 7.000% 11/15/2031-11/15/2033 390 401
4,5 UMBS Pool 2.500% 9/1/2027-4/1/2038 17,811 16,627
4,5 UMBS Pool 3.000% 3/1/2033 14,453 14,193
4,5 UMBS Pool 3.500% 11/1/2045-6/1/2046 45 42
4,5 UMBS Pool 5.000% 12/1/2054-10/1/2055 80,248 80,369
723,658
Nonconventional Mortgage-Backed Securities (0.1%)
4,5 Fannie Mae REMICS 1.500% 8/25/2041 1,027 996
4,5 Fannie Mae REMICS 2.500% 8/25/2046 11,625 9,987
4,5 Fannie Mae REMICS 3.000% 2/25/2049 532 521
4,5 Fannie Mae REMICS 3.500% 4/25/2031-11/25/2057 41,978 40,963
4,5 Fannie Mae REMICS 4.000% 7/25/2053 1,005 1,002
4,5 Freddie Mac REMICS 3.500% 3/15/2031-10/15/2045 5,378 5,177
4,5 Freddie Mac REMICS 4.000% 12/15/2030-2/15/2031 2,207 2,202
4 Ginnie Mae REMICS 2.500% 10/20/2049 57,081 51,680
112,528
Total U.S. Government and Agency Obligations (Cost $9,980,995) 9,997,877
Asset-Backed/Commercial Mortgage-Backed Securities (0.8%)
4 American Express Credit Account Master Trust Series 2023-4 5.150% 9/16/2030 43,970 45,583
4,7 American Tower Trust #1 5.490% 3/15/2028 66,310 67,491
4,7 Angel Oak Mortgage Trust Series 2019-5 2.593% 10/25/2049 472 467
4,7 Angel Oak Mortgage Trust Series 2019-6 2.620% 11/25/2059 1,130 1,114
4,7 Angel Oak Mortgage Trust Series 2021-6 1.458% 9/25/2066 17,807 15,220
4,7 Castlelake Aircraft Structured Trust Series 2019-1A 3.967% 4/15/2039 9,196 8,994
4,7 CENT Trust Series 2025-CITY 5.091% 7/10/2040 31,860 32,422
4,7 CF Hippolyta Issuer LLC Series 2021-1A 1.530% 3/15/2061 10,738 8,765
4,7 CF Hippolyta Issuer LLC Series 2022-1A 5.970% 8/15/2062 3,569 3,509
4,7 Chesapeake Funding II LLC Series 2024-1A 5.520% 5/15/2036 12,469 12,602
4,7 Domino's Pizza Master Issuer LLC Series 2021-1A 2.662% 4/25/2051 13,377 12,739
4,7 Domino's Pizza Master Issuer LLC Series 2021-1A 3.151% 4/25/2051 23,496 21,617
4,7 Durst Commercial Mortgage Trust Series 2025-151 5.317% 8/10/2042 7,965 8,139
4,7 Enterprise Fleet Financing LLC Series 2023-3 6.400% 3/20/2030 22,394 22,693
4,7 Enterprise Fleet Financing LLC Series 2024-1 5.230% 3/20/2030 11,909 11,998
4,5,8 Fannie Mae Connecticut Avenue Securities Series 2016-C03, SOFR30A + 6.014% 10.086% 10/25/2028 639 645
4,7 FirstKey Homes Trust Series 2021-SFR1 1.538% 8/17/2038 56,946 55,814
4,5 Freddie Mac Multifamily Structured Pass-Through Certificates Series K156 4.430% 2/25/2033 28,605 29,015
4,5 Freddie Mac Multifamily Structured Pass-Through Certificates Series K511 4.860% 10/25/2028 40,745 41,822
4,5 Freddie Mac Multifamily Structured Pass-Through Certificates Series K516 5.477% 1/25/2029 47,852 49,973
4,5 Freddie Mac Multifamily Structured Pass-Through Certificates Series K-1512 3.059% 4/25/2034 6,000 5,481
4,5 Freddie Mac Multifamily Structured Pass-Through Certificates Series K-1513 2.797% 8/25/2034 7,500 6,672
4,5 Freddie Mac Multifamily Structured Pass-Through Certificates Series K-1521 2.184% 8/25/2036 17,705 14,379
4
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
4,5 Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3 3.500% 10/25/2058 16,251 15,826
4 GM Financial Automobile Leasing Trust Series 2024-2 5.390% 7/20/2027 25,771 25,887
4 GM Financial Consumer Automobile Receivables Trust Series 2023-2 4.470% 2/16/2028 4,140 4,146
4 GM Financial Consumer Automobile Receivables Trust Series 2024-2 5.100% 3/16/2029 26,107 26,319
4,7 GM Financial Revolving Receivables Trust Series 2023-2 5.770% 8/11/2036 53,067 55,653
4,7 Home Partners of America Trust Series 2021-2 1.901% 12/17/2026 27,261 26,613
4 Honda Auto Receivables Owner Trust Series 2024-2 5.270% 11/20/2028 34,745 35,065
4,7 Horizon Aircraft Finance II Ltd. Series 2019-1 3.721% 7/15/2039 3,175 3,111
4,7 Horizon Aircraft Finance III Ltd. Series 2019-2 3.425% 11/15/2039 5,834 5,702
4,7 MACH 1 Cayman Ltd. Series 2019-1 3.474% 10/15/2039 2,153 2,130
4,7 RFR Trust Series 2025-SGRM 5.562% 3/11/2041 34,650 35,485
4,7 SoFi Professional Loan Program Trust Series 2021-B 1.140% 2/15/2047 9,394 8,292
4,7 Start II Ltd. Series 2019-1 4.089% 3/15/2044 6,229 6,213
4,7 Taco Bell Funding LLC Series 2021-1A 1.946% 8/25/2051 19,129 18,546
4,7 Taco Bell Funding LLC Series 2021-1A 2.294% 8/25/2051 35,385 32,981
4,7 Toyota Auto Loan Extended Note Trust Series 2021-1A 1.070% 2/27/2034 51,826 51,447
4 Toyota Auto Receivables Owner Trust Series 2024-D 4.400% 6/15/2029 29,410 29,588
4,7 Toyota Lease Owner Trust Series 2025-B 3.960% 11/20/2028 16,890 16,912
4 Volkswagen Auto Lease Trust Series 2024-A 5.210% 6/21/2027 25,860 26,032
4 Volkswagen Auto Lease Trust Series 2025-B 4.010% 1/22/2029 21,715 21,765
4,7 Wheels Fleet Lease Funding LLC Series 2023-1A 5.800% 4/18/2038 11,710 11,780
4,7 Wheels Fleet Lease Funding LLC Series 2023-2A 6.460% 8/18/2038 40,958 41,462
4,7 Wheels Fleet Lease Funding LLC Series 2024-2A 4.870% 6/21/2039 18,210 18,359
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $1,003,813) 996,468
Corporate Bonds (21.7%)
Communications (1.1%)
Alphabet Inc. 4.375% 11/15/2032 13,050 13,200
Alphabet Inc. 4.700% 11/15/2035 40,060 40,714
Alphabet Inc. 5.250% 5/15/2055 3,230 3,211
Alphabet Inc. 5.300% 5/15/2065 2,940 2,891
Alphabet Inc. 5.700% 11/15/2075 11,580 11,898
America Movil SAB de CV 3.625% 4/22/2029 26,990 26,494
AT&T Inc. 4.550% 11/1/2032 20,320 20,342
AT&T Inc. 3.500% 6/1/2041 79,450 63,280
AT&T Inc. 4.300% 12/15/2042 53,231 45,852
AT&T Inc. 4.350% 6/15/2045 13,770 11,592
AT&T Inc. 5.550% 11/1/2045 26,495 26,051
AT&T Inc. 4.750% 5/15/2046 20,379 18,075
AT&T Inc. 6.050% 8/15/2056 9,700 10,008
Charter Communications Operating LLC 6.100% 6/1/2029 4,675 4,877
Charter Communications Operating LLC 4.400% 4/1/2033 13,950 13,144
Charter Communications Operating LLC 5.850% 12/1/2035 2,810 2,816
Charter Communications Operating LLC 3.500% 3/1/2042 41,025 28,791
Comcast Corp. 5.650% 6/15/2035 4,725 4,981
Comcast Corp. 6.500% 11/15/2035 945 1,059
Comcast Corp. 3.250% 11/1/2039 15,755 12,521
Comcast Corp. 3.750% 4/1/2040 8,140 6,818
Comcast Corp. 3.969% 11/1/2047 33,549 25,796
Comcast Corp. 3.999% 11/1/2049 24,157 18,275
Comcast Corp. 2.887% 11/1/2051 43,840 26,471
Comcast Corp. 2.450% 8/15/2052 13,355 7,262
Comcast Corp. 2.937% 11/1/2056 164,258 95,576
Comcast Corp. 2.987% 11/1/2063 84,251 46,990
7 Cox Communications Inc. 4.800% 2/1/2035 30,000 28,003
Meta Platforms Inc. 4.600% 11/15/2032 22,885 23,235
Meta Platforms Inc. 4.950% 5/15/2033 30,472 31,552
Meta Platforms Inc. 5.500% 11/15/2045 64,115 64,089
Meta Platforms Inc. 5.600% 5/15/2053 13,422 13,372
Meta Platforms Inc. 5.400% 8/15/2054 53,145 51,441
Meta Platforms Inc. 5.750% 5/15/2063 15,440 15,416
Meta Platforms Inc. 5.550% 8/15/2064 17,300 16,733
7 NTT Finance Corp. 4.620% 7/16/2028 19,455 19,709
7 NTT Finance Corp. 4.876% 7/16/2030 23,315 23,815
7 NTT Finance Corp. 2.065% 4/3/2031 10,370 9,202
7 NTT Finance Corp. 5.171% 7/16/2032 22,290 22,978
7 NTT Finance Corp. 5.502% 7/16/2035 16,630 17,375
7 Ooredoo International Finance Ltd. 2.625% 4/8/2031 23,430 21,618
Orange SA 9.000% 3/1/2031 20,280 24,558
5
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Telefonica Emisiones SA 5.213% 3/8/2047 12,100 10,788
Telefonica Emisiones SA 5.520% 3/1/2049 5,577 5,144
Time Warner Cable LLC 5.875% 11/15/2040 5,964 5,541
Time Warner Cable LLC 5.500% 9/1/2041 26,512 23,483
T-Mobile USA Inc. 2.050% 2/15/2028 37,110 35,561
T-Mobile USA Inc. 4.200% 10/1/2029 50,702 50,861
T-Mobile USA Inc. 3.875% 4/15/2030 9,560 9,415
T-Mobile USA Inc. 4.375% 4/15/2040 9,700 8,826
T-Mobile USA Inc. 4.500% 4/15/2050 7,600 6,393
TWDC Enterprises 18 Corp. 4.375% 8/16/2041 26,724 24,298
Uber Technologies Inc. 4.800% 9/15/2034 36,975 37,160
Uber Technologies Inc. 4.800% 9/15/2035 34,530 34,502
Verizon Communications Inc. 4.750% 1/15/2033 11,760 11,831
Verizon Communications Inc. 5.750% 11/30/2045 29,215 29,465
Verizon Communications Inc. 5.875% 11/30/2055 13,120 13,233
Walt Disney Co. 3.500% 5/13/2040 21,963 18,543
Walt Disney Co. 4.750% 9/15/2044 2,358 2,184
1,299,309
Consumer Discretionary (0.4%)
Amazon.com Inc. 3.600% 4/13/2032 84,875 82,622
Amazon.com Inc. 2.875% 5/12/2041 2,600 2,007
Amazon.com Inc. 4.950% 12/5/2044 15,605 15,332
Amazon.com Inc. 3.950% 4/13/2052 5,395 4,332
Amazon.com Inc. 4.250% 8/22/2057 41,967 34,719
Amazon.com Inc. 4.100% 4/13/2062 8,245 6,520
4 Brown University 2.924% 9/1/2050 5,150 3,491
4 Duke University 2.832% 10/1/2055 25,700 16,538
4 Georgetown University 4.315% 4/1/2049 4,672 3,964
4 Georgetown University 2.943% 4/1/2050 4,525 2,996
Home Depot Inc. 3.900% 12/6/2028 10,250 10,279
Home Depot Inc. 4.850% 6/25/2031 11,510 11,924
Home Depot Inc. 3.250% 4/15/2032 22,816 21,509
Home Depot Inc. 3.300% 4/15/2040 12,800 10,595
Home Depot Inc. 4.200% 4/1/2043 8,075 7,095
Home Depot Inc. 4.875% 2/15/2044 15,605 14,779
Home Depot Inc. 4.400% 3/15/2045 34,095 30,169
Home Depot Inc. 4.250% 4/1/2046 32,565 28,046
Home Depot Inc. 4.500% 12/6/2048 20,799 18,258
Home Depot Inc. 3.125% 12/15/2049 2,490 1,731
Home Depot Inc. 3.350% 4/15/2050 17,300 12,488
Home Depot Inc. 2.375% 3/15/2051 2,495 1,460
Home Depot Inc. 2.750% 9/15/2051 11,710 7,376
Home Depot Inc. 3.625% 4/15/2052 25,570 19,066
Home Depot Inc. 5.300% 6/25/2054 23,770 23,202
7 Hyundai Capital America 1.650% 9/17/2026 36,480 35,733
4 Johns Hopkins University 4.083% 7/1/2053 7,625 6,300
Lowe's Cos. Inc. 2.800% 9/15/2041 4,250 3,085
Lowe's Cos. Inc. 5.800% 9/15/2062 16,328 16,254
4 McDonald's Corp. 4.875% 7/15/2040 10,000 9,765
4 Northeastern University 2.894% 10/1/2050 6,995 4,816
4 Northwestern University 2.640% 12/1/2050 805 516
4 Trustees of Princeton University 2.516% 7/1/2050 1,997 1,264
Trustees of Princeton University 4.201% 3/1/2052 2,157 1,850
4 Trustees of the University of Pennsylvania 2.396% 10/1/2050 6,177 3,732
4 University of Chicago 2.761% 4/1/2045 5,825 4,667
University of Southern California 4.976% 10/1/2053 15,930 15,114
4 Yale University 2.402% 4/15/2050 1,366 840
494,434
Consumer Staples (1.5%)
Anheuser-Busch Cos. LLC 6.500% 1/1/2028 19,550 20,576
4 Anheuser-Busch Cos. LLC 4.700% 2/1/2036 66,850 66,884
4 Anheuser-Busch Cos. LLC 4.900% 2/1/2046 112,244 105,673
Anheuser-Busch InBev Worldwide Inc. 4.375% 4/15/2038 6,460 6,217
Anheuser-Busch InBev Worldwide Inc. 5.450% 1/23/2039 14,877 15,589
Anheuser-Busch InBev Worldwide Inc. 4.950% 1/15/2042 51,856 50,354
Anheuser-Busch InBev Worldwide Inc. 5.550% 1/23/2049 12,267 12,474
Anheuser-Busch InBev Worldwide Inc. 5.800% 1/23/2059 10,479 10,932
BAT Capital Corp. 6.343% 8/2/2030 10,115 10,946
BAT Capital Corp. 5.350% 8/15/2032 14,875 15,502
6
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
BAT Capital Corp. 6.000% 2/20/2034 18,947 20,377
BAT Capital Corp. 5.625% 8/15/2035 9,915 10,393
BAT Capital Corp. 4.390% 8/15/2037 28,490 26,369
BAT Capital Corp. 7.079% 8/2/2043 19,537 22,106
BAT Capital Corp. 4.540% 8/15/2047 16,220 13,647
BAT Capital Corp. 6.250% 8/15/2055 15,845 16,604
7 Cargill Inc. 6.875% 5/1/2028 19,355 20,363
7 CK Hutchison International 20 Ltd. 3.375% 5/8/2050 22,015 16,331
Coca-Cola Consolidated Inc. 5.250% 6/1/2029 9,037 9,369
7 Danone SA 2.947% 11/2/2026 30,550 30,254
Diageo Capital plc 2.375% 10/24/2029 20,000 18,830
Diageo Capital plc 2.000% 4/29/2030 5,830 5,333
Diageo Capital plc 2.125% 4/29/2032 1,845 1,609
7 Imperial Brands Finance plc 4.500% 6/30/2028 20,830 21,018
JBS USA Holding Lux Sarl 3.000% 5/15/2032 15,975 14,431
JBS USA Holding Lux Sarl 5.750% 4/1/2033 11,790 12,347
JBS USA Holding Lux Sarl 6.750% 3/15/2034 9,670 10,741
7 JBS USA Holding Lux Sarl 5.500% 1/15/2036 25,510 26,142
7 JBS USA Holding Lux Sarl 6.250% 3/1/2056 64,515 65,407
7 JBS USA Holding Lux Sarl 6.375% 4/15/2066 32,765 33,425
7 JBS USA LUX Sarl 5.950% 4/20/2035 8,380 8,861
7 JBS USA LUX Sarl 6.375% 2/25/2055 8,202 8,495
Kenvue Inc. 5.000% 3/22/2030 27,715 28,562
Kenvue Inc. 4.850% 5/22/2032 37,460 38,352
Kenvue Inc. 4.900% 3/22/2033 48,504 49,734
Kenvue Inc. 5.100% 3/22/2043 29,017 28,119
Kenvue Inc. 5.050% 3/22/2053 10,935 10,158
7 L'Oreal SA 5.000% 5/20/2035 26,400 27,175
7 Mars Inc. 4.800% 3/1/2030 32,065 32,859
7 Mars Inc. 5.000% 3/1/2032 33,400 34,507
7 Mars Inc. 5.200% 3/1/2035 87,725 90,719
7 Mars Inc. 5.650% 5/1/2045 24,330 24,892
7 Mars Inc. 5.700% 5/1/2055 38,105 38,880
Philip Morris International Inc. 5.125% 11/17/2027 39,385 40,213
Philip Morris International Inc. 5.625% 11/17/2029 39,305 41,397
Philip Morris International Inc. 5.125% 2/15/2030 107,792 111,740
Philip Morris International Inc. 4.000% 10/29/2030 13,725 13,597
Philip Morris International Inc. 5.125% 2/13/2031 28,130 29,236
Philip Morris International Inc. 4.750% 11/1/2031 21,770 22,242
Philip Morris International Inc. 4.250% 10/29/2032 98,320 97,000
Philip Morris International Inc. 5.750% 11/17/2032 50,815 54,517
Philip Morris International Inc. 5.375% 2/15/2033 92,936 97,473
Philip Morris International Inc. 5.250% 2/13/2034 104,740 108,713
Philip Morris International Inc. 4.625% 10/29/2035 27,715 27,290
Philip Morris International Inc. 4.375% 11/15/2041 3,744 3,356
Philip Morris International Inc. 4.500% 3/20/2042 3,294 2,981
Philip Morris International Inc. 4.125% 3/4/2043 3,565 3,059
Philip Morris International Inc. 4.875% 11/15/2043 11,614 10,862
Philip Morris International Inc. 4.250% 11/10/2044 15,135 13,065
Reynolds American Inc. 5.700% 8/15/2035 8,245 8,672
Reynolds American Inc. 5.850% 8/15/2045 8,075 8,039
1,825,008
Energy (1.3%)
BP Capital Markets America Inc. 1.749% 8/10/2030 12,780 11,491
BP Capital Markets America Inc. 2.721% 1/12/2032 38,165 34,894
BP Capital Markets America Inc. 4.812% 2/13/2033 44,675 45,475
BP Capital Markets America Inc. 4.893% 9/11/2033 39,975 40,924
BP Capital Markets America Inc. 5.227% 11/17/2034 37,060 38,573
BP Capital Markets America Inc. 3.060% 6/17/2041 20,000 15,412
BP Capital Markets America Inc. 2.772% 11/10/2050 11,870 7,501
BP Capital Markets America Inc. 2.939% 6/4/2051 30,385 19,804
BP Capital Markets America Inc. 3.001% 3/17/2052 54,366 35,609
BP Capital Markets America Inc. 3.379% 2/8/2061 12,750 8,542
Cheniere Energy Partners LP 5.950% 6/30/2033 9,045 9,613
7 Columbia Pipelines Holding Co. LLC 5.097% 10/1/2031 8,490 8,659
7 Columbia Pipelines Holding Co. LLC 4.999% 11/17/2032 9,830 9,855
7 Columbia Pipelines Holding Co. LLC 5.681% 1/15/2034 4,550 4,715
7 Columbia Pipelines Operating Co. LLC 5.927% 8/15/2030 11,830 12,562
7 Columbia Pipelines Operating Co. LLC 6.036% 11/15/2033 25,380 27,259
7
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
7 Columbia Pipelines Operating Co. LLC 6.497% 8/15/2043 39,861 42,618
7 Columbia Pipelines Operating Co. LLC 6.714% 8/15/2063 8,253 9,088
