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: 811-04681
| Name of Registrant: | Vanguard Bond Index Funds | |
| Address of Registrant: | P.O. Box 2600 | |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | Natalie Lamarque, Esquire | |
| P.O. Box 876 | ||
| Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: December 31
Date of reporting period: January 1, 2025—December 31, 2025
Item 1: Reports to Shareholders.
Vanguard Ultra-Short Bond ETF
ETF Shares (VUSB) Cboe BZX Exchange, Inc.
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about Vanguard Ultra-Short Bond ETF (the "Fund") for the period of January 1, 2025, to December 31, 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.
How did the Fund perform since inception?
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: April 5, 2021, Through December 31, 2025
Initial Investment of $10,000
Average Annual Total Returns
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.
AR931
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 December 31, 2025 | Fiscal Year Ended December 31, 2024 | |||||||
| (a) Audit Fees. | $ | 421,000 | $ | 427,000 | ||||
| (b) Audit-Related Fees. | 0 | 0 | ||||||
| (c) Tax Fees. | 0 | 0 | ||||||
| (d) All Other Fees. | 0 | 0 | ||||||
| Total. | $ | 421,000 | $ | 427,000 | ||||
(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 December 31, 2025 | Fiscal Year Ended December 31, 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. | $ | 3,947,067 | $ | 3,802,420 | ||||
| Tax Fees. | $ | 1,575,446 | $ | 2,062,604 | ||||
| All Other Fees. | $ | 25,000 | $ | 293,000 | ||||
| Total. | $ | 5,547,513 | $ | 6,158,024 | ||||
(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.
Financial Statements
For the year ended December 31, 2025
Vanguard Ultra-Short Bond ETF
Contents
Financial Statements | 1 |
Report of Independent Registered Public Accounting Firm | 31 |
Tax information | 32 |
Ultra-Short Bond ETF
Financial Statements
Schedule of Investments
As of December 31, 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.
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| U.S. Government and Agency Obligations (2.8%) | ||||||
| U.S. Government Securities (2.8%) | ||||||
| United States Treasury Note/Bond | 2.625% | 5/31/2027 | 21,564 | 21,305 | ||
| United States Treasury Note/Bond | 4.375% | 7/15/2027 | 35,000 | 35,465 | ||
| 1 | United States Treasury Note/Bond | 0.375% | 7/31/2027 | 66,266 | 63,123 | |
| United States Treasury Note/Bond | 3.875% | 7/31/2027 | 29,718 | 29,892 | ||
| United States Treasury Note/Bond | 3.500% | 9/30/2027 | 10,000 | 10,003 | ||
| 2,3 | United States Treasury Note/Bond | 4.125% | 9/30/2027 | 28,500 | 28,806 | |
| Total U.S. Government and Agency Obligations (Cost $188,471) | 188,594 | |||||
| Asset-Backed/Commercial Mortgage-Backed Securities (26.5%) | ||||||
| 4,5 | Affirm Asset Securitization Trust Class A Series 2025-X2 | 4.450% | 10/15/2030 | 3,797 | 3,801 | |
| 4,5 | Affirm Asset Securitization Trust Class B Series 2025-X2 | 4.560% | 10/15/2030 | 980 | 982 | |
| 4,5 | Affirm Asset Securitization Trust Class C Series 2025-X2 | 4.930% | 10/15/2030 | 780 | 781 | |
| 4,5 | Alloya Auto Receivables Trust Class A3 Series 2025-1A | 4.690% | 12/26/2028 | 2,170 | 2,175 | |
| 4,5 | Alloya Auto Receivables Trust Class A4 Series 2025-1A | 4.710% | 1/25/2030 | 810 | 814 | |
| 5 | Ally Auto Receivables Trust Class A3 Series 2023-1 | 5.460% | 5/15/2028 | 1,084 | 1,092 | |
| 5 | Ally Auto Receivables Trust Class A3 Series 2024-1 | 5.080% | 12/15/2028 | 4,690 | 4,722 | |
| 5 | Ally Auto Receivables Trust Class A3 Series 2024-2 | 4.140% | 7/16/2029 | 4,056 | 4,063 | |
| 4,5 | Ally Auto Receivables Trust Class B Series 2023-A | 6.010% | 1/17/2034 | 134 | 134 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class A2 Series 2024-A | 5.681% | 5/17/2032 | 479 | 488 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class A2 Series 2024-B | 4.970% | 9/15/2032 | 1,046 | 1,056 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class A2 Series 2025-A | 4.452% | 6/15/2033 | 4,708 | 4,731 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class A2 Series 2025-B | 4.305% | 9/15/2033 | 5,710 | 5,724 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class B Series 2024-A | 5.827% | 5/17/2032 | 659 | 671 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class B Series 2024-B | 5.117% | 9/15/2032 | 744 | 751 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class B Series 2025-A | 4.648% | 6/15/2033 | 1,594 | 1,602 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class B Series 2025-B | 4.501% | 9/15/2033 | 2,836 | 2,847 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class C Series 2024-A | 6.022% | 5/17/2032 | 1,480 | 1,506 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class C Series 2024-B | 5.215% | 9/15/2032 | 1,575 | 1,589 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class C Series 2025-A | 4.844% | 6/15/2033 | 2,258 | 2,270 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class C Series 2025-B | 4.697% | 9/15/2033 | 2,892 | 2,909 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class D Series 2024-A | 6.315% | 5/17/2032 | 176 | 179 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class D Series 2024-B | 5.410% | 9/15/2032 | 389 | 392 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class D Series 2025-A | 4.991% | 6/15/2033 | 1,055 | 1,060 | |
| 4,5 | Ally Bank Auto Credit-Linked Notes Class D Series 2025-B | 4.942% | 9/15/2033 | 1,088 | 1,090 | |
| 4,5 | American Heritage Auto Receivables Issuer Trust Class A3 Series 2025-1A | 4.400% | 11/15/2030 | 6,800 | 6,832 | |
| 4,5 | American Heritage Auto Receivables Trust Class A2 Series 2024-1A | 4.830% | 3/15/2028 | 2,897 | 2,904 | |
| 4,5 | American Heritage Auto Receivables Trust Class A3 Series 2024-1A | 4.900% | 9/17/2029 | 9,500 | 9,597 | |
| 5 | AmeriCredit Automobile Receivables Trust Class A3 Series 2023-1 | 5.620% | 11/18/2027 | 1,475 | 1,480 | |
| 5 | AmeriCredit Automobile Receivables Trust Class A3 Series 2023-2 | 5.810% | 5/18/2028 | 2,858 | 2,877 | |
| 5 | AmeriCredit Automobile Receivables Trust Class A3 Series 2024-1 | 5.430% | 1/18/2029 | 8,572 | 8,637 | |
| 4,5 | AmeriCredit Automobile Receivables Trust Class A3 Series 2025-1 | 4.120% | 5/20/2030 | 13,400 | 13,439 | |
| 4,5 | AmeriCredit Automobile Receivables Trust Class B Series 2025-1 | 4.210% | 10/18/2030 | 2,750 | 2,759 | |
| 4,5 | ARI Fleet Lease Trust Class A2 Series 2023-A | 5.410% | 2/17/2032 | 74 | 74 | |
| 4,5 | ARI Fleet Lease Trust Class A2 Series 2023-B | 6.050% | 7/15/2032 | 1,598 | 1,610 | |
| 4,5 | ARI Fleet Lease Trust Class A2 Series 2024-A | 5.300% | 11/15/2032 | 1,255 | 1,262 | |
| 4,5 | ARI Fleet Lease Trust Class A2 Series 2024-B | 5.540% | 4/15/2033 | 1,098 | 1,106 | |
| 4,5 | ARI Fleet Lease Trust Class A2 Series 2025-A | 4.380% | 1/17/2034 | 2,452 | 2,460 | |
| 4,5 | ARI Fleet Lease Trust Class A2 Series 2025-B | 4.590% | 3/15/2034 | 4,300 | 4,331 | |
| 4,5 | AutoNation Finance Trust Class A3 Series 2025-1A | 4.620% | 11/13/2029 | 4,870 | 4,915 | |
| 4,5 | Avis Budget Rental Car Funding AESOP LLC Class A Series 2020-2A | 2.020% | 2/20/2027 | 930 | 928 | |
| 4,5 | Avis Budget Rental Car Funding AESOP LLC Class A Series 2022-4A | 4.770% | 2/20/2029 | 3,590 | 3,629 | |
| 4,5 | Avis Budget Rental Car Funding AESOP LLC Class C Series 2022-5A | 6.240% | 4/20/2027 | 100 | 100 | |
| 4,5 | Avis Budget Rental Car Funding AESOP LLC Class C Series 2023-2A | 6.180% | 10/20/2027 | 480 | 484 | |
| 4,5,6 | Balboa Bay Loan Funding Ltd. Class 2A Series 2023-2, TSFR3M + 1.150% | 5.034% | 10/20/2036 | 1,120 | 1,119 | |
| 4,5 | Bank of America Auto Trust Class A3 Series 2023-1A | 5.530% | 2/15/2028 | 2,398 | 2,415 | |
| 4,5 | Bank of America Auto Trust Class A3 Series 2023-2A | 5.740% | 6/15/2028 | 3,389 | 3,421 | |
| 4,5,6 | Barings CLO Ltd. Class A1 Series 2025-7A, TSFR3M + 1.140% | 4.868% | 1/15/2038 | 1,630 | 1,628 | |
| 4,5,6 | Basswood Park CLO Ltd. Class AR Series 2021-1A, TSFR3M + 1.030% | 4.914% | 4/20/2034 | 950 | 949 | |
| 4,5,6 | Basswood Park CLO Ltd. Class BR Series 2021-1A, TSFR3M + 1.500% | 5.384% | 4/20/2034 | 1,270 | 1,273 | |
1
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 4,5 | Bayview Opportunity Master Fund VII Trust Class B Series 2024-SN1 | 5.670% | 8/15/2028 | 1,350 | 1,360 | |
| 5 | Benchmark Mortgage Trust Class AAB Series 2019-B15 | 2.859% | 12/15/2072 | 1,612 | 1,578 | |
| 5 | BMW Vehicle Lease Trust Class A3 Series 2024-1 | 4.980% | 3/25/2027 | 6,116 | 6,131 | |
| 5 | BMW Vehicle Lease Trust Class A3 Series 2025-1 | 4.430% | 6/26/2028 | 8,100 | 8,170 | |
| 5 | BMW Vehicle Lease Trust Class A4 Series 2024-2 | 4.210% | 2/25/2028 | 5,200 | 5,221 | |
| 5 | BMW Vehicle Lease Trust Class A4 Series 2025-1 | 4.490% | 10/25/2028 | 7,210 | 7,290 | |
| 4,5 | BofA Auto Trust Class A3 Series 2024-1A | 5.350% | 11/15/2028 | 2,923 | 2,952 | |
| 5 | Bridgecrest Lending Auto Securitization Trust Class A3 Series 2025-3 | 4.660% | 1/15/2029 | 5,860 | 5,885 | |
| 5 | Bridgecrest Lending Auto Securitization Trust Class A3 Series 2025-4 | 4.240% | 10/15/2029 | 16,700 | 16,751 | |
| 5 | Bridgecrest Lending Auto Securitization Trust Class B Series 2025-4 | 4.300% | 8/15/2031 | 2,160 | 2,159 | |
| 5 | Bridgecrest Lending Auto Securitization Trust Class C Series 2025-3 | 4.810% | 5/15/2031 | 2,160 | 2,174 | |
| 5 | Bridgecrest Lending Auto Securitization Trust Class C Series 2025-4 | 4.800% | 8/15/2031 | 1,540 | 1,548 | |
| 5 | Capital One Prime Auto Receivables Trust Class A4 Series 2024-1 | 4.660% | 1/15/2030 | 1,170 | 1,189 | |
| 4,5,6 | Capital Street Master Trust Class A Series 2024-1, SOFR30A + 1.350% | 5.324% | 10/16/2028 | 1,160 | 1,160 | |
| 4,5,6 | Capital Street Master Trust Class A Series 2025-1, SOFR30A + 1.100% | 5.074% | 8/16/2029 | 6,190 | 6,177 | |
| 5 | CarMax Auto Owner Trust Class A2A Series 2024-4 | 4.670% | 12/15/2027 | 2,804 | 2,809 | |
| 5 | CarMax Auto Owner Trust Class A3 Series 2023-2 | 5.050% | 1/18/2028 | 2,915 | 2,929 | |
| 5 | CarMax Auto Owner Trust Class A3 Series 2025-3 | 4.350% | 7/15/2030 | 7,410 | 7,474 | |
| 5 | CarMax Auto Owner Trust Class B Series 2023-1 | 4.980% | 1/16/2029 | 860 | 870 | |
| 5 | Carvana Auto Receivables Trust Class A3 Series 2024-P4 | 4.640% | 1/10/2030 | 3,230 | 3,250 | |
| 4,5 | CCG Receivables Trust Class A2 Series 2023-2 | 6.280% | 4/14/2032 | 599 | 606 | |
| 4,5 | CCG Receivables Trust Class A2 Series 2024-1 | 4.990% | 3/15/2032 | 3,824 | 3,856 | |
