Contents

About Your Fund’s Expenses	1
Financial Statements	4
Trustees Approve Advisory Arrangement	19
Liquidity Risk Management	21

About Your Fund’s Expenses

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

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

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

•

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

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

•

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

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

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

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

1

Six Months Ended March 31, 2023
	Beginning Account Value 9/30/2022	Ending Account Value 3/31/2023	Expenses Paid During Period
Based on Actual Fund Return
Short-Term Inflation-Protected Securities Index Fund
Investor Shares	$1,000.00	$1,034.80	$0.71
ETF Shares	1,000.00	1,035.20	0.20
Admiral™ Shares	1,000.00	1,035.20	0.30
Institutional Shares	1,000.00	1,035.80	0.20
Based on Hypothetical 5% Yearly Return
Short-Term Inflation-Protected Securities Index Fund
Investor Shares	$1,000.00	$1,024.23	$0.71
ETF Shares	1,000.00	1,024.73	0.20
Admiral Shares	1,000.00	1,024.63	0.30
Institutional Shares	1,000.00	1,024.73	0.20

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.14% for Investor Shares, 0.04% for ETF Shares, 0.06% for Admiral Shares and 0.04% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/365).

2

Short-Term Inflation-Protected Securities Index Fund

Distribution by Stated Maturity

As of March 31, 2023

Under 1 Year	17.7%
1 - 2 Years	21.4
2 - 3 Years	20.4
3 - 4 Years	19.1
4 - 5 Years	21.4

The table reflects the fund’s investments, except for short-term investments.

The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.

3

Short-Term Inflation-Protected Securities Index Fund

Financial Statements (unaudited)

Schedule of Investments

As of March 31, 2023

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

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
U.S. Government and Agency Obligations (99.8%)
U.S. Government Securities (99.8%)
	United States Treasury Inflation Indexed Bonds		0.625%	4/15/23	2,981,305	2,982,236
	United States Treasury Inflation Indexed Bonds		0.375%	7/15/23	3,344,943	3,354,874
	United States Treasury Inflation Indexed Bonds		0.625%	1/15/24	3,192,168	3,165,234
	United States Treasury Inflation Indexed Bonds		0.500%	4/15/24	1,791,062	1,762,517
	United States Treasury Inflation Indexed Bonds		0.125%	7/15/24	2,888,132	2,830,820
	United States Treasury Inflation Indexed Bonds		0.125%	10/15/24	2,587,214	2,526,981
	United States Treasury Inflation Indexed Bonds		0.250%	1/15/25	2,641,565	2,578,003
	United States Treasury Inflation Indexed Bonds		2.375%	1/15/25	1,796,439	1,818,614
	United States Treasury Inflation Indexed Bonds		0.125%	4/15/25	2,114,396	2,049,312
	United States Treasury Inflation Indexed Bonds		0.375%	7/15/25	2,907,753	2,844,600
	United States Treasury Inflation Indexed Bonds		0.125%	10/15/25	2,576,971	2,497,246
	United States Treasury Inflation Indexed Bonds		0.625%	1/15/26	2,449,671	2,394,936
	United States Treasury Inflation Indexed Bonds		2.000%	1/15/26	1,167,351	1,183,766
	United States Treasury Inflation Indexed Bonds		0.125%	4/15/26	1,991,813	1,911,518
	United States Treasury Inflation Indexed Bonds		0.125%	7/15/26	2,431,501	2,341,840
	United States Treasury Inflation Indexed Bonds		0.125%	10/15/26	2,756,186	2,646,369
	United States Treasury Inflation Indexed Bonds		0.375%	1/15/27	2,273,316	2,190,908
	United States Treasury Inflation Indexed Bonds		2.375%	1/15/27	1,129,206	1,170,493
	United States Treasury Inflation Indexed Bonds		0.125%	4/15/27	2,802,335	2,668,349
	United States Treasury Inflation Indexed Bonds		0.375%	7/15/27	2,495,635	2,409,848
	United States Treasury Inflation Indexed Bonds		1.625%	10/15/27	2,822,195	2,876,875
	United States Treasury Inflation Indexed Bonds		0.500%	1/15/28	2,556,429	2,468,152
	United States Treasury Inflation Indexed Bonds		1.750%	1/15/28	1,010,241	1,033,129
	United States Treasury Inflation Indexed Bonds		3.625%	4/15/28	92,485	103,048
Total U.S. Government and Agency Obligations (Cost $56,120,106)						53,809,668

4

Short-Term Inflation-Protected Securities Index Fund

			Coupon		Shares	Market Value• ($000)
Temporary Cash Investments (0.0%)
Money Market Fund (0.0%)
1	Vanguard Market Liquidity Fund (Cost $2,210)		4.839%		22,100	2,210
Total Investments (99.8%) (Cost $56,122,316)						53,811,878
Other Assets and Liabilities—Net (0.2%)						117,128
Net Assets (100%)						53,929,006
Cost is in $000.

•	See Note A in Notes to Financial Statements.
1	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

  

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

5

Short-Term Inflation-Protected Securities Index Fund

Statement of Assets and Liabilities

As of March 31, 2023

($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $56,120,106)	53,809,668
Affiliated Issuers (Cost $2,210)	2,210
Total Investments in Securities	53,811,878
Investment in Vanguard	1,928
Cash	7,456
Receivables for Accrued Income	88,955
Receivables for Capital Shares Issued	43,046
Total Assets	53,953,263
Liabilities
Payables for Investment Securities Purchased	134
Payables for Capital Shares Redeemed	22,200
Payables for Distributions	803
Payables to Vanguard	1,120
Total Liabilities	24,257
Net Assets	53,929,006

6

Short-Term Inflation-Protected Securities Index Fund

Statement of Assets and Liabilities (continued)
At March 31, 2023, net assets consisted of:
($000s, except shares, footnotes, and per-share amounts)	Amount
Paid-in Capital	57,032,028
Total Distributable Earnings (Loss)	(3,103,022)
Net Assets	53,929,006
Investor Shares—Net Assets
Applicable to 357,235 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	8,541
Net Asset Value Per Share—Investor Shares	$23.91
ETF Shares—Net Assets
Applicable to 320,525,954 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	15,301,938
Net Asset Value Per Share—ETF Shares	$47.74
Admiral Shares—Net Assets
Applicable to 852,266,437 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	20,402,131
Net Asset Value Per Share—Admiral Shares	$23.94
Institutional Shares—Net Assets
Applicable to 760,413,580 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	18,216,396
Net Asset Value Per Share—Institutional Shares	$23.96

  

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

7

Short-Term Inflation-Protected Securities Index Fund

Statement of Operations

	Six Months Ended March 31, 2023
	($000)
Investment Income
Income
Interest1	333,945
Total Income	333,945
Expenses
The Vanguard Group—Note B
Investment Advisory Services	817
Management and Administrative—Investor Shares	5
Management and Administrative—ETF Shares	2,209
Management and Administrative—Admiral Shares	4,975
Management and Administrative—Institutional Shares	2,915
Marketing and Distribution—Investor Shares	—
Marketing and Distribution—ETF Shares	462
Marketing and Distribution—Admiral Shares	531
Marketing and Distribution—Institutional Shares	313
Custodian Fees	112
Shareholders’ Reports—Investor Shares	—
Shareholders’ Reports—ETF Shares	391
Shareholders’ Reports—Admiral Shares	102
Shareholders’ Reports—Institutional Shares	3
Trustees’ Fees and Expenses	12
Other Expenses	9
Total Expenses	12,856
Expenses Paid Indirectly	(13)
Net Expenses	12,843
Net Investment Income	321,102
Realized Net Gain (Loss)
Investment Securities Sold1,2	(502,402)
Futures Contracts	2,755
Realized Net Gain (Loss)	(499,647)
Change in Unrealized Appreciation (Depreciation) of Investment Securities1	2,068,979
Net Increase (Decrease) in Net Assets Resulting from Operations	1,890,434

1	Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,691,000, ($44,000), $1,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes.
2	Includes ($175,021,000) of net gain (loss) resulting from in-kind redemptions.