Eastern Gas Transmission & Storage Inc. 3.000% 11/15/2029 19,580 18,718
4 Eastern Gas Transmission & Storage Inc. 4.800% 11/1/2043 4,185 3,781
4 Eastern Gas Transmission & Storage Inc. 4.600% 12/15/2044 24,863 21,896
7 EIG Pearl Holdings Sarl 3.545% 8/31/2036 20,869 19,269
7 EIG Pearl Holdings Sarl 4.387% 11/30/2046 16,115 13,520
Enbridge Inc. 4.900% 6/20/2030 10,795 11,051
Enbridge Inc. 5.550% 6/20/2035 8,520 8,862
Enbridge Inc. 6.700% 11/15/2053 12,000 13,394
Enbridge Inc. 5.950% 4/5/2054 9,700 9,980
Energy Transfer LP 5.250% 4/15/2029 50,115 51,560
Energy Transfer LP 5.200% 4/1/2030 11,955 12,372
Energy Transfer LP 5.550% 5/15/2034 8,900 9,187
Energy Transfer LP 5.150% 2/1/2043 4,845 4,378
Energy Transfer LP 5.350% 5/15/2045 4,800 4,403
Energy Transfer LP 6.125% 12/15/2045 5,000 4,996
Energy Transfer LP 5.300% 4/15/2047 5,745 5,177
Energy Transfer LP 5.400% 10/1/2047 26,823 24,415
Energy Transfer LP 6.000% 6/15/2048 14,542 14,259
Energy Transfer LP 5.000% 5/15/2050 5,110 4,346
Energy Transfer LP 5.950% 5/15/2054 22,860 22,051
7 Eni SpA 5.950% 5/15/2054 22,380 22,440
Enterprise Products Operating LLC 5.200% 1/15/2036 13,410 13,759
Enterprise Products Operating LLC 5.950% 2/1/2041 3,000 3,188
Enterprise Products Operating LLC 5.100% 2/15/2045 30,740 29,421
Enterprise Products Operating LLC 4.900% 5/15/2046 7,125 6,560
Enterprise Products Operating LLC 4.800% 2/1/2049 19,387 17,437
Enterprise Products Operating LLC 3.300% 2/15/2053 9,600 6,572
Enterprise Products Operating LLC 5.550% 2/16/2055 7,600 7,526
EOG Resources Inc. 4.400% 1/15/2031 8,630 8,676
Exxon Mobil Corp. 2.610% 10/15/2030 16,800 15,772
7 Galaxy Pipeline Assets Bidco Ltd. 2.160% 3/31/2034 35,969 32,489
7 Galaxy Pipeline Assets Bidco Ltd. 2.940% 9/30/2040 38,536 32,791
7 Greensaif Pipelines Bidco Sarl 5.853% 2/23/2036 15,660 16,352
7 Greensaif Pipelines Bidco Sarl 6.129% 2/23/2038 8,839 9,419
4 Greensaif Pipelines Bidco Sarl 6.129% 2/23/2038 8,075 8,601
7 Greensaif Pipelines Bidco Sarl 6.510% 2/23/2042 26,755 29,121
7 Greensaif Pipelines Bidco Sarl 6.103% 8/23/2042 26,490 27,628
MPLX LP 4.950% 9/1/2032 7,275 7,332
MPLX LP 5.500% 6/1/2034 10,810 11,097
ONEOK Inc. 5.650% 11/1/2028 10,995 11,431
ONEOK Inc. 4.750% 10/15/2031 17,015 17,098
ONEOK Inc. 4.950% 10/15/2032 19,625 19,779
ONEOK Inc. 6.050% 9/1/2033 359 384
ONEOK Inc. 6.625% 9/1/2053 16,620 17,584
ONEOK Inc. 6.250% 10/15/2055 11,240 11,417
7 Schlumberger Holdings Corp. 3.900% 5/17/2028 31,025 30,970
7 Schlumberger Holdings Corp. 5.000% 11/15/2029 14,400 14,845
4 Shell Finance US Inc. 4.125% 5/11/2035 43,465 42,106
4 Shell Finance US Inc. 4.550% 8/12/2043 2,650 2,406
4 Shell Finance US Inc. 4.375% 5/11/2045 112,149 98,244
4 Shell Finance US Inc. 4.000% 5/10/2046 10,000 8,252
4 Shell Finance US Inc. 3.750% 9/12/2046 6,460 5,120
Shell International Finance BV 5.500% 3/25/2040 21,235 22,124
Shell International Finance BV 2.875% 11/26/2041 15,000 11,170
Shell International Finance BV 3.000% 11/26/2051 39,345 26,151
Suncor Energy Inc. 5.950% 12/1/2034 15,090 16,031
Targa Resources Corp. 4.350% 1/15/2029 24,120 24,204
Targa Resources Corp. 6.150% 3/1/2029 29,070 30,672
Targa Resources Corp. 5.550% 8/15/2035 43,355 44,535
Targa Resources Corp. 6.125% 5/15/2055 34,495 34,694
TotalEnergies Capital SA 5.150% 4/5/2034 29,905 31,252
TotalEnergies Capital SA 5.488% 4/5/2054 25,305 24,965
TotalEnergies Capital SA 5.275% 9/10/2054 24,174 23,261
TotalEnergies Capital SA 5.638% 4/5/2064 22,020 21,912
TotalEnergies Capital SA 5.425% 9/10/2064 38,337 36,768
7 Whistler Pipeline LLC 5.400% 9/30/2029 7,725 7,948
8
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
7 Whistler Pipeline LLC 5.700% 9/30/2031 5,790 6,016
1,607,729
Financials (8.6%)
7 Abu Dhabi Developmental Holding Co. PJSC 5.375% 5/8/2029 37,660 39,102
7 Abu Dhabi Developmental Holding Co. PJSC 4.375% 10/2/2031 38,985 38,994
7 Abu Dhabi Developmental Holding Co. PJSC 5.500% 5/8/2034 59,425 63,056
ACE Capital Trust II 9.700% 4/1/2030 20,000 24,048
AerCap Ireland Capital DAC 3.000% 10/29/2028 6,985 6,763
AerCap Ireland Capital DAC 3.300% 1/30/2032 3,550 3,292
7 AIB Group plc 5.871% 3/28/2035 16,510 17,531
Allstate Corp. 5.250% 3/30/2033 10,000 10,429
Allstate Corp. 5.550% 5/9/2035 6,611 6,968
Allstate Corp. 3.850% 8/10/2049 4,741 3,678
American Express Co. 4.731% 4/25/2029 29,025 29,510
American Express Co. 5.282% 7/27/2029 9,700 10,017
American Express Co. 6.489% 10/30/2031 3,295 3,613
American Express Co. 4.918% 7/20/2033 17,780 18,214
American Express Co. 4.420% 8/3/2033 8,245 8,220
American Express Co. 5.043% 5/1/2034 55,590 57,356
American Express Co. 5.625% 7/28/2034 6,675 7,013
American Express Co. 5.915% 4/25/2035 8,900 9,543
American Express Co. 5.284% 7/26/2035 34,400 35,681
American Express Co. 5.442% 1/30/2036 7,600 7,942
American Express Co. 5.667% 4/25/2036 29,880 31,735
American International Group Inc. 4.850% 5/7/2030 8,615 8,833
American International Group Inc. 5.125% 3/27/2033 20,145 20,832
American International Group Inc. 4.750% 4/1/2048 4,675 4,197
Ameriprise Financial Inc. 5.700% 12/15/2028 16,748 17,545
Ameriprise Financial Inc. 4.500% 5/13/2032 11,845 11,953
Ameriprise Financial Inc. 5.150% 5/15/2033 16,715 17,419
Aon Corp. 2.850% 5/28/2027 18,870 18,539
Arthur J Gallagher & Co. 4.850% 12/15/2029 4,450 4,550
7 Athene Global Funding 2.717% 1/7/2029 33,350 31,595
7 Athene Global Funding 5.583% 1/9/2029 28,585 29,396
7 Athene Global Funding 4.721% 10/8/2029 39,962 39,979
7 Athene Global Funding 5.380% 1/7/2030 43,770 44,747
7 Athene Global Funding 5.033% 7/17/2030 8,202 8,294
7 Australia & New Zealand Banking Group Ltd. 2.570% 11/25/2035 22,135 19,960
7 Aviation Capital Group LLC 1.950% 9/20/2026 14,298 14,037
4 Banco Santander SA 5.365% 7/15/2028 25,400 25,892
Banco Santander SA 4.551% 11/6/2030 54,000 54,270
Banco Santander SA 2.749% 12/3/2030 8,400 7,670
4 Bank of America Corp. 4.948% 7/22/2028 8,415 8,534
Bank of America Corp. 6.204% 11/10/2028 9,700 10,085
4 Bank of America Corp. 3.419% 12/20/2028 8,681 8,578
Bank of America Corp. 5.202% 4/25/2029 18,685 19,157
4 Bank of America Corp. 4.271% 7/23/2029 65,865 66,224
Bank of America Corp. 5.819% 9/15/2029 14,175 14,815
4 Bank of America Corp. 3.974% 2/7/2030 80,000 79,638
4 Bank of America Corp. 3.194% 7/23/2030 35,285 34,179
Bank of America Corp. 5.162% 1/24/2031 44,515 46,192
4 Bank of America Corp. 2.496% 2/13/2031 50,870 47,551
4 Bank of America Corp. 2.592% 4/29/2031 7,600 7,101
Bank of America Corp. 2.572% 10/20/2032 17,275 15,680
Bank of America Corp. 4.571% 4/27/2033 29,200 29,328
4 Bank of America Corp. 5.015% 7/22/2033 29,430 30,263
Bank of America Corp. 5.288% 4/25/2034 9,695 10,095
Bank of America Corp. 5.872% 9/15/2034 75,105 80,960
Bank of America Corp. 5.511% 1/24/2036 93,296 98,352
Bank of America Corp. 5.464% 5/9/2036 9,695 10,221
Bank of America Corp. 3.846% 3/8/2037 40,872 38,655
4 Bank of America Corp. 5.875% 2/7/2042 9,965 10,758
Bank of America Corp. 3.311% 4/22/2042 55,635 44,529
4 Bank of America Corp. 5.000% 1/21/2044 39,433 38,833
4 Bank of America Corp. 3.946% 1/23/2049 5,380 4,382
4 Bank of America Corp. 4.330% 3/15/2050 51,211 43,979
Bank of America Corp. 2.972% 7/21/2052 65,950 44,341
Bank of New York Mellon Corp. 4.729% 4/20/2029 10,395 10,576
Bank of New York Mellon Corp. 5.060% 7/22/2032 6,460 6,710
9
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
4 Bank of New York Mellon Corp. 5.834% 10/25/2033 37,940 41,045
Bank of New York Mellon Corp. 4.706% 2/1/2034 14,535 14,696
4 Bank of New York Mellon Corp. 4.967% 4/26/2034 34,820 35,707
4 Bank of New York Mellon Corp. 6.474% 10/25/2034 8,245 9,252
4 Bank of New York Mellon Corp. 5.188% 3/14/2035 1,615 1,673
Bank of Nova Scotia 5.350% 12/7/2026 58,000 58,792
Bank of Nova Scotia 1.950% 2/2/2027 12,470 12,197
7 Banque Federative du Credit Mutuel SA 4.591% 10/16/2028 40,490 40,924
7 Banque Federative du Credit Mutuel SA 5.538% 1/22/2030 41,177 43,023
Barclays plc 2.279% 11/24/2027 14,930 14,652
Barclays plc 5.086% 2/25/2029 24,695 25,169
Barclays plc 4.476% 11/11/2029 35,230 35,437
Barclays plc 5.367% 2/25/2031 12,925 13,379
Barclays plc 2.667% 3/10/2032 40,502 36,965
Barclays plc 3.330% 11/24/2042 27,170 21,195
7 Beacon Funding Trust 6.266% 8/15/2054 43,160 44,203
BlackRock Funding Inc. 5.250% 3/14/2054 21,680 21,163
BlackRock Funding Inc. 5.350% 1/8/2055 11,470 11,396
Blackrock Inc. 2.100% 2/25/2032 24,849 21,956
Blackrock Inc. 4.750% 5/25/2033 49,120 50,422
7 Blackstone Holdings Finance Co. LLC 2.550% 3/30/2032 22,680 20,148
Blackstone Reg Finance Co. LLC 5.000% 12/6/2034 11,900 11,992
7 BNP Paribas SA 3.500% 11/16/2027 69,325 68,492
7 BNP Paribas SA 2.591% 1/20/2028 25,560 25,093
7 BNP Paribas SA 5.335% 6/12/2029 36,955 37,960
7 BNP Paribas SA 5.497% 5/20/2030 8,245 8,546
7 BNP Paribas SA 5.085% 5/9/2031 9,500 9,719
7 BNP Paribas SA 5.786% 1/13/2033 16,975 17,908
7 BPCE SA 2.045% 10/19/2027 25,245 24,776
7 BPCE SA 3.500% 10/23/2027 64,230 63,406
7 BPCE SA 5.281% 5/30/2029 19,230 19,879
7 BPCE SA 2.700% 10/1/2029 50,000 47,290
7 BPCE SA 5.876% 1/14/2031 51,825 54,304
7 BPCE SA 5.389% 5/28/2031 18,355 18,913
7 BPCE SA 7.003% 10/19/2034 6,675 7,499
7 BPCE SA 5.936% 5/30/2035 10,150 10,712
7 Brighthouse Financial Global Funding 1.550% 5/24/2026 20,210 19,930
7 Brighthouse Financial Global Funding 2.000% 6/28/2028 16,275 15,242
7 Brighthouse Financial Global Funding 5.650% 6/10/2029 39,595 40,611
7 CaixaBank SA 4.634% 7/3/2029 41,295 41,721
7 CaixaBank SA 4.885% 7/3/2031 37,050 37,700
Canadian Imperial Bank of Commerce 5.237% 6/28/2027 35,885 36,602
Canadian Imperial Bank of Commerce 4.631% 9/11/2030 30,565 31,042
Capital One Financial Corp. 7.149% 10/29/2027 15,235 15,622
Capital One Financial Corp. 6.312% 6/8/2029 6,175 6,482
Capital One Financial Corp. 5.700% 2/1/2030 11,802 12,283
4 Capital One Financial Corp. 7.624% 10/30/2031 31,761 35,933
Charles Schwab Corp. 3.200% 3/2/2027 14,750 14,616
Charles Schwab Corp. 2.000% 3/20/2028 20,309 19,505
Charles Schwab Corp. 4.343% 11/14/2031 41,977 42,101
Chubb Corp. 6.000% 5/11/2037 50,000 54,793
4 Citigroup Inc. 3.070% 2/24/2028 65,000 64,176
Citigroup Inc. 4.125% 7/25/2028 9,025 9,027
Citigroup Inc. 4.952% 5/7/2031 41,579 42,623
Citigroup Inc. 4.503% 9/11/2031 18,095 18,208
4 Citigroup Inc. 5.333% 3/27/2036 24,311 25,103
Citigroup Inc. 5.174% 9/11/2036 18,805 19,197
4 Citigroup Inc. 3.878% 1/24/2039 37,030 33,019
Citigroup Inc. 2.904% 11/3/2042 19,370 14,417
7 CNO Global Funding 5.875% 6/4/2027 34,533 35,376
7 CNO Global Funding 4.875% 12/10/2027 6,940 7,026
7 CNO Global Funding 2.650% 1/6/2029 12,585 11,968
7 Commonwealth Bank of Australia 5.071% 9/14/2028 36,585 37,852
7 Commonwealth Bank of Australia 2.688% 3/11/2031 74,015 67,534
7 Commonwealth Bank of Australia 3.784% 3/14/2032 9,885 9,438
7 Cooperatieve Rabobank UA 4.655% 8/22/2028 26,667 26,902
7 Corebridge Global Funding 5.900% 9/19/2028 8,525 8,912
7 Corebridge Global Funding 5.200% 1/12/2029 21,335 21,916
7 Corebridge Global Funding 5.200% 6/24/2029 14,205 14,619
7 Credit Agricole SA 4.631% 9/11/2028 32,140 32,369
10
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
7 Credit Agricole SA 6.316% 10/3/2029 16,442 17,336
7 Credit Agricole SA 5.862% 1/9/2036 7,600 8,070
7 Danske Bank A/S 1.549% 9/10/2027 55,460 54,356
7 Danske Bank A/S 5.705% 3/1/2030 1,915 1,995
Deutsche Bank AG 6.720% 1/18/2029 1,660 1,740
Deutsche Bank AG 6.819% 11/20/2029 1,765 1,886
7 DNB Bank ASA 1.535% 5/25/2027 44,030 43,480
7 DNB Bank ASA 1.605% 3/30/2028 45,870 44,412
7 Equitable America Global Funding 3.950% 9/15/2027 5,380 5,371
7 Equitable Financial Life Global Funding 1.300% 7/12/2026 26,755 26,310
7 Equitable Financial Life Global Funding 1.700% 11/12/2026 12,440 12,179
7 Equitable Financial Life Global Funding 1.400% 8/27/2027 18,220 17,422
7 Equitable Financial Life Global Funding 4.875% 11/19/2027 8,245 8,380
7 Equitable Financial Life Global Funding 1.800% 3/8/2028 28,220 26,808
7 Farmers Exchange Capital 7.050% 7/15/2028 25,000 26,324
7 Federation des Caisses Desjardins du Quebec 5.147% 11/27/2028 35,825 37,227
7 Federation des Caisses Desjardins du Quebec 5.250% 4/26/2029 62,400 64,673
7 Federation des Caisses Desjardins du Quebec 4.565% 8/26/2030 29,580 29,856
Fifth Third Bancorp 4.055% 4/25/2028 15,040 15,007
Fifth Third Bancorp 4.337% 4/25/2033 32,330 31,656
7 Five Corners Funding Trust II 2.850% 5/15/2030 15,000 14,140
7 GA Global Funding Trust 5.500% 1/8/2029 16,439 16,952
7 GA Global Funding Trust 5.200% 12/9/2031 25,315 25,619
Goldman Sachs Group Inc. 2.640% 2/24/2028 2,710 2,661
4 Goldman Sachs Group Inc. 3.691% 6/5/2028 15,125 15,027
4 Goldman Sachs Group Inc. 3.814% 4/23/2029 1,225 1,217
4 Goldman Sachs Group Inc. 4.223% 5/1/2029 62,140 62,263
Goldman Sachs Group Inc. 3.800% 3/15/2030 16,740 16,515
Goldman Sachs Group Inc. 4.692% 10/23/2030 9,500 9,655
Goldman Sachs Group Inc. 5.218% 4/23/2031 20,000 20,725
Goldman Sachs Group Inc. 1.992% 1/27/2032 30,600 27,256
Goldman Sachs Group Inc. 2.615% 4/22/2032 88,125 80,629
Goldman Sachs Group Inc. 2.383% 7/21/2032 79,000 71,018
Goldman Sachs Group Inc. 2.650% 10/21/2032 14,050 12,722
Goldman Sachs Group Inc. 3.102% 2/24/2033 15,000 13,880
Goldman Sachs Group Inc. 6.750% 10/1/2037 43,995 49,528
4 Goldman Sachs Group Inc. 4.800% 7/8/2044 25,675 24,139
HSBC Holdings plc 5.887% 8/14/2027 45,153 45,674
4 HSBC Holdings plc 4.041% 3/13/2028 21,805 21,771
HSBC Holdings plc 5.597% 5/17/2028 69,410 70,766
HSBC Holdings plc 7.390% 11/3/2028 43,471 46,007
HSBC Holdings plc 4.899% 3/3/2029 40,820 41,428
4 HSBC Holdings plc 4.583% 6/19/2029 43,327 43,730
HSBC Holdings plc 2.206% 8/17/2029 44,345 42,117
HSBC Holdings plc 5.240% 5/13/2031 33,800 34,924
4 HSBC Holdings plc 2.357% 8/18/2031 48,710 44,464
HSBC Holdings plc 4.619% 11/6/2031 25,170 25,354
HSBC Holdings plc 2.804% 5/24/2032 36,410 33,357
HSBC Holdings plc 6.254% 3/9/2034 9,700 10,612
HSBC Holdings plc 5.741% 9/10/2036 23,445 24,202
HSBC Holdings plc 6.100% 1/14/2042 38,220 41,801
Huntington National Bank 4.552% 5/17/2028 11,240 11,304
ING Groep NV 3.950% 3/29/2027 41,940 41,884
Intercontinental Exchange Inc. 4.350% 6/15/2029 8,575 8,668
Intercontinental Exchange Inc. 4.200% 3/15/2031 31,757 31,812
Intercontinental Exchange Inc. 4.600% 3/15/2033 38,595 39,131
Intercontinental Exchange Inc. 2.650% 9/15/2040 33,290 24,998
Intercontinental Exchange Inc. 4.250% 9/21/2048 13,897 11,741
Intercontinental Exchange Inc. 3.000% 6/15/2050 55,832 37,373