| 4,5 | CCG Receivables Trust Class A2 Series 2025-1 | 4.480% | 10/14/2032 | 1,984 | 1,995 | |
| 4,5 | CCG Receivables Trust Class A2 Series 2025-2 | 4.140% | 8/15/2034 | 15,040 | 15,072 | |
| 4,5 | Chase Auto Credit Linked Notes Class B Series 2025-1 | 4.753% | 2/25/2033 | 10,546 | 10,626 | |
| 4,5 | Chase Auto Credit Linked Notes Class C Series 2025-1 | 4.851% | 2/25/2033 | 934 | 940 | |
| 4,5 | Chase Auto Credit Linked Notes Class D Series 2025-1 | 5.047% | 2/25/2033 | 350 | 352 | |
| 4,5 | Chase Auto Owner Trust Class A3 Series 2024-1A | 5.130% | 5/25/2029 | 2,731 | 2,756 | |
| 4,5 | Chase Auto Owner Trust Class A3 Series 2025-1A | 4.290% | 6/25/2030 | 7,640 | 7,703 | |
| 4,5 | Chesapeake Funding II LLC Class A1 Series 2023-1A | 5.650% | 5/15/2035 | 749 | 753 | |
| 4,5 | Chesapeake Funding II LLC Class A1 Series 2023-2A | 6.160% | 10/15/2035 | 2,308 | 2,333 | |
| 4,5 | Chesapeake Funding II LLC Class A1 Series 2024-1A | 5.520% | 5/15/2036 | 1,604 | 1,623 | |
| 5 | Citigroup Commercial Mortgage Trust Class AAB Series 2019-GC41 | 2.720% | 8/10/2056 | 608 | 593 | |
| 4,5 | Citizens Auto Receivables Trust Class A3 Series 2023-1 | 5.840% | 1/18/2028 | 1,728 | 1,739 | |
| 4,5 | Citizens Auto Receivables Trust Class A3 Series 2023-2 | 5.830% | 2/15/2028 | 4,013 | 4,040 | |
| 4,5 | Citizens Auto Receivables Trust Class A3 Series 2024-1 | 5.110% | 4/17/2028 | 5,589 | 5,619 | |
| 4,5 | Citizens Auto Receivables Trust Class A3 Series 2024-2 | 5.330% | 8/15/2028 | 7,004 | 7,052 | |
| 5 | CNH Equipment Trust Class A3 Series 2022-A | 2.940% | 7/15/2027 | 969 | 968 | |
| 4,5 | Crossroads Asset Trust Class A2 Series 2025-A | 4.910% | 2/20/2032 | 4,032 | 4,062 | |
| 4,5 | Dell Equipment Finance Trust Class A3 Series 2023-2 | 5.650% | 1/22/2029 | 579 | 580 | |
| 4,5 | Dell Equipment Finance Trust Class A3 Series 2023-3 | 5.930% | 4/23/2029 | 3,111 | 3,128 | |
| 4,5 | Dell Equipment Finance Trust Class A3 Series 2024-1 | 5.390% | 3/22/2030 | 1,289 | 1,298 | |
| 4,5 | Dell Equipment Finance Trust Class A3 Series 2024-2 | 4.590% | 8/22/2030 | 1,500 | 1,511 | |
| 4,5 | Dell Equipment Finance Trust Class A3 Series 2025-1 | 4.610% | 2/24/2031 | 2,160 | 2,184 | |
| 4,5 | Dell Equipment Finance Trust Class A3 Series 2025-2 | 4.120% | 3/24/2031 | 3,630 | 3,642 | |
| 4,5 | Dell Equipment Finance Trust Class B Series 2025-1 | 4.960% | 2/24/2031 | 210 | 213 | |
| 4,5 | Dell Equipment Finance Trust Class C Series 2025-2 | 4.530% | 3/24/2031 | 960 | 962 | |
| 4,5 | Dell Equipment Finance Trust Class D Series 2025-2 | 4.830% | 3/22/2032 | 1,200 | 1,202 | |
| 4,5 | DLLAA LLC Class A2 Series 2025-1A | 4.700% | 10/20/2027 | 2,465 | 2,474 | |
| 4,5 | DLLAA LLC Class A3 Series 2025-1A | 4.950% | 9/20/2029 | 2,630 | 2,685 | |
| 4,5 | DLLAD LLC Class A2 Series 2024-1A | 5.500% | 8/20/2027 | 524 | 526 | |
| 4,5 | DLLAD LLC Class A2 Series 2025-1A | 4.460% | 11/20/2028 | 4,110 | 4,131 | |
| 4,5 | DLLST LLC Class A3 Series 2024-1A | 5.050% | 8/20/2027 | 1,962 | 1,970 | |
| 5 | Drive Auto Receivables Trust Class A3 Series 2024-2 | 4.500% | 9/15/2028 | 7,400 | 7,410 | |
| 5 | Drive Auto Receivables Trust Class A3 Series 2025-1 | 4.730% | 9/15/2032 | 21,860 | 21,970 | |
| 5 | Drive Auto Receivables Trust Class A3 Series 2025-2 | 4.140% | 9/15/2032 | 9,760 | 9,784 | |
| 5 | Drive Auto Receivables Trust Class B Series 2024-1 | 5.310% | 1/16/2029 | 3,889 | 3,906 | |
| 5 | Drive Auto Receivables Trust Class B Series 2024-2 | 4.520% | 7/16/2029 | 4,620 | 4,639 | |
| 5 | Drive Auto Receivables Trust Class B Series 2025-1 | 4.790% | 9/15/2032 | 8,350 | 8,417 | |
| 5 | Drive Auto Receivables Trust Class B Series 2025-2 | 4.140% | 9/15/2032 | 2,640 | 2,637 | |
| 5 | Drive Auto Receivables Trust Class C Series 2025-2 | 4.390% | 9/15/2032 | 7,320 | 7,315 | |
| 4,5,6 | Dryden 113 CLO Ltd. Class AR3 Series 2022-113A, TSFR3M + 1.090% | 4.995% | 10/15/2037 | 440 | 440 | |
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2023-1 | 5.510% | 1/22/2029 | 426 | 427 | |
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2023-2 | 5.560% | 4/22/2030 | 1,160 | 1,166 | |
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2023-3 | 6.400% | 3/20/2030 | 2,829 | 2,864 | |
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2024-1 | 5.230% | 3/20/2030 | 1,088 | 1,096 | |
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2024-2 | 5.740% | 12/20/2026 | 1,020 | 1,024 | |
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2024-3 | 5.310% | 4/20/2027 | 754 | 757 | |
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2024-4 | 4.690% | 7/20/2027 | 1,893 | 1,900 | |
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2025-1 | 4.650% | 10/20/2027 | 1,715 | 1,722 | |
2
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2025-2 | 4.510% | 2/22/2028 | 7,680 | 7,716 | |
| 4,5 | Enterprise Fleet Financing LLC Class A2 Series 2025-3 | 4.500% | 4/20/2028 | 5,960 | 5,990 | |
| 4,5 | Enterprise Fleet Financing LLC Class A3 Series 2025-3 | 4.460% | 9/20/2029 | 5,240 | 5,305 | |
| 4,5 | Evergreen Credit Card Trust Class B Series 2025-CRT5 | 5.240% | 5/15/2029 | 1,170 | 1,185 | |
| 4,5 | Evergreen Credit Card Trust Class C Series 2025-CRT5 | 5.530% | 5/15/2029 | 1,110 | 1,122 | |
| 5 | Exeter Automobile Receivables Trust Class A3 Series 2025-4A | 4.390% | 9/17/2029 | 3,380 | 3,395 | |
| 5 | Exeter Automobile Receivables Trust Class A3 Series 2025-5A | 4.240% | 11/15/2029 | 5,670 | 5,687 | |
| 5 | Exeter Automobile Receivables Trust Class B Series 2025-5A | 4.280% | 7/15/2030 | 2,650 | 2,655 | |
| 5 | Exeter Automobile Receivables Trust Class C Series 2025-5A | 4.680% | 3/15/2032 | 1,920 | 1,926 | |
| 5 | Exeter Select Automobile Receivables Trust Class A3 Series 2025-2 | 4.430% | 8/15/2030 | 2,720 | 2,738 | |
| 5 | Exeter Select Automobile Receivables Trust Class A3 Series 2025-3 | 4.180% | 12/16/2030 | 5,160 | 5,164 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 1A1 Series 2024-R04, SOFR30A + 1.000% | 4.874% | 5/25/2044 | 1,644 | 1,645 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 1A1 Series 2025-R01, SOFR30A + 0.950% | 4.824% | 1/25/2045 | 2,206 | 2,206 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 1A1 Series 2025-R02, SOFR30A + 1.000% | 4.874% | 2/25/2045 | 2,936 | 2,940 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 1A1 Series 2025-R04, SOFR30A + 1.000% | 4.874% | 5/25/2045 | 1,671 | 1,672 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 1A1 Series 2025-R06, SOFR30A + 0.900% | 4.774% | 9/25/2045 | 3,011 | 3,013 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 1M1 Series 2023-R06, SOFR30A + 1.700% | 5.574% | 7/25/2043 | 447 | 448 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 1M1 Series 2024-R01, SOFR30A + 1.050% | 4.924% | 1/25/2044 | 3,429 | 3,424 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 1M1 Series 2024-R02, SOFR30A + 1.100% | 4.974% | 2/25/2044 | 526 | 525 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 1M1 Series 2024-R06, SOFR30A + 1.050% | 4.924% | 9/25/2044 | 166 | 166 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 2A1 Series 2024-R05, SOFR30A + 1.000% | 4.874% | 7/25/2044 | 1,261 | 1,264 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 2A1 Series 2025-R03, SOFR30A + 1.450% | 5.324% | 3/25/2045 | 2,161 | 2,171 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 2A1 Series 2025-R05, SOFR30A + 1.000% | 4.874% | 7/25/2045 | 3,402 | 3,407 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 2M1 Series 2023-R07, SOFR30A + 1.950% | 5.824% | 9/25/2043 | 1,253 | 1,258 | |
| 4,5,6,7 | Fannie Mae Connecticut Avenue Securities Trust Class 2M1 Series 2024-R05, SOFR30A + 1.000% | 4.874% | 7/25/2044 | 447 | 447 | |
| 4,5 | FCCU Auto Receivables Trust Class A3 Series 2025-1A | 4.850% | 6/17/2030 | 4,100 | 4,146 | |
| 4,5,6,7 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Class A1 Series 2025-DNA3, SOFR30A + 0.950% | 4.824% | 9/25/2045 | 5,298 | 5,300 | |
| 5 | Fifth Third Auto Trust Class A3 Series 2023-1 | 5.530% | 8/15/2028 | 7,831 | 7,896 | |
| 4,5 | First Investors Auto Owner Trust Class A3 Series 2025-1A | 4.250% | 7/15/2030 | 7,400 | 7,430 | |
| 4,5 | First Investors Auto Owner Trust Class B Series 2025-1A | 4.390% | 1/15/2031 | 1,670 | 1,676 | |
| 5 | Ford Credit Auto Lease Trust Class A3 Series 2025-A | 4.720% | 6/15/2028 | 4,980 | 5,022 | |
| 5 | Ford Credit Auto Lease Trust Class A4 Series 2024-A | 5.050% | 6/15/2027 | 720 | 723 | |
| 5 | Ford Credit Auto Lease Trust Class A4 Series 2025-A | 4.780% | 2/15/2029 | 2,260 | 2,286 | |
| 5 | Ford Credit Auto Lease Trust Class A4 Series 2025-B | 4.300% | 8/15/2029 | 7,050 | 7,102 | |
| 5 | Ford Credit Auto Lease Trust Class B Series 2023-B | 6.200% | 2/15/2027 | 2,818 | 2,823 | |
| 5 | Ford Credit Auto Lease Trust Class B Series 2024-A | 5.290% | 6/15/2027 | 3,190 | 3,209 | |
| 5 | Ford Credit Auto Lease Trust Class B Series 2024-B | 5.180% | 2/15/2028 | 2,260 | 2,285 | |
| 5 | Ford Credit Auto Lease Trust Class B Series 2025-A | 4.960% | 2/15/2029 | 960 | 972 | |
| 5 | Ford Credit Auto Lease Trust Class B Series 2025-B | 4.520% | 8/15/2029 | 1,250 | 1,258 | |
| 4,5 | Ford Credit Auto Owner Trust Class A Series 2022-1 | 3.880% | 11/15/2034 | 10,300 | 10,301 | |
| 5 | Ford Credit Auto Owner Trust Class A3 Series 2023-A | 4.650% | 2/15/2028 | 1,384 | 1,388 | |
| 5 | Ford Credit Auto Owner Trust Class A3 Series 2023-B | 5.230% | 5/15/2028 | 2,037 | 2,051 | |
| 5 | Ford Credit Auto Owner Trust Class A4 Series 2024-D | 4.660% | 9/15/2030 | 2,040 | 2,079 | |
| 4,5 | Ford Credit Auto Owner Trust Class C Series 2022-1 | 4.670% | 11/15/2034 | 2,670 | 2,679 | |
| 4,5 | Ford Credit Floorplan Master Owner Trust Class A1 Series 2023-1 | 4.920% | 5/15/2028 | 23,710 | 23,786 | |