  

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

8

Short-Term Inflation-Protected Securities Index Fund

Statement of Changes in Net Assets

	Six Months Ended March 31, 2023		Year Ended September 30, 2022
	($000)		($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	321,102		4,119,797
Realized Net Gain (Loss)	(499,647)		(189,070)
Change in Unrealized Appreciation (Depreciation)	2,068,979		(5,743,140)
Net Increase (Decrease) in Net Assets Resulting from Operations	1,890,434		(1,812,413)
Distributions
Investor Shares	(214)		(141,339)
ETF Shares	(748,612)		(1,128,660)
Admiral Shares	(482,114)		(1,184,530)
Institutional Shares	(417,137)		(1,036,198)
Total Distributions	(1,648,077)		(3,490,727)
Capital Share Transactions
Investor Shares	(632)		(7,644,982)
ETF Shares	(3,714,584)		3,770,726
Admiral Shares	(624,514)		8,726,253
Institutional Shares	1,155,982		2,176,783
Net Increase (Decrease) from Capital Share Transactions	(3,183,748)		7,028,780
Total Increase (Decrease)	(2,941,391)		1,725,640
Net Assets
Beginning of Period	56,870,397		55,144,757
End of Period	53,929,006		56,870,397

  

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

9

Short-Term Inflation-Protected Securities Index Fund

Financial Highlights

Investor Shares
For a Share Outstanding Throughout Each Period	Six Months Ended March 31,	Year Ended September 30,
	2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$23.66	$25.90	$25.41	$24.57	$24.23	$24.77
Investment Operations
Net Investment Income1	.127	.991	1.099	.272	.483	.669
Net Realized and Unrealized Gain (Loss) on Investments	.685	(1.734)	.258	.862	.324	(.448)
Total from Investment Operations	.812	(.743)	1.357	1.134	.807	.221
Distributions
Dividends from Net Investment Income	(.562)	(1.497)	(.867)	(.294)	(.467)	(.761)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.562)	(1.497)	(.867)	(.294)	(.467)	(.761)
Net Asset Value, End of Period	$23.91	$23.66	$25.90	$25.41	$24.57	$24.23
Total Return2	3.48%	-3.01%	5.38%	4.64%	3.36%	0.91%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$9	$9	$7,825	$8,063	$7,014	$6,679
Ratio of Total Expenses to Average Net Assets	0.14%3	0.14%	0.14%	0.14%	0.14%	0.14%
Ratio of Net Investment Income to Average Net Assets	1.07%	3.83%	4.25%	1.09%	1.98%	2.73%
Portfolio Turnover Rate4	13%	26%	19%	37%	26%	25%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%.
4	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

  

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

10

Short-Term Inflation-Protected Securities Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended March 31,	Year Ended September 30,
	2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$48.12	$52.56	$50.99	$49.03	$48.34	$49.41
Investment Operations
Net Investment Income1	.269	3.544	2.562	.634	1.003	1.358
Net Realized and Unrealized Gain (Loss) on Investments	1.372	(4.980)	.195	1.677	.652	(.869)
Total from Investment Operations	1.641	(1.436)	2.757	2.311	1.655	.489
Distributions
Dividends from Net Investment Income	(2.021)	(3.004)	(1.187)	(.351)	(.965)	(1.559)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(2.021)	(3.004)	(1.187)	(.351)	(.965)	(1.559)
Net Asset Value, End of Period	$47.74	$48.12	$52.56	$50.99	$49.03	$48.34
Total Return	3.52%	-2.92%	5.48%	4.74%	3.46%	1.01%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$15,302	$19,191	$17,203	$9,217	$6,884	$5,453
Ratio of Total Expenses to Average Net Assets	0.04%2	0.04%	0.04%	0.05%	0.05%	0.06%
Ratio of Net Investment Income to Average Net Assets	1.14%	6.98%	4.95%	1.27%	2.07%	2.81%
Portfolio Turnover Rate3	13%	26%	19%	37%	26%	25%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

  

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

11

Short-Term Inflation-Protected Securities Index Fund

Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended March 31,	Year Ended September 30,
	2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$23.69	$25.93	$25.44	$24.60	$24.25	$24.79
Investment Operations
Net Investment Income1	.141	1.843	1.257	.294	.500	.692
Net Realized and Unrealized Gain (Loss) on Investments	.682	(2.565)	.123	.860	.332	(.450)
Total from Investment Operations	.823	(.722)	1.380	1.154	.832	.242
Distributions
Dividends from Net Investment Income	(.573)	(1.518)	(.890)	(.314)	(.482)	(.782)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.573)	(1.518)	(.890)	(.314)	(.482)	(.782)
Net Asset Value, End of Period	$23.94	$23.69	$25.93	$25.44	$24.60	$24.25
Total Return2	3.52%	-2.92%	5.47%	4.72%	3.46%	1.00%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$20,402	$20,803	$13,879	$8,541	$7,333	$6,525
Ratio of Total Expenses to Average Net Assets	0.06%3	0.06%	0.06%	0.06%	0.06%	0.06%
Ratio of Net Investment Income to Average Net Assets	1.19%	7.25%	4.84%	1.18%	2.06%	2.81%
Portfolio Turnover Rate4	13%	26%	19%	37%	26%	25%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%.
4	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

  

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

12

Short-Term Inflation-Protected Securities Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Six Months Ended March 31,	Year Ended September 30,
	2023	2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$23.70	$25.95	$25.46	$24.62	$24.27	$24.81
Investment Operations
Net Investment Income1	.145	1.760	1.219	.306	.517	.696
Net Realized and Unrealized Gain (Loss) on Investments	.690	(2.487)	.166	.853	.319	(.449)
Total from Investment Operations	.835	(.727)	1.385	1.159	.836	.247
Distributions
Dividends from Net Investment Income	(.575)	(1.523)	(.895)	(.319)	(.486)	(.787)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.575)	(1.523)	(.895)	(.319)	(.486)	(.787)
Net Asset Value, End of Period	$23.96	$23.70	$25.95	$25.46	$24.62	$24.27
Total Return	3.58%	-2.94%	5.49%	4.73%	3.48%	1.02%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$18,216	$16,867	$16,238	$11,880	$9,967	$8,067
Ratio of Total Expenses to Average Net Assets	0.04%2	0.04%	0.04%	0.04%	0.04%	0.04%
Ratio of Net Investment Income to Average Net Assets	1.23%	6.90%	4.69%	1.22%	2.08%	2.83%
Portfolio Turnover Rate3	13%	26%	19%	37%	26%	25%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

  

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

13

Short-Term Inflation-Protected Securities Index Fund

Notes to Financial Statements

Vanguard Short-Term Inflation-Protected Securities Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.

A.	The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. 

2. 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 six months ended March 31, 2023, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the

14

Short-Term Inflation-Protected Securities Index Fund

average of the notional amounts at each quarter-end during the period. The fund had no open futures contracts at March 31, 2023.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. 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 six months ended March 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

15

Short-Term Inflation-Protected Securities Index Fund

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

B.

In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2023, the fund had contributed to Vanguard capital in the amount of $1,928,000, representing less than 0.01% of the fund’s net assets and 0.77% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

C.	The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended March 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $13,000 (an annual rate of less than 0.01% of average net assets).
D.	Various inputs may be used to determine the value of the fund’s investments. 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 valued with significant unobservable inputs are noted on the Schedule of Investments.

The following table summarizes the market value of the fund’s investments as of March 31, 2023, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
U.S. Government and Agency Obligations	—	53,809,668	—	53,809,668
Temporary Cash Investments	2,210	—	—	2,210
Total	2,210	53,809,668	—	53,811,878

16

Short-Term Inflation-Protected Securities Index Fund

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

	Amount ($000)
Tax Cost	56,131,910
Gross Unrealized Appreciation	76,310
Gross Unrealized Depreciation	(2,396,342)
Net Unrealized Appreciation (Depreciation)	(2,320,032)

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at September 30, 2022, the fund had available capital losses totaling $379,238,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending September 30, 2023; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

F.	During the six months ended March 31, 2023, the fund purchased $7,686,185,000 of investment securities and sold $11,772,119,000 of investment securities, other than temporary cash investments. Purchases and sales include $730,076,000 and $4,343,562,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
G.	Capital share transactions for each class of shares were:

    

	Six Months Ended March 31, 2023			Year Ended September 30, 2022
	Amount ($000)	Shares (000)		Amount ($000)	Shares (000)
Investor Shares
Issued	1,693	71		587,462	22,993
Issued in Lieu of Cash Distributions	214	9		141,339	5,515
Redeemed	(2,539)	(107)		(8,373,783)	(330,254)
Net Increase (Decrease)—Investor Shares	(632)	(27)		(7,644,982)	(301,746)
ETF Shares
Issued	896,752	18,869		8,166,361	159,299
Issued in Lieu of Cash Distributions	—	—		—	—
Redeemed	(4,611,336)	(97,200)		(4,395,635)	(87,750)
Net Increase (Decrease)—ETF Shares	(3,714,584)	(78,331)		3,770,726	71,549
Admiral Shares
Issued	1,894,523	79,723		14,127,730	554,605
Issued in Lieu of Cash Distributions	447,447	19,080		1,083,648	43,847
Redeemed	(2,966,484)	(124,762)		(6,485,125)	(255,425)
Net Increase (Decrease)—Admiral Shares	(624,514)	(25,959)		8,726,253	343,027