Intercontinental Exchange Inc. 4.950% 6/15/2052 90,501 84,076
7 Jackson National Life Global Funding 4.700% 6/5/2028 14,700 14,847
JPMorgan Chase & Co. 2.069% 6/1/2029 21,231 20,245
4 JPMorgan Chase & Co. 4.452% 12/5/2029 84,735 85,666
JPMorgan Chase & Co. 5.012% 1/23/2030 24,600 25,263
4 JPMorgan Chase & Co. 3.702% 5/6/2030 16,000 15,782
JPMorgan Chase & Co. 4.603% 10/22/2030 77,025 78,286
JPMorgan Chase & Co. 5.140% 1/24/2031 36,085 37,438
JPMorgan Chase & Co. 5.103% 4/22/2031 56,665 58,743
JPMorgan Chase & Co. 2.580% 4/22/2032 58,675 53,899
JPMorgan Chase & Co. 4.586% 4/26/2033 30,000 30,266
11
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
JPMorgan Chase & Co. 4.912% 7/25/2033 19,695 20,228
JPMorgan Chase & Co. 5.350% 6/1/2034 49,830 52,304
JPMorgan Chase & Co. 5.336% 1/23/2035 19,350 20,250
JPMorgan Chase & Co. 5.294% 7/22/2035 18,000 18,772
JPMorgan Chase & Co. 5.572% 4/22/2036 94,705 100,670
JPMorgan Chase & Co. 5.576% 7/23/2036 10,580 11,073
4 JPMorgan Chase & Co. 3.109% 4/22/2041 19,440 15,491
JPMorgan Chase & Co. 5.600% 7/15/2041 96,000 101,318
JPMorgan Chase & Co. 5.400% 1/6/2042 18,035 18,553
JPMorgan Chase & Co. 3.157% 4/22/2042 50,000 39,309
JPMorgan Chase & Co. 5.625% 8/16/2043 16,100 16,767
JPMorgan Chase & Co. 4.950% 6/1/2045 15,000 14,393
4 JPMorgan Chase & Co. 3.964% 11/15/2048 170,535 140,268
4 JPMorgan Chase & Co. 3.109% 4/22/2051 19,885 13,819
7 KBC Group NV 5.796% 1/19/2029 3,602 3,720
7 KBC Group NV 6.324% 9/21/2034 24,055 26,336
7 Liberty Mutual Group Inc. 4.569% 2/1/2029 23,725 23,902
7 Liberty Mutual Group Inc. 5.500% 6/15/2052 26,870 25,441
7 Liberty Mutual Insurance Co. 7.875% 10/15/2026 31,210 32,053
7 Lincoln Financial Global Funding 4.625% 5/28/2028 10,065 10,166
4 Lloyds Banking Group plc 3.574% 11/7/2028 7,275 7,201
Lloyds Banking Group plc 5.087% 11/26/2028 23,710 24,135
Lloyds Banking Group plc 4.818% 6/13/2029 28,900 29,362
Lloyds Banking Group plc 5.721% 6/5/2030 14,000 14,679
Lloyds Banking Group plc 4.425% 11/4/2031 54,315 54,477
Lloyds Banking Group plc 5.679% 1/5/2035 17,500 18,521
7 Lseg US Fin Corp. 5.297% 3/28/2034 8,475 8,825
7 LSEGA Financing plc 2.000% 4/6/2028 24,615 23,513
7 LSEGA Financing plc 2.500% 4/6/2031 8,604 7,842
7 Macquarie Group Ltd. 1.935% 4/14/2028 42,835 41,559
7 Macquarie Group Ltd. 2.871% 1/14/2033 50,277 45,689
Manufacturers & Traders Trust Co. 4.700% 1/27/2028 78,846 79,954
Marsh & McLennan Cos. Inc. 4.375% 3/15/2029 23,405 23,676
Marsh & McLennan Cos. Inc. 4.900% 3/15/2049 4,965 4,554
Marsh & McLennan Cos. Inc. 2.900% 12/15/2051 20,255 13,076
Marsh & McLennan Cos. Inc. 5.450% 3/15/2053 7,835 7,712
7 Met Tower Global Funding 5.250% 4/12/2029 11,205 11,613
MetLife Inc. 4.125% 8/13/2042 15,565 13,383
MetLife Inc. 4.875% 11/13/2043 17,000 15,935
MetLife Inc. 5.000% 7/15/2052 15,634 14,504
7 Metropolitan Life Global Funding I 3.450% 12/18/2026 23,660 23,546
7 Metropolitan Life Global Funding I 3.000% 9/19/2027 21,455 21,103
7 Metropolitan Life Global Funding I 4.300% 8/25/2029 15,345 15,440
7 Metropolitan Life Global Funding I 2.400% 1/11/2032 53,825 47,842
7 Metropolitan Life Global Funding I 5.150% 3/28/2033 16,475 17,072
Mitsubishi UFJ Financial Group Inc. 5.017% 7/20/2028 31,915 32,384
Morgan Stanley 3.625% 1/20/2027 60,000 59,807
4 Morgan Stanley 3.772% 1/24/2029 64,293 63,862
Morgan Stanley 5.173% 1/16/2030 30,000 30,868
Morgan Stanley 5.230% 1/15/2031 27,915 28,873
4 Morgan Stanley 2.699% 1/22/2031 74,290 69,828
4 Morgan Stanley 1.928% 4/28/2032 50,000 44,021
4 Morgan Stanley 2.239% 7/21/2032 81,175 72,417
4 Morgan Stanley 2.511% 10/20/2032 36,580 32,955
Morgan Stanley 2.943% 1/21/2033 31,555 28,960
Morgan Stanley 5.466% 1/18/2035 19,775 20,716
Morgan Stanley 5.587% 1/18/2036 15,950 16,842
Morgan Stanley 5.664% 4/17/2036 25,000 26,544
Morgan Stanley 2.484% 9/16/2036 31,080 27,381
Morgan Stanley 5.948% 1/19/2038 25,160 26,608
Morgan Stanley 4.300% 1/27/2045 18,360 16,167
4 Morgan Stanley Private Bank NA 4.466% 7/6/2028 58,125 58,479
Morgan Stanley Private Bank NA 4.204% 11/17/2028 41,000 41,080
Morgan Stanley Private Bank NA 4.734% 7/18/2031 31,310 31,853
Morgan Stanley Private Bank NA 4.465% 11/19/2031 45,735 45,992
7 Mutual of Omaha Cos. Global Funding 5.000% 4/1/2030 17,715 18,161
National Australia Bank Ltd. 3.905% 6/9/2027 33,500 33,550
7 National Australia Bank Ltd. 5.134% 11/28/2028 51,330 53,341
7 National Australia Bank Ltd. 2.332% 8/21/2030 75,550 68,708
7 National Securities Clearing Corp. 5.100% 11/21/2027 52,090 53,280
12
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
7 Nationwide Building Society 4.649% 7/14/2029 22,060 22,286
7 Nationwide Building Society 5.537% 7/14/2036 15,515 16,100
7 Nationwide Financial Services Inc. 3.900% 11/30/2049 48,905 37,767
7 Nationwide Mutual Insurance Co. 4.350% 4/30/2050 41,675 33,152
NatWest Group plc 1.642% 6/14/2027 29,040 28,645
7 NBK SPC Ltd. 1.625% 9/15/2027 67,900 66,366
7 New York Life Global Funding 5.000% 1/9/2034 39,770 40,673
7 New York Life Insurance Co. 5.875% 5/15/2033 55,395 59,149
7 New York Life Insurance Co. 3.750% 5/15/2050 9,245 6,974
7 NLG Global Funding 4.350% 9/15/2030 21,250 21,070
7 Northwestern Mutual Global Funding 5.160% 5/28/2031 27,865 29,051
7 Northwestern Mutual Life Insurance Co. 3.850% 9/30/2047 30,684 24,187
7 Northwestern Mutual Life Insurance Co. 3.625% 9/30/2059 9,324 6,543
7 Nuveen LLC 5.550% 1/15/2030 4,255 4,447
7 Nuveen LLC 5.850% 4/15/2034 9,655 10,206
7 Omnis Funding Trust 6.722% 5/15/2055 23,430 24,732
7 Pacific LifeCorp 5.400% 9/15/2052 18,030 17,616
7 Penske Truck Leasing Co. LP 5.875% 11/15/2027 42,565 43,814
7 Penske Truck Leasing Co. LP 5.700% 2/1/2028 37,855 38,982
7 Penske Truck Leasing Co. LP 6.050% 8/1/2028 37,310 38,957
7 Penske Truck Leasing Co. LP 5.350% 3/30/2029 13,045 13,470
7 Penske Truck Leasing Co. LP 5.250% 7/1/2029 4,675 4,823
7 Penske Truck Leasing Co. LP 5.250% 2/1/2030 4,335 4,473
7 Penske Truck Leasing Co. LP 6.200% 6/15/2030 7,282 7,796
4 PNC Bank NA 3.100% 10/25/2027 41,975 41,372
4 PNC Bank NA 3.250% 1/22/2028 60,465 59,808
7 Pricoa Global Funding I 5.100% 5/30/2028 33,975 34,856
7 Pricoa Global Funding I 4.700% 5/28/2030 6,975 7,109
7 Pricoa Global Funding I 4.650% 8/27/2031 17,999 18,242
7 Principal Life Global Funding II 2.500% 9/16/2029 19,510 18,387
Progressive Corp. 4.950% 6/15/2033 54,414 56,056
7 Prologis Targeted US Logistics Fund LP 5.250% 1/15/2035 18,116 18,613
7 Protective Life Global Funding 4.714% 7/6/2027 18,335 18,518
7 Protective Life Global Funding 4.803% 6/5/2030 10,855 11,075
7 Protective Life Global Funding 5.432% 1/14/2032 20,580 21,550
7 RGA Global Funding 4.350% 8/25/2028 16,520 16,596
7 RGA Global Funding 2.700% 1/18/2029 14,330 13,669
7 RGA Global Funding 5.448% 5/24/2029 19,510 20,253
7 RGA Global Funding 5.250% 1/9/2030 31,635 32,744
7 RGA Global Funding 5.500% 1/11/2031 16,515 17,246
7 RGA Global Funding 5.050% 12/6/2031 39,225 40,174
7 RGA Global Funding 5.000% 8/25/2032 8,585 8,640
4 Royal Bank of Canada 5.000% 2/1/2033 44,538 46,055
7 Sammons Financial Group Global Funding 5.100% 12/10/2029 14,950 15,403
7 Sammons Financial Group Global Funding 4.950% 6/12/2030 36,795 37,390
7 Standard Chartered plc 6.301% 1/9/2029 32,130 33,431
7 Standard Chartered plc 5.545% 1/21/2029 45,955 47,124
7 Standard Chartered plc 5.005% 10/15/2030 10,150 10,375
State Street Corp. 4.834% 4/24/2030 20,975 21,631
State Street Corp. 4.821% 1/26/2034 14,655 14,921
State Street Corp. 5.146% 2/28/2036 22,055 22,727
7 Swedbank AB 4.998% 11/20/2029 43,980 45,581
7 Teachers Insurance & Annuity Association of America 4.270% 5/15/2047 42,390 35,479
Toronto-Dominion Bank 4.456% 6/8/2032 13,271 13,306
Travelers Cos. Inc. 5.050% 7/24/2035 5,495 5,624
UBS AG 5.650% 9/11/2028 52,280 54,633
7 UBS Group AG 3.869% 1/12/2029 15,905 15,810
7 UBS Group AG 5.428% 2/8/2030 11,550 11,959
7 UBS Group AG 5.617% 9/13/2030 20,930 21,925
7 UBS Group AG 2.095% 2/11/2032 23,650 21,044
7 UBS Group AG 3.091% 5/14/2032 68,085 63,434
7 UBS Group AG 6.301% 9/22/2034 33,335 36,535
7 UBS Group AG 5.580% 5/9/2036 27,325 28,644
7 UBS Group AG 3.179% 2/11/2043 36,770 28,163
7 UniCredit SpA 1.982% 6/3/2027 35,165 34,763
7 UniCredit SpA 3.127% 6/3/2032 35,545 33,054
4 Wells Fargo & Co. 4.900% 1/24/2028 20,000 20,174
4 Wells Fargo & Co. 3.526% 3/24/2028 19,500 19,357
4 Wells Fargo & Co. 5.574% 7/25/2029 9,900 10,263
Wells Fargo & Co. 6.303% 10/23/2029 43,660 46,238
13
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Wells Fargo & Co. 5.198% 1/23/2030 9,900 10,214
4 Wells Fargo & Co. 2.879% 10/30/2030 8,400 8,008
Wells Fargo & Co. 5.244% 1/24/2031 21,785 22,632
4 Wells Fargo & Co. 2.572% 2/11/2031 78,648 73,668
Wells Fargo & Co. 5.150% 4/23/2031 9,695 10,041
4 Wells Fargo & Co. 3.350% 3/2/2033 47,521 44,658
4 Wells Fargo & Co. 4.897% 7/25/2033 130,786 133,732
Wells Fargo & Co. 5.389% 4/24/2034 20,020 20,984
Wells Fargo & Co. 5.211% 12/3/2035 23,800 24,574
Wells Fargo & Co. 5.605% 4/23/2036 9,695 10,272
Wells Fargo & Co. 5.606% 1/15/2044 71,831 72,359
4 Wells Fargo & Co. 4.650% 11/4/2044 10,315 9,179
Wells Fargo & Co. 3.900% 5/1/2045 8,075 6,674
4 Wells Fargo & Co. 4.900% 11/17/2045 19,160 17,458
4 Wells Fargo & Co. 4.400% 6/14/2046 73,300 62,356
4 Wells Fargo & Co. 4.750% 12/7/2046 23,150 20,659
4 Wells Fargo & Co. 4.611% 4/25/2053 84,025 74,052
10,537,413
Health Care (2.2%)
AbbVie Inc. 4.950% 3/15/2031 33,475 34,753
AbbVie Inc. 5.200% 3/15/2035 18,300 19,096
AbbVie Inc. 4.500% 5/14/2035 65,475 65,006
AbbVie Inc. 5.350% 3/15/2044 18,173 18,242
AbbVie Inc. 4.850% 6/15/2044 5,100 4,820
AbbVie Inc. 4.700% 5/14/2045 21,111 19,480
AbbVie Inc. 4.875% 11/14/2048 27,896 25,949
AbbVie Inc. 5.400% 3/15/2054 18,691 18,600
4 AdventHealth Obligated Group 2.795% 11/15/2051 30,030 19,263
4 Advocate Health & Hospitals Corp. 2.211% 6/15/2030 7,210 6,673
4 Advocate Health & Hospitals Corp. 3.008% 6/15/2050 8,980 6,095
7 Alcon Finance Corp. 2.600% 5/27/2030 5,665 5,271
7 Alcon Finance Corp. 5.375% 12/6/2032 8,550 9,005
7 Alcon Finance Corp. 3.800% 9/23/2049 6,025 4,666
7 Alcon Finance Corp. 5.750% 12/6/2052 9,480 9,774
4 Ascension Health 4.078% 11/15/2028 7,920 7,964
4 Ascension Health 2.532% 11/15/2029 22,515 21,332
4 Ascension Health 4.294% 11/15/2030 35,025 35,279
4 Ascension Health 4.923% 11/15/2035 15,090 15,331
4 Ascension Health 4.847% 11/15/2053 23,970 22,088
AstraZeneca plc 4.000% 1/17/2029 44,555 44,685
AstraZeneca plc 6.450% 9/15/2037 15,140 17,441
Banner Health 2.907% 1/1/2042 29,965 22,473
4 Beth Israel Lahey Health Inc. 3.080% 7/1/2051 7,920 5,258
4 Bon Secours Mercy Health Inc. 4.302% 7/1/2028 20,339 20,451
4 Bon Secours Mercy Health Inc. 3.464% 6/1/2030 17,085 16,711
Bristol-Myers Squibb Co. 4.125% 6/15/2039 8,245 7,584
Bristol-Myers Squibb Co. 2.350% 11/13/2040 9,697 6,957
Bristol-Myers Squibb Co. 3.550% 3/15/2042 63,155 51,594
Bristol-Myers Squibb Co. 4.550% 2/20/2048 5,703 5,026
Bristol-Myers Squibb Co. 4.250% 10/26/2049 55,913 46,876
Bristol-Myers Squibb Co. 3.900% 3/15/2062 7,600 5,627
4 Cedars-Sinai Health System 2.288% 8/15/2031 43,795 39,715
4 Children's Hospital Corp. 2.585% 2/1/2050 5,460 3,411
CommonSpirit Health 3.347% 10/1/2029 36,655 35,527
CommonSpirit Health 2.782% 10/1/2030 21,827 20,425
CommonSpirit Health 5.205% 12/1/2031 40,770 42,357
CommonSpirit Health 4.825% 9/1/2035 14,795 14,807
4 CommonSpirit Health 4.975% 9/1/2035 16,065 16,062
4 CommonSpirit Health 4.350% 11/1/2042 28,315 24,686
CommonSpirit Health 3.910% 10/1/2050 4,370 3,321
CommonSpirit Health 5.662% 9/1/2055 735 729
4 Cottage Health Obligated Group 3.304% 11/1/2049 9,875 7,094
7 CSL Finance plc 4.250% 4/27/2032 31,340 30,964
7 CSL Finance plc 4.750% 4/27/2052 1,160 1,017
CVS Health Corp. 5.400% 6/1/2029 4,125 4,278
CVS Health Corp. 5.300% 6/1/2033 17,945 18,560
CVS Health Corp. 5.700% 6/1/2034 9,700 10,218
CVS Health Corp. 4.875% 7/20/2035 1,375 1,362
CVS Health Corp. 5.050% 3/25/2048 9,700 8,714
14
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
CVS Health Corp. 6.050% 6/1/2054 28,714 29,111
Elevance Health Inc. 4.101% 3/1/2028 8,486 8,492
Elevance Health Inc. 2.550% 3/15/2031 26,925 24,621
Elevance Health Inc. 5.500% 10/15/2032 7,525 7,940
Eli Lilly & Co. 4.875% 2/27/2053 8,710 8,164
Eli Lilly & Co. 5.050% 8/14/2054 13,505 12,981
Eli Lilly & Co. 5.500% 2/12/2055 27,945 28,681
Eli Lilly & Co. 4.950% 2/27/2063 7,570 7,039
Eli Lilly & Co. 5.200% 8/14/2064 4,570 4,404
GE HealthCare Technologies Inc. 4.800% 1/15/2031 29,306 29,912
GE HealthCare Technologies Inc. 5.500% 6/15/2035 31,849 33,273
GE HealthCare Technologies Inc. 6.377% 11/22/2052 9,700 10,752
Gilead Sciences Inc. 2.600% 10/1/2040 24,487 18,293
Gilead Sciences Inc. 4.150% 3/1/2047 14,930 12,621
GlaxoSmithKline Capital Inc. 5.375% 4/15/2034 10,639 11,323
HCA Inc. 5.450% 4/1/2031 10,175 10,651
HCA Inc. 6.000% 4/1/2054 21,345 21,661
Humana Inc. 5.875% 3/1/2033 17,155 18,108
Humana Inc. 5.950% 3/15/2034 9,700 10,240
4 Indiana University Health Inc. Obligated Group 2.852% 11/1/2051 12,370 8,034
Inova Health System Foundation 4.068% 5/15/2052 20,740 16,850
Kaiser Foundation Hospitals 3.150% 5/1/2027 10,731 10,632
4 Kaiser Foundation Hospitals 2.810% 6/1/2041 37,455 28,176
Kaiser Foundation Hospitals 4.150% 5/1/2047 14,000 11,885
4 Kaiser Foundation Hospitals 3.002% 6/1/2051 36,720 24,650
4 Mass General Brigham Inc. 3.192% 7/1/2049 12,361 8,739
4 Mass General Brigham Inc. 3.342% 7/1/2060 32,045 21,615
4 Memorial Sloan-Kettering Cancer Center 2.955% 1/1/2050 18,985 12,839
Memorial Sloan-Kettering Cancer Center 4.125% 7/1/2052 5,380 4,422
4 Memorial Sloan-Kettering Cancer Center 4.200% 7/1/2055 5,910 4,955
Merck & Co. Inc. 4.550% 9/15/2032 61,855 62,855
Merck & Co. Inc. 4.950% 9/15/2035 82,975 85,183
Merck & Co. Inc. 4.150% 5/18/2043 22,090 19,355
Merck & Co. Inc. 4.000% 3/7/2049 32,385 26,577
Merck & Co. Inc. 2.750% 12/10/2051 9,697 6,167
Merck & Co. Inc. 5.700% 9/15/2055 59,135 61,303
Merck & Co. Inc. 5.150% 5/17/2063 9,700 9,170
Novartis Capital Corp. 4.400% 5/6/2044 25,896 23,496
OhioHealth Corp. 2.297% 11/15/2031 26,665 24,085
OhioHealth Corp. 2.834% 11/15/2041 16,515 12,344
PeaceHealth Obligated Group 4.335% 11/15/2028 9,205 9,268
PeaceHealth Obligated Group 4.855% 11/15/2032 7,645 7,755
Pfizer Inc. 3.450% 3/15/2029 70,335 69,567
Pfizer Inc. 1.700% 5/28/2030 6,065 5,498
Pfizer Inc. 4.100% 9/15/2038 53,995 49,871
Pfizer Investment Enterprises Pte. Ltd. 4.750% 5/19/2033 9,700 9,893
Pfizer Investment Enterprises Pte. Ltd. 5.110% 5/19/2043 26,307 25,641