| 4,5 | Ford Credit Floorplan Master Owner Trust Class A1 Series 2024-1 | 5.290% | 4/15/2029 | 8,650 | 8,803 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class A1 Series 2023-HQA3, SOFR30A + 1.850% | 5.724% | 11/25/2043 | 1,365 | 1,378 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class A1 Series 2024-DNA1, SOFR30A + 1.350% | 5.224% | 2/25/2044 | 2,667 | 2,673 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class A1 Series 2024-DNA3, SOFR30A + 1.050% | 4.924% | 10/25/2044 | 1,061 | 1,061 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class A1 Series 2024-HQA1, SOFR30A + 1.250% | 5.124% | 3/25/2044 | 2,303 | 2,310 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class A1 Series 2025-DNA1, SOFR30A + 0.950% | 4.824% | 1/25/2045 | 704 | 704 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class A1 Series 2025-DNA2, SOFR30A + 1.100% | 4.974% | 5/25/2045 | 2,758 | 2,764 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class A1 Series 2025-DNA4, SOFR30A + 0.900% | 4.774% | 10/25/2045 | 4,042 | 4,047 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class A1 Series 2025-HQA1, SOFR30A + 0.950% | 4.824% | 2/25/2045 | 1,375 | 1,374 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class M1 Series 2024-DNA1, SOFR30A + 1.350% | 5.224% | 2/25/2044 | 2,846 | 2,847 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class M1 Series 2024-DNA2, SOFR30A + 1.200% | 5.074% | 5/25/2044 | 3,529 | 3,533 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class M1 Series 2024-DNA3, SOFR30A + 1.000% | 4.874% | 10/25/2044 | 14 | 14 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class M1 Series 2024-HQA1, SOFR30A + 1.250% | 5.124% | 3/25/2044 | 1,163 | 1,163 | |
| 4,5,6,7 | Freddie Mac STACR REMICS Trust Class M1 Series 2024-HQA2, SOFR30A + 1.200% | 5.074% | 8/25/2044 | 1,879 | 1,881 | |
| 4,5 | GLS Auto Receivables Issuer Trust Class A3 Series 2025-3A | 4.440% | 3/15/2029 | 2,640 | 2,650 | |
| 4,5 | GLS Auto Receivables Issuer Trust Class A3 Series 2025-4A | 4.290% | 7/16/2029 | 6,440 | 6,458 | |
| 4,5 | GLS Auto Receivables Issuer Trust Class B Series 2025-3A | 4.570% | 1/15/2030 | 3,160 | 3,172 | |
| 4,5 | GLS Auto Receivables Issuer Trust Class B Series 2025-4A | 4.530% | 4/15/2030 | 5,000 | 5,020 | |
| 4,5 | GLS Auto Select Receivables Issuer Trust Class A2 Series 2025-4A | 4.170% | 2/18/2031 | 9,250 | 9,276 | |
| 4,5 | GLS Auto Select Receivables Trust Class A2 Series 2025-3A | 4.460% | 10/15/2030 | 6,414 | 6,454 | |
| 5 | GM Financial Automobile Leasing Trust Class A3 Series 2024-1 | 5.090% | 3/22/2027 | 4,142 | 4,152 | |
| 5 | GM Financial Automobile Leasing Trust Class A3 Series 2025-1 | 4.660% | 2/21/2028 | 8,440 | 8,509 | |
| 5 | GM Financial Automobile Leasing Trust Class A3 Series 2025-2 | 4.580% | 5/22/2028 | 11,780 | 11,886 | |
| 5 | GM Financial Automobile Leasing Trust Class A4 Series 2023-3 | 5.440% | 8/20/2027 | 501 | 502 | |
3
Ultra-Short Bond ETF
4
Ultra-Short Bond ETF
5
Ultra-Short Bond ETF
6
Ultra-Short Bond ETF
7
Ultra-Short Bond ETF
8
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Consumer Staples (3.4%) | ||||||
| Altria Group Inc. | 4.400% | 2/14/2026 | 3,450 | 3,449 | ||
| Altria Group Inc. | 2.625% | 9/16/2026 | 11,730 | 11,620 | ||
| Altria Group Inc. | 6.200% | 11/1/2028 | 3,000 | 3,165 | ||
| Archer-Daniels-Midland Co. | 2.500% | 8/11/2026 | 78 | 77 | ||
| BAT Capital Corp. | 3.215% | 9/6/2026 | 8,075 | 8,028 | ||
| BAT Capital Corp. | 4.700% | 4/2/2027 | 6,340 | 6,380 | ||
| BAT Capital Corp. | 3.557% | 8/15/2027 | 12,620 | 12,523 | ||
| BAT Capital Corp. | 2.259% | 3/25/2028 | 1,000 | 963 | ||
| BAT International Finance plc | 1.668% | 3/25/2026 | 11,631 | 11,561 | ||
| BAT International Finance plc | 4.448% | 3/16/2028 | 5,810 | 5,856 | ||
| Campbell's Co. | 5.300% | 3/20/2026 | 5,442 | 5,451 | ||
| Campbell's Co. | 5.200% | 3/19/2027 | 1,000 | 1,013 | ||
| Campbell's Co. | 4.150% | 3/15/2028 | 1,680 | 1,681 | ||
| 4,6 | Cargill Inc., SOFR + 0.610% | 4.431% | 2/11/2028 | 8,000 | 8,009 | |
| Conagra Brands Inc. | 5.300% | 10/1/2026 | 6,012 | 6,063 | ||
| Conagra Brands Inc. | 1.375% | 11/1/2027 | 2,885 | 2,743 | ||
| Constellation Brands Inc. | 3.500% | 5/9/2027 | 3,181 | 3,159 | ||
| Constellation Brands Inc. | 4.350% | 5/9/2027 | 2,580 | 2,590 | ||
| Constellation Brands Inc. | 3.600% | 2/15/2028 | 1,250 | 1,239 | ||
| Dollar General Corp. | 4.125% | 5/1/2028 | 7,563 | 7,576 | ||
| General Mills Inc. | 4.200% | 4/17/2028 | 5,060 | 5,075 | ||
| Haleon US Capital LLC | 3.375% | 3/24/2027 | 1,697 | 1,685 | ||
| J M Smucker Co. | 3.375% | 12/15/2027 | 2,367 | 2,343 | ||
| Kellanova | 4.300% | 5/15/2028 | 2,201 | 2,215 | ||
| Kenvue Inc. | 5.050% | 3/22/2028 | 2,500 | 2,554 | ||
| Kraft Heinz Foods Co. | 3.000% | 6/1/2026 | 633 | 630 | ||
| Kraft Heinz Foods Co. | 3.875% | 5/15/2027 | 14,130 | 14,093 | ||
| Kroger Co. | 3.700% | 8/1/2027 | 1,200 | 1,196 | ||
| 4 | Mars Inc. | 4.600% | 3/1/2028 | 11,530 | 11,686 | |
| McCormick & Co. Inc. | 0.900% | 2/15/2026 | 730 | 727 | ||
| 4,6 | Mitsubishi Corp., SOFR + 0.700% | 4.515% | 9/9/2028 | 9,639 | 9,647 | |
| Mondelez International Inc. | 2.625% | 3/17/2027 | 146 | 144 | ||
| Philip Morris International Inc. | 0.875% | 5/1/2026 | 4,288 | 4,248 | ||
| Philip Morris International Inc. | 4.750% | 2/12/2027 | 3,025 | 3,055 | ||
| Philip Morris International Inc. | 3.125% | 8/17/2027 | 1,989 | 1,967 | ||
| Philip Morris International Inc. | 4.375% | 11/1/2027 | 5,681 | 5,733 | ||
| Philip Morris International Inc. | 5.125% | 11/17/2027 | 3,680 | 3,760 | ||
| Philip Morris International Inc. | 4.875% | 2/15/2028 | 2,680 | 2,731 | ||
| Philip Morris International Inc. | 4.125% | 4/28/2028 | 5,315 | 5,339 | ||
| 6 | Philip Morris International Inc., SOFR + 0.830% | 4.703% | 4/28/2028 | 5,480 | 5,506 | |
| Sysco Corp. | 3.250% | 7/15/2027 | 1,000 | 990 | ||
| Tyson Foods Inc. | 3.550% | 6/2/2027 | 38,077 | 37,819 | ||
| 226,289 | ||||||
| Energy (3.7%) | ||||||
| Boardwalk Pipelines LP | 5.950% | 6/1/2026 | 7,857 | 7,879 | ||
| Boardwalk Pipelines LP | 4.450% | 7/15/2027 | 7,555 | 7,582 | ||
| BP Capital Markets America Inc. | 3.588% | 4/14/2027 | 1,250 | 1,246 | ||
| Canadian Natural Resources Ltd. | 3.850% | 6/1/2027 | 18,188 | 18,142 | ||
| Cheniere Corpus Christi Holdings LLC | 5.125% | 6/30/2027 | 28,040 | 28,319 | ||
| Coterra Energy Inc. | 3.900% | 5/15/2027 | 5,560 | 5,543 | ||
| DCP Midstream Operating LP | 5.625% | 7/15/2027 | 9,810 | 9,993 | ||
| Diamondback Energy Inc. | 3.250% | 12/1/2026 | 5,685 | 5,645 | ||
| Diamondback Energy Inc. | 5.200% | 4/18/2027 | 2,350 | 2,385 | ||
| Empresa Nacional del Petroleo | 3.750% | 8/5/2026 | 953 | 943 | ||
| Enbridge Inc. | 1.600% | 10/4/2026 | 3,243 | 3,186 | ||
| Enbridge Inc. | 5.250% | 4/5/2027 | 4,500 | 4,564 | ||
| Enbridge Inc. | 3.700% | 7/15/2027 | 2,250 | 2,238 | ||
| Energy Transfer LP | 4.750% | 1/15/2026 | 285 | 285 | ||
| Energy Transfer LP | 3.900% | 7/15/2026 | 11,059 | 11,049 | ||
| Energy Transfer LP | 5.500% | 6/1/2027 | 4,629 | 4,705 | ||
| Eni USA Inc. | 7.300% | 11/15/2027 | 1,750 | 1,850 | ||
| 4 | EQT Corp. | 3.125% | 5/15/2026 | 1,122 | 1,117 | |
| EQT Corp. | 6.500% | 7/1/2027 | 750 | 766 | ||
| EQT Corp. | 3.900% | 10/1/2027 | 7,760 | 7,724 | ||
| Galaxy Pipeline Assets Bidco Ltd. | 1.750% | 9/30/2027 | 4,863 | 4,745 | ||
| Kinder Morgan Inc. | 4.300% | 3/1/2028 | 1,554 | 1,562 | ||
| Marathon Petroleum Corp. | 3.800% | 4/1/2028 | 3,000 | 2,984 | ||
| MPLX LP | 1.750% | 3/1/2026 | 652 | 649 | ||
9
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| MPLX LP | 4.125% | 3/1/2027 | 3,500 | 3,502 | ||
| MPLX LP | 4.000% | 3/15/2028 | 1,000 | 998 | ||
| Occidental Petroleum Corp. | 5.000% | 8/1/2027 | 2,565 | 2,613 | ||
| ONEOK Inc. | 4.000% | 7/13/2027 | 3,005 | 3,002 | ||
| ONEOK Inc. | 4.250% | 9/24/2027 | 13,162 | 13,205 | ||
| Ovintiv Inc. | 5.375% | 1/1/2026 | 7,911 | 7,911 | ||
| Ovintiv Inc. | 5.650% | 5/15/2028 | 1,000 | 1,029 | ||
| Phillips 66 | 3.900% | 3/15/2028 | 1,128 | 1,124 | ||
| Phillips 66 Co. | 4.950% | 12/1/2027 | 1,128 | 1,146 | ||
| Phillips 66 Co. | 3.750% | 3/1/2028 | 4,164 | 4,134 | ||
| SA Global Sukuk Ltd. | 1.602% | 6/17/2026 | 10,097 | 9,975 | ||
| Sabine Pass Liquefaction LLC | 5.000% | 3/15/2027 | 2,528 | 2,545 | ||
| Sabine Pass Liquefaction LLC | 4.200% | 3/15/2028 | 7,747 | 7,754 | ||
| 4 | Schlumberger Holdings Corp. | 4.500% | 5/15/2028 | 12,950 | 13,055 | |
| 11 | Southern Gas Corridor CJSC | 6.875% | 3/24/2026 | 8,704 | 8,755 | |
| Spectra Energy Partners LP | 3.375% | 10/15/2026 | 5,599 | 5,572 | ||
| Targa Resources Corp. | 5.200% | 7/1/2027 | 6,863 | 6,973 | ||
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 5.000% | 1/15/2028 | 7,505 | 7,509 | ||
| Tennessee Gas Pipeline Co. LLC | 7.000% | 3/15/2027 | 1,500 | 1,554 | ||
| Transcontinental Gas Pipe Line Co. LLC | 4.000% | 3/15/2028 | 1,250 | 1,248 | ||
| Williams Cos. Inc. | 5.400% | 3/2/2026 | 3,866 | 3,875 | ||
| Williams Cos. Inc. | 3.750% | 6/15/2027 | 8,448 | 8,414 | ||
| 250,994 | ||||||
| Financials (30.4%) | ||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 1.750% | 1/30/2026 | 8,100 | 8,086 | ||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.450% | 4/3/2026 | 2,500 | 2,501 | ||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 2.450% | 10/29/2026 | 13,032 | 12,862 | ||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 6.100% | 1/15/2027 | 1,686 | 1,718 | ||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 6.450% | 4/15/2027 | 5,813 | 5,973 | ||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.650% | 7/21/2027 | 8,366 | 8,315 | ||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.625% | 10/15/2027 | 6,274 | 6,328 | ||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.875% | 4/1/2028 | 1,750 | 1,779 | ||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.750% | 6/6/2028 | 500 | 518 | ||
| Aflac Inc. | 2.875% | 10/15/2026 | 5,225 | 5,183 | ||
| Air Lease Corp. | 2.875% | 1/15/2026 | 3,198 | 3,195 | ||
| Air Lease Corp. | 3.750% | 6/1/2026 | 5,200 | 5,188 | ||
| Air Lease Corp. | 5.300% | 6/25/2026 | 9,000 | 9,043 | ||
| Air Lease Corp. | 1.875% | 8/15/2026 | 12,667 | 12,478 | ||
| Air Lease Corp. | 3.625% | 4/1/2027 | 3,879 | 3,850 | ||
| Air Lease Corp. | 3.625% | 12/1/2027 | 2,578 | 2,549 | ||
| Air Lease Corp. | 5.850% | 12/15/2027 | 625 | 643 | ||
| Air Lease Corp. | 5.300% | 2/1/2028 | 750 | 764 | ||
| Allstate Corp. | 3.280% | 12/15/2026 | 4,970 | 4,943 | ||
| American Express Co. | 3.300% | 5/3/2027 | 750 | 745 | ||
| American Express Co. | 5.389% | 7/28/2027 | 9,553 | 9,626 | ||
| American Express Co. | 5.043% | 7/26/2028 | 1,000 | 1,017 | ||
| 6 | American Express Co., SOFR + 0.810% | 4.747% | 7/20/2029 | 13,650 | 13,659 | |
| 6 | American Express Co., SOFR + 0.930% | 4.828% | 7/26/2028 | 14,080 | 14,133 | |
| Aon Corp. / Aon Global Holdings plc | 2.850% | 5/28/2027 | 3,540 | 3,487 | ||
| Ares Capital Corp. | 2.150% | 7/15/2026 | 6,152 | 6,078 | ||
| Ares Capital Corp. | 7.000% | 1/15/2027 | 5,411 | 5,545 | ||
| 4 | Athene Global Funding | 5.684% | 2/23/2026 | 3,002 | 3,008 | |
| 4 | Athene Global Funding | 5.620% | 5/8/2026 | 29,830 | 29,958 | |
| 4 | Athene Global Funding | 4.950% | 1/7/2027 | 2,660 | 2,680 | |
| 4,6 | Athene Global Funding, SOFR + 1.000% | 4.725% | 9/18/2028 | 25,000 | 25,058 | |