17

Short-Term Inflation-Protected Securities Index Fund

	Six Months Ended March 31, 2023			Year Ended September 30, 2022
	Amount ($000)	Shares (000)		Amount ($000)	Shares (000)
Institutional Shares
Issued	1,708,820	71,881		4,544,360	178,115
Issued in Lieu of Cash Distributions	414,439	17,656		1,022,519	41,224
Redeemed	(967,277)	(40,679)		(3,390,096)	(133,497)
Net Increase (Decrease)—Institutional Shares	1,155,982	48,858		2,176,783	85,842

At March 31, 2023, several Vanguard funds and trusts managed by Vanguard or its affiliates were each a record or beneficial owner of the fund, and had a combined ownership of 44% of the fund's net assets. If any of these shareholders were to redeem their investment in the fund, the redemption might result in an increase in the fund’s expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.

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

18

Trustees Approve Advisory Arrangement

The board of trustees of Vanguard Short-Term Inflation-Protected Securities Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.

The board based its 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 Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was 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 board 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 Portfolio Review Department’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 board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.

Nature, extent, and quality of services

The board reviewed the quality of the 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 Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance

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

Cost

The board 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 expenses were also below the peer-group average.

19

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

The benefit of economies of scale

The board concluded that the fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

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

20

Liquidity Risk Management

Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.

Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

The board of trustees of Vanguard Malvern Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Short-Term Inflation-Protected Securities Index Fund's Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2022, through December 31, 2022 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.

21

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Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

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

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

© 2023 The Vanguard Group, Inc.
All rights reserved.
U.S. Patent Nos. 6,879,964.
Vanguard Marketing Corporation, Distributor.

Q19672 052023

Contents

AboutYour Fund's Expenses	1
Financial Statements	4
Trustees Approve Advisory Arrangement	61
Liquidity Risk Management	63

About Your Fund’s Expenses

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

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

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

•

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

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

•

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

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

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

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

1

Six Months Ended March 31, 2023
	Beginning Account Value 9/30/2022	Ending Account Value 3/31/2023	Expenses Paid During Period
Based on Actual Fund Return
Core Bond Fund
Investor Shares	$1,000.00	$1,049.20	$1.02
Admiral™ Shares	1,000.00	1,049.80	0.51
Based on Hypothetical 5% Yearly Return
Core Bond Fund
Investor Shares	$1,000.00	$1,023.93	$1.01
Admiral Shares	1,000.00	1,024.43	0.50

The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are 0.20% for Investor Shares and 0.10% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/365).

2

Core Bond Fund

Fund Allocation

As of March 31, 2023

Asset-Backed/Commercial Mortgage-Backed Securities	4.9%
Corporate Bonds	34.6
Floating Rate Loan Interests	0.0
Sovereign Bonds	3.3
Taxable Municipal Bonds	0.0
U.S. Government and Agency Obligations	57.2

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

3

Core Bond Fund

Financial Statements (unaudited)

Schedule of Investments

As of March 31, 2023

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

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
U.S. Government and Agency Obligations (55.9%)
U.S. Government Securities (32.3%)
	United States Treasury Note/Bond		3.000%	7/31/24	85,000	83,433
	United States Treasury Note/Bond		0.375%	8/15/24	42,000	39,769
	United States Treasury Note/Bond		4.375%	10/31/24	27,450	27,480
	United States Treasury Note/Bond		4.500%	11/30/24	100,000	100,375
	United States Treasury Note/Bond		1.500%	2/15/25	54,200	51,625
1,2	United States Treasury Note/Bond		2.750%	5/15/25	40,000	38,944
1	United States Treasury Note/Bond		2.875%	6/15/25	95,000	92,744
	United States Treasury Note/Bond		3.125%	8/15/25	34,100	33,455
	United States Treasury Note/Bond		4.250%	10/15/25	40,650	40,968
	United States Treasury Note/Bond		4.500%	11/15/25	44,450	45,103
	United States Treasury Note/Bond		0.375%	11/30/25	19,800	18,061
	United States Treasury Note/Bond		3.875%	1/15/26	29,500	29,509
	United States Treasury Note/Bond		4.000%	2/15/26	130,301	130,830
1,2	United States Treasury Note/Bond		0.500%	2/28/26	120,200	109,232
	United States Treasury Note/Bond		0.750%	3/31/26	63,000	57,635
1	United States Treasury Note/Bond		0.750%	4/30/26	80,000	72,925
	United States Treasury Note/Bond		0.750%	5/31/26	19,000	17,281
	United States Treasury Note/Bond		0.875%	6/30/26	40,000	36,475
	United States Treasury Note/Bond		2.375%	5/15/27	20,000	18,994
	United States Treasury Note/Bond		4.125%	10/31/27	79,025	80,556
	United States Treasury Note/Bond		3.875%	12/31/27	59,651	60,285
	United States Treasury Note/Bond		3.500%	1/31/28	1,430	1,423
	United States Treasury Note/Bond		1.125%	8/31/28	45,000	39,509
	United States Treasury Note/Bond		1.375%	10/31/28	53,203	47,201
	United States Treasury Note/Bond		1.500%	11/30/28	82,000	73,134
	United States Treasury Note/Bond		1.375%	12/31/28	45,000	39,853
	United States Treasury Note/Bond		2.375%	3/31/29	24,713	23,068
	United States Treasury Note/Bond		2.750%	5/31/29	15,000	14,297
	United States Treasury Note/Bond		3.250%	6/30/29	15,000	14,705
	United States Treasury Note/Bond		2.625%	7/31/29	16,820	15,908
	United States Treasury Note/Bond		3.875%	9/30/29	26,165	26,598
	United States Treasury Note/Bond		3.875%	11/30/29	52,815	53,723
1	United States Treasury Note/Bond		3.500%	1/31/30	148,922	148,317
	United States Treasury Note/Bond		4.000%	2/28/30	24,609	25,263
	United States Treasury Note/Bond		2.750%	8/15/32	44,715	42,074
	United States Treasury Note/Bond		4.125%	11/15/32	80,000	84,075
	United States Treasury Note/Bond		1.125%	5/15/40	2,000	1,330
	United States Treasury Note/Bond		1.125%	8/15/40	7,200	4,752
	United States Treasury Note/Bond		1.375%	11/15/40	5,500	3,780