Pfizer Investment Enterprises Pte. Ltd. 5.300% 5/19/2053 36,489 35,348
4 Piedmont Healthcare Inc. 2.044% 1/1/2032 8,825 7,681
4 Piedmont Healthcare Inc. 2.719% 1/1/2042 8,830 6,356
Piedmont Healthcare Inc. 2.864% 1/1/2052 11,725 7,580
4 Providence St. Joseph Health Obligated Group 2.532% 10/1/2029 17,470 16,490
Providence St. Joseph Health Obligated Group 5.369% 10/1/2032 26,865 27,953
Providence St. Joseph Health Obligated Group 5.403% 10/1/2033 14,986 15,571
4 Providence St. Joseph Health Obligated Group 3.930% 10/1/2048 11,805 9,265
7 Roche Holdings Inc. 2.607% 12/13/2051 8,330 5,200
Royalty Pharma plc 5.400% 9/2/2034 8,495 8,736
Royalty Pharma plc 3.300% 9/2/2040 5,158 4,046
Royalty Pharma plc 3.550% 9/2/2050 9,555 6,718
Royalty Pharma plc 5.900% 9/2/2054 17,095 17,084
4 SSM Health Care Corp. 3.823% 6/1/2027 34,910 34,851
4 Sutter Health 2.294% 8/15/2030 9,670 8,924
4 Sutter Health 5.213% 8/15/2032 12,505 13,037
4 Sutter Health 5.537% 8/15/2035 34,775 36,810
Takeda Pharmaceutical Co. Ltd. 2.050% 3/31/2030 26,687 24,434
Takeda Pharmaceutical Co. Ltd. 5.300% 7/5/2034 14,709 15,267
Takeda Pharmaceutical Co. Ltd. 3.025% 7/9/2040 13,665 10,582
Toledo Hospital 5.750% 11/15/2038 8,920 9,011
UnitedHealth Group Inc. 3.850% 6/15/2028 34,565 34,515
UnitedHealth Group Inc. 2.000% 5/15/2030 7,515 6,876
15
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
UnitedHealth Group Inc. 2.300% 5/15/2031 14,960 13,526
UnitedHealth Group Inc. 3.500% 8/15/2039 7,480 6,317
UnitedHealth Group Inc. 2.750% 5/15/2040 8,505 6,448
UnitedHealth Group Inc. 5.950% 2/15/2041 10,250 10,975
UnitedHealth Group Inc. 3.050% 5/15/2041 13,467 10,354
UnitedHealth Group Inc. 4.250% 3/15/2043 47,400 41,270
UnitedHealth Group Inc. 4.750% 7/15/2045 20,765 18,964
UnitedHealth Group Inc. 4.200% 1/15/2047 8,620 7,183
UnitedHealth Group Inc. 3.750% 10/15/2047 4,985 3,870
UnitedHealth Group Inc. 4.250% 6/15/2048 39,913 33,272
UnitedHealth Group Inc. 4.450% 12/15/2048 4,970 4,256
UnitedHealth Group Inc. 2.900% 5/15/2050 31,449 20,422
UnitedHealth Group Inc. 3.250% 5/15/2051 40,050 27,655
UnitedHealth Group Inc. 4.750% 5/15/2052 7,175 6,335
UnitedHealth Group Inc. 5.875% 2/15/2053 28,326 29,149
UnitedHealth Group Inc. 5.375% 4/15/2054 7,600 7,345
UnitedHealth Group Inc. 5.625% 7/15/2054 109,023 109,198
UnitedHealth Group Inc. 4.950% 5/15/2062 23,902 21,025
7 VSP Optical Group Inc. 5.450% 12/1/2035 5,245 5,323
Wyeth LLC 6.500% 2/1/2034 6,460 7,314
Wyeth LLC 5.950% 4/1/2037 25,000 27,264
2,651,509
Industrials (0.8%)
7 Ashtead Capital Inc. 2.450% 8/12/2031 17,915 16,002
7 Ashtead Capital Inc. 5.500% 8/11/2032 10,173 10,518
7 Ashtead Capital Inc. 5.550% 5/30/2033 4,400 4,562
7 Ashtead Capital Inc. 5.950% 10/15/2033 8,445 8,961
7 Ashtead Capital Inc. 5.800% 4/15/2034 32,455 34,176
7 BAE Systems plc 3.400% 4/15/2030 15,580 15,083
7 BAE Systems plc 5.250% 3/26/2031 6,175 6,445
7 BAE Systems plc 5.300% 3/26/2034 17,945 18,729
Boeing Co. 5.150% 5/1/2030 9,225 9,518
Boeing Co. 8.625% 11/15/2031 8,715 10,359
Boeing Co. 6.528% 5/1/2034 4,524 5,032
Boeing Co. 5.705% 5/1/2040 22,742 23,363
Boeing Co. 5.805% 5/1/2050 3,375 3,364
Boeing Co. 6.858% 5/1/2054 9,800 11,169
Boeing Co. 5.930% 5/1/2060 72,101 71,455
Boeing Co. 7.008% 5/1/2064 11,060 12,671
Burlington Northern Santa Fe LLC 5.750% 5/1/2040 14,790 15,829
Burlington Northern Santa Fe LLC 4.550% 9/1/2044 6,680 6,042
Burlington Northern Santa Fe LLC 4.150% 4/1/2045 13,365 11,402
Burlington Northern Santa Fe LLC 4.050% 6/15/2048 2,715 2,241
Burlington Northern Santa Fe LLC 3.050% 2/15/2051 9,950 6,731
Burlington Northern Santa Fe LLC 3.300% 9/15/2051 20,000 14,157
Burlington Northern Santa Fe LLC 2.875% 6/15/2052 17,935 11,533
Burlington Northern Santa Fe LLC 4.450% 1/15/2053 2,609 2,241
Canadian National Railway Co. 2.450% 5/1/2050 6,870 4,129
Canadian Pacific Railway Co. 2.450% 12/2/2031 6,400 5,750
Canadian Pacific Railway Co. 4.950% 8/15/2045 16,985 16,020
Caterpillar Inc. 5.200% 5/15/2035 25,685 26,883
7 Daimler Truck Finance North America LLC 5.000% 1/15/2027 6,890 6,954
7 Daimler Truck Finance North America LLC 3.650% 4/7/2027 17,489 17,383
7 Daimler Truck Finance North America LLC 5.125% 1/19/2028 4,630 4,717
7 Daimler Truck Finance North America LLC 4.650% 10/12/2030 14,965 15,095
7 Daimler Truck Finance North America LLC 5.375% 1/18/2034 11,760 12,041
Deere & Co. 7.125% 3/3/2031 17,500 19,902
7 Element Fleet Management Corp. 5.643% 3/13/2027 14,900 15,163
7 ERAC USA Finance LLC 5.000% 2/15/2029 8,975 9,227
7 ERAC USA Finance LLC 4.900% 5/1/2033 45,854 46,693
7 ERAC USA Finance LLC 5.200% 10/30/2034 22,750 23,526
7 ERAC USA Finance LLC 5.625% 3/15/2042 21,787 22,391
7 ERAC USA Finance LLC 5.400% 5/1/2053 27,091 26,669
Honeywell International Inc. 4.250% 1/15/2029 26,905 27,149
Honeywell International Inc. 4.875% 9/1/2029 5,325 5,493
Honeywell International Inc. 5.000% 2/15/2033 16,676 17,294
Honeywell International Inc. 5.375% 3/1/2041 4,260 4,432
John Deere Capital Corp. 4.500% 1/16/2029 22,410 22,800
John Deere Capital Corp. 4.400% 9/8/2031 6,400 6,479
16
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
4 John Deere Capital Corp. 5.150% 9/8/2033 17,329 18,213
Lockheed Martin Corp. 1.850% 6/15/2030 1,700 1,545
Lockheed Martin Corp. 4.500% 5/15/2036 8,015 7,915
Lockheed Martin Corp. 4.700% 5/15/2046 16,665 15,308
Lockheed Martin Corp. 5.700% 11/15/2054 19,676 20,300
Northrop Grumman Corp. 4.650% 7/15/2030 7,535 7,686
Northrop Grumman Corp. 5.250% 7/15/2035 9,120 9,513
Regal Rexnord Corp. 6.050% 2/15/2026 7,196 7,212
Republic Services Inc. 2.375% 3/15/2033 29,945 26,295
Republic Services Inc. 5.000% 12/15/2033 8,415 8,743
RTX Corp. 4.125% 11/16/2028 3,840 3,854
RTX Corp. 4.450% 11/16/2038 1,210 1,150
7 Siemens Financieringsmaatschappij NV 1.700% 3/11/2028 20,360 19,454
7 Siemens Financieringsmaatschappij NV 2.150% 3/11/2031 33,030 30,008
7 Siemens Financieringsmaatschappij NV 4.400% 5/27/2045 31,740 28,348
Teledyne Technologies Inc. 2.250% 4/1/2028 30,011 28,780
Teledyne Technologies Inc. 2.750% 4/1/2031 30,128 27,937
Trane Technologies Financing Ltd. 5.250% 3/3/2033 16,705 17,475
Union Pacific Corp. 2.800% 2/14/2032 357 329
Union Pacific Corp. 3.375% 2/14/2042 17,635 14,091
Union Pacific Corp. 3.250% 2/5/2050 1,409 995
Union Pacific Corp. 3.799% 10/1/2051 24,211 18,678
Union Pacific Corp. 5.600% 12/1/2054 7,600 7,728
Union Pacific Corp. 3.750% 2/5/2070 13,510 9,365
4 United Airlines Pass-Through Trust Class B Series 2018-1 4.600% 3/1/2026 2,697 2,689
Waste Connections Inc. 5.250% 9/1/2035 8,710 9,072
Westinghouse Air Brake Technologies Corp. 4.900% 5/29/2030 8,170 8,375
Westinghouse Air Brake Technologies Corp. 5.500% 5/29/2035 9,650 10,116
1,048,947
Materials (0.3%)
7 Anglo American Capital plc 2.625% 9/10/2030 11,975 11,094
CRH SMW Finance DAC 5.125% 1/9/2030 24,110 24,862
Glencore Canada Corp. 6.200% 6/15/2035 4,406 4,692
7 Glencore Finance Canada Ltd. 6.000% 11/15/2041 2,711 2,827
7 Glencore Funding LLC 4.875% 3/12/2029 6,929 7,058
7 Glencore Funding LLC 5.371% 4/4/2029 37,393 38,659
7 Glencore Funding LLC 5.186% 4/1/2030 13,315 13,726
7 Glencore Funding LLC 6.375% 10/6/2030 36,446 39,414
7 Glencore Funding LLC 2.625% 9/23/2031 8,527 7,694
7 Glencore Funding LLC 5.700% 5/8/2033 1,565 1,657
7 Glencore Funding LLC 6.500% 10/6/2033 20,705 22,978
7 Glencore Funding LLC 5.634% 4/4/2034 59,017 61,861
7 Glencore Funding LLC 5.673% 4/1/2035 29,650 31,156
7 Glencore Funding LLC 3.875% 4/27/2051 2,360 1,785
7 Glencore Funding LLC 3.375% 9/23/2051 8,466 5,817
7 Glencore Funding LLC 5.893% 4/4/2054 24,895 25,054
7 Glencore Funding LLC 6.141% 4/1/2055 32,115 33,593
Rio Tinto Finance USA plc 5.000% 3/14/2032 9,700 10,026
Rio Tinto Finance USA plc 5.250% 3/14/2035 7,600 7,888
Rio Tinto Finance USA plc 5.750% 3/14/2055 14,655 15,157
Rio Tinto Finance USA plc 5.875% 3/14/2065 4,375 4,571
371,569
Real Estate (0.8%)
American Tower Corp. 3.800% 8/15/2029 51,672 50,870
American Tower Corp. 5.000% 1/31/2030 12,275 12,576
American Tower Corp. 5.450% 2/15/2034 1,615 1,683
CBRE Services Inc. 4.900% 1/15/2033 4,780 4,841
Cousins Properties LP 5.250% 7/15/2030 7,360 7,541
Crown Castle Inc. 4.800% 9/1/2028 10,233 10,370
Crown Castle Inc. 4.300% 2/15/2029 7,829 7,815
Crown Castle Inc. 5.600% 6/1/2029 9,760 10,144
Crown Castle Inc. 4.900% 9/1/2029 12,995 13,199
Crown Castle Inc. 3.300% 7/1/2030 28,120 26,716
Crown Castle Inc. 2.250% 1/15/2031 4,561 4,083
Crown Castle Inc. 2.100% 4/1/2031 17,094 15,067
Crown Castle Inc. 2.500% 7/15/2031 18,030 16,134
Crown Castle Inc. 5.100% 5/1/2033 20,440 20,708
Crown Castle Inc. 5.800% 3/1/2034 19,258 20,271
Crown Castle Inc. 5.200% 9/1/2034 18,859 19,138
17
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Crown Castle Inc. 4.000% 11/15/2049 7,282 5,555
CubeSmart LP 2.250% 12/15/2028 12,135 11,489
CubeSmart LP 2.500% 2/15/2032 7,767 6,882
DOC DR LLC 2.625% 11/1/2031 6,460 5,812
Extra Space Storage LP 5.500% 7/1/2030 16,310 17,053
Extra Space Storage LP 5.900% 1/15/2031 25,059 26,660
Extra Space Storage LP 4.950% 1/15/2033 17,535 17,742
Extra Space Storage LP 5.350% 1/15/2035 26,445 27,136
GLP Capital LP 5.250% 2/15/2033 11,975 12,026
GLP Capital LP 5.750% 11/1/2037 16,945 16,927
Healthpeak OP LLC 2.125% 12/1/2028 30,395 28,616
Healthpeak OP LLC 3.000% 1/15/2030 26,475 25,128
Healthpeak OP LLC 4.750% 1/15/2033 28,630 28,587
Kite Realty Group LP 5.200% 8/15/2032 3,215 3,292
NNN REIT Inc. 5.500% 6/15/2034 16,311 17,010
Prologis LP 4.750% 1/15/2031 10,118 10,361
Prologis LP 5.250% 5/15/2035 24,200 25,106
Realty Income Corp. 2.200% 6/15/2028 24,400 23,384
Realty Income Corp. 4.700% 12/15/2028 27,200 27,719
Realty Income Corp. 3.250% 1/15/2031 12,940 12,332
Realty Income Corp. 2.850% 12/15/2032 25,860 23,256
Realty Income Corp. 4.900% 7/15/2033 26,434 26,897
Realty Income Corp. 5.125% 2/15/2034 25,644 26,468
Realty Income Corp. 5.125% 4/15/2035 23,700 24,254
7 SBA Tower Trust 1.884% 1/15/2026 8,960 8,926
7 SBA Tower Trust 1.631% 11/15/2026 34,975 34,089
7 SBA Tower Trust 1.840% 4/15/2027 54,190 52,450
7 SBA Tower Trust 2.593% 10/15/2031 51,750 46,017
7 Scentre Group Trust 1 4.375% 5/28/2030 19,110 19,224
Simon Property Group LP 2.450% 9/13/2029 19,865 18,772
Simon Property Group LP 4.750% 9/26/2034 16,100 16,119
VICI Properties LP 4.950% 2/15/2030 4,675 4,733
VICI Properties LP 5.125% 11/15/2031 16,100 16,368
VICI Properties LP 5.125% 5/15/2032 2,670 2,693
VICI Properties LP 5.750% 4/1/2034 8,415 8,734
VICI Properties LP 6.125% 4/1/2054 25,062 25,078
Welltower OP LLC 5.125% 7/1/2035 42,295 43,488
987,539
Technology (1.3%)
Apple Inc. 3.850% 5/4/2043 48,000 41,222
Apple Inc. 3.450% 2/9/2045 5,075 4,040
Apple Inc. 4.650% 2/23/2046 5,600 5,251
Apple Inc. 2.650% 5/11/2050 24,045 15,498
Apple Inc. 2.650% 2/8/2051 27,145 17,338
Apple Inc. 3.950% 8/8/2052 12,831 10,429
Automatic Data Processing Inc. 4.750% 5/8/2032 50,055 51,432
Broadcom Inc. 4.110% 9/15/2028 37,859 38,010
Broadcom Inc. 4.750% 4/15/2029 6,460 6,597
Broadcom Inc. 5.050% 7/12/2029 29,470 30,440
Broadcom Inc. 4.350% 2/15/2030 16,755 16,898
Broadcom Inc. 4.600% 7/15/2030 50,145 51,123
Broadcom Inc. 4.150% 11/15/2030 24,480 24,491
4 Broadcom Inc. 4.550% 2/15/2032 8,245 8,333
Broadcom Inc. 4.900% 7/15/2032 55,023 56,548
Broadcom Inc. 2.600% 2/15/2033 31,355 27,894
Broadcom Inc. 3.419% 4/15/2033 39,960 37,465
Broadcom Inc. 4.800% 2/15/2036 40,845 40,944
7 Broadcom Inc. 3.187% 11/15/2036 7,097 6,128
Broadcom Inc. 3.500% 2/15/2041 12,325 10,247
Cisco Systems Inc. 4.950% 2/26/2031 28,815 29,992
Cisco Systems Inc. 5.050% 2/26/2034 34,695 36,000
Cisco Systems Inc. 5.300% 2/26/2054 10,840 10,640
7 Foundry JV Holdco LLC 5.900% 1/25/2030 27,040 28,448
7 Foundry JV Holdco LLC 6.250% 1/25/2035 9,845 10,600
7 Foundry JV Holdco LLC 6.200% 1/25/2037 35,040 37,388
7 Foundry JV Holdco LLC 6.400% 1/25/2038 56,388 60,950
Intel Corp. 2.000% 8/12/2031 3,635 3,201
Intel Corp. 5.625% 2/10/2043 19,934 19,633
Intel Corp. 4.100% 5/19/2046 45,545 35,657
18
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Intel Corp. 4.100% 5/11/2047 5,815 4,497
Intel Corp. 3.250% 11/15/2049 5,250 3,453
Intel Corp. 3.050% 8/12/2051 4,565 2,880
International Business Machines Corp. 3.500% 5/15/2029 99,238 97,556
International Business Machines Corp. 1.950% 5/15/2030 8,245 7,521
International Business Machines Corp. 4.150% 5/15/2039 18,461 16,693
International Business Machines Corp. 4.250% 5/15/2049 26,888 22,226
4 International Business Machines Corp. 5.700% 2/10/2055 64,628 65,337
Intuit Inc. 5.200% 9/15/2033 35,655 37,434
Intuit Inc. 5.500% 9/15/2053 23,194 23,301
J Paul Getty Trust 4.905% 4/1/2035 18,330 18,898
KLA Corp. 4.950% 7/15/2052 31,510 29,239
Micron Technology Inc. 4.663% 2/15/2030 17,806 18,030
Micron Technology Inc. 5.650% 11/1/2032 14,000 14,735
Microsoft Corp. 3.450% 8/8/2036 31,097 28,762
Microsoft Corp. 2.525% 6/1/2050 107,844 68,332
Microsoft Corp. 2.500% 9/15/2050 16,363 10,277
Microsoft Corp. 2.921% 3/17/2052 119,367 80,927
QUALCOMM Inc. 2.150% 5/20/2030 29,475 27,193
QUALCOMM Inc. 4.500% 5/20/2030 12,495 12,724
QUALCOMM Inc. 5.000% 5/20/2035 23,510 24,117
QUALCOMM Inc. 4.800% 5/20/2045 12,860 11,980
QUALCOMM Inc. 4.300% 5/20/2047 1,255 1,073
QUALCOMM Inc. 4.500% 5/20/2052 16,672 14,377
S&P Global Inc. 2.700% 3/1/2029 3,693 3,547
S&P Global Inc. 3.700% 3/1/2052 33,425 25,795
Synopsys Inc. 4.850% 4/1/2030 38,755 39,608
Synopsys Inc. 5.000% 4/1/2032 42,325 43,386
UL Solutions Inc. 6.500% 10/20/2028 12,800 13,514
1,540,249
Utilities (3.4%)
4 AEP Texas Inc. 4.150% 5/1/2049 5,065 3,970
4 AEP Texas Inc. 3.450% 1/15/2050 11,200 7,789
AEP Texas Inc. 3.450% 5/15/2051 9,600 6,609
4 AEP Transmission Co. LLC 4.500% 6/15/2052 9,195 7,938
AEP Transmission Co. LLC 5.400% 3/15/2053 6,460 6,398
Alabama Power Co. 5.700% 2/15/2033 15,000 16,018
Alabama Power Co. 5.100% 4/2/2035 19,530 20,062
Alabama Power Co. 6.000% 3/1/2039 21,773 23,692
Alabama Power Co. 3.750% 3/1/2045 24,430 19,495
4 Alabama Power Co. 4.300% 7/15/2048 28,015 23,775
Ameren Illinois Co. 3.800% 5/15/2028 22,215 22,163
Ameren Illinois Co. 6.125% 12/15/2028 54,000 56,801
Ameren Illinois Co. 3.700% 12/1/2047 5,045 3,920
4 Ameren Missouri Securitization Funding I LLC 4.850% 10/1/2039 14,698 14,925
American Water Capital Corp. 2.950% 9/1/2027 9,975 9,815
American Water Capital Corp. 4.450% 6/1/2032 22,115 22,219
American Water Capital Corp. 4.200% 9/1/2048 22,158 18,331
American Water Capital Corp. 4.150% 6/1/2049 850 697
American Water Capital Corp. 3.450% 5/1/2050 2,280 1,656