| 4,6 | Athene Global Funding, SOFR + 1.030% | 4.805% | 8/27/2026 | 7,850 | 7,873 | |
| Australia & New Zealand Banking Group Ltd. | 4.750% | 1/18/2027 | 3,310 | 3,342 | ||
| Banco Santander SA | 4.250% | 4/11/2027 | 750 | 752 | ||
| Banco Santander SA | 5.294% | 8/18/2027 | 5,255 | 5,352 | ||
| Banco Santander SA | 1.722% | 9/14/2027 | 2,400 | 2,360 | ||
| Banco Santander SA | 3.800% | 2/23/2028 | 784 | 778 | ||
| Banco Santander SA | 4.175% | 3/24/2028 | 1,500 | 1,501 | ||
| Banco Santander SA | 5.365% | 7/15/2028 | 2,260 | 2,303 | ||
| Banco Santander SA | 5.588% | 8/8/2028 | 500 | 518 | ||
| Banco Santander SA | 6.607% | 11/7/2028 | 1,000 | 1,067 | ||
| 6 | Banco Santander SA, SOFR + 1.120% | 5.097% | 7/15/2028 | 10,200 | 10,259 | |
| Bank of America Corp. | 5.080% | 1/20/2027 | 337 | 337 | ||
| Bank of America Corp. | 1.658% | 3/11/2027 | 23,000 | 22,889 | ||
| Bank of America Corp. | 3.559% | 4/23/2027 | 410 | 409 | ||
10
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Bank of America Corp. | 1.734% | 7/22/2027 | 11,594 | 11,445 | ||
| Bank of America Corp. | 4.183% | 11/25/2027 | 1,000 | 1,002 | ||
| Bank of America Corp. | 3.705% | 4/24/2028 | 5,000 | 4,977 | ||
| Bank of America Corp. | 4.948% | 7/22/2028 | 7,461 | 7,566 | ||
| Bank of America Corp. | 6.204% | 11/10/2028 | 2,000 | 2,078 | ||
| Bank of America Corp. | 3.419% | 12/20/2028 | 16,304 | 16,114 | ||
| Bank of America Corp. | 4.979% | 1/24/2029 | 1,735 | 1,767 | ||
| Bank of America Corp. | 5.202% | 4/25/2029 | 1,470 | 1,506 | ||
| 6 | Bank of America Corp., SOFR + 0.830% | 4.718% | 1/24/2029 | 11,000 | 11,016 | |
| Bank of Montreal | 1.250% | 9/15/2026 | 750 | 736 | ||
| Bank of Montreal | 5.370% | 6/4/2027 | 1,000 | 1,021 | ||
| Bank of Montreal | 4.700% | 9/14/2027 | 750 | 760 | ||
| Bank of Montreal | 4.062% | 9/22/2028 | 19,000 | 19,007 | ||
| Bank of Montreal | 5.004% | 1/27/2029 | 500 | 509 | ||
| 6 | Bank of Montreal, SOFR + 0.750% | 4.475% | 9/22/2028 | 36,000 | 36,026 | |
| 6 | Bank of Montreal, SOFR + 0.860% | 4.756% | 1/27/2029 | 13,334 | 13,355 | |
| Bank of New York Mellon | 4.729% | 4/20/2029 | 3,000 | 3,049 | ||
| Bank of New York Mellon Corp. | 4.441% | 6/9/2028 | 8,782 | 8,848 | ||
| Bank of New York Mellon Corp. | 3.992% | 6/13/2028 | 10,967 | 10,976 | ||
| 6 | Bank of New York Mellon Corp., SOFR + 0.830% | 4.760% | 7/21/2028 | 22,500 | 22,559 | |
| Bank of Nova Scotia | 4.404% | 9/8/2028 | 6,015 | 6,049 | ||
| Bank of Nova Scotia | 4.043% | 9/15/2028 | 4,740 | 4,740 | ||
| 6 | Bank of Nova Scotia, SOFR + 0.760% | 4.483% | 9/15/2028 | 21,284 | 21,290 | |
| 6 | Bank of Nova Scotia, SOFR + 0.890% | 4.699% | 2/14/2029 | 24,966 | 25,000 | |
| 4 | Banque Federative du Credit Mutuel SA | 5.896% | 7/13/2026 | 9,239 | 9,333 | |
| 4 | Banque Federative du Credit Mutuel SA | 4.753% | 7/13/2027 | 10,400 | 10,512 | |
| 4 | BNP Paribas SA | 3.500% | 11/16/2027 | 1,420 | 1,405 | |
| 4 | BNP Paribas SA | 1.904% | 9/30/2028 | 485 | 467 | |
| 4,6 | BNP Paribas SA, SOFR + 1.430% | 5.255% | 5/9/2029 | 5,450 | 5,507 | |
| 4 | BPCE SA | 5.100% | 1/26/2026 | 5,630 | 5,634 | |
| BPCE SA | 3.375% | 12/2/2026 | 1,500 | 1,493 | ||
| 4 | BPCE SA | 4.750% | 7/19/2027 | 6,750 | 6,826 | |
| 4 | BPCE SA | 3.500% | 10/23/2027 | 500 | 495 | |
| Brookfield Finance Inc. | 4.250% | 6/2/2026 | 3,474 | 3,475 | ||
| Brookfield Finance Inc. | 3.900% | 1/25/2028 | 4,384 | 4,371 | ||
| Brown & Brown Inc. | 4.600% | 12/23/2026 | 16,182 | 16,265 | ||
| Canadian Imperial Bank of Commerce | 5.237% | 6/28/2027 | 4,995 | 5,091 | ||
| Canadian Imperial Bank of Commerce | 4.862% | 1/13/2028 | 27,110 | 27,325 | ||
| Canadian Imperial Bank of Commerce | 4.243% | 9/8/2028 | 5,260 | 5,280 | ||
| 6 | Canadian Imperial Bank of Commerce, SOFR + 0.800% | 4.540% | 9/8/2028 | 15,349 | 15,370 | |
| 6 | Canadian Imperial Bank of Commerce, SOFR + 0.930% | 4.658% | 9/11/2027 | 13,140 | 13,177 | |
| Cboe Global Markets Inc. | 3.650% | 1/12/2027 | 3,619 | 3,611 | ||
| Charles Schwab Corp. | 5.875% | 8/24/2026 | 500 | 505 | ||
| Charles Schwab Corp. | 3.200% | 3/2/2027 | 3,003 | 2,980 | ||
| Charles Schwab Corp. | 2.450% | 3/3/2027 | 6,843 | 6,741 | ||
| Charles Schwab Corp. | 3.300% | 4/1/2027 | 1,000 | 994 | ||
| Citibank NA | 4.576% | 5/29/2027 | 2,500 | 2,526 | ||
| Citibank NA | 4.876% | 11/19/2027 | 10,500 | 10,577 | ||
| Citigroup Inc. | 3.200% | 10/21/2026 | 2,500 | 2,486 | ||
| Citigroup Inc. | 1.122% | 1/28/2027 | 482 | 481 | ||
| Citigroup Inc. | 3.887% | 1/10/2028 | 1,471 | 1,468 | ||
| Citigroup Inc. | 3.070% | 2/24/2028 | 7,445 | 7,361 | ||
| Citigroup Inc. | 4.643% | 5/7/2028 | 12,327 | 12,427 | ||
| Citigroup Inc. | 3.668% | 7/24/2028 | 9,227 | 9,171 | ||
| Citigroup Inc. | 3.520% | 10/27/2028 | 15,215 | 15,083 | ||
| Citigroup Inc. | 4.786% | 3/4/2029 | 6,000 | 6,088 | ||
| 6 | Citigroup Inc., SOFR + 0.870% | 4.610% | 3/4/2029 | 12,400 | 12,403 | |
| 6,10 | Commonwealth Bank of Australia, 3M Australian Bank Bill Rate + 1.900% | 5.459% | 4/14/2032 | 2,330 | 1,574 | |
| 4,6 | Commonwealth Bank of Australia, SOFR + 0.640% | 4.411% | 3/14/2028 | 9,129 | 9,172 | |
| 4 | Cooperatieve Rabobank UA | 4.655% | 8/22/2028 | 3,635 | 3,671 | |
| 6 | Cooperatieve Rabobank UA, SOFR + 0.620% | 4.395% | 8/28/2026 | 1,621 | 1,624 | |
| Corebridge Financial Inc. | 3.650% | 4/5/2027 | 22,377 | 22,246 | ||
| 4 | Corebridge Global Funding | 5.350% | 6/24/2026 | 9,370 | 9,430 | |
| 4 | Corebridge Global Funding | 5.750% | 7/2/2026 | 6,210 | 6,264 | |
| 4,6 | Corebridge Global Funding, SOFR + 0.750% | 4.744% | 1/7/2028 | 9,000 | 9,002 | |
| 4 | Credit Agricole SA | 5.589% | 7/5/2026 | 1,708 | 1,722 | |
| 4 | Credit Agricole SA | 4.631% | 9/11/2028 | 5,590 | 5,635 | |
| 4,6 | Credit Agricole SA, SOFR + 1.130% | 5.109% | 1/9/2029 | 7,390 | 7,419 | |
| Deutsche Bank AG | 5.373% | 1/10/2029 | 750 | 765 | ||
| Eaton Vance Corp. | 3.500% | 4/6/2027 | 2,840 | 2,826 | ||
11
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Equifax Inc. | 5.100% | 12/15/2027 | 2,115 | 2,156 | ||
| 4 | Equitable America Global Funding | 3.950% | 9/15/2027 | 4,722 | 4,714 | |
| 4,6 | Equitable America Global Funding, SOFR + 0.710% | 4.433% | 9/15/2027 | 9,722 | 9,719 | |
| 4 | Equitable Financial Life Global Funding | 1.400% | 8/27/2027 | 445 | 427 | |
| Equitable Holdings Inc. | 4.350% | 4/20/2028 | 8,166 | 8,200 | ||
| Fifth Third Bank NA | 4.967% | 1/28/2028 | 6,060 | 6,116 | ||
| 6 | Fifth Third Bank NA, SOFR + 0.810% | 4.698% | 1/28/2028 | 9,960 | 9,974 | |
| Fiserv Inc. | 5.150% | 3/15/2027 | 1,530 | 1,546 | ||
| Fiserv Inc. | 5.450% | 3/2/2028 | 1,750 | 1,792 | ||
| 4 | GA Global Funding Trust | 4.400% | 9/23/2027 | 1,469 | 1,474 | |
| GATX Corp. | 3.250% | 9/15/2026 | 5,343 | 5,311 | ||
| GATX Corp. | 3.850% | 3/30/2027 | 789 | 786 | ||
| Global Payments Inc. | 1.200% | 3/1/2026 | 200 | 199 | ||
| Global Payments Inc. | 4.800% | 4/1/2026 | 2,684 | 2,684 | ||
| Global Payments Inc. | 2.150% | 1/15/2027 | 5,340 | 5,226 | ||
| Global Payments Inc. | 4.950% | 8/15/2027 | 2,557 | 2,587 | ||
| Goldman Sachs Bank USA | 5.283% | 3/18/2027 | 21,870 | 21,918 | ||
| Goldman Sachs Group Inc. | 1.431% | 3/9/2027 | 6,930 | 6,895 | ||
| Goldman Sachs Group Inc. | 1.948% | 10/21/2027 | 750 | 737 | ||
| Goldman Sachs Group Inc. | 2.640% | 2/24/2028 | 9,917 | 9,763 | ||
| Goldman Sachs Group Inc. | 3.615% | 3/15/2028 | 5,840 | 5,807 | ||
| Goldman Sachs Group Inc. | 3.691% | 6/5/2028 | 1,500 | 1,492 | ||
| Goldman Sachs Group Inc. | 4.223% | 5/1/2029 | 1,680 | 1,683 | ||
| 6 | Goldman Sachs Group Inc., SOFR + 0.920% | 4.850% | 10/21/2029 | 10,000 | 9,991 | |
| 4 | HPS Corporate Lending Fund | 5.300% | 6/5/2027 | 16,619 | 16,722 | |
| HPS Corporate Lending Fund | 5.450% | 1/14/2028 | 1,000 | 1,012 | ||
| HSBC Holdings plc | 4.041% | 3/13/2028 | 12,464 | 12,448 | ||
| HSBC Holdings plc | 5.597% | 5/17/2028 | 11,140 | 11,353 | ||
| HSBC Holdings plc | 4.755% | 6/9/2028 | 4,625 | 4,664 | ||
| HSBC Holdings plc | 5.210% | 8/11/2028 | 7,245 | 7,366 | ||
| HSBC Holdings plc | 2.013% | 9/22/2028 | 4,891 | 4,721 | ||
| HSBC Holdings plc | 5.130% | 11/19/2028 | 8,000 | 8,149 | ||
| 6 | HSBC Holdings plc, SOFR + 1.030% | 4.805% | 3/3/2029 | 9,440 | 9,468 | |
| 6 | HSBC Holdings plc, SOFR + 1.040% | 4.844% | 11/19/2028 | 8,400 | 8,437 | |
| HSBC USA Inc. | 5.294% | 3/4/2027 | 2,500 | 2,539 | ||
| Huntington National Bank | 4.871% | 4/12/2028 | 15,593 | 15,722 | ||
| 6 | Huntington National Bank, SOFR + 0.720% | 4.693% | 4/12/2028 | 25,000 | 24,979 | |
| ING Groep NV | 3.950% | 3/29/2027 | 6,290 | 6,288 | ||
| ING Groep NV | 6.083% | 9/11/2027 | 1,500 | 1,520 | ||
| ING Groep NV | 4.017% | 3/28/2028 | 8,378 | 8,379 | ||
| ING Groep NV | 4.550% | 10/2/2028 | 3,338 | 3,379 | ||
| ING Groep NV | 4.858% | 3/25/2029 | 1,000 | 1,015 | ||
| Intercontinental Exchange Inc. | 3.100% | 9/15/2027 | 300 | 296 | ||
| Intercontinental Exchange Inc. | 4.000% | 9/15/2027 | 500 | 501 | ||
| Invesco Finance plc | 3.750% | 1/15/2026 | 8,047 | 8,045 | ||
| Jefferies Financial Group Inc. | 4.750% | 8/11/2026 | 20,380 | 20,329 | ||
| JPMorgan Chase & Co. | 2.947% | 2/24/2028 | 2,675 | 2,643 | ||
| JPMorgan Chase & Co. | 5.571% | 4/22/2028 | 1,490 | 1,520 | ||
| JPMorgan Chase & Co. | 4.323% | 4/26/2028 | 3,990 | 4,006 | ||
| JPMorgan Chase & Co. | 4.979% | 7/22/2028 | 1,000 | 1,015 | ||
| JPMorgan Chase & Co. | 4.915% | 1/24/2029 | 1,300 | 1,324 | ||
| 6 | JPMorgan Chase & Co., SOFR + 0.800% | 4.702% | 1/24/2029 | 20,480 | 20,513 | |
| 6 | JPMorgan Chase & Co., SOFR + 0.860% | 4.773% | 10/22/2028 | 21,436 | 21,522 | |
| 6 | JPMorgan Chase & Co., SOFR + 0.930% | 4.843% | 7/22/2028 | 9,000 | 9,048 | |
| Lloyds Banking Group plc | 3.750% | 3/18/2028 | 750 | 747 | ||
| Lloyds Banking Group plc | 4.375% | 3/22/2028 | 6,799 | 6,841 | ||
| Lloyds Banking Group plc | 3.574% | 11/7/2028 | 5,350 | 5,306 | ||
| Lloyds Banking Group plc | 5.871% | 3/6/2029 | 2,000 | 2,073 | ||
| 6 | Lloyds Banking Group plc, SOFR + 1.060% | 4.849% | 11/26/2028 | 16,257 | 16,338 | |
| Manufacturers & Traders Trust Co. | 3.400% | 8/17/2027 | 1,000 | 987 | ||
| Manufacturers & Traders Trust Co. | 4.700% | 1/27/2028 | 2,000 | 2,028 | ||
| Manufacturers & Traders Trust Co. | 4.762% | 7/6/2028 | 16,377 | 16,522 | ||
| 6 | Marsh & McLennan Cos. Inc., SOFR + 0.700% | 4.525% | 11/8/2027 | 6,480 | 6,509 | |
| Mitsubishi UFJ Financial Group Inc. | 1.538% | 7/20/2027 | 6,100 | 6,016 | ||
| Mitsubishi UFJ Financial Group Inc. | 1.640% | 10/13/2027 | 5,100 | 5,004 | ||