4

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
2	United States Treasury Note/Bond		1.875%	2/15/41	58,000	43,328
3	United States Treasury Note/Bond		2.250%	5/15/41	20,000	15,872
3,4	United States Treasury Note/Bond		2.000%	11/15/41	47,400	35,720
	United States Treasury Note/Bond		2.375%	2/15/42	54,700	43,957
	United States Treasury Note/Bond		3.000%	5/15/42	6,500	5,767
	United States Treasury Note/Bond		3.250%	5/15/42	7,216	6,653
	United States Treasury Note/Bond		2.750%	8/15/42	38,075	32,352
2	United States Treasury Note/Bond		3.375%	8/15/42	59,730	56,044
	United States Treasury Note/Bond		2.750%	11/15/42	6,900	5,846
	United States Treasury Note/Bond		3.875%	2/15/43	9,000	9,080
	United States Treasury Note/Bond		3.125%	8/15/44	9,000	8,021
	United States Treasury Note/Bond		2.500%	5/15/46	20,000	15,862
	United States Treasury Note/Bond		2.875%	11/15/46	4,750	4,045
	United States Treasury Note/Bond		3.000%	2/15/47	20,000	17,397
	United States Treasury Note/Bond		3.000%	5/15/47	19,470	16,933
	United States Treasury Note/Bond		2.750%	8/15/47	12,000	9,971
	United States Treasury Note/Bond		2.750%	11/15/47	20,000	16,634
	United States Treasury Note/Bond		3.000%	2/15/48	30,250	26,379
	United States Treasury Note/Bond		3.125%	5/15/48	30,134	26,890
	United States Treasury Note/Bond		3.000%	8/15/48	20,820	18,172
	United States Treasury Note/Bond		3.375%	11/15/48	29,276	27,378
	United States Treasury Note/Bond		3.000%	2/15/49	4,800	4,200
	United States Treasury Note/Bond		2.875%	5/15/49	20,000	17,103
	United States Treasury Note/Bond		2.250%	8/15/49	24,000	18,030
	United States Treasury Note/Bond		2.375%	11/15/49	24,000	18,532
	United States Treasury Note/Bond		2.875%	5/15/52	30,000	25,659
2	United States Treasury Note/Bond		3.000%	8/15/52	101,520	89,179
						2,459,693
Agency Bonds and Notes (6.6%)
5,6	Federal Home Loan Mortgage Corp.		4.000%	8/28/24	45,000	44,430
5,6	Federal Home Loan Mortgage Corp.		4.000%	2/28/25	210,400	206,380
5,6	Federal Home Loan Mortgage Corp.		4.050%	8/28/25	117,000	114,473
5,6	Federal Home Loan Mortgage Corp.		4.200%	8/28/25	140,000	137,229
						502,512
Conventional Mortgage-Backed Securities (17.0%)
5,6	Fannie Mae Pool		3.000%	10/1/46–3/1/48	546	486
5,6	Fannie Mae Pool		3.500%	7/1/47–2/1/50	1,243	1,149
5,6	Fannie Mae Pool		4.000%	9/1/42	187	182
5,6	Fannie Mae Pool		5.000%	10/1/49	31	31
5,6	Freddie Mac Gold Pool		3.000%	8/1/47	212	188
5,6	Freddie Mac Gold Pool		3.500%	3/1/45–2/1/50	1,764	1,618
5,6	Freddie Mac Gold Pool		4.000%	7/1/39–12/1/49	7,412	7,228
5,6	Freddie Mac Gold Pool		4.500%	12/1/39–2/1/49	1,724	1,736
5,6	Freddie Mac Gold Pool		5.000%	12/1/35–6/1/40	625	648
5,6	Freddie Mac Gold Pool		5.500%	5/1/40	89	93
5	Ginnie Mae I Pool		3.000%	4/15/45	141	129
5	Ginnie Mae I Pool		4.000%	7/15/45–8/15/45	42	41
5	Ginnie Mae I Pool		4.500%	2/15/39–9/15/46	582	584
5	Ginnie Mae I Pool		6.000%	7/15/37	25	25
5,7	Ginnie Mae II Pool		2.000%	11/20/50–4/15/53	50,960	43,261
5,7	Ginnie Mae II Pool		2.500%	5/20/50–5/15/53	85,795	73,621
5,7	Ginnie Mae II Pool		3.000%	5/20/43–5/15/53	82,852	74,639
5,7	Ginnie Mae II Pool		3.500%	4/20/43–4/15/53	41,289	38,961
5	Ginnie Mae II Pool		4.000%	11/20/42–2/20/51	25,619	24,858
5,7	Ginnie Mae II Pool		4.500%	4/20/48–5/15/53	77,823	76,947

5

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5,7	Ginnie Mae II Pool		5.000%	8/20/48–5/15/53	34,347	34,350
5,6,7	UMBS Pool		1.500%	4/25/38–4/1/52	43,074	34,407
5,6,7	UMBS Pool		2.000%	10/1/35–4/25/53	384,052	324,957
5,6,7	UMBS Pool		2.500%	10/1/35–4/25/53	255,274	223,485
5,6,7	UMBS Pool		3.000%	12/1/37–5/25/53	27,211	24,687
5,6,7	UMBS Pool		3.500%	7/1/38–5/25/53	74,617	69,926
5,6,7	UMBS Pool		4.000%	4/25/38–5/25/53	85,345	83,756
5,6,7	UMBS Pool		4.500%	4/25/38–5/25/53	81,716	81,464
5,6,7	UMBS Pool		5.000%	8/1/39–5/25/53	45,493	45,716
5,6,7	UMBS Pool		5.500%	12/1/38–5/25/53	21,273	21,817
5,6	UMBS Pool		6.000%	11/1/52	8,498	8,699
5,6	UMBS Pool		6.500%	9/1/36	7	7
						1,299,696
Nonconventional Mortgage-Backed Securities (0.0%)
5,6	Freddie Mac REMICS		2.000%	1/25/52	2,330	1,442
5	Ginnie Mae REMICS		2.000%	2/20/51	1,708	1,503
						2,945
Total U.S. Government and Agency Obligations (Cost $4,390,864)						4,264,846
Asset-Backed/Commercial Mortgage-Backed Securities (4.8%)
5	Ally Auto Receivables Trust Series 2022-2		4.620%	10/15/25	11,000	10,965
5	AmeriCredit Automobile Receivables Trust Series 2019-1		3.620%	3/18/25	510	503
5	AmeriCredit Automobile Receivables Trust Series 2020-2		2.130%	3/18/26	240	226
5	BANK Series 2017-BNK4		3.625%	5/15/50	19	18
5	BANK Series 2017-BNK6		3.741%	7/15/60	50	45
5	BANK Series 2018-BNK14		4.231%	9/15/60	15	14
5	BANK Series 2019-BNK23		2.846%	12/15/52	130	120
5,8	Bayview MSR Opportunity Master Fund Trust Series 2021-4		2.500%	10/25/51	3,338	2,734
5	BBCMS Mortgage Trust Series 2020-C6		2.639%	2/15/53	200	171
5	BBCMS Mortgage Trust Series 2022-C16		4.600%	6/15/55	320	308
5	Benchmark Mortgage Trust Series 2018-B1		3.666%	1/15/51	340	316
5	Benchmark Mortgage Trust Series 2019-B15		2.859%	12/15/72	300	277
5	Benchmark Mortgage Trust Series 2020-B16		2.732%	2/15/53	200	171
5	Capital One Prime Auto Receivables Trust Series 2022-2		3.740%	9/15/25	6,068	5,992
5	CarMax Auto Owner Trust Series 2023-1		4.650%	1/16/29	860	859
5	CD Mortgage Trust Series 2016-CD1		3.631%	8/10/49	270	219
5	CD Mortgage Trust Series 2017-CD4		3.514%	5/10/50	60	56
5	CD Mortgage Trust Series 2017-CD6		3.709%	11/13/50	130	118
5	CD Mortgage Trust Series 2018-CD7		4.850%	8/15/51	100	86
5	CFCRE Commercial Mortgage Trust Series 2016-C4		3.283%	5/10/58	61	56
5	Citigroup Commercial Mortgage Trust Series 2017-P8		3.203%	9/15/50	20	18
5	Citigroup Commercial Mortgage Trust Series 2017-P8		4.192%	9/15/50	60	54
5	Citigroup Commercial Mortgage Trust Series 2017-P8		4.260%	9/15/50	40	32
5	Citigroup Commercial Mortgage Trust Series 2018-C5		4.228%	6/10/51	45	43
5,8	COMM Mortgage Trust Series 2013-CR6		3.397%	3/10/46	98	84
5	COMM Mortgage Trust Series 2014-CR20		3.326%	11/10/47	7,513	7,314
5	COMM Mortgage Trust Series 2019-GC44		2.873%	8/15/57	150	139