Arizona Public Service Co. 6.350% 12/15/2032 6,080 6,678
Arizona Public Service Co. 5.550% 8/1/2033 8,253 8,666
Arizona Public Service Co. 5.900% 8/15/2055 14,025 14,439
Atmos Energy Corp. 5.000% 12/15/2054 14,100 13,097
Baltimore Gas & Electric Co. 4.250% 9/15/2048 5,000 4,183
Baltimore Gas & Electric Co. 2.900% 6/15/2050 6,549 4,278
7 Basin Electric Power Cooperative 5.850% 10/15/2055 11,950 11,946
Berkshire Hathaway Energy Co. 6.125% 4/1/2036 29,775 32,559
Berkshire Hathaway Energy Co. 5.950% 5/15/2037 830 901
Berkshire Hathaway Energy Co. 5.150% 11/15/2043 10,715 10,433
Berkshire Hathaway Energy Co. 3.800% 7/15/2048 20,000 15,357
Berkshire Hathaway Energy Co. 4.250% 10/15/2050 15,865 12,925
Berkshire Hathaway Energy Co. 4.600% 5/1/2053 27,777 23,828
7 Boston Gas Co. 3.150% 8/1/2027 5,385 5,302
7 Boston Gas Co. 3.001% 8/1/2029 5,970 5,720
7 Boston Gas Co. 3.757% 3/16/2032 4,225 4,024
7 Brooklyn Union Gas Co. 3.407% 3/10/2026 2,685 2,677
7 Brooklyn Union Gas Co. 4.273% 3/15/2048 27,737 22,701
CenterPoint Energy Houston Electric LLC 5.150% 3/1/2034 15,365 15,889
19
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
CenterPoint Energy Houston Electric LLC 5.050% 3/1/2035 8,245 8,421
CenterPoint Energy Resources Corp. 5.250% 3/1/2028 35,850 36,771
CenterPoint Energy Resources Corp. 4.000% 4/1/2028 8,068 8,056
CenterPoint Energy Resources Corp. 5.400% 3/1/2033 28,139 29,233
CenterPoint Energy Resources Corp. 5.400% 7/1/2034 6,560 6,810
Cleco Corporate Holdings LLC 3.375% 9/15/2029 9,180 8,664
4 Cleco Securitization I LLC 4.646% 9/1/2042 27,070 26,260
Commonwealth Edison Co. 4.350% 11/15/2045 13,610 11,745
Commonwealth Edison Co. 3.650% 6/15/2046 2,165 1,689
4 Commonwealth Edison Co. 3.750% 8/15/2047 10,000 7,789
Commonwealth Edison Co. 4.000% 3/1/2048 13,787 11,190
4 Commonwealth Edison Co. 3.850% 3/15/2052 3,755 2,893
Consolidated Edison Co. of New York Inc. 4.450% 3/15/2044 4,900 4,338
Consolidated Edison Co. of New York Inc. 4.500% 12/1/2045 36,735 32,387
Consolidated Edison Co. of New York Inc. 3.850% 6/15/2046 2,729 2,188
4 Consolidated Edison Co. of New York Inc. 4.125% 5/15/2049 4,105 3,331
4 Consolidated Edison Co. of New York Inc. 3.950% 4/1/2050 1,690 1,349
Consolidated Edison Co. of New York Inc. 3.200% 12/1/2051 27,865 18,929
Consolidated Edison Co. of New York Inc. 6.150% 11/15/2052 12,957 13,902
Consolidated Edison Co. of New York Inc. 4.625% 12/1/2054 68,575 58,976
Consolidated Edison Co. of New York Inc. 5.750% 11/15/2055 10,420 10,675
4 Consolidated Edison Co. of New York Inc. 4.000% 11/15/2057 9,500 7,222
Consolidated Edison Co. of New York Inc. 4.500% 5/15/2058 48,966 40,890
Dominion Energy Inc. 4.600% 5/15/2028 21,520 21,788
4 Dominion Energy Inc. 3.375% 4/1/2030 3,083 2,978
Dominion Energy Inc. 5.375% 11/15/2032 7,542 7,880
4 Dominion Energy Inc. 5.250% 8/1/2033 5,706 5,887
4 Dominion Energy Inc. 4.900% 8/1/2041 5,800 5,411
4 Dominion Energy Inc. 4.600% 3/15/2049 27,385 23,135
4 Dominion Energy Inc. 4.850% 8/15/2052 39,963 34,934
Dominion Energy South Carolina Inc. 6.625% 2/1/2032 4,886 5,489
Dominion Energy South Carolina Inc. 5.800% 1/15/2033 9,000 9,527
Dominion Energy South Carolina Inc. 5.300% 5/15/2033 1,438 1,510
Dominion Energy South Carolina Inc. 6.050% 1/15/2038 44,155 48,078
Dominion Energy South Carolina Inc. 5.450% 2/1/2041 2,945 2,997
Dominion Energy South Carolina Inc. 5.100% 6/1/2065 29,850 27,186
DTE Energy Co. 4.950% 7/1/2027 20,780 21,038
DTE Energy Co. 5.200% 4/1/2030 18,065 18,685
4 Duke Energy Carolinas LLC 6.000% 12/1/2028 2,190 2,314
Duke Energy Carolinas LLC 4.950% 1/15/2033 4,810 4,979
Duke Energy Carolinas LLC 6.100% 6/1/2037 3,404 3,717
Duke Energy Carolinas LLC 6.050% 4/15/2038 4,000 4,372
Duke Energy Carolinas LLC 3.700% 12/1/2047 17,085 13,220
Duke Energy Carolinas LLC 5.350% 1/15/2053 52,380 51,292
4 Duke Energy Carolinas Nc Storm Funding II LLC 5.070% 1/1/2046 36,130 36,319
Duke Energy Corp. 3.400% 6/15/2029 12,030 11,752
Duke Energy Corp. 2.450% 6/1/2030 14,375 13,332
Duke Energy Corp. 4.500% 8/15/2032 14,050 14,064
Duke Energy Corp. 4.950% 9/15/2035 17,970 17,986
Duke Energy Corp. 3.300% 6/15/2041 39,505 30,768
Duke Energy Corp. 4.800% 12/15/2045 44,700 40,223
Duke Energy Corp. 3.750% 9/1/2046 22,085 17,020
Duke Energy Corp. 3.950% 8/15/2047 4,800 3,769
Duke Energy Corp. 4.200% 6/15/2049 25,820 20,734
Duke Energy Corp. 3.500% 6/15/2051 38,835 27,513
Duke Energy Corp. 5.000% 8/15/2052 43,405 39,165
Duke Energy Corp. 5.800% 6/15/2054 10,000 10,113
Duke Energy Corp. 5.700% 9/15/2055 34,890 34,803
Duke Energy Florida LLC 6.350% 9/15/2037 8,000 8,968
Duke Energy Florida LLC 6.400% 6/15/2038 27,055 30,609
Duke Energy Florida LLC 3.400% 10/1/2046 6,460 4,801
Duke Energy Florida LLC 5.950% 11/15/2052 11,250 11,828
Duke Energy Progress LLC 3.400% 4/1/2032 15,845 15,041
Duke Energy Progress LLC 5.050% 3/15/2035 43,780 44,854
Duke Energy Progress LLC 6.300% 4/1/2038 14,705 16,531
Duke Energy Progress LLC 4.100% 3/15/2043 615 527
Duke Energy Progress LLC 4.200% 8/15/2045 40,400 34,353
Duke Energy Progress LLC 2.500% 8/15/2050 2,475 1,487
Duke Energy Progress LLC 2.900% 8/15/2051 2,450 1,580
Duke Energy Progress LLC 4.000% 4/1/2052 4,185 3,326
20
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
4 Duke Energy Progress Nc Storm Funding II LLC 4.890% 1/1/2046 36,855 37,081
4 Duke Energy Progress NC Storm Funding LLC 2.387% 7/1/2037 34,870 30,246
7 East Ohio Gas Co. 2.000% 6/15/2030 8,960 8,132
7 East Ohio Gas Co. 3.000% 6/15/2050 13,050 8,550
Emera US Finance LP 3.550% 6/15/2026 25,624 25,514
Emera US Finance LP 4.750% 6/15/2046 5,700 4,926
7 Enel Finance International NV 4.125% 9/30/2028 12,425 12,428
7 Enel Finance International NV 4.375% 9/30/2030 32,450 32,395
7 Enel Finance International NV 5.000% 9/30/2035 11,355 11,332
7 Enel Finance International NV 5.750% 9/30/2055 51,595 50,874
Entergy Louisiana LLC 3.120% 9/1/2027 14,935 14,736
Evergy Kansas Central Inc. 3.250% 9/1/2049 5,062 3,521
4 Evergy Metro Inc. 2.250% 6/1/2030 5,680 5,248
Evergy Metro Inc. 4.200% 3/15/2048 3,419 2,848
4 Eversource Energy 3.300% 1/15/2028 12,335 12,101
Eversource Energy 5.450% 3/1/2028 24,675 25,268
Eversource Energy 5.950% 2/1/2029 2,500 2,617
4 Eversource Energy 4.250% 4/1/2029 2,182 2,179
4 Eversource Energy 1.650% 8/15/2030 2,500 2,206
Eversource Energy 4.450% 12/15/2030 6,660 6,643
Eversource Energy 3.375% 3/1/2032 5,495 5,097
Eversource Energy 5.125% 5/15/2033 1,170 1,188
Exelon Corp. 3.350% 3/15/2032 18,315 17,175
FirstEnergy Corp. 2.650% 3/1/2030 4,675 4,351
4 FirstEnergy Corp. 2.250% 9/1/2030 14,331 13,006
4 FirstEnergy Corp. 4.850% 7/15/2047 2,290 2,032
4 FirstEnergy Corp. 3.400% 3/1/2050 25,860 18,171
7 FirstEnergy Pennsylvania Electric Co. 5.200% 4/1/2028 1,910 1,952
7 FirstEnergy Pennsylvania Electric Co. 4.300% 1/15/2029 6,572 6,593
FirstEnergy Transmission LLC 5.000% 1/15/2035 15,477 15,589
Florida Power & Light Co. 5.650% 2/1/2035 50,000 53,002
Florida Power & Light Co. 4.950% 6/1/2035 10,000 10,257
Florida Power & Light Co. 5.650% 2/1/2037 5,000 5,378
Florida Power & Light Co. 5.950% 2/1/2038 21,188 23,181
Florida Power & Light Co. 3.700% 12/1/2047 13,702 10,710
Florida Power & Light Co. 5.300% 4/1/2053 17,250 16,899
Fortis Inc. 3.055% 10/4/2026 28,565 28,302
Georgia Power Co. 4.850% 3/15/2031 14,715 15,157
Georgia Power Co. 4.700% 5/15/2032 29,820 30,359
Georgia Power Co. 4.950% 5/17/2033 26,485 27,127
Georgia Power Co. 5.250% 3/15/2034 15,025 15,596
Georgia Power Co. 5.200% 3/15/2035 30,165 31,124
Georgia Power Co. 5.400% 6/1/2040 6,665 6,802
4 Georgia Power Co. 4.750% 9/1/2040 34,703 33,352
Georgia Power Co. 4.300% 3/15/2042 14,834 13,184
Georgia Power Co. 5.125% 5/15/2052 19,840 18,818
Indiana Michigan Power Co. 4.250% 8/15/2048 14,980 12,261
Jersey Central Power & Light Co. 5.100% 1/15/2035 35,095 35,681
Johnsonville Aeroderivative Combustion Turbine Generation LLC 5.078% 10/1/2054 20,735 20,295
7 KeySpan Gas East Corp. 2.742% 8/15/2026 25,345 25,054
7 Massachusetts Electric Co. 1.729% 11/24/2030 990 868
7 Massachusetts Electric Co. 5.900% 11/15/2039 21,565 22,828
MidAmerican Energy Co. 4.400% 10/15/2044 1,050 922
MidAmerican Energy Co. 4.250% 5/1/2046 5,485 4,682
MidAmerican Energy Co. 4.250% 7/15/2049 6,595 5,499
MidAmerican Energy Co. 3.150% 4/15/2050 38,026 26,296
7 Mid-Atlantic Interstate Transmission LLC 4.100% 5/15/2028 3,170 3,171
4 Mississippi Power Co. 4.250% 3/15/2042 7,024 6,130
7 Monongahela Power Co. 5.400% 12/15/2043 4,570 4,523
4 Nevada Power Co. 3.125% 8/1/2050 15,345 10,237
7 Niagara Mohawk Power Corp. 4.278% 12/15/2028 38,470 38,571
7 Niagara Mohawk Power Corp. 4.647% 10/3/2030 2,500 2,520
7 Niagara Mohawk Power Corp. 3.025% 6/27/2050 14,840 9,719
NiSource Inc. 5.250% 3/30/2028 19,368 19,869
NiSource Inc. 5.200% 7/1/2029 7,275 7,511
NiSource Inc. 5.250% 2/15/2043 22,833 22,100
NiSource Inc. 4.800% 2/15/2044 12,750 11,583
NiSource Inc. 5.000% 6/15/2052 19,985 18,057
NiSource Inc. 5.850% 4/1/2055 9,525 9,664
Northern States Power Co. 2.250% 4/1/2031 4,940 4,505
21
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Northern States Power Co. 6.250% 6/1/2036 41,755 46,346
7 Oglethorpe Power Corp. 6.191% 1/1/2031 27,424 28,771
Oglethorpe Power Corp. 5.950% 11/1/2039 6,075 6,502
Oglethorpe Power Corp. 4.550% 6/1/2044 1,825 1,555
Oglethorpe Power Corp. 4.250% 4/1/2046 19,060 15,395
Oglethorpe Power Corp. 4.500% 4/1/2047 4,095 3,463
Oglethorpe Power Corp. 5.050% 10/1/2048 4,690 4,264
Oglethorpe Power Corp. 5.800% 6/1/2054 5,525 5,489
7 Ohio Edison Co. 4.950% 12/15/2029 6,710 6,892
Oncor Electric Delivery Co. LLC 4.150% 6/1/2032 4,425 4,351
Oncor Electric Delivery Co. LLC 4.550% 9/15/2032 19,394 19,488
Oncor Electric Delivery Co. LLC 5.650% 11/15/2033 37,160 39,787
Oncor Electric Delivery Co. LLC 4.550% 12/1/2041 10,735 9,797
Oncor Electric Delivery Co. LLC 2.700% 11/15/2051 23,120 14,145
Oncor Electric Delivery Co. LLC 4.600% 6/1/2052 26,115 22,245
Oncor Electric Delivery Co. LLC 4.950% 9/15/2052 3,788 3,450
Pacific Gas & Electric Co. 6.950% 3/15/2034 22,565 25,252
Pacific Gas & Electric Co. 5.800% 5/15/2034 5,110 5,330
Pacific Gas & Electric Co. 4.750% 2/15/2044 9,803 8,402
Pacific Gas & Electric Co. 4.950% 7/1/2050 6,749 5,819
Pacific Gas & Electric Co. 6.750% 1/15/2053 8,300 8,997
PECO Energy Co. 2.850% 9/15/2051 8,000 5,091
PECO Energy Co. 4.600% 5/15/2052 12,845 11,232
4 PG&E Energy Recovery Funding LLC 2.280% 1/15/2036 3,775 3,173
4 PG&E Energy Recovery Funding LLC 2.822% 7/15/2046 16,989 12,517
4 PG&E Wildfire Recovery Funding LLC 4.451% 12/1/2047 12,150 10,905
4 PG&E Wildfire Recovery Funding LLC 5.212% 12/1/2047 25,815 25,443
4 PG&E Wildfire Recovery Funding LLC 5.099% 6/1/2052 23,500 22,386
Piedmont Natural Gas Co. Inc. 5.050% 5/15/2052 9,130 8,294
Potomac Electric Power Co. 6.500% 11/15/2037 25,000 28,347
Public Service Co. of New Hampshire 5.350% 10/1/2033 6,460 6,779
Public Service Co. of Oklahoma 5.200% 1/15/2035 9,700 9,854
Public Service Co. of Oklahoma 5.450% 1/15/2036 42,660 43,955
4 Public Service Electric & Gas Co. 5.050% 3/1/2035 25,502 26,143
4 Public Service Electric & Gas Co. 5.500% 3/1/2055 17,167 17,209
Public Service Enterprise Group Inc. 5.200% 4/1/2029 17,595 18,136
Public Service Enterprise Group Inc. 5.450% 4/1/2034 11,295 11,771
Public Service Enterprise Group Inc. 5.400% 3/15/2035 23,120 23,929
4 San Diego Gas & Electric Co. 1.700% 10/1/2030 4,940 4,409
4 San Diego Gas & Electric Co. 3.750% 6/1/2047 5,390 4,149
San Diego Gas & Electric Co. 4.150% 5/15/2048 5,940 4,822
4 San Diego Gas & Electric Co. 2.950% 8/15/2051 714 464
San Diego Gas & Electric Co. 3.700% 3/15/2052 29,320 21,513
San Diego Gas & Electric Co. 5.350% 4/1/2053 34,130 32,868
4 SCE Recovery Funding LLC 0.861% 11/15/2031 5,884 5,245
4 SCE Recovery Funding LLC 1.942% 5/15/2038 3,655 2,867
4 SCE Recovery Funding LLC 2.510% 11/15/2043 3,310 2,301
Sempra 3.250% 6/15/2027 80,765 79,573
Sempra 3.700% 4/1/2029 2,295 2,260
Sempra 6.000% 10/15/2039 14,800 15,590
Southern California Edison Co. 5.150% 6/1/2029 32,950 33,611
Southern California Edison Co. 5.450% 6/1/2031 21,160 21,897
Southern California Edison Co. 6.000% 1/15/2034 7,695 8,116
Southern California Edison Co. 5.450% 3/1/2035 53,381 54,484
4 Southern California Edison Co. 5.350% 7/15/2035 4,320 4,371
4 Southern California Edison Co. 5.550% 1/15/2037 50,475 51,035
4 Southern California Edison Co. 5.950% 2/1/2038 40,000 41,185
Southern California Edison Co. 6.050% 3/15/2039 1,980 2,061
Southern California Edison Co. 4.650% 10/1/2043 3,255 2,811
4 Southern California Edison Co. 4.125% 3/1/2048 6,098 4,733
Southern California Edison Co. 3.650% 2/1/2050 5,405 3,824
Southern California Edison Co. 5.700% 3/1/2053 7,085 6,707
Southern California Edison Co. 5.875% 12/1/2053 9,878 9,644
Southern California Edison Co. 5.900% 3/1/2055 18,643 18,366
Southern California Edison Co. 6.200% 9/15/2055 29,123 29,894
Southern California Gas Co. 6.350% 11/15/2052 17,580 19,318
Southern Co. 4.400% 7/1/2046 76,642 65,685
Southern Co. Gas Capital Corp. 5.750% 9/15/2033 6,670 7,102
4 Southern Co. Gas Capital Corp. 5.100% 9/15/2035 6,105 6,179
Southern Co. Gas Capital Corp. 3.950% 10/1/2046 4,800 3,830
22
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Southwest Gas Corp. 2.200% 6/15/2030 6,310 5,760
Southwestern Electric Power Co. 6.200% 3/15/2040 9,800 10,553
Southwestern Public Service Co. 3.700% 8/15/2047 3,756 2,851
Tampa Electric Co. 4.900% 3/1/2029 8,065 8,264
7 Texas Electric Market Stabilization Funding N LLC 4.966% 2/1/2042 39,235 39,187
7 Texas Electric Market Stabilization Funding N LLC 5.057% 8/1/2046 18,860 18,208
7 Texas Electric Market Stabilization Funding N LLC 5.167% 2/1/2050 17,640 17,159
7 Trans-Allegheny Interstate Line Co. 5.000% 1/15/2031 9,125 9,399
Tucson Electric Power Co. 5.500% 4/15/2053 6,825 6,648
Tucson Electric Power Co. 5.900% 4/15/2055 6,740 6,931
Union Electric Co. 4.000% 4/1/2048 14,316 11,528
Union Electric Co. 3.900% 4/1/2052 8,575 6,696
Union Electric Co. 5.450% 3/15/2053 8,045 7,877
4 Virginia Electric & Power Co. 3.500% 3/15/2027 16,025 15,939
Virginia Electric & Power Co. 5.150% 3/15/2035 6,565 6,720
4 Virginia Electric & Power Co. 4.900% 9/15/2035 16,620 16,660
4 Virginia Electric & Power Co. 6.000% 5/15/2037 1,740 1,885
Virginia Electric & Power Co. 4.600% 12/1/2048 11,210 9,818
Virginia Electric & Power Co. 5.450% 4/1/2053 8,100 7,873
Virginia Electric & Power Co. 5.550% 8/15/2054 8,100 8,034
Virginia Electric & Power Co. 5.650% 3/15/2055 17,575 17,575