| Mitsubishi UFJ Financial Group Inc. | 2.341% | 1/19/2028 | 1,447 | 1,421 | ||
| Mitsubishi UFJ Financial Group Inc. | 4.080% | 4/19/2028 | 850 | 850 | ||
| Mitsubishi UFJ Financial Group Inc. | 5.017% | 7/20/2028 | 2,788 | 2,829 | ||
| Mizuho Financial Group Inc. | 1.234% | 5/22/2027 | 10,763 | 10,643 | ||
| Mizuho Financial Group Inc. | 1.554% | 7/9/2027 | 7,600 | 7,501 | ||
12
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Moody's Corp. | 3.250% | 1/15/2028 | 1,500 | 1,481 | ||
| Morgan Stanley | 5.050% | 1/28/2027 | 1,039 | 1,040 | ||
| Morgan Stanley | 1.512% | 7/20/2027 | 3,580 | 3,530 | ||
| Morgan Stanley | 6.296% | 10/18/2028 | 2,850 | 2,960 | ||
| Morgan Stanley | 3.772% | 1/24/2029 | 2,439 | 2,425 | ||
| Morgan Stanley | 4.994% | 4/12/2029 | 1,000 | 1,020 | ||
| Morgan Stanley | 5.164% | 4/20/2029 | 500 | 511 | ||
| Morgan Stanley Bank NA | 4.447% | 10/15/2027 | 1,175 | 1,179 | ||
| Morgan Stanley Bank NA | 5.504% | 5/26/2028 | 1,970 | 2,009 | ||
| Morgan Stanley Bank NA | 5.016% | 1/12/2029 | 1,745 | 1,778 | ||
| 6 | Morgan Stanley Bank NA, SOFR + 0.900% | 4.873% | 1/12/2029 | 23,000 | 23,083 | |
| 6 | Morgan Stanley Bank NA, SOFR + 0.940% | 4.886% | 7/14/2028 | 10,705 | 10,749 | |
| Morgan Stanley Private Bank NA | 4.466% | 7/6/2028 | 15,340 | 15,444 | ||
| Morgan Stanley Private Bank NA | 4.204% | 11/17/2028 | 11,000 | 11,032 | ||
| National Bank of Canada | 4.702% | 3/5/2027 | 21,880 | 21,897 | ||
| National Bank of Canada | 5.600% | 7/2/2027 | 9,145 | 9,212 | ||
| National Bank of Canada | 4.950% | 2/1/2028 | 19,970 | 20,166 | ||
| 4 | Nationwide Building Society | 4.850% | 7/27/2027 | 3,085 | 3,128 | |
| NatWest Group plc | 1.642% | 6/14/2027 | 925 | 915 | ||
| NatWest Group plc | 3.073% | 5/22/2028 | 6,300 | 6,220 | ||
| 4 | NatWest Markets plc | 5.416% | 5/17/2027 | 2,850 | 2,906 | |
| 4,6 | NatWest Markets plc, SOFR + 0.800% | 4.629% | 11/6/2028 | 7,250 | 7,255 | |
| Nomura Holdings Inc. | 1.653% | 7/14/2026 | 8,100 | 7,997 | ||
| Nomura Holdings Inc. | 2.329% | 1/22/2027 | 6,795 | 6,676 | ||
| Nomura Holdings Inc. | 5.594% | 7/2/2027 | 10,240 | 10,459 | ||
| Nomura Holdings Inc. | 5.386% | 7/6/2027 | 6,115 | 6,222 | ||
| 6 | PayPal Holdings Inc., SOFR + 0.670% | 4.410% | 3/6/2028 | 11,500 | 11,535 | |
| 4 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 5.750% | 5/24/2026 | 6,064 | 6,093 | |
| 4 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 1.700% | 6/15/2026 | 2,678 | 2,646 | |
| 4 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 3.400% | 11/15/2026 | 756 | 751 | |
| 4 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 5.350% | 1/12/2027 | 2,360 | 2,385 | |
| 4 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 5.700% | 2/1/2028 | 1,455 | 1,497 | |
| PNC Bank NA | 3.100% | 10/25/2027 | 2,250 | 2,223 | ||
| PNC Bank NA | 4.429% | 7/21/2028 | 10,885 | 10,959 | ||
| PNC Bank NA | 4.050% | 7/26/2028 | 1,000 | 1,001 | ||
| PNC Financial Services Group Inc. | 3.150% | 5/19/2027 | 2,721 | 2,695 | ||
| PNC Financial Services Group Inc. | 5.102% | 7/23/2027 | 12,301 | 12,370 | ||
| PNC Financial Services Group Inc. | 6.615% | 10/20/2027 | 24,500 | 24,984 | ||
| PNC Financial Services Group Inc. | 5.582% | 6/12/2029 | 1,000 | 1,037 | ||
| Principal Financial Group Inc. | 3.100% | 11/15/2026 | 2,064 | 2,049 | ||
| Progressive Corp. | 2.500% | 3/15/2027 | 1,000 | 985 | ||
| Reinsurance Group of America Inc. | 3.950% | 9/15/2026 | 500 | 500 | ||
| RenaissanceRe Finance Inc. | 3.450% | 7/1/2027 | 3,810 | 3,778 | ||
| Royal Bank of Canada | 6.000% | 11/1/2027 | 500 | 519 | ||
| Royal Bank of Canada | 4.715% | 3/27/2028 | 8,000 | 8,068 | ||
| Royal Bank of Canada | 4.522% | 10/18/2028 | 812 | 820 | ||
| Royal Bank of Canada | 3.995% | 11/3/2028 | 20,218 | 20,242 | ||
| Royal Bank of Canada | 4.965% | 1/24/2029 | 6,625 | 6,745 | ||
| 6 | Royal Bank of Canada, SOFR + 0.790% | 4.698% | 7/23/2027 | 1,720 | 1,724 | |
| 6 | Royal Bank of Canada, SOFR + 0.830% | 4.732% | 1/24/2029 | 8,772 | 8,786 | |
| 6 | Royal Bank of Canada, SOFR + 0.860% | 4.797% | 10/18/2028 | 20,000 | 20,068 | |
| 4 | Societe Generale SA | 5.250% | 2/19/2027 | 7,800 | 7,888 | |
| 4,6 | Standard Chartered plc, SOFR + 1.240% | 5.170% | 1/21/2029 | 4,980 | 5,014 | |
| State Street Corp. | 4.543% | 4/24/2028 | 5,485 | 5,531 | ||
| State Street Corp. | 4.530% | 2/20/2029 | 4,000 | 4,051 | ||
| 6 | State Street Corp., SOFR + 0.640% | 4.553% | 10/22/2027 | 5,500 | 5,518 | |
| Suci Second Investment Co. | 4.375% | 9/10/2027 | 13,654 | 13,674 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.880% | 7/13/2026 | 1,975 | 1,995 | ||
| Sumitomo Mitsui Financial Group Inc. | 1.402% | 9/17/2026 | 7,285 | 7,152 | ||
| Sumitomo Mitsui Financial Group Inc. | 3.352% | 10/18/2027 | 500 | 495 | ||
| Sumitomo Mitsui Financial Group Inc. | 5.520% | 1/13/2028 | 1,000 | 1,030 | ||
| Sumitomo Mitsui Financial Group Inc. | 1.902% | 9/17/2028 | 5,490 | 5,186 | ||
| 4,6 | Sumitomo Mitsui Trust Bank Ltd., SOFR + 0.750% | 4.533% | 9/11/2028 | 9,640 | 9,662 | |
| 4,6 | Sumitomo Mitsui Trust Bank Ltd., SOFR + 0.980% | 4.765% | 9/10/2027 | 13,140 | 13,246 | |
| 4 | Swedbank AB | 5.337% | 9/20/2027 | 1,000 | 1,022 | |
| Toronto-Dominion Bank | 5.532% | 7/17/2026 | 3,464 | 3,492 | ||
| Toronto-Dominion Bank | 4.568% | 12/17/2026 | 36,000 | 36,220 | ||
| Toronto-Dominion Bank | 4.980% | 4/5/2027 | 607 | 615 | ||
| Toronto-Dominion Bank | 4.108% | 6/8/2027 | 4,053 | 4,063 | ||
| Toronto-Dominion Bank | 4.693% | 9/15/2027 | 5,634 | 5,706 | ||
13
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Toronto-Dominion Bank | 5.156% | 1/10/2028 | 2,568 | 2,628 | ||
| Toronto-Dominion Bank | 4.861% | 1/31/2028 | 3,205 | 3,259 | ||
| Toronto-Dominion Bank | 4.109% | 10/13/2028 | 2,000 | 2,004 | ||
| 6 | Toronto-Dominion Bank, SOFR + 0.750% | 4.720% | 10/13/2028 | 14,000 | 14,009 | |
| 6 | Toronto-Dominion Bank, SOFR + 0.820% | 4.682% | 1/31/2028 | 6,364 | 6,387 | |
| Trinity Acquisition plc | 4.400% | 3/15/2026 | 8,392 | 8,392 | ||
| Truist Bank | 4.671% | 5/20/2027 | 13,513 | 13,538 | ||
| Truist Bank | 4.420% | 7/24/2028 | 39,637 | 39,861 | ||
| Truist Bank | 4.136% | 10/23/2029 | 18,000 | 17,979 | ||
| Truist Financial Corp. | 4.123% | 6/6/2028 | 5,340 | 5,353 | ||
| Truist Financial Corp. | 4.873% | 1/26/2029 | 2,000 | 2,031 | ||
| Truist Financial Corp. | 1.887% | 6/7/2029 | 1,200 | 1,140 | ||
| UBS AG | 4.864% | 1/10/2028 | 11,540 | 11,635 | ||
| 4 | UBS Group AG | 4.125% | 4/15/2026 | 3,380 | 3,381 | |
| 4 | UBS Group AG | 5.711% | 1/12/2027 | 3,478 | 3,479 | |
| 4 | UBS Group AG | 1.305% | 2/2/2027 | 8,580 | 8,558 | |
| 4 | UBS Group AG | 1.494% | 8/10/2027 | 4,500 | 4,427 | |
| 4 | UBS Group AG | 3.869% | 1/12/2029 | 7,200 | 7,160 | |
| 4,6 | UBS Group AG, SOFR + 0.840% | 4.566% | 12/23/2029 | 27,861 | 27,810 | |
| US Bancorp | 6.787% | 10/26/2027 | 5,190 | 5,303 | ||
| US Bancorp | 4.548% | 7/22/2028 | 7,365 | 7,425 | ||
| US Bancorp | 4.653% | 2/1/2029 | 8,303 | 8,406 | ||
| US Bancorp | 5.775% | 6/12/2029 | 2,000 | 2,079 | ||
| US Bank NA | 4.507% | 10/22/2027 | 750 | 753 | ||
| US Bank NA | 4.730% | 5/15/2028 | 24,432 | 24,674 | ||
| 6 | US Bank NA, SOFR + 0.690% | 4.603% | 10/22/2027 | 4,000 | 4,004 | |
| Wells Fargo & Co. | 3.000% | 10/23/2026 | 5,048 | 5,013 | ||
| Wells Fargo & Co. | 4.300% | 7/22/2027 | 3,000 | 3,013 | ||
| Wells Fargo & Co. | 4.900% | 1/24/2028 | 24,280 | 24,491 | ||
| Wells Fargo & Co. | 3.526% | 3/24/2028 | 8,273 | 8,219 | ||
| Wells Fargo & Co. | 5.707% | 4/22/2028 | 10,718 | 10,939 | ||
| Wells Fargo & Co. | 3.584% | 5/22/2028 | 12,975 | 12,889 | ||
| Wells Fargo & Co. | 2.393% | 6/2/2028 | 7,500 | 7,328 | ||
| Wells Fargo & Co. | 4.808% | 7/25/2028 | 750 | 758 | ||
| Wells Fargo & Co. | 4.970% | 4/23/2029 | 4,760 | 4,849 | ||
| 6 | Wells Fargo & Co., SOFR + 0.880% | 4.603% | 9/15/2029 | 1,591 | 1,592 | |
| Willis North America Inc. | 4.650% | 6/15/2027 | 10,615 | 10,697 | ||
| 2,054,836 | ||||||
| Health Care (3.0%) | ||||||
| AbbVie Inc. | 2.950% | 11/21/2026 | 6,447 | 6,401 | ||
| Amgen Inc. | 3.200% | 11/2/2027 | 554 | 547 | ||
| Amgen Inc. | 5.150% | 3/2/2028 | 9,218 | 9,432 | ||
| Amgen Inc. | 1.650% | 8/15/2028 | 3,010 | 2,837 | ||
| Baxter International Inc. | 1.915% | 2/1/2027 | 3,670 | 3,582 | ||
| Becton Dickinson & Co. | 6.700% | 12/1/2026 | 2,307 | 2,351 | ||
| Becton Dickinson & Co. | 3.700% | 6/6/2027 | 2,260 | 2,252 | ||
| Becton Dickinson & Co. | 4.693% | 2/13/2028 | 581 | 588 | ||
| Cardinal Health Inc. | 4.700% | 11/15/2026 | 3,529 | 3,552 | ||
| Cencora Inc. | 3.450% | 12/15/2027 | 870 | 863 | ||
| Cencora Inc. | 4.625% | 12/15/2027 | 3,000 | 3,038 | ||
| Cigna Group | 1.250% | 3/15/2026 | 4,439 | 4,413 | ||
| Cigna Group | 3.400% | 3/1/2027 | 1,500 | 1,491 | ||
| CVS Health Corp. | 5.000% | 2/20/2026 | 3,000 | 3,000 | ||
| CVS Health Corp. | 2.875% | 6/1/2026 | 21,294 | 21,180 | ||
| Elevance Health Inc. | 4.500% | 10/30/2026 | 7,300 | 7,334 | ||
| Elevance Health Inc. | 3.650% | 12/1/2027 | 7,404 | 7,369 | ||
| Elevance Health Inc. | 4.101% | 3/1/2028 | 7,049 | 7,059 | ||
| Elevance Health Inc. | 4.000% | 9/15/2028 | 21,385 | 21,351 | ||
| GE HealthCare Technologies Inc. | 5.650% | 11/15/2027 | 17,000 | 17,497 | ||
| HCA Inc. | 5.250% | 6/15/2026 | 1,500 | 1,502 | ||
| HCA Inc. | 5.375% | 9/1/2026 | 3,250 | 3,255 | ||
| HCA Inc. | 4.500% | 2/15/2027 | 17,500 | 17,538 | ||
| HCA Inc. | 3.125% | 3/15/2027 | 2,500 | 2,474 | ||
| HCA Inc. | 5.000% | 3/1/2028 | 2,000 | 2,038 | ||
| HCA Inc. | 5.200% | 6/1/2028 | 2,000 | 2,050 | ||
| HCA Inc. | 5.625% | 9/1/2028 | 4,000 | 4,123 | ||
| 6 | HCA Inc., SOFR + 0.870% | 4.642% | 3/1/2028 | 1,800 | 1,806 | |
| 4 | Highmark Inc. | 1.450% | 5/10/2026 | 2,700 | 2,670 | |
| Laboratory Corp. of America Holdings | 1.550% | 6/1/2026 | 1,201 | 1,188 | ||
14
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Medtronic Global Holdings SCA | 4.250% | 3/30/2028 | 3,788 | 3,815 | ||
| Shire Acquisitions Investments Ireland DAC | 3.200% | 9/23/2026 | 3,748 | 3,725 | ||
| Solventum Corp. | 5.450% | 2/25/2027 | 6,664 | 6,760 | ||
| UnitedHealth Group Inc. | 3.700% | 5/15/2027 | 1,814 | 1,811 | ||
| Zimmer Biomet Holdings Inc. | 4.700% | 2/19/2027 | 21,624 | 21,802 | ||
| Zoetis Inc. | 4.150% | 8/17/2028 | 2,010 | 2,021 | ||
| 204,715 | ||||||
| Industrials (2.3%) | ||||||
| 4 | BAE Systems plc | 5.000% | 3/26/2027 | 8,039 | 8,136 | |
| Boeing Co. | 2.750% | 2/1/2026 | 1,310 | 1,308 | ||
| Boeing Co. | 2.196% | 2/4/2026 | 1,470 | 1,467 | ||
| Boeing Co. | 2.700% | 2/1/2027 | 4,641 | 4,574 | ||