6

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5	CSAIL Commercial Mortgage Trust Series 2016-C7		3.502%	11/15/49	12	11
5	CSAIL Commercial Mortgage Trust Series 2020-C19		2.561%	3/15/53	250	211
5	Daimler Trucks Retail Trust Series 2022-1		5.070%	9/16/24	2,978	2,968
5,8	Dell Equipment Finance Trust Series 2022-2		4.030%	7/22/27	3,905	3,871
5	Drive Auto Receivables Trust Series 2019-4		2.700%	2/16/27	127	125
5	Drive Auto Receivables Trust Series 2020-1		2.700%	5/17/27	169	165
5	Drive Auto Receivables Trust Series 2020-2		3.050%	5/15/28	140	137
5,8	EDvestinU Private Education Loan Issue No. 1 LLC Series 2019-A		3.580%	11/25/38	33	31
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series K088		0.508%	1/25/29	247,472	6,337
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series K104		1.125%	1/25/30	13	1
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series K135		0.191%	10/25/31	257,135	3,381
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series K139		0.091%	1/25/32	391,476	3,167
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series K148		0.250%	7/25/32	8	—
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series KG02		1.021%	8/25/29	11,134	546
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series KG04		0.851%	11/25/30	7,760	383
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series KG05		0.312%	1/25/31	63,628	1,276
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series KG06		0.532%	10/25/31	29,979	1,060
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series KG07		0.002%	8/25/32	214,587	877
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series KIR1		1.036%	3/25/26	71,789	1,859
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series KSG2		0.121%	11/25/31	256,413	2,386
5,6,9	FHLMC Multifamily Structured Pass-Through Certificates Series KW10		0.639%	9/25/29	49,737	1,659
5,8	Ford Credit Auto Owner Trust Series 2018-2		3.760%	1/15/30	120	124
5,8	Ford Credit Auto Owner Trust Series 2020-1		2.040%	8/15/31	100	95
5,8	Ford Credit Auto Owner Trust Series 2020-1		2.540%	8/15/31	100	95
5,8	Ford Credit Auto Owner Trust Series 2022-1		3.880%	11/15/34	410	396
5,8	Ford Credit Auto Owner Trust Series 2022-1		4.670%	11/15/34	1,250	1,215
5	Ford Credit Auto Owner Trust Series 2022-B		3.740%	9/15/26	2,700	2,648
5	Ford Credit Auto Owner Trust Series 2022-B		3.930%	8/15/27	1,100	1,081
5,8	Ford Credit Auto Owner Trust Series 2023-1		4.850%	8/15/35	3,840	3,871
5	Ford Credit Floorplan Master Owner Trust A Series 2020-1		2.120%	9/15/25	230	226
5,8,9	FREMF Mortgage Trust Series 2015-K42		0.100%	1/25/48	1,021,319	1,341
5,8	GCAT Trust Series 2022-INV1		3.000%	12/25/51	29,667	25,486
5,8	GCAT Trust Series 2022-INV3		4.000%	8/25/52	7,672	7,008
5,8	GCAT Trust Series 2022-INV3		4.500%	8/25/52	5,121	4,780
5	GM Financial Consumer Automobile Receivables Trust Series 2022-3		3.500%	9/16/25	5,048	4,997
5	GM Financial Consumer Automobile Receivables Trust Series 2022-4		4.600%	11/17/25	11,000	10,954
5	GM Financial Consumer Automobile Receivables Trust Series 2023-1		4.590%	7/17/28	50	50

7

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5	GM Financial Consumer Automobile Receivables Trust Series 2023-1		5.320%	10/16/28	2,080	2,080
5,8	GM Financial Revolving Receivables Trust Series 2021-1		1.490%	6/12/34	70	63
5,8	GM Financial Revolving Receivables Trust Series 2021-1		1.670%	6/12/34	120	104
5,8	GMF Floorplan Owner Revolving Trust Series 2020-1		1.480%	8/15/25	120	118
5	GS Mortgage Securities Trust Series 2014-GC24		3.666%	9/10/47	6,807	6,605
5	GS Mortgage Securities Trust Series 2014-GC24		4.525%	9/10/47	150	111
5	GS Mortgage Securities Trust Series 2019-GC38		3.968%	2/10/52	150	140
5	GS Mortgage Securities Trust Series 2020-GC45		2.843%	2/13/53	325	300
5	GS Mortgage Securities Trust Series 2020-GC45		2.911%	2/13/53	630	544
5,8	GS Mortgage-Backed Securities Trust Series 2021-PJ7		2.500%	1/25/52	4,361	3,578
5,8	GS Mortgage-Backed Securities Trust Series 2022-PJ3		3.000%	8/25/52	1,031	873
5,8	GS Mortgage-Backed Securities Trust Series 2022-PJ6		3.000%	1/25/53	31,987	27,079
5,8	Hertz Vehicle Financing III LLC Series 2022-1A		2.630%	6/25/26	160	149
5,8	Hertz Vehicle Financing III LP Series 2021-2A		1.680%	12/27/27	100	88
5	Honda Auto Receivables Owner Trust Series 2022-2		3.810%	3/18/25	2,650	2,634
5	Hyundai Auto Receivables Trust Series 2022-B		3.640%	5/15/25	6,020	5,962
5	John Deere Owner Trust Series 2022-B		3.730%	6/16/25	3,156	3,131
5,8	JP Morgan Mortgage Trust Series 2021-6		2.500%	10/25/51	2,786	2,293
5,8	JP Morgan Mortgage Trust Series 2021-15		3.000%	6/25/52	24,668	21,160
5,8	JP Morgan Mortgage Trust Series 2021-INV4		3.000%	1/25/52	1,475	1,266
5,8	JP Morgan Mortgage Trust Series 2021-INV6		3.000%	4/25/52	1,435	1,231
5,8	JP Morgan Mortgage Trust Series 2022-1		3.000%	7/25/52	6,928	5,943
5,8	JP Morgan Mortgage Trust Series 2022-4		3.000%	10/25/52	2,359	2,024
5,8	JP Morgan Mortgage Trust Series 2022-INV1		3.000%	3/25/52	24,713	21,199
5	JPMDB Commercial Mortgage Securities Trust Series 2017-C7		3.409%	10/15/50	60	56
5	JPMDB Commercial Mortgage Securities Trust Series 2018-C8		4.211%	6/15/51	50	48
5,8	Kubota Credit Owner Trust Series 2022-2A		4.070%	6/17/25	5,658	5,601
5,8	Laurel Road Prime Student Loan Trust Series 2017-C		2.810%	11/25/42	16	16
5,8	Laurel Road Prime Student Loan Trust Series 2018-B		3.540%	5/26/43	34	34
5,8	Mello Mortgage Capital Acceptance Series 2021-INV1		2.500%	6/25/51	3,958	3,242
5,8	Mello Mortgage Capital Acceptance Series 2021-MTG2		2.500%	6/25/51	1,469	1,185
5	Mercedes-Benz Auto Receivables Trust Series 2023-1		4.310%	4/16/29	850	837
5,8	MMAF Equipment Finance LLC Series 2018-A		3.610%	3/10/42	24	24
5	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10		4.070%	7/15/46	200	188

8

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15		4.891%	4/15/47	150	145
5	Morgan Stanley Capital I Trust Series 2016-UB11		2.782%	8/15/49	100	93
5,8	MSBAM Commercial Mortgage Securities Trust Series 2012-CKSV		3.277%	10/15/30	970	827
5,8	Navient Private Education Loan Trust Series 2017-A		2.880%	12/16/58	29	29
5,8	Navient Private Education Loan Trust Series 2018-BA		3.610%	12/15/59	159	155
5,8	New Residential Mortgage Loan Trust Series 2021-INV2		3.000%	9/25/51	8,139	6,890
5,8	OBX Trust Series 2022-INV5		4.000%	10/25/52	5,920	5,431
5,8	OBX Trust Series 2022-J2		3.000%	8/25/52	17,232	14,782
5,8	OBX Trust Series 2022-J2		3.000%	8/25/52	19	16
5,8	OBX Trust Series 2022-J2		3.500%	8/25/52	24,990	22,233
5,8	OBX Trust Series 2022-J2		3.500%	8/25/52	28	24
5,8	Palisades Center Trust Series 2016-PLSD		2.713%	4/13/33	500	340
5,8,10	Pepper Residential Securities Trust Series 21A, 1M USD LIBOR + 0.880%		5.608%	1/16/60	8	8
5,8,10	Pepper Residential Securities Trust No. 22 Series 22A, 1M USD LIBOR + 1.000%		5.761%	6/20/60	17	17
5,8,10	Pepper Residential Securities Trust No. 23 Series 23A, 1M USD LIBOR + 0.950%		5.711%	8/18/60	22	22
5,8,10	PHEAA Student Loan Trust Series 2016-2A, 1M USD LIBOR + 0.950%		5.795%	11/25/65	44	43
5,8	Progress Residential Trust Series 2022-SFR3		3.200%	4/17/39	140	129
5,8	Progress Residential Trust Series 2022-SFR3		3.600%	4/17/39	100	92
5,8	Progress Residential Trust Series 2022-SFR5		4.451%	6/17/39	119	115
5,8	Progress Residential Trust Series 2022-SFR5		4.896%	6/17/39	100	96
5,8	RCKT Mortgage Trust Series 2021-3		2.500%	7/25/51	4,080	3,343
5,8	RCKT Mortgage Trust Series 2022-4		3.500%	6/25/52	13,586	12,088
5,8,10	RESIMAC Bastille Trust Series 2018-1NCA, 1M USD LIBOR + 0.850%		5.551%	12/5/59	8	8
5,8,10	RESIMAC MBS Trust Series 2018-2A, 1M USD LIBOR + 0.850%		5.610%	4/10/50	6	6
5	Santander Drive Auto Receivables Trust Series 2022-4		4.140%	2/16/27	8,110	8,004
5	Santander Drive Auto Receivables Trust Series 2022-6		4.490%	11/16/26	530	525
5	Santander Drive Auto Receivables Trust Series 2023-1		5.090%	5/15/30	840	843
5,8	Santander Retail Auto Lease Trust Series 2020-B		1.980%	10/20/25	800	769
5,8	Sequoia Mortgage Trust Series 2021-3		2.500%	5/25/51	2,956	2,429
5,8	SMB Private Education Loan Trust Series 2016-A		2.700%	5/15/31	70	68
5,8	SMB Private Education Loan Trust Series 2017-B		2.820%	10/15/35	89	85
5,8	SMB Private Education Loan Trust Series 2018-B		3.600%	1/15/37	195	188
5,8	SMB Private Education Loan Trust Series 2018-C		3.630%	11/15/35	262	253
5,8	SoFi Professional Loan Program LLC Series 2016-D		2.340%	4/25/33	6	6
5,8,10	SoFi Professional Loan Program LLC Series 2016-D, 1M USD LIBOR + 0.950%		5.795%	1/25/39	2	2