4 Virginia Electric & Power Co. 5.600% 9/15/2055 53,380 53,112
Wisconsin Electric Power Co. 5.700% 12/1/2036 17,280 18,647
Wisconsin Public Service Corp. 6.080% 12/1/2028 45,000 47,144
4,205,546
Total Corporate Bonds (Cost $27,436,143) 26,569,252
Sovereign Bonds (0.6%)
4,7 Bermuda 2.375% 8/20/2030 18,130 16,451
4,7 Bermuda 3.375% 8/20/2050 6,835 4,820
4,7 Corp. Nacional del Cobre de Chile 3.700% 1/30/2050 20,705 14,736
Equinor ASA 3.125% 4/6/2030 53,605 51,715
Equinor ASA 4.500% 9/3/2030 8,515 8,673
Equinor ASA 5.125% 6/3/2035 73,102 75,825
Equinor ASA 4.750% 11/14/2035 27,890 28,078
4,7 Kingdom of Saudi Arabia 5.375% 1/13/2031 25,595 26,845
4,7 Kingdom of Saudi Arabia 5.750% 1/16/2054 23,848 24,345
4,7 NBN Co. Ltd. 1.625% 1/8/2027 26,265 25,601
4,7 NBN Co. Ltd. 2.625% 5/5/2031 37,954 34,995
4,7 NBN Co. Ltd. 2.500% 1/8/2032 77,087 69,367
7 OMERS Finance Trust 4.000% 4/20/2028 18,090 18,219
4,7 Qatar Energy 3.125% 7/12/2041 23,200 17,948
4 Qatar Energy 3.300% 7/12/2051 37,850 26,979
4 Republic of Chile 2.550% 7/27/2033 36,780 31,951
4 Republic of Chile 3.500% 1/31/2034 20,300 18,742
Republic of Chile 3.500% 4/15/2053 20,175 14,781
4,7 Saudi Arabian Oil Co. 5.375% 6/2/2035 33,170 34,260
4,7 Saudi Arabian Oil Co. 6.375% 6/2/2055 26,705 28,495
State of Israel 5.375% 3/12/2029 36,740 37,834
State of Israel 5.500% 3/12/2034 17,400 18,106
State of Israel 5.750% 3/12/2054 58,355 56,869
4,7 UAE International Government Bond 4.951% 7/7/2052 13,725 13,405
4 United Mexican States 6.338% 5/4/2053 13,472 13,065
4 United Mexican States 6.400% 5/7/2054 18,655 18,203
Total Sovereign Bonds (Cost $757,620) 730,308
Taxable Municipal Bonds (1.4%)
Alabama Federal AID Highway Finance Authority SO Revenue 2.650% 9/1/2037 1,510 1,243
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) 6.918% 4/1/2040 9,605 11,040
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) 6.263% 4/1/2049 1,965 2,117
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) 7.043% 4/1/2050 26,165 30,513
Broward County FL Airport System Revenue 3.477% 10/1/2043 10,370 8,847
California GO 7.550% 4/1/2039 12,375 15,235
California GO 7.300% 10/1/2039 48,825 57,645
California GO 5.875% 10/1/2041 29,515 31,003
California Health Facilities Financing Authority Revenue 4.190% 6/1/2037 4,380 4,224
23
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
California State University Systemwide Revenue 2.719% 11/1/2052 12,090 8,097
California State University Systemwide Revenue 2.939% 11/1/2052 15,225 10,398
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue 6.899% 12/1/2040 30,930 34,879
Chicago IL Transit Authority Sales & Transfer Tax Receipts Revenue 6.899% 12/1/2040 52,817 59,601
Chicago IL Transit Authority Sales Tax Receipts Revenue 6.200% 12/1/2040 2,260 2,408
Dallas-Fort Worth TX International Airport Revenue 3.089% 11/1/2040 7,405 6,156
Dallas-Fort Worth TX International Airport Revenue 2.843% 11/1/2046 18,860 13,931
Dallas-Fort Worth TX International Airport Revenue 4.087% 11/1/2051 2,695 2,266
Dallas-Fort Worth TX International Airport Revenue 4.507% 11/1/2051 7,635 6,756
Florida State Board of Administration Finance Corp. Revenue 1.705% 7/1/2027 29,555 28,607
9 Foothill-Eastern Transportation Corridor Agency CA Toll Road Revenue 3.924% 1/15/2053 11,545 9,088
Georgia Municipal Electric Power Authority Revenue 6.637% 4/1/2057 67,210 73,983
Golden State Tobacco Securitization Corp. California Revenue 2.746% 6/1/2034 1,585 1,456
Golden State Tobacco Securitization Corp. California Revenue 3.293% 6/1/2042 1,165 985
Golden State Tobacco Securitization Corp. California Revenue 3.000% 6/1/2046 7,110 6,433
Grand Parkway Transportation Corp. Texas System Toll Revenue 5.184% 10/1/2042 5,645 5,781
Grand Parkway Transportation Corp. Texas System Toll Revenue 3.236% 10/1/2052 28,900 20,482
Houston TX GO 6.290% 3/1/2032 11,310 12,081
Illinois GO 5.100% 6/1/2033 316,827 325,138
Illinois Toll Highway Authority Revenue 6.184% 1/1/2034 29,200 31,579
JobsOhio Beverage System OH Statewide Liquor Profits Revenue 2.833% 1/1/2038 5,480 4,664
Kansas Development Finance Authority Revenue 4.927% 4/15/2045 7,745 7,789
10 Kansas Development Finance Authority Revenue 2.774% 5/1/2051 15,140 10,935
9 Kansas Development Finance Authority Revenue (Employees Retirement System) 5.501% 5/1/2034 50,000 53,113
Louisiana Local Government Environmental Facilities & Community Development Authority System Restoration Taxable Bonds Revenue 5.198% 12/1/2039 21,505 22,338
Louisville & Jefferson County KY Metropolitan Sewer District Sewer & Drainage System Revenue 6.250% 5/15/2043 19,000 20,210
Maryland Economic Development Corp. Revenue (Prince George's County Public Schools) 5.433% 5/31/2056 12,445 12,240
Massachusetts School Building Authority Dedicated Sales Tax Revenue 5.715% 8/15/2039 22,105 23,279
Massachusetts SO Revenue 4.110% 7/15/2031 3,905 3,904
Michigan Finance Authority Revenue (Trinity Health Credit Group) 3.084% 12/1/2034 11,320 10,416
New Jersey Turnpike Authority Revenue 7.414% 1/1/2040 30,285 36,524
New York City NY GO 4.610% 9/1/2037 29,690 29,225
New York City NY GO 5.094% 10/1/2049 19,215 18,379
New York City NY GO 5.114% 10/1/2054 9,070 8,706
New York City NY GO 5.935% 2/1/2055 4,840 5,201
New York Metropolitan Transportation Authority Revenue 6.814% 11/15/2040 13,630 15,522
New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) 7.336% 11/15/2039 9,530 11,394
New York Metropolitan Transportation Authority Revenue (Green Bond) 5.175% 11/15/2049 2,425 2,262
North Texas Tollway Authority System Revenue 6.718% 1/1/2049 11,035 12,471
9 Oregon School Boards Association GO 5.528% 6/30/2028 26,106 26,714
10 Oregon State University General Revenue 3.424% 3/1/2060 28,000 20,209
11 Philadelphia PA Authority for Industrial Development Revenue 6.550% 10/15/2028 66,810 70,949
Port Authority of New York & New Jersey Revenue 5.647% 11/1/2040 40 43
Port Authority of New York & New Jersey Revenue 5.072% 7/15/2053 34,900 34,125
Port Authority of New York & New Jersey Revenue 4.458% 10/1/2062 44,055 37,857
Port Authority of New York & New Jersey Revenue 4.810% 10/15/2065 21,985 20,159
Riverside CA Pension Obligation Bonds Revenue 3.857% 6/1/2045 8,775 7,754
Riverside County CA Pension Obligation Bonds Revenue 3.818% 2/15/2038 9,585 9,144
Rutgers State University New Jersey Revenue 3.270% 5/1/2043 9,510 7,885
Sales Tax Securitization Corp. Illinois Revenue 3.238% 1/1/2042 34,905 29,065
San Antonio TX Electric & Gas Systems Revenue 5.469% 2/1/2045 15,060 15,313
San Antonio TX Electric & Gas Systems Revenue 5.569% 2/1/2050 33,435 33,608
Texas Natural Gas Securitization Finance Corp. Revenue (Winter Storm Uri) 5.102% 4/1/2035 11,412 11,763
Texas Natural Gas Securitization Finance Corp. Revenue (Winter Storm Uri) 5.169% 4/1/2041 10,694 11,026
University of California Regents Medical Center Pooled Revenue 4.132% 5/15/2032 17,265 17,239
University of California Regents Medical Center Pooled Revenue 6.548% 5/15/2048 9,465 10,338
University of California Regents Medical Center Pooled Revenue 6.583% 5/15/2049 15,150 16,462
University of California Regents Medical Center Pooled Revenue 3.006% 5/15/2050 15,445 10,384
University of California Regents Medical Center Pooled Revenue 4.563% 5/15/2053 46,830 41,003
University of California Regents Medical Center Pooled Revenue 3.256% 5/15/2060 26,520 17,449
University of California Revenue 1.316% 5/15/2027 7,470 7,228
University of California Revenue 1.614% 5/15/2030 16,140 14,770
University of California Revenue 3.931% 5/15/2045 22,370 20,807
24
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
University of Michigan Revenue 2.562% 4/1/2050 32,056 20,385
University of Michigan Revenue 3.504% 4/1/2052 7,445 5,615
University of Minnesota Revenue 4.048% 4/1/2052 25,160 20,787
Total Taxable Municipal Bonds (Cost $1,759,964) 1,668,625
Shares
Temporary Cash Investments (1.0%)
Money Market Fund (0.0%)
12,13 Vanguard Market Liquidity Fund 4.024% 656,921 65,692
Maturity
Date 		Face
Amount
($000)
Repurchase Agreements (1.0%)
Bank of America Securities, LLC
(Dated 11/28/2025, Repurchase Value $16,005, collateralized by U.S. Government Agency Obligations 2.000%-6.500%, 3/15/2040-9/15/2058, with a value of $16,320) 		4.090% 12/1/2025 16,000 16,000
Bank of America Securities, LLC
(Dated 11/28/2025, Repurchase Value $105,036, collateralized by U.S. Treasury Obligations 0.000%-4.500%, 5/7/2026-11/15/2048, with a value of $107,100) 		4.090% 12/1/2025 105,000 105,000
Bank of America Securities, LLC
(Dated 11/28/2025, Repurchase Value $95,032, collateralized by U.S. Government Agency Obligations 5.000%, 11/1/2045, with a value of $96,900) 		4.100% 12/1/2025 95,000 95,000
Citigroup Global Markets Inc.
(Dated 11/28/2025, Repurchase Value $126,743, collateralized by U.S. Treasury Obligations 3.875%, 8/31/2032, with a value of $129,234) 		4.080% 12/1/2025 126,700 126,700
Credit Agricole Securities
(Dated 11/28/2025, Repurchase Value $82,128, collateralized by U.S. Treasury and Government Agency Obligations 0.250%-4.550%, 12/31/2025-11/15/2050, with a value of $83,742) 		4.080% 12/1/2025 82,100 82,100
Deutsche Bank Securities, Inc.
(Dated 11/28/2025, Repurchase Value $48,617, collateralized by U.S. Government Agency Obligations 5.500%, 11/1/2054, with a value of $49,572) 		4.090% 12/1/2025 48,600 48,600
HSBC Bank USA
(Dated 11/28/2025, Repurchase Value $109,637, collateralized by U.S. Treasury Obligations 0.000%-4.500%, 12/4/2025-11/15/2050, with a value of $111,792) 		4.090% 12/1/2025 109,600 109,600
HSBC Bank USA
(Dated 11/28/2025, Repurchase Value $87,430, collateralized by U.S. Government Agency Obligations 2.000%-7.000%, 8/1/2034-11/1/2055, with a value of $89,148) 		4.100% 12/1/2025 87,400 87,400
JP Morgan Securities, LLC
(Dated 11/28/2025, Repurchase Value $90,031, collateralized by U.S. Treasury Obligations 0.000%-4.125%, 12/2/2025-1/31/2029, with a value of $91,800) 		4.080% 12/1/2025 90,000 90,000
Nomura International plc
(Dated 11/28/2025, Repurchase Value $90,031, collateralized by U.S. Treasury Obligations 1.250%-4.025%, 1/31/2026-8/15/2033, with a value of $91,800) 		4.080% 12/1/2025 90,000 90,000
Nomura International plc
(Dated 11/28/2025, Repurchase Value $20,007, collateralized by U.S. Treasury Obligations 0.750%-3.750%, 1/15/2026-5/15/2042, with a value of $20,400) 		4.080% 12/1/2025 20,000 20,000
RBC Capital Markets LLC
(Dated 11/28/2025, Repurchase Value $62,921, collateralized by U.S. Treasury Obligations 3.750%-4.500%, 6/30/2027-5/15/2034, with a value of $64,158) 		4.090% 12/1/2025 62,900 62,900
Societe Generale
(Dated 11/28/2025, Repurchase Value $87,430, collateralized by U.S. Treasury Obligations 3.125%-4.500%, 8/15/2044-11/15/2054, with a value of $89,148) 		4.080% 12/1/2025 87,400 87,400
TD Securities (USA) LLC
(Dated 11/28/2025, Repurchase Value $58,820, collateralized by U.S. Government Agency Obligations 2.000%-4.000%, 12/20/2050-6/20/2052, with a value of $59,976) 		4.090% 12/1/2025 58,800 58,800
25
Wellington Fund
Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
 ($000)
Wells Fargo & Co.
(Dated 11/28/2025, Repurchase Value $87,430, collateralized by U.S. Government Agency Obligations 4.350%-6.650%, 7/15/2058-4/15/2068, with a value of $89,148) 		4.090% 12/1/2025 87,400 87,400
1,166,900
Total Temporary Cash Investments (Cost $1,232,583) 1,232,592
Total Investments (99.8%) (Cost $88,824,817) 122,090,084
Other Assets and Liabilities-Net (0.2%) 199,699
Net Assets (100%) 122,289,783
Cost is in $000.
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $794.
2 Securities with a value of $1,268 have been segregated as initial margin for open futures contracts.
3 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2025.
4 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.
5 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
6 Security value determined using significant unobservable inputs.
7 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2025, the aggregate value was $7,270,467, representing 5.9% of net assets.
8 Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
9 Scheduled principal and interest payments are guaranteed by Assured Guaranty Inc.
10 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
11 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
12 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
13 Collateral of $65,603 was received for securities on loan.
ADR-American Depositary Receipt.
DAC-Designated Activity Company.
GO-General Obligation Bond.
REIT-Real Estate Investment Trust.
REMICS-Real Estate Mortgage Investment Conduits.
SO-Special Obligation.
SOFR30A-30 Day Average Secured Overnight Financing Rate.
UMBS-Uniform Mortgage-Backed Securities.
26
Wellington Fund
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
5-Year U.S. Treasury Note March 2026 957 105,046 30
Over-the-Counter Total Return Swaps
Reference Entity Termination
Date 		Counterparty Notional
Amount
($000) 		Floating
Interest
Rate
Received
(Paid)1
(%) 		Value and
Unrealized
Appreciation
($000) 		Value and
Unrealized
(Depreciation)
 ($000)
Goldman Sachs Group Inc. 5/10/2026 CITNA 274,497 (4.137) 9,457 -
Goldman Sachs Group Inc. 5/5/2028 JPMC 390,609 (4.132) 15,302 -
24,759 -
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly.
CITNA-Citibank, N.A.
JPMC-JPMorgan Chase Bank, N.A.
At November 30, 2025, the counterparties had deposited in segregated accounts securities with a value of $6,098 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
27
Wellington Fund
Statement of Assets and Liabilities
As of November 30, 2025
($000s, except shares and per-share amounts) Amount
Assets
Investments in Securities, at Value1
Unaffiliated Issuers (Cost $88,759,134) 122,024,392
Affiliated Issuers (Cost $65,683) 65,692
Total Investments in Securities 122,090,084
Investment in Vanguard 2,903
Cash 19,935
Foreign Currency, at Value (Cost $1,788) 1,853
Receivables for Investment Securities Sold 419,995
Receivables for Accrued Income 515,097
Receivables for Capital Shares Issued 19,926
Unrealized Appreciation-Over-the-Counter Swap Contracts 24,759
Total Assets 123,094,552
Liabilities
Payables for Investment Securities Purchased 682,512
Collateral for Securities on Loan 65,603
Payables for Capital Shares Redeemed 32,159
Payables to Investment Advisor 19,016
Payables to Vanguard 5,367
Variation Margin Payable-Futures Contracts 112
Total Liabilities 804,769
Net Assets 122,289,783
1 Includes $794 of securities on loan.