| Boeing Co. | 5.040% | 5/1/2027 | 15,765 | 15,927 | ||
| Boeing Co. | 6.259% | 5/1/2027 | 1,820 | 1,868 | ||
| Boeing Co. | 3.250% | 3/1/2028 | 7,000 | 6,869 | ||
| 10 | Brisbane Airport Corp. Pty Ltd. | 3.100% | 6/30/2026 | 1,550 | 1,028 | |
| Caterpillar Financial Services Corp. | 2.400% | 8/9/2026 | 682 | 676 | ||
| CNH Industrial Capital LLC | 4.500% | 10/8/2027 | 7,124 | 7,166 | ||
| CSX Corp. | 3.250% | 6/1/2027 | 750 | 744 | ||
| 4 | Daimler Truck Finance North America LLC | 5.150% | 1/16/2026 | 3,848 | 3,850 | |
| 4 | Daimler Truck Finance North America LLC | 5.000% | 1/15/2027 | 5,075 | 5,125 | |
| 4 | Daimler Truck Finance North America LLC | 5.125% | 9/25/2027 | 3,325 | 3,377 | |
| Honeywell International Inc. | 1.100% | 3/1/2027 | 500 | 485 | ||
| Honeywell International Inc. | 4.650% | 7/30/2027 | 7,965 | 8,066 | ||
| Honeywell International Inc. | 4.950% | 2/15/2028 | 1,000 | 1,021 | ||
| Huntington Ingalls Industries Inc. | 3.483% | 12/1/2027 | 4,249 | 4,204 | ||
| Ingersoll Rand Inc. | 5.197% | 6/15/2027 | 16,179 | 16,443 | ||
| Johnson Controls International plc | 3.900% | 2/14/2026 | 1,940 | 1,939 | ||
| 10 | Lonsdale Finance Pty Ltd. | 2.450% | 11/20/2026 | 8,620 | 5,647 | |
| Northrop Grumman Corp. | 3.200% | 2/1/2027 | 5,320 | 5,283 | ||
| Northrop Grumman Corp. | 3.250% | 1/15/2028 | 3,000 | 2,960 | ||
| PACCAR Financial Corp. | 4.500% | 11/25/2026 | 500 | 503 | ||
| PACCAR Financial Corp. | 5.000% | 5/13/2027 | 989 | 1,005 | ||
| Parker-Hannifin Corp. | 3.250% | 3/1/2027 | 500 | 496 | ||
| 10 | Qantas Airways Ltd. | 4.750% | 10/12/2026 | 1,410 | 941 | |
| RTX Corp. | 2.650% | 11/1/2026 | 2,030 | 2,009 | ||
| RTX Corp. | 3.125% | 5/4/2027 | 18,255 | 18,065 | ||
| RTX Corp. | 7.200% | 8/15/2027 | 2,000 | 2,101 | ||
| Ryder System Inc. | 2.900% | 12/1/2026 | 2,000 | 1,981 | ||
| Ryder System Inc. | 2.850% | 3/1/2027 | 500 | 494 | ||
| Ryder System Inc. | 5.650% | 3/1/2028 | 2,122 | 2,190 | ||
| Southwest Airlines Co. | 5.125% | 6/15/2027 | 16,628 | 16,836 | ||
| 10 | WSO Finance Pty Ltd. | 4.500% | 3/31/2027 | 4,580 | 3,055 | |
| 6,10 | WSO Finance Pty Ltd., 3M Australian Bank Bill Rate + 2.000% | 5.559% | 7/14/2026 | 780 | 521 | |
| 158,360 | ||||||
| Materials (1.7%) | ||||||
| ArcelorMittal SA | 6.550% | 11/29/2027 | 4,770 | 4,966 | ||
| Corp. Nacional del Cobre de Chile | 3.625% | 8/1/2027 | 7,511 | 7,436 | ||
| Ecolab Inc. | 2.700% | 11/1/2026 | 1,230 | 1,219 | ||
| Freeport-McMoRan Inc. | 4.125% | 3/1/2028 | 1,541 | 1,537 | ||
| 4 | Glencore Funding LLC | 4.000% | 3/27/2027 | 10,534 | 10,525 | |
| 4 | Glencore Funding LLC | 3.875% | 10/27/2027 | 5,022 | 5,006 | |
| 4,6 | Glencore Funding LLC, SOFR + 0.750% | 4.477% | 10/1/2026 | 24,000 | 24,026 | |
| LYB International Finance II BV | 3.500% | 3/2/2027 | 1,000 | 995 | ||
| Mosaic Co. | 4.050% | 11/15/2027 | 7,256 | 7,257 | ||
| Nucor Corp. | 4.300% | 5/23/2027 | 1,000 | 1,007 | ||
| Nutrien Ltd. | 4.000% | 12/15/2026 | 2,659 | 2,659 | ||
| Nutrien Ltd. | 4.500% | 3/12/2027 | 4,680 | 4,707 | ||
| Nutrien Ltd. | 5.200% | 6/21/2027 | 3,335 | 3,391 | ||
| Nutrien Ltd. | 4.900% | 3/27/2028 | 4,314 | 4,391 | ||
| Owens Corning | 3.400% | 8/15/2026 | 1,200 | 1,194 | ||
| Owens Corning | 5.500% | 6/15/2027 | 750 | 765 | ||
| Rio Tinto Finance USA plc | 4.500% | 3/14/2028 | 1,000 | 1,012 | ||
| 6 | Rio Tinto Finance USA plc, SOFR + 0.840% | 4.563% | 3/14/2028 | 8,970 | 9,038 | |
| Sherwin-Williams Co. | 3.450% | 6/1/2027 | 2,052 | 2,037 | ||
| Sherwin-Williams Co. | 4.550% | 3/1/2028 | 3,300 | 3,339 | ||
| Sonoco Products Co. | 4.450% | 9/1/2026 | 9,414 | 9,429 | ||
| Sonoco Products Co. | 2.250% | 2/1/2027 | 3,719 | 3,646 | ||
| Steel Dynamics Inc. | 1.650% | 10/15/2027 | 2,000 | 1,922 | ||
15
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| WRKCo Inc. | 4.000% | 3/15/2028 | 1,067 | 1,064 | ||
| 112,568 | ||||||
| Real Estate (4.3%) | ||||||
| Alexandria Real Estate Equities Inc. | 3.800% | 4/15/2026 | 750 | 749 | ||
| Alexandria Real Estate Equities Inc. | 3.950% | 1/15/2027 | 6,951 | 6,932 | ||
| American Homes 4 Rent LP | 4.250% | 2/15/2028 | 4,014 | 4,024 | ||
| American Tower Corp. | 1.600% | 4/15/2026 | 7,022 | 6,970 | ||
| American Tower Corp. | 3.375% | 10/15/2026 | 2,324 | 2,312 | ||
| American Tower Corp. | 2.750% | 1/15/2027 | 3,962 | 3,910 | ||
| American Tower Corp. | 3.125% | 1/15/2027 | 1,191 | 1,180 | ||
| American Tower Corp. | 3.650% | 3/15/2027 | 6,000 | 5,972 | ||
| American Tower Corp. | 3.550% | 7/15/2027 | 8,719 | 8,657 | ||
| American Tower Corp. | 3.600% | 1/15/2028 | 4,750 | 4,705 | ||
| American Tower Corp. | 1.500% | 1/31/2028 | 4,000 | 3,795 | ||
| American Tower Corp. | 5.500% | 3/15/2028 | 4,725 | 4,860 | ||
| AvalonBay Communities Inc. | 3.350% | 5/15/2027 | 1,000 | 992 | ||
| AvalonBay Communities Inc. | 3.200% | 1/15/2028 | 831 | 819 | ||
| Boston Properties LP | 3.650% | 2/1/2026 | 6,036 | 6,027 | ||
| Boston Properties LP | 6.750% | 12/1/2027 | 1,250 | 1,308 | ||
| Brixmor Operating Partnership LP | 4.125% | 6/15/2026 | 8,200 | 8,193 | ||
| Brixmor Operating Partnership LP | 2.250% | 4/1/2028 | 2,285 | 2,193 | ||
| 10 | BWP Property Group Ltd. | 3.300% | 4/10/2026 | 1,970 | 1,311 | |
| Camden Property Trust | 5.850% | 11/3/2026 | 1,625 | 1,649 | ||
| COPT Defense Properties LP | 2.250% | 3/15/2026 | 2,500 | 2,489 | ||
| Crown Castle Inc. | 4.450% | 2/15/2026 | 2,522 | 2,520 | ||
| Crown Castle Inc. | 3.700% | 6/15/2026 | 2,760 | 2,754 | ||
| Crown Castle Inc. | 2.900% | 3/15/2027 | 1,368 | 1,348 | ||
| Crown Castle Inc. | 3.650% | 9/1/2027 | 5,691 | 5,646 | ||
| CubeSmart LP | 3.125% | 9/1/2026 | 18,180 | 18,047 | ||
| Digital Realty Trust LP | 3.700% | 8/15/2027 | 5,051 | 5,025 | ||
| Digital Realty Trust LP | 5.550% | 1/15/2028 | 20,411 | 20,977 | ||
| DOC DR LLC | 4.300% | 3/15/2027 | 4,782 | 4,790 | ||
| DOC DR LLC | 3.950% | 1/15/2028 | 2,596 | 2,582 | ||
| Equinix Inc. | 1.800% | 7/15/2027 | 5,750 | 5,561 | ||
| Equinix Inc. | 1.550% | 3/15/2028 | 500 | 475 | ||
| ERP Operating LP | 3.250% | 8/1/2027 | 1,000 | 990 | ||
| Essex Portfolio LP | 3.375% | 4/15/2026 | 240 | 239 | ||
| Essex Portfolio LP | 3.625% | 5/1/2027 | 1,500 | 1,494 | ||
| Essex Portfolio LP | 1.700% | 3/1/2028 | 2,500 | 2,373 | ||
| Extra Space Storage LP | 3.500% | 7/1/2026 | 3,764 | 3,752 | ||
| Extra Space Storage LP | 3.875% | 12/15/2027 | 8,135 | 8,114 | ||
| Extra Space Storage LP | 5.700% | 4/1/2028 | 6,000 | 6,200 | ||
| Healthpeak OP LLC | 3.250% | 7/15/2026 | 500 | 498 | ||
| Healthpeak OP LLC | 1.350% | 2/1/2027 | 5,909 | 5,739 | ||
| Kimco Realty OP LLC | 1.900% | 3/1/2028 | 1,663 | 1,597 | ||
| Kite Realty Group LP | 4.000% | 10/1/2026 | 4,613 | 4,606 | ||
| Mid-America Apartments LP | 3.600% | 6/1/2027 | 11,645 | 11,611 | ||
| Mid-America Apartments LP | 4.200% | 6/15/2028 | 4,490 | 4,508 | ||
| NNN REIT Inc. | 3.600% | 12/15/2026 | 2,897 | 2,886 | ||
| Omega Healthcare Investors Inc. | 4.500% | 4/1/2027 | 23,432 | 23,512 | ||
| Omega Healthcare Investors Inc. | 4.750% | 1/15/2028 | 4,500 | 4,537 | ||
| Prologis LP | 3.250% | 10/1/2026 | 4,750 | 4,729 | ||
| Public Storage Operating Co. | 1.500% | 11/9/2026 | 1,000 | 980 | ||
| Public Storage Operating Co. | 3.094% | 9/15/2027 | 500 | 494 | ||
| Realty Income Corp. | 4.450% | 9/15/2026 | 5,250 | 5,255 | ||
| Realty Income Corp. | 4.125% | 10/15/2026 | 1,345 | 1,346 | ||
| Realty Income Corp. | 3.950% | 8/15/2027 | 5,770 | 5,773 | ||
| Rexford Industrial Realty LP | 5.000% | 6/15/2028 | 500 | 509 | ||
| Simon Property Group LP | 3.250% | 11/30/2026 | 8,291 | 8,247 | ||
| Simon Property Group LP | 3.375% | 6/15/2027 | 635 | 631 | ||
| Tanger Properties LP | 3.875% | 7/15/2027 | 3,369 | 3,351 | ||
| UDR Inc. | 3.500% | 7/1/2027 | 5,000 | 4,960 | ||
| Ventas Realty LP | 4.125% | 1/15/2026 | 1,766 | 1,766 | ||
| Ventas Realty LP | 3.250% | 10/15/2026 | 1,233 | 1,225 | ||
| Ventas Realty LP | 3.850% | 4/1/2027 | 2,800 | 2,794 | ||
| Ventas Realty LP | 4.000% | 3/1/2028 | 3,250 | 3,245 | ||
| Welltower OP LLC | 4.250% | 4/15/2028 | 1,500 | 1,510 | ||
| Weyerhaeuser Co. | 4.750% | 5/15/2026 | 3,846 | 3,854 | ||
| Weyerhaeuser Co. | 6.950% | 10/1/2027 | 2,005 | 2,101 | ||
16
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| WP Carey Inc. | 4.250% | 10/1/2026 | 2,711 | 2,714 | ||
| 286,912 | ||||||
| Technology (3.4%) | ||||||
| Broadcom Inc. | 5.050% | 7/12/2027 | 9,673 | 9,841 | ||
| Cadence Design Systems Inc. | 4.200% | 9/10/2027 | 3,670 | 3,693 | ||
| Dell Inc. | 7.100% | 4/15/2028 | 500 | 531 | ||
| Dell International LLC / EMC Corp. | 4.900% | 10/1/2026 | 10,534 | 10,584 | ||
| Dell International LLC / EMC Corp. | 5.250% | 2/1/2028 | 1,555 | 1,590 | ||
| Dell International LLC / EMC Corp. | 4.750% | 4/1/2028 | 3,498 | 3,549 | ||
| Hewlett Packard Enterprise Co. | 1.750% | 4/1/2026 | 7,581 | 7,536 | ||
| Hewlett Packard Enterprise Co. | 4.450% | 9/25/2026 | 19,058 | 19,109 | ||
| Hewlett Packard Enterprise Co. | 4.050% | 9/15/2027 | 9,970 | 9,973 | ||
| Hewlett Packard Enterprise Co. | 4.400% | 9/25/2027 | 4,854 | 4,880 | ||
| 6 | Hewlett Packard Enterprise Co., SOFR + 0.960% | 4.683% | 9/15/2028 | 5,500 | 5,516 | |
| HP Inc. | 1.450% | 6/17/2026 | 750 | 741 | ||
| HP Inc. | 3.000% | 6/17/2027 | 6,561 | 6,462 | ||
| HP Inc. | 4.750% | 1/15/2028 | 6,689 | 6,770 | ||
| IBM International Capital Pte Ltd. | 4.600% | 2/5/2027 | 860 | 866 | ||
| Intel Corp. | 4.875% | 2/10/2026 | 2,250 | 2,250 | ||
| Intel Corp. | 2.600% | 5/19/2026 | 1,300 | 1,292 | ||
| Intel Corp. | 3.750% | 3/25/2027 | 5,740 | 5,715 | ||
| Intel Corp. | 3.150% | 5/11/2027 | 4,250 | 4,199 | ||
| Intel Corp. | 3.750% | 8/5/2027 | 8,680 | 8,632 | ||
| Intel Corp. | 4.875% | 2/10/2028 | 22,286 | 22,608 | ||
| International Business Machines Corp. | 3.300% | 1/27/2027 | 500 | 497 | ||
| International Business Machines Corp. | 2.200% | 2/9/2027 | 4,561 | 4,478 | ||
| International Business Machines Corp. | 1.700% | 5/15/2027 | 5,510 | 5,356 | ||
| International Business Machines Corp. | 4.150% | 7/27/2027 | 2,000 | 2,011 | ||
| International Business Machines Corp. | 6.220% | 8/1/2027 | 1,000 | 1,037 | ||
| Kyndryl Holdings Inc. | 2.050% | 10/15/2026 | 383 | 377 | ||
| NXP BV / NXP Funding LLC / NXP USA Inc. | 3.875% | 6/18/2026 | 12,811 | 12,796 | ||
| NXP BV / NXP Funding LLC / NXP USA Inc. | 3.150% | 5/1/2027 | 1,855 | 1,835 | ||
| NXP BV / NXP Funding LLC / NXP USA Inc. | 4.400% | 6/1/2027 | 4,750 | 4,770 | ||
| Oracle Corp. | 2.650% | 7/15/2026 | 7,608 | 7,541 | ||