9

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
5,8	SoFi Professional Loan Program LLC Series 2017-D		2.650%	9/25/40	19	19
5,8	SoFi Professional Loan Program LLC Series 2017-E		2.720%	11/26/40	4	4
5,8	SoFi Professional Loan Program LLC Series 2017-F		2.840%	1/25/41	35	34
5,8	Tesla Auto Lease Trust Series 2020-A		1.680%	2/20/24	29	29
5,8	Toyota Auto Loan Extended Note Trust Series 2022-1A		3.820%	4/25/35	800	774
5,8	Trinity Rail Leasing LLC Series 2018-1A		4.620%	6/17/48	440	420
5	UBS-Barclays Commercial Mortgage Trust Series 2013-C6		3.469%	4/10/46	10	10
5,8	USAA Auto Owner Trust Series 2022-A		4.600%	2/18/25	7,310	7,284
5,8	UWM Mortgage Trust Series 2021-INV3		2.500%	11/25/51	4,261	3,507
5	Verizon Master Trust Series 2022-5		3.720%	7/20/27	3,560	3,513
5	Wells Fargo Commercial Mortgage Trust Series 2013-LC12		4.364%	7/15/46	450	447
5	Wells Fargo Commercial Mortgage Trust Series 2015-LC20		2.925%	4/15/50	6,600	6,361
5	Wells Fargo Commercial Mortgage Trust Series 2016-C37		3.525%	12/15/49	90	87
5	Wells Fargo Commercial Mortgage Trust Series 2017-RC1		3.631%	1/15/60	42	39
5	Wells Fargo Commercial Mortgage Trust Series 2018-C43		4.514%	3/15/51	50	42
5	Wells Fargo Commercial Mortgage Trust Series 2018-C46		4.152%	8/15/51	30	28
5	Wells Fargo Commercial Mortgage Trust Series 2019-C49		3.933%	3/15/52	80	77
5	WFRBS Commercial Mortgage Trust Series 2014-C19		3.829%	3/15/47	5,294	5,226
5	World Omni Auto Receivables Trust Series 2022-C		3.730%	3/16/26	5,697	5,633
5	World Omni Auto Receivables Trust Series 2022-D		5.510%	3/16/26	5,040	5,047
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $387,764)						364,347
Corporate Bonds (33.8%)
Communications (2.5%)
	Alphabet Inc.		2.250%	8/15/60	1,930	1,181
	AT&T Inc.		3.800%	2/15/27	12,130	11,737
	AT&T Inc.		4.350%	3/1/29	933	914
5	AT&T Inc.		4.300%	2/15/30	1,685	1,638
	AT&T Inc.		4.500%	5/15/35	700	656
	AT&T Inc.		4.900%	8/15/37	500	477
5,11	AT&T Inc.		7.000%	4/30/40	1,500	2,097
	AT&T Inc.		4.300%	12/15/42	2,240	1,951
	AT&T Inc.		3.500%	9/15/53	3,650	2,651
	AT&T Inc.		3.550%	9/15/55	4,238	3,044
	AT&T Inc.		3.800%	12/1/57	4,000	2,971
	AT&T Inc.		3.650%	9/15/59	567	405
8	Cable One Inc.		4.000%	11/15/30	290	238
8	CCO Holdings LLC		5.000%	2/1/28	395	364
8	CCO Holdings LLC		6.375%	9/1/29	30	29
8	CCO Holdings LLC		4.750%	3/1/30	890	771
	Charter Communications Operating LLC		4.908%	7/23/25	589	583
	Charter Communications Operating LLC		2.250%	1/15/29	200	167

10

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
	Charter Communications Operating LLC		5.050%	3/30/29	1,480	1,429
	Charter Communications Operating LLC		3.500%	3/1/42	3,580	2,418
	Charter Communications Operating LLC		6.484%	10/23/45	2,100	1,979
	Charter Communications Operating LLC		4.800%	3/1/50	1,390	1,057
8	Cogent Communications Group Inc.		7.000%	6/15/27	318	315
	Comcast Corp.		5.250%	11/7/25	1,810	1,850
	Comcast Corp.		3.150%	3/1/26	452	438
12	Comcast Corp.		0.000%	9/14/26	4,200	4,048
	Comcast Corp.		2.350%	1/15/27	445	415
12	Comcast Corp.		0.250%	5/20/27	11,798	11,203
	Comcast Corp.		3.150%	2/15/28	468	444
	Comcast Corp.		4.150%	10/15/28	2,303	2,278
	Comcast Corp.		3.400%	4/1/30	229	214
11	Comcast Corp.		1.875%	2/20/36	1,100	976
	Comcast Corp.		6.550%	7/1/39	4,080	4,658
	Comcast Corp.		3.250%	11/1/39	1,990	1,610
	Comcast Corp.		3.750%	4/1/40	3,800	3,266
	Comcast Corp.		4.650%	7/15/42	1,200	1,141
	Comcast Corp.		4.700%	10/15/48	168	159
	Comcast Corp.		3.450%	2/1/50	1,500	1,156
	Comcast Corp.		2.650%	8/15/62	300	183
	Comcast Corp.		2.987%	11/1/63	5,000	3,244
8	CSC Holdings LLC		4.625%	12/1/30	755	372
8	CSC Holdings LLC		3.375%	2/15/31	255	176
8	Directv Financing LLC		5.875%	8/15/27	245	222
	Discovery Communications LLC		3.900%	11/15/24	35	34
	Discovery Communications LLC		4.000%	9/15/55	2,000	1,327
8	DISH DBS Corp.		5.250%	12/1/26	290	232
8	DISH DBS Corp.		5.750%	12/1/28	160	119
	DISH DBS Corp.		5.125%	6/1/29	370	195
8	DISH Network Corp.		11.750%	11/15/27	425	409
	Expedia Group Inc.		3.800%	2/15/28	2,635	2,497
	Expedia Group Inc.		2.950%	3/15/31	270	225
	Fox Corp.		5.476%	1/25/39	3,780	3,623
8	Frontier Communications Holdings LLC		5.875%	10/15/27	95	87
8	Frontier Communications Holdings LLC		5.000%	5/1/28	230	200
8	Frontier Communications Holdings LLC		6.000%	1/15/30	315	240
	Interpublic Group of Cos. Inc.		3.375%	3/1/41	2,040	1,528
8	Level 3 Financing Inc.		4.250%	7/1/28	295	166
8	Level 3 Financing Inc.		3.625%	1/15/29	410	226
8	Level 3 Financing Inc.		3.875%	11/15/29	80	58
8	Lumen Technologies Inc.		4.000%	2/15/27	75	50
	Meta Platforms Inc.		3.850%	8/15/32	3,430	3,213
	Netflix Inc.		4.875%	4/15/28	3,405	3,422
	Netflix Inc.		5.875%	11/15/28	990	1,043
12	Netflix Inc.		4.625%	5/15/29	2,500	2,769
	Netflix Inc.		6.375%	5/15/29	1,960	2,109
8	News Corp.		3.875%	5/15/29	500	444
8	Nexstar Media Inc.		5.625%	7/15/27	295	273
8	Nexstar Media Inc.		4.750%	11/1/28	435	387
	Paramount Global		4.750%	5/15/25	1,108	1,097
	Paramount Global		4.850%	7/1/42	3,042	2,321
	Paramount Global		4.375%	3/15/43	1,640	1,165
8	Rogers Communications Inc.		3.800%	3/15/32	2,140	1,920
8	Rogers Communications Inc.		4.550%	3/15/52	2,040	1,681