At November 30, 2025, net assets consisted of:
Paid-in Capital 78,413,124
Total Distributable Earnings (Loss) 43,876,659
Net Assets 122,289,783
Investor Shares-Net Assets
Applicable to 265,518,702 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		13,045,767
Net Asset Value Per Share-Investor Shares $49.13
Admiral™ Shares-Net Assets
Applicable to 1,287,566,724 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		109,244,016
Net Asset Value Per Share-Admiral Shares $84.85
See accompanying Notes, which are an integral part of the Financial Statements.
28
Wellington Fund
Statement of Operations
Year Ended
November 30, 2025
($000)
Investment Income
Income
Dividends1 960,003
Interest2 1,763,439
Securities Lending-Net 1,209
Total Income 2,724,651
Expenses
Investment Advisory Fees-Note B
Basic Fee 87,586
Performance Adjustment (14,533)
The Vanguard Group-Note C
Management and Administrative-Investor Shares 23,018
Management and Administrative-Admiral Shares 96,903
Marketing and Distribution-Investor Shares 525
Marketing and Distribution-Admiral Shares 3,145
Custodian Fees 215
Auditing Fees 35
Shareholders' Reports and Proxy Fees-Investor Shares 294
Shareholders' Reports and Proxy Fees-Admiral Shares 359
Trustees' Fees and Expenses 67
Other Expenses 156
Total Expenses 197,770
Expenses Paid Indirectly (153)
Net Expenses 197,617
Net Investment Income 2,527,034
Realized Net Gain (Loss)
Investment Securities Sold2 10,706,718
Futures Contracts (2,637)
Swap Contracts 46,695
Forward Currency Contracts 4,121
Foreign Currencies (717)
Realized Net Gain (Loss) 10,754,180
Change in Unrealized Appreciation (Depreciation)
Investment Securities2 2,259,182
Futures Contracts 7,957
Swap Contracts 24,759
Forward Currency Contracts (189)
Foreign Currencies 3,283
Change in Unrealized Appreciation (Depreciation) 2,294,992
Net Increase (Decrease) in Net Assets Resulting from Operations 15,576,206
1 Dividends are net of foreign withholding taxes of $10,903.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were less than $1, less than $1, and $6, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
29
Wellington Fund
Statement of Changes in Net Assets
Year Ended November 30,
2025
($000) 		2024
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 2,527,034 2,472,502
Realized Net Gain (Loss) 10,754,180 9,283,729
Change in Unrealized Appreciation (Depreciation) 2,294,992 9,782,883
Net Increase (Decrease) in Net Assets Resulting from Operations 15,576,206 21,539,114
Distributions
Investor Shares (1,346,351) (775,238)
Admiral Shares (9,981,772) (5,673,701)
Total Distributions (11,328,123) (6,448,939)
Capital Share Transactions
Investor Shares (1,289,198) (711,002)
Admiral Shares 3,363,069 (3,154,837)
Net Increase (Decrease) from Capital Share Transactions 2,073,871 (3,865,839)
Total Increase (Decrease) 6,321,954 11,224,336
Net Assets
Beginning of Period 115,967,829 104,743,493
End of Period 122,289,783 115,967,829
See accompanying Notes, which are an integral part of the Financial Statements.
30
Wellington Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period 		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $47.61 $41.61 $42.19 $50.15 $46.10
Investment Operations
Net Investment Income1 .964 .949 .917 .857 .811
Net Realized and Unrealized Gain (Loss) on Investments 5.165 7.588 1.704 (4.681) 6.638
Total from Investment Operations 6.129 8.537 2.621 (3.824) 7.449
Distributions
Dividends from Net Investment Income (.972) (.986) (.921) (.828) (.818)
Distributions from Realized Capital Gains (3.637) (1.551) (2.280) (3.308) (2.581)
Total Distributions (4.609) (2.537) (3.201) (4.136) (3.399)
Net Asset Value, End of Period $49.13 $47.61 $41.61 $42.19 $50.15
Total Return2 14.37% 21.47% 6.94% -8.43% 17.16%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $13,046 $13,936 $12,831 $13,097 $15,469
Ratio of Total Expenses to Average Net Assets3 0.24%4 0.25%4 0.26%4 0.25%4 0.24%
Ratio of Net Investment Income to Average Net Assets 2.14% 2.16% 2.29% 1.98% 1.70%
Portfolio Turnover Rate5 62% 61% 39% 41% 35%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), (0.00%), (0.01%), and (0.02%).
4 The ratio of expenses to average net assets for the period net of reduction from custody fee offset and/or broker commission abatement arrangements was 0.24%, 0.25%, 0.26%, and 0.25%, respectively.
5 Includes 0%, 1%, 1%, 8%, and 2%, respectively, attributable to mortgage-dollar-roll activity.
See accompanying Notes, which are an integral part of the Financial Statements.
31
Wellington Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period 		Year Ended November 30,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $82.21 $71.86 $72.86 $86.61 $79.62
Investment Operations
Net Investment Income1 1.729 1.700 1.638 1.540 1.464
Net Realized and Unrealized Gain (Loss) on Investments 8.932 13.091 2.945 (8.083) 11.461
Total from Investment Operations 10.661 14.791 4.583 (6.543) 12.925
Distributions
Dividends from Net Investment Income (1.740) (1.763) (1.646) (1.493) (1.477)
Distributions from Realized Capital Gains (6.281) (2.678) (3.937) (5.714) (4.458)
Total Distributions (8.021) (4.441) (5.583) (7.207) (5.935)
Net Asset Value, End of Period $84.85 $82.21 $71.86 $72.86 $86.61
Total Return2 14.48% 21.55% 7.03% -8.36% 17.25%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $109,244 $102,031 $91,912 $93,492 $108,386
Ratio of Total Expenses to Average Net Assets3 0.16%4 0.17%4 0.18%4 0.17%4 0.16%
Ratio of Net Investment Income to Average Net Assets 2.23% 2.24% 2.37% 2.06% 1.77%
Portfolio Turnover Rate5 62% 61% 39% 41% 35%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), (0.00%), (0.01%), and (0.02%).
4 The ratio of expenses to average net assets for the period net of reduction from custody fee offset and/or broker commission abatement arrangements was 0.16%, 0.17%, 0.18%, and 0.17%, respectively.
5 Includes 0%, 1%, 1%, 8%, and 2%, respectively, attributable to mortgage-dollar-roll activity.
See accompanying Notes, which are an integral part of the Financial Statements.
32
Wellington Fund
Notes to Financial Statements
Vanguard Wellington 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. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. 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, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. The fund may sell a TBA that it does not hold (Sales Commitments) to manage portfolio risks while giving the fund more flexibility. The settlement date of a Sales Commitment is not set, and the positions can be increased or decreased to ensure appropriate hedging ratios for the fund and may be offset by entering into an equal amount of TBA purchases. When the fund is a buyer of TBA transactions, it maintains cash, short-term investments, or Treasuries in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.
4. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price on a predetermined date. The fund forgoes principal and interest paid on the securities sold. In exchange for the forgone principal and interest paid, the fund is compensated by investing the proceeds of the sale, typically in high-quality short-term fixed income securities, and earning interest on such investments. Further the fund receives a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell substantially similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund's portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.
5. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
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Wellington Fund
6. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended November 30, 2025, the fund's average investments in long and short futures contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.
7. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.
During the year ended November 30, 2025, the fund's average investment in forward currency contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period. The fund had no open forward currency contracts at November 30, 2025.
8. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the year ended November 30, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
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Wellington Fund
9. 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.
10. 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.
11. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
12. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended November 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
13. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ‎ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of ‎payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.
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), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. Wellington Management Company llpprovides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on the fund's performance relative to the combined index comprising the S&P 500 Index and the Bloomberg Capital U.S. Credit A or Better Bond Index for the preceding three years. For the year ended November 30, 2025, the investment advisory fee represented an effective annual basic rate of 0.08% of the fund's average net assets before a net decrease of $14,533,000 (0.01%) based on performance.
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Wellington Fund
C. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2025, the fund had contributed to Vanguard capital in the amount of $2,903,000, representing less than 0.01% of the fund's net assets and 1.16% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
D. The fund has asked its investment advisor to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund's management and administrative expenses. For the year ended November 30, 2025, these arrangements reduced the fund's expenses by $153,000 (an annual rate of less than 0.01% of average net assets).
E. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of November 30, 2025, based on the inputs used to value them:
Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments
Assets
Common Stocks 76,732,346 4,162,616 - 80,894,962
U.S. Government and Agency Obligations - 9,960,019 37,858 9,997,877
Asset-Backed/Commercial Mortgage-Backed Securities - 996,468 - 996,468
Corporate Bonds - 26,569,252 - 26,569,252
Sovereign Bonds - 730,308 - 730,308
Taxable Municipal Bonds - 1,668,625 - 1,668,625
Temporary Cash Investments 65,692 1,166,900 - 1,232,592
Total 76,798,038 45,254,188 37,858 122,090,084
Derivative Financial Instruments
Assets
Futures Contracts1 30 - - 30
Swap Contracts - 24,759 - 24,759
Total 30 24,759 - 24,789
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.
F. At November 30, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
Statement of Assets and Liabilities Equity
Contracts
($000) 		Interest
Rate
Contracts
($000) 		Total
($000)
Unrealized Appreciation-Futures Contracts1 - 30 30
Unrealized Appreciation-Over-the-Counter Swap Contracts 24,759 - 24,759
Total Assets 24,759 30 24,789
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.
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Wellington Fund
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended November 30, 2025, were:
Realized Net Gain (Loss) on Derivatives Equity
Contracts
($000) 		Interest
Rate
Contracts
($000) 		Foreign
Exchange
Contracts
($000) 		Total
($000)
Futures Contracts - (2,637) - (2,637)
Swap Contracts 46,695 - - 46,695
Forward Currency Contracts - - 4,121 4,121
Realized Net Gain (Loss) on Derivatives 46,695 (2,637) 4,121 48,179
Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts - 7,957 - 7,957
Swap Contracts 24,759 - - 24,759
Forward Currency Contracts - - (189) (189)
Change in Unrealized Appreciation (Depreciation) on Derivatives 24,759 7,957 (189) 32,527
G. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.
Permanent differences were reclassified between the following accounts: Amount
($000)
Paid-in Capital 452,522
Total Distributable Earnings (Loss) (452,522)
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount
($000)
Undistributed Ordinary Income 2,294,887
Undistributed Long-Term Gains 8,430,376
Net Unrealized Gains (Losses) 33,151,396
Capital Loss Carryforwards -
Qualified Late-Year Losses -
Other Temporary Differences -
Total 43,876,659
The tax character of distributions paid was as follows:
Year Ended November 30,
2025
Amount
($000) 		2024
Amount
($000)
Ordinary Income* 3,013,110 2,568,166
Long-Term Capital Gains 8,315,013 3,880,773
Total 11,328,123 6,448,939
* Includes short-term capital gains, if any.
As of November 30, 2025, 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 88,943,060
Gross Unrealized Appreciation 35,534,903
Gross Unrealized Depreciation (2,387,879)
Net Unrealized Appreciation (Depreciation) 33,147,024
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Wellington Fund
H. During the year ended November 30, 2025, the fund purchased $50,344,965,000 of investment securities and sold $57,005,396,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $20,427,024,000 and $19,915,712,000, respectively.
The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisor or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2025, such purchases were $222,258,000 and sales were $212,431,000, resulting in net realized gain of $5,698,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
I. Capital share transactions for each class of shares were:
Year Ended November 30,
2025 2024
Amount
($000) 		Shares
(000) 		Amount
($000) 		Shares
(000)
Investor Shares
Issued 1,072,959 23,713 1,098,669 25,005
Issued in Lieu of Cash Distributions 1,279,379 29,631 737,786 17,686
Redeemed (3,641,536) (80,565) (2,547,457) (58,291)
Net Increase (Decrease)-Investor Shares (1,289,198) (27,221) (711,002) (15,600)
Admiral Shares
Issued 5,972,482 76,329 4,538,711 60,184
Issued in Lieu of Cash Distributions 9,189,262 123,213 5,235,097 72,622
Redeemed (11,798,675) (153,084) (12,928,645) (170,731)
Net Increase (Decrease)-Admiral Shares 3,363,069 46,458 (3,154,837) (37,925)
J. Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
K. 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.
L. 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.
38
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Wellington Fund and Shareholders of Vanguard Wellington Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Wellington Fund (one of the funds constituting Vanguard Wellington Fund, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 28, 2026
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
39
Tax information (unaudited)
For corporate shareholders, 25.1%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.
The fund hereby designates $976,793,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for the fiscal year $330,810,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.
The fund distributed $8,687,355,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
The fund hereby designates 81.2%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the regulations thereunder for the fiscal year.
The fund hereby designates $29,870,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income under section 199A for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
Q210 012026
40