| Oracle Corp. | 3.250% | 11/15/2027 | 5,500 | 5,387 | ||
| Oracle Corp. | 2.300% | 3/25/2028 | 19,172 | 18,287 | ||
| Oracle Corp. | 4.800% | 8/3/2028 | 1,680 | 1,688 | ||
| 6 | Oracle Corp., SOFR + 0.760% | 4.614% | 8/3/2028 | 4,740 | 4,675 | |
| Roper Technologies Inc. | 3.800% | 12/15/2026 | 1,464 | 1,461 | ||
| Synopsys Inc. | 4.550% | 4/1/2027 | 14,549 | 14,653 | ||
| Teledyne Technologies Inc. | 2.250% | 4/1/2028 | 625 | 601 | ||
| Workday Inc. | 3.500% | 4/1/2027 | 6,666 | 6,625 | ||
| 230,412 | ||||||
| Utilities (3.1%) | ||||||
| 10 | AGI Finance Pty Ltd. | 2.119% | 6/24/2027 | 3,960 | 2,548 | |
| Ameren Corp. | 5.700% | 12/1/2026 | 3,150 | 3,193 | ||
| Ameren Corp. | 1.950% | 3/15/2027 | 6,751 | 6,595 | ||
| Ameren Corp. | 1.750% | 3/15/2028 | 560 | 532 | ||
| American Electric Power Co. Inc. | 5.750% | 11/1/2027 | 4,500 | 4,639 | ||
| American Electric Power Co. Inc. | 3.200% | 11/13/2027 | 2,459 | 2,424 | ||
| American Water Capital Corp. | 2.950% | 9/1/2027 | 3,500 | 3,449 | ||
| Arizona Public Service Co. | 2.950% | 9/15/2027 | 1,600 | 1,574 | ||
| Atmos Energy Corp. | 3.000% | 6/15/2027 | 4,470 | 4,424 | ||
| 10 | Ausgrid Finance Pty Ltd. | 1.814% | 2/5/2027 | 5,710 | 3,695 | |
| 10 | AusNet Services Holdings Pty Ltd. | 4.400% | 8/16/2027 | 1,700 | 1,128 | |
| Berkshire Hathaway Energy Co. | 3.250% | 4/15/2028 | 1,602 | 1,579 | ||
| CenterPoint Energy Houston Electric LLC | 2.400% | 9/1/2026 | 1,000 | 990 | ||
| CenterPoint Energy Inc. | 1.450% | 6/1/2026 | 1,000 | 989 | ||
| CenterPoint Energy Resources Corp. | 5.250% | 3/1/2028 | 1,356 | 1,390 | ||
| CMS Energy Corp. | 3.000% | 5/15/2026 | 1,000 | 996 | ||
| CMS Energy Corp. | 3.450% | 8/15/2027 | 2,750 | 2,725 | ||
| Commonwealth Edison Co. | 2.950% | 8/15/2027 | 1,858 | 1,833 | ||
| 6 | Consolidated Edison Co. of New York Inc., SOFR + 0.520% | 4.324% | 11/18/2027 | 6,260 | 6,270 | |
| Dominion Energy Inc. | 1.450% | 4/15/2026 | 976 | 969 | ||
| DTE Energy Co. | 4.950% | 7/1/2027 | 22,207 | 22,499 | ||
| Duke Energy Corp. | 2.650% | 9/1/2026 | 16,183 | 16,045 | ||
| Duke Energy Corp. | 3.150% | 8/15/2027 | 652 | 645 | ||
| Duke Energy Corp. | 4.300% | 3/15/2028 | 6,229 | 6,264 | ||
| 4 | Evergy Missouri West Inc. | 5.150% | 12/15/2027 | 330 | 336 | |
17
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Eversource Energy | 5.450% | 3/1/2028 | 750 | 769 | ||
| FirstEnergy Corp. | 3.900% | 7/15/2027 | 20,900 | 20,831 | ||
| Florida Power & Light Co. | 3.300% | 5/30/2027 | 1,391 | 1,383 | ||
| ITC Holdings Corp. | 3.250% | 6/30/2026 | 6,838 | 6,807 | ||
| ITC Holdings Corp. | 3.350% | 11/15/2027 | 4,932 | 4,876 | ||
| 4 | Jersey Central Power & Light Co. | 4.150% | 1/15/2029 | 2,800 | 2,797 | |
| National Fuel Gas Co. | 5.500% | 10/1/2026 | 2,452 | 2,477 | ||
| National Rural Utilities Cooperative Finance Corp. | 4.750% | 2/7/2028 | 1,089 | 1,106 | ||
| 10 | Network Finance Co. Pty Ltd. | 2.250% | 11/11/2026 | 4,080 | 2,670 | |
| NextEra Energy Capital Holdings Inc. | 1.875% | 1/15/2027 | 1,000 | 979 | ||
| NextEra Energy Capital Holdings Inc. | 3.550% | 5/1/2027 | 3,711 | 3,690 | ||
| NextEra Energy Capital Holdings Inc. | 4.625% | 7/15/2027 | 2,478 | 2,506 | ||
| NextEra Energy Capital Holdings Inc. | 4.685% | 9/1/2027 | 9,205 | 9,314 | ||
| NextEra Energy Capital Holdings Inc. | 4.850% | 2/4/2028 | 3,010 | 3,066 | ||
| NextEra Energy Capital Holdings Inc. | 4.900% | 2/28/2028 | 5,750 | 5,859 | ||
| NiSource Inc. | 3.490% | 5/15/2027 | 560 | 557 | ||
| Pinnacle West Capital Corp. | 4.900% | 5/15/2028 | 1,827 | 1,861 | ||
| PPL Capital Funding Inc. | 3.100% | 5/15/2026 | 7,520 | 7,492 | ||
| Sempra | 5.400% | 8/1/2026 | 8,401 | 8,453 | ||
| Sempra | 3.250% | 6/15/2027 | 1,240 | 1,226 | ||
| Southern California Edison Co. | 4.400% | 9/6/2026 | 2,225 | 2,228 | ||
| 10 | United Energy Distribution Pty Ltd. | 2.200% | 10/29/2026 | 2,190 | 1,435 | |
| 10 | Victoria Power Networks Finance Pty Ltd. | 1.603% | 4/21/2026 | 3,600 | 2,384 | |
| Virginia Electric & Power Co. | 2.950% | 11/15/2026 | 500 | 496 | ||
| Virginia Electric & Power Co. | 3.750% | 5/15/2027 | 750 | 749 | ||
| 5 | Virginia Power Fuel Securitization LLC | 5.088% | 5/1/2029 | 1,703 | 1,714 | |
| 4 | Vistra Operations Co. LLC | 5.050% | 12/30/2026 | 1,540 | 1,551 | |
| 4 | Vistra Operations Co. LLC | 3.700% | 1/30/2027 | 790 | 785 | |
| WEC Energy Group Inc. | 4.750% | 1/9/2026 | 293 | 293 | ||
| WEC Energy Group Inc. | 5.600% | 9/12/2026 | 414 | 418 | ||
| WEC Energy Group Inc. | 1.375% | 10/15/2027 | 6,727 | 6,433 | ||
| Wisconsin Power & Light Co. | 3.050% | 10/15/2027 | 3,655 | 3,599 | ||
| 208,535 | ||||||
| Total Corporate Bonds (Cost $4,220,127) | 4,241,589 | |||||
| Sovereign Bonds (2.3%) | ||||||
| 4 | Caisse d'Amortissement de la Dette Sociale | 4.875% | 9/19/2026 | 13,117 | 13,212 | |
| Caisse d'Amortissement de la Dette Sociale | 4.250% | 1/24/2027 | 8,199 | 8,235 | ||
| CDP Financial Inc. | 1.000% | 5/26/2026 | 4,800 | 4,746 | ||
| 4 | CDP Financial Inc. | 1.000% | 5/26/2026 | 5,500 | 5,438 | |
| Dominican Republic | 5.950% | 1/25/2027 | 6,775 | 6,849 | ||
| 5 | Dominican Republic | 8.625% | 4/20/2027 | 1,010 | 1,043 | |
| Kingdom of Morocco | 2.375% | 12/15/2027 | 1,855 | 1,782 | ||
| Kingdom of Saudi Arabia | 3.250% | 10/26/2026 | 5,240 | 5,210 | ||
| Ontario Teachers' Finance Trust | 0.875% | 9/21/2026 | 11,550 | 11,315 | ||
| Province of Alberta | 2.050% | 8/17/2026 | 11,553 | 11,439 | ||
| Province of British Columbia | 0.900% | 7/20/2026 | 22,878 | 22,518 | ||
| Republic of Chile | 2.750% | 1/31/2027 | 4,455 | 4,384 | ||
| Republic of Guatemala | 4.500% | 5/3/2026 | 580 | 579 | ||
| Republic of Guatemala | 4.375% | 6/5/2027 | 2,218 | 2,202 | ||
| Republic of Paraguay | 5.000% | 4/15/2026 | 1,350 | 1,352 | ||
| Republic of Poland | 3.250% | 4/6/2026 | 9,302 | 9,280 | ||
| 12 | Republic of Serbia | 3.125% | 5/15/2027 | 6,586 | 7,698 | |
| Republic of South Africa | 4.875% | 4/14/2026 | 2,490 | 2,490 | ||
| Republic of South Africa | 4.850% | 9/27/2027 | 7,130 | 7,220 | ||
| 12 | State of Israel | 5.000% | 10/30/2026 | 8,142 | 9,737 | |
| 12 | State of Israel | 1.500% | 1/18/2027 | 1,095 | 1,269 | |
| Sultanate of Oman | 4.750% | 6/15/2026 | 10,209 | 10,215 | ||
| Sultanate of Oman | 5.375% | 3/8/2027 | 1,609 | 1,627 | ||
| Sultanate of Oman | 6.750% | 10/28/2027 | 2,500 | 2,603 | ||
| Total Sovereign Bonds (Cost $151,394) | 152,443 | |||||
| Shares | ||||||
| Temporary Cash Investments (5.0%) | ||||||
| Money Market Fund (0.5%) | ||||||
| 13 | Vanguard Market Liquidity Fund | 3.780% | 339,725 | 33,972 | ||
18
Ultra-Short Bond ETF
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| U.S. Government and Agency Obligations (4.5%) | ||||||
| United States Treasury Bill | 3.490%–3.499% | 12/24/2026 | 314,503 | 304,085 | ||
| Total Temporary Cash Investments (Cost $338,053) | 338,057 | |||||
| Total Investments (99.4%) (Cost $6,676,299) | 6,709,542 | |||||
| Other Assets and Liabilities—Net (0.6%) | 42,618 | |||||
| Net Assets (100%) | 6,752,160 | |||||
| Cost is in $000. | ||||||
| • | See Note A in Notes to Financial Statements. |
| 1 | Securities with a value of $287 have been segregated as collateral for open forward currency contracts. |
| 2 | Securities with a value of $1,661 have been segregated as initial margin for open centrally cleared swap contracts. |
| 3 | Securities with a value of $3,046 have been segregated as initial margin for open futures contracts. |
| 4 | 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 December 31, 2025, the aggregate value was $1,722,935, representing 25.5% of net assets. |
| 5 | 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. |
| 6 | 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. |
| 7 | 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. |
| 8 | Security value determined using significant unobservable inputs. |
| 9 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2025. |
| 10 | Face amount denominated in Australian dollars. |
| 11 | Guaranteed by the Republic of Azerbaijan. |
| 12 | Face amount denominated in euro. |
| 13 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3M—3-month. | |
| CLO—Collateralized Loan Obligation. | |
| DAC—Designated Activity Company. | |
| REIT—Real Estate Investment Trust. | |
| REMICS—Real Estate Mortgage Investment Conduits. | |
| SOFR—Secured Overnight Financing Rate. | |
| SOFR30A—30 Day Average Secured Overnight Financing Rate. | |
| TSFR3M—CME Term Secured Overnight Financing Rate 3-Month. |
Derivative Financial
Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| 2-Year U.S. Treasury Note | March 2026 | 33 | 6,890 | (1) |
| Short Futures Contracts | ||||
| 5-Year U.S. Treasury Note | March 2026 | (1,120) | (122,421) | 396 |
| Euro-Schatz | March 2026 | (67) | (8,408) | 8 |
| 404 | ||||
| 403 | ||||
| Forward Currency Contracts | |||||||
| Counterparty | Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | |||
| Receive | Deliver | ||||||
| Toronto-Dominion Bank | 3/18/2026 | AUD | 53 | USD | 36 | — | — |
| Toronto-Dominion Bank | 3/18/2026 | USD | 34,450 | AUD | 52,053 | — | (289) |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | USD | 6,129 | AUD | 9,273 | — | (60) |
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Ultra-Short Bond ETF
| Forward Currency Contracts (continued) | |||||||
| Counterparty | Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | |||
| Receive | Deliver | ||||||
| State Street Bank & Trust Co. | 3/18/2026 | USD | 3,884 | AUD | 5,864 | — | (30) |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | USD | 18,538 | EUR | 15,856 | — | (164) |
| — | (543) | ||||||
| AUD—Australian dollar. |
| EUR—euro. |
| USD—U.S. dollar. |
| Centrally Cleared Interest Rate Swaps | ||||||
| Termination Date | Future Effective Date | Notional Amount ($000) | Interest Rate Received (%) | Interest Rate (Paid) (%) | Value ($000) | Unrealized Appreciation (Depreciation) ($000) |
| 12/22/2026 | N/A | 706,000 | 3.4341 | (3.731)2 | (144) | (116) |
| 12/22/2027 | N/A | 244,000 | 3.7313 | (3.278)4 | 209 | 179 |
| 65 | 63 | |||||
| 1 | Interest payment received/(paid) at maturity. |
| 2 | Based on Secured Overnight Financing Rate (SOFR) as of the most recent reset date. Interest payment received/(paid) at maturity. |
| 3 | Based on Secured Overnight Financing Rate (SOFR) as of the most recent reset date. Interest payment received/(paid) annually. |
| 4 | Interest payment received/(paid) annually. |
See accompanying Notes,
which are an integral part of the Financial Statements.