11

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
8	Scripps Escrow II Inc.		5.375%	1/15/31	115	79
8	Scripps Escrow Inc.		5.875%	7/15/27	280	206
8	Sirius XM Radio Inc.		5.000%	8/1/27	70	65
8	Sky Ltd.		3.750%	9/16/24	200	196
	Telefonica Emisiones SA		4.103%	3/8/27	3,000	2,900
	Telefonica Emisiones SA		4.665%	3/6/38	4,056	3,556
	Time Warner Cable LLC		4.500%	9/15/42	6,620	5,093
	T-Mobile USA Inc.		2.625%	2/15/29	5,805	5,120
	T-Mobile USA Inc.		3.375%	4/15/29	4,770	4,349
	T-Mobile USA Inc.		3.875%	4/15/30	1,224	1,148
	T-Mobile USA Inc.		2.875%	2/15/31	1,755	1,514
	T-Mobile USA Inc.		5.050%	7/15/33	6,340	6,371
	T-Mobile USA Inc.		3.600%	11/15/60	2,442	1,742
	T-Mobile USA Inc.		5.800%	9/15/62	3,740	3,861
5	TWDC Enterprises 18 Corp.		4.125%	12/1/41	400	360
8	Univision Communications Inc.		7.375%	6/30/30	225	212
8	UPC Broadband Finco BV		4.875%	7/15/31	225	195
5,13	Verizon Communications Inc.		4.050%	2/17/25	1,250	831
	Verizon Communications Inc.		4.125%	3/16/27	458	454
5,13	Verizon Communications Inc.		4.500%	8/17/27	500	335
	Verizon Communications Inc.		4.329%	9/21/28	200	197
12	Verizon Communications Inc.		0.375%	3/22/29	1,700	1,517
12	Verizon Communications Inc.		4.250%	10/31/30	539	602
5,12	Verizon Communications Inc.		2.875%	1/15/38	600	561
	Verizon Communications Inc.		2.650%	11/20/40	850	607
	Verizon Communications Inc.		3.400%	3/22/41	3,006	2,393
	Verizon Communications Inc.		3.850%	11/1/42	2,693	2,246
	Verizon Communications Inc.		4.862%	8/21/46	3,000	2,856
	Verizon Communications Inc.		3.875%	3/1/52	2,020	1,633
	Verizon Communications Inc.		3.000%	11/20/60	1,800	1,154
	Verizon Communications Inc.		3.700%	3/22/61	2,065	1,544
8	Videotron Ltd.		3.625%	6/15/29	365	314
	Vodafone Group plc		6.150%	2/27/37	2,850	3,052
5,12	Vodafone Group plc		2.500%	5/24/39	1,300	1,114
8	VZ Secured Financing BV		5.000%	1/15/32	370	302
	Walt Disney Co.		1.750%	1/13/26	439	411
	Walt Disney Co.		3.375%	11/15/26	375	363
	Walt Disney Co.		2.000%	9/1/29	273	237
	Walt Disney Co.		3.500%	5/13/40	1,200	1,018
	Walt Disney Co.		4.700%	3/23/50	1,000	978
	Walt Disney Co.		3.600%	1/13/51	825	669
8	Warnermedia Holdings Inc.		3.428%	3/15/24	3,910	3,822
8	Warnermedia Holdings Inc.		3.755%	3/15/27	6,640	6,255
8	Warnermedia Holdings Inc.		5.050%	3/15/42	3,821	3,195
8	Warnermedia Holdings Inc.		5.141%	3/15/52	1,250	1,014
8	Warnermedia Holdings Inc.		5.391%	3/15/62	4,340	3,508
8	WMG Acquisition Corp.		3.750%	12/1/29	840	744
8	Zayo Group Holdings Inc.		4.000%	3/1/27	500	379
						191,457
Consumer Discretionary (2.0%)
8	1011778 BC ULC		3.875%	1/15/28	156	145
	Advance Auto Parts Inc.		5.900%	3/9/26	1,035	1,057
	Advance Auto Parts Inc.		5.950%	3/9/28	1,085	1,122
	Amazon.com Inc.		3.150%	8/22/27	692	664
	Amazon.com Inc.		4.700%	12/1/32	12,145	12,452

12

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
	Amazon.com Inc.		3.875%	8/22/37	1,750	1,630
	Amazon.com Inc.		3.950%	4/13/52	1,685	1,495
	American Honda Finance Corp.		4.750%	1/12/26	4,085	4,117
	Asbury Automotive Group Inc.		4.500%	3/1/28	961	885
	AutoZone Inc.		4.500%	2/1/28	5,005	4,968
	AutoZone Inc.		4.000%	4/15/30	1,190	1,131
	AutoZone Inc.		1.650%	1/15/31	831	661
8	Caesars Resort Collection LLC		5.750%	7/1/25	294	295
8	Camelot Return Merger Sub Inc.		8.750%	8/1/28	560	518
8	Carnival Corp.		5.750%	3/1/27	665	546
8	Carnival Corp.		4.000%	8/1/28	610	525
8	Carnival Holdings Bermuda Ltd.		10.375%	5/1/28	115	124
8	Cedar Fair LP		5.500%	5/1/25	289	289
8	Churchill Downs Inc.		5.500%	4/1/27	390	382
8	Churchill Downs Inc.		4.750%	1/15/28	298	279
8	Clarios Global LP		6.750%	5/15/25	46	46
8	Clarios Global LP		8.500%	5/15/27	310	311
	Dana Inc.		4.500%	2/15/32	540	436
	eBay Inc.		5.900%	11/22/25	1,795	1,844
	eBay Inc.		5.950%	11/22/27	1,805	1,885
	eBay Inc.		6.300%	11/22/32	3,525	3,828
	Ford Motor Co.		9.625%	4/22/30	20	23
	Ford Motor Credit Co. LLC		4.950%	5/28/27	1,085	1,035
	Ford Motor Credit Co. LLC		4.125%	8/17/27	100	92
	Ford Motor Credit Co. LLC		3.815%	11/2/27	365	327
	Ford Motor Credit Co. LLC		2.900%	2/16/28	440	377
	Ford Motor Credit Co. LLC		2.900%	2/10/29	845	700
	Ford Motor Credit Co. LLC		4.000%	11/13/30	280	239
	Ford Motor Credit Co. LLC		3.625%	6/17/31	830	684
	General Motors Co.		6.125%	10/1/25	1,000	1,017
	General Motors Co.		5.200%	4/1/45	1,600	1,342
	General Motors Financial Co. Inc.		3.500%	11/7/24	1,242	1,210
	General Motors Financial Co. Inc.		2.900%	2/26/25	157	150
	General Motors Financial Co. Inc.		4.350%	4/9/25	103	101
	General Motors Financial Co. Inc.		2.750%	6/20/25	1,770	1,677
	General Motors Financial Co. Inc.		6.050%	10/10/25	8,880	9,028
	General Motors Financial Co. Inc.		1.250%	1/8/26	3,000	2,701
	General Motors Financial Co. Inc.		1.500%	6/10/26	1,080	962
	General Motors Financial Co. Inc.		2.400%	10/15/28	1,000	857
	Goodyear Tire & Rubber Co.		5.000%	7/15/29	125	112
8	Hanesbrands Inc.		9.000%	2/15/31	60	61
8	Harley-Davidson Financial Services Inc.		3.050%	2/14/27	3,170	2,843
8	Hilton Domestic Operating Co. Inc.		5.750%	5/1/28	270	270
	Home Depot Inc.		3.900%	12/6/28	167	164
	Home Depot Inc.		2.950%	6/15/29	1,583	1,464
	Home Depot Inc.		2.700%	4/15/30	480	434
	Home Depot Inc.		4.500%	9/15/32	2,435	2,451
	Home Depot Inc.		5.950%	4/1/41	3,290	3,689
	Home Depot Inc.		4.250%	4/1/46	720	654
	Home Depot Inc.		3.900%	6/15/47	100	86
	Home Depot Inc.		4.500%	12/6/48	500	471
	Home Depot Inc.		3.125%	12/15/49	750	556
	Home Depot Inc.		4.950%	9/15/52	1,165	1,164
	Home Depot Inc.		3.500%	9/15/56	1,660	1,294
	KB Home		7.250%	7/15/30	320	325