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 - Wellington Fund

A majority of independent trustees of Vanguard Wellington Fund has renewed the fund's investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The trustees determined that renewing the fund's advisory arrangement was in the best interests of the fund and its shareholders.

The trustees based their decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search Team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search Team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The trustees also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search Team. For each advisor presentation, the trustees were provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the trustees received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search Team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the trustees approved the arrangement. Rather, it was the totality of the circumstances that drove the trustees' decision.

Nature, extent, and quality of services

The trustees reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Wellington Management, founded in 1928, is among the nation's oldest and most respected institutional managers. The portfolio managers leverage tenured teams of equity and fixed income research analysts who conduct detailed fundamental analysis of their respective industries and companies. In managing the equity portion of the fund, the portfolio manager employs bottom-up, fundamental research focusing on high-quality companies with above-average yields, strong balance sheets, sustainable competitive advantages, and attractive valuations. In managing the fixed income portion of the fund, the portfolio manager focuses on investment-grade corporate bonds. The firm has advised the fund since its inception in 1929.

The trustees concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance

The trustees considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The trustees concluded that the performance was such that the advisory arrangement should continue.

Cost

The trustees concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below the peer-group average.

The trustees did not consider the profitability of Wellington Management in determining whether to approve the advisory fee because Wellington Management is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.

The benefit of economies of scale

The trustees concluded that the fund's shareholders benefit from economies of scale because of the breakpoints in the fund's advisory fee schedule. The breakpoints reduce the effective rate of the fee as the fund's 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) Code of Ethics filed herewith.
(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 WELLINGTON FUND
BY: /s/ SALIM RAMJI*
SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: January 29, 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 WELLINGTON FUND
BY: /s/ SALIM RAMJI*
SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: January 29, 2026

VANGUARD WELLINGTON FUND
BY: /s/ CHRISTINE BUCHANAN*
CHRISTINE BUCHANAN
CHIEF FINANCIAL OFFICER

Date: January 29, 2026

* By: /s/ Natalie Lamarque

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

Vanguard Wellington Fund published this content on February 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 03, 2026 at 18:38 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]