20
Ultra-Short Bond ETF
Statement of Assets and Liabilities
As of December 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $6,642,327) | 6,675,570 |
| Affiliated Issuers (Cost $33,972) | 33,972 |
| Total Investments in Securities | 6,709,542 |
| Investment in Vanguard | 152 |
| Foreign Currency, at Value (Cost $164) | 162 |
| Receivables for Accrued Income | 49,623 |
| Receivables for Capital Shares Issued | 1,006 |
| Variation Margin Receivable—Futures Contracts | 185 |
| Variation Margin Receivable—Centrally Cleared Swap Contracts | 6 |
| Total Assets | 6,760,676 |
| Liabilities | |
| Due to Custodian | 136 |
| Payables for Investment Securities Purchased | 7,546 |
| Payables to Vanguard | 291 |
| Unrealized Depreciation—Forward Currency Contracts | 543 |
| Total Liabilities | 8,516 |
| Net Assets | 6,752,160 |
| At December 31, 2025, net assets consisted of: | |
| Paid-in Capital | 6,738,299 |
| Total Distributable Earnings (Loss) | 13,861 |
| Net Assets | 6,752,160 |
| Net Assets | |
| Applicable to 135,550,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,752,160 |
| Net Asset Value Per Share | $49.81 |
See accompanying Notes,
which are an integral part of the Financial Statements.
21
Ultra-Short Bond ETF
Statement of Operations
| Year Ended December 31, 2025 | |
| ($000) | |
| Investment Income | |
| Income | |
| Interest1 | 259,448 |
| Total Income | 259,448 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 1,032 |
| Management and Administrative | 3,876 |
| Marketing and Distribution | 265 |
| Custodian Fees | 35 |
| Auditing Fees | 37 |
| Shareholders’ Reports and Proxy Fees | 155 |
| Trustees’ Fees and Expenses | 3 |
| Other Expenses | 18 |
| Total Expenses | 5,421 |
| Net Investment Income | 254,027 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold1,2 | 13,146 |
| Futures Contracts | (6,193) |
| Options Purchased | (70) |
| Options Written | 141 |
| Swap Contracts | 504 |
| Forward Currency Contracts | (737) |
| Foreign Currencies | (57) |
| Realized Net Gain (Loss) | 6,734 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities1 | 15,401 |
| Futures Contracts | 403 |
| Options Purchased | (89) |
| Options Written | 292 |
| Swap Contracts | (371) |
| Forward Currency Contracts | (1,638) |
| Foreign Currencies | 29 |
| Change in Unrealized Appreciation (Depreciation) | 14,027 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 274,788 |
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,216, ($10), and ($3), respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $1,493 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes,
which are an integral part of the Financial Statements.
22
Ultra-Short Bond ETF
Statement of Changes in Net Assets
| Year Ended December 31, | ||
| 2025 ($000) | 2024 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 254,027 | 225,219 |
| Realized Net Gain (Loss) | 6,734 | 15,360 |
| Change in Unrealized Appreciation (Depreciation) | 14,027 | 971 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 274,788 | 241,550 |
| Distributions | ||
| Total Distributions | (253,166) | (226,200) |
| Capital Share Transactions | ||
| Issued | 2,960,485 | 1,418,561 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (637,830) | (1,119,459) |
| Net Increase (Decrease) from Capital Share Transactions | 2,322,655 | 299,102 |
| Total Increase (Decrease) | 2,344,277 | 314,452 |
| Net Assets | ||
| Beginning of Period | 4,407,883 | 4,093,431 |
| End of Period | 6,752,160 | 4,407,883 |
See accompanying Notes,
which are an integral part of the Financial Statements.
23
Ultra-Short Bond ETF
Financial Highlights
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | April 05 20211 to December 31, | |||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $49.58 | $49.41 | $48.95 | $49.93 | $50.00 |
| Investment Operations | |||||
| Net Investment Income2 | 2.335 | 2.553 | 2.237 | .827 | .138 |
| Net Realized and Unrealized Gain (Loss) on Investments | .200 | .176 | .425 | (1.044) | (.077) |
| Total from Investment Operations | 2.535 | 2.729 | 2.662 | (.217) | .061 |
| Distributions | |||||
| Dividends from Net Investment Income | (2.305) | (2.559) | (2.202) | (.763) | (.123) |
| Distributions from Realized Capital Gains | — | — | — | — | (.008) |
| Total Distributions | (2.305) | (2.559) | (2.202) | (.763) | (.131) |
| Net Asset Value, End of Period | $49.81 | $49.58 | $49.41 | $48.95 | $49.93 |
| Total Return | 5.22% | 5.66% | 5.56% | -0.43% | 0.12% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $6,752 | $4,408 | $4,093 | $3,265 | $2,040 |
| Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10%3 | 0.10%3 | 0.10%3 | 0.10%4 |
| Ratio of Net Investment Income to Average Net Assets | 4.69% | 5.15% | 4.55% | 1.68% | 0.37%4 |
| Portfolio Turnover Rate5 | 65% | 62% | 73% | 73% | 22% |
| 1 | Inception. |
| 2 | Calculated based on average shares outstanding. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
| 4 | Annualized. |
| 5 | 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.
24
Ultra-Short Bond ETF
Notes to Financial Statements
Vanguard Ultra-Short Bond ETF
is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. ETF Shares are listed for trading on Cboe BZX Exchange, Inc; they can be purchased and sold through a
broker.
| A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices
or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Structured debt securities, including
mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted
average coupon, weighted average maturity, credit enhancements, and collateral, as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary
markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
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. Swaptions: The fund
invests in options on swaps, which are transacted over-the-counter (OTC) and not on an exchange. The fund enters into swaptions to adjust the fund’s sensitivity to interest rates or to adjust its exposure to the
underlying investments. The fund may purchase a swaption from a counterparty whereby the fund has the right to enter into a swap in which the fund will pay either a fixed percentage rate or a floating rate, which is
reset periodically based on short-term interest rates, and receive a different floating rate, each applied to a notional amount. The fund may also sell a swaption to a counterparty whereby the fund grants the
counterparty the right to enter into a swap in which the fund will pay a floating rate and receive a fixed rate, each applied to a notional amount. Swaptions also include options that allow an existing swap to be
terminated or extended by one of the counterparties. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC
options generally are established through negotiation with the other party to the option contract. Although this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its needs,
OTC options generally involve greater credit risk than exchange-traded options. Credit risk involves the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund
mitigates its counterparty risk by entering into swaptions with a diverse group of prequalified counterparties and monitoring their financial strength.
The primary risk associated
with purchasing swaptions is that interest rates or the value of the underlying investments move in such a way that the exercise price of the swaption exceeds the value of the underlying investment, the position is
worthless at expiration, and the fund loses the premium paid. The primary risk associated with selling swaptions is that interest rates or the value of the underlying investments move in such a way that the exercise
price of the swaption exceeds the value of the underlying investment, the counterparty exercises the swaption, and the resulting interest rate swap results in a negative cash flow to the fund in an amount greater than
the premium received. A risk associated with all types of swaptions is the possibility that a counterparty may default on its obligations under the swaption contract.
Swaptions are valued based on
market quotations received from independent pricing services or recognized dealers. The premium paid for a purchased swaption is recorded in the Statement of Assets and Liabilities as an asset and is subsequently
adjusted daily based on the current market value of the swaption. The premium received for a written swaption is recorded in the Statement of Assets and Liabilities as an asset with an equal liability and is
subsequently adjusted daily based on the current market value of the swaption. The notional amounts of option contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of
swaptions are recorded in the Statement of Operations as unrealized appreciation (depreciation) until expired, closed, or exercised, at which time realized gains (losses) are recognized.
During the year ended December
31, 2025, the fund’s average value of investments in swaptions purchased and swaptions written represented less than 1% of net assets, respectively, based on the average market values at each quarter-end during
the period.
The fund had no open swaption
contracts at December 31, 2025.
4. 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.
During the year ended December
31, 2025, the fund’s average investments in long and short futures contracts represented 1% and 3% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the
period.
25
Ultra-Short Bond ETF
5. 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 December
31, 2025, the fund’s average investment in forward currency contracts represented 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.
6. Swap Contracts: The
fund invests in credit default swaps to adjust the overall credit risk of the fund or to actively overweight or underweight credit risk to a specific issuer or group of issuers. The fund may sell credit protection
through credit default swaps to simulate investments in long positions that are either unavailable or considered to be less attractively priced in the bond market. The fund may purchase credit protection through
credit default swaps to reduce credit exposure to a given issuer or issuers. Under the terms of the swaps, an up-front payment may be exchanged between the seller and buyer. In addition, the seller of the credit
protection receives a periodic payment of premium from the buyer that is a fixed percentage applied to a notional amount. If, for example, the reference entity is subject to a credit event (such as bankruptcy, failure
to pay, or obligation acceleration) during the term of the swap, the seller agrees to either physically settle or cash settle the swap contract. If the swap is physically settled, the seller agrees to pay the buyer an
amount equal to the notional amount and take delivery of a debt instrument of the reference issuer with a par amount equal to such notional amount. If the swap is cash settled, the seller agrees to pay the buyer the
difference between the notional amount and the final price for the relevant debt instrument, as determined either in a market auction or pursuant to a pre-agreed-upon valuation procedure.
The fund enters into interest
rate swap transactions to adjust the fund’s sensitivity to changes in interest rates and maintain the ability to generate income at prevailing market rates. Under the terms of the swaps, one party pays the other
either an amount that is a fixed percentage rate or a floating rate, which is reset periodically based on short-term interest rates, applied to a notional amount. In return, the counterparty agrees to pay a different
floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount.
The fund enters into centrally
cleared credit default and interest rate swaps to achieve the same objectives specified with respect to the equivalent over-the-counter swaps but with less counterparty risk because a regulated clearinghouse is the
counterparty instead of the clearing broker or executing broker. The clearinghouse imposes initial margin requirements to secure the fund’s performance, and requires daily settlement of variation margin
representing changes in the market value of each contract. To further mitigate counterparty risk, the fund trades with a diverse group of prequalified executing brokers; monitors the financial strength of its clearing
brokers, executing brokers, and clearinghouse; and has entered into agreements with its clearing brokers and executing brokers.
A risk associated with all
types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on
the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting
arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be
repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either
party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions
whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the
termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral
received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