13

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
8	Lithia Motors Inc.		4.625%	12/15/27	285	266
8	Lithia Motors Inc.		3.875%	6/1/29	1,180	1,020
8	Lithia Motors Inc.		4.375%	1/15/31	20	17
8	Live Nation Entertainment Inc.		5.625%	3/15/26	20	19
8	Live Nation Entertainment Inc.		6.500%	5/15/27	900	909
8	Live Nation Entertainment Inc.		3.750%	1/15/28	15	13
	Lowe's Cos. Inc.		3.100%	5/3/27	880	836
	Lowe's Cos. Inc.		1.300%	4/15/28	1,050	902
	Lowe's Cos. Inc.		1.700%	9/15/28	1,840	1,593
	Lowe's Cos. Inc.		4.450%	4/1/62	3,165	2,585
	Magna International Inc.		2.450%	6/15/30	200	170
5	Marriott International Inc.		4.625%	6/15/30	4,180	4,056
8	Mattel Inc.		3.375%	4/1/26	250	234
8	Mattel Inc.		5.875%	12/15/27	265	264
8	Mattel Inc.		3.750%	4/1/29	80	72
5,12	Mercedes-Benz Group AG		1.125%	11/6/31	1,185	1,052
8	Meritage Homes Corp.		3.875%	4/15/29	1,030	918
8	NCL Corp. Ltd.		5.875%	2/15/27	314	293
8	NCL Corp. Ltd.		7.750%	2/15/29	178	153
	Newell Brands Inc.		6.375%	9/15/27	35	35
	Newell Brands Inc.		6.625%	9/15/29	355	358
8	Nissan Motor Acceptance Co. LLC		1.050%	3/8/24	3,000	2,858
8	Nissan Motor Co. Ltd.		3.043%	9/15/23	7,100	6,998
8	Penn Entertainment Inc.		5.625%	1/15/27	85	80
8	Royal Caribbean Cruises Ltd.		11.500%	6/1/25	36	38
8	Royal Caribbean Cruises Ltd.		8.250%	1/15/29	60	63
8	Royal Caribbean Cruises Ltd.		7.250%	1/15/30	42	42
	Stanley Black & Decker Inc.		3.400%	3/1/26	265	254
	Starbucks Corp.		3.500%	11/15/50	600	466
8	Studio City Co. Ltd.		7.000%	2/15/27	240	227
	Toyota Motor Credit Corp.		3.950%	6/30/25	25,120	24,810
5	Toyota Motor Credit Corp.		1.900%	1/13/27	4,045	3,689
5	Toyota Motor Credit Corp.		3.050%	3/22/27	3,775	3,584
5,12	Toyota Motor Credit Corp.		0.125%	11/5/27	1,746	1,630
	Toyota Motor Credit Corp.		3.650%	1/8/29	279	269
8	Vail Resorts Inc.		6.250%	5/15/25	1,501	1,508
8	Volkswagen Group of America Finance LLC		3.125%	5/12/23	1,000	998
5,12	Volkswagen Leasing GmbH		0.375%	7/20/26	10,100	9,793
5,12	Volkswagen Leasing GmbH		0.500%	1/12/29	1,800	1,586
8	Wyndham Hotels & Resorts Inc.		4.375%	8/15/28	125	115
8	Wynn Resorts Finance LLC		7.125%	2/15/31	90	91
						155,059
Consumer Staples (2.1%)
8	Albertsons Cos. Inc.		6.500%	2/15/28	125	126
	Altria Group Inc.		2.350%	5/6/25	880	836
	Altria Group Inc.		4.400%	2/14/26	2,570	2,549
	Altria Group Inc.		2.450%	2/4/32	5,415	4,263
	Altria Group Inc.		5.800%	2/14/39	2,000	1,956
	Altria Group Inc.		3.400%	2/4/41	3,000	2,123
	Altria Group Inc.		5.375%	1/31/44	325	297
	Altria Group Inc.		5.950%	2/14/49	135	128
	Altria Group Inc.		4.450%	5/6/50	300	221
5	Anheuser-Busch Cos. LLC		4.700%	2/1/36	3,090	3,069
	Anheuser-Busch InBev Finance Inc.		4.625%	2/1/44	4,250	4,005
	Anheuser-Busch InBev Worldwide Inc.		4.750%	1/23/29	8,890	9,081

14

Core Bond Fund

			Coupon	Maturity Date	Face Amount ($000)	Market Value• ($000)
	Anheuser-Busch InBev Worldwide Inc.		5.450%	1/23/39	6,230	6,541
	Anheuser-Busch InBev Worldwide Inc.		4.350%	6/1/40	1,000	931
	Anheuser-Busch InBev Worldwide Inc.		4.950%	1/15/42	1,117	1,104
	Anheuser-Busch InBev Worldwide Inc.		3.750%	7/15/42	2,300	1,962
	BAT Capital Corp.		3.215%	9/6/26	200	188
	BAT Capital Corp.		3.557%	8/15/27	13,180	12,257
	BAT Capital Corp.		4.390%	8/15/37	1,050	857
	BAT Capital Corp.		4.540%	8/15/47	1,550	1,152
	BAT Capital Corp.		3.984%	9/25/50	975	664
	BAT International Finance plc		1.668%	3/25/26	70	64
5,11	BAT International Finance plc		4.000%	9/4/26	2,500	2,905
5,12	BAT Netherlands Finance BV		5.375%	2/16/31	600	639
	Brown-Forman Corp.		4.750%	4/15/33	2,100	2,125
12	CK Hutchison Europe Finance 18 Ltd.		2.000%	4/13/30	2,800	2,616
	Coca-Cola Co.		3.000%	3/5/51	1,800	1,395
12	Coca-Cola Europacific Partners plc		1.875%	3/18/30	1,325	1,260
	Constellation Brands Inc.		2.875%	5/1/30	4,000	3,506
	Diageo Capital plc		5.500%	1/24/33	850	921
8	Energizer Holdings Inc.		4.750%	6/15/28	529	479
7,12	General Mills Inc.		3.907%	4/13/29	1,322	1,450
	General Mills Inc.		2.875%	4/15/30	165	148
	General Mills Inc.		2.250%	10/14/31	40	33
	Haleon US Capital LLC		3.625%	3/24/32	3,790	3,441
	Haleon US Capital LLC		4.000%	3/24/52	483	401
	Hormel Foods Corp.		1.700%	6/3/28	1,160	1,023
	Hormel Foods Corp.		1.800%	6/11/30	275	230
	J M Smucker Co.		2.125%	3/15/32	85	69
8	JBS USA LUX SA		5.750%	4/1/33	3,760	3,611
	Kellogg Co.		4.500%	4/1/46	530	488
8	Kenvue Inc.		5.100%	3/22/43	3,385	3,492
	Keurig Dr Pepper Inc.		4.597%	5/25/28	6,905	6,890
5	Kimberly-Clark de Mexico SAB de CV		3.250%	3/12/25	7,000	6,782
	Kraft Heinz Foods Co.		3.875%	5/15/27	4,140	4,041
	Kraft Heinz Foods Co.		3.750%	4/1/30	1,350	1,279
	Kraft Heinz Foods Co.		4.875%	10/1/49	555	514
	Kroger Co.		2.200%	5/1/30	1,000	839
	Kroger Co.		3.875%	10/15/46	3,125	2,460
8	Mondelez International Holdings Netherlands BV		1.250%	9/24/26	5,000	4,448
	Mondelez International Inc.		2.750%	4/13/30	1,289	1,144
	Mondelez International Inc.		1.500%	2/4/31	2,600	2,074
8	Nestle Holdings Inc.		1.000%	9/15/27	2,500	2,184
8	Nestle Holdings Inc.		4.000%	9/24/48	150	135
	PepsiCo Inc.		2.625%	7/29/29	3,025	2,777
	PepsiCo Inc.		4.450%	4/14/46	1,000	994
8	Performance Food Group Inc.		6.875%	5/1/25	65	65
8	Performance Food Group Inc.		4.250%	8/1/29	80	72
	Philip Morris International Inc.		5.125%	11/15/24	10,905	10,987
	Philip Morris International Inc.		5.000%	11/17/25	4,610	4,649
	Philip Morris International Inc.		5.125%	11/17/27	3,655	3,741
	Philip Morris International Inc.		5.625%	11/17/29	3,000	3,136
	Philip Morris International Inc.		5.125%	2/15/30	2,860	2,891
	Philip Morris International Inc.		2.100%	5/1/30	200	167
	Philip Morris International Inc.		5.750%	11/17/32	2,830	2,969
12	Philip Morris International Inc.		1.450%	8/1/39	1,100	696
	Philip Morris International Inc.		4.250%	11/10/44	2,050	1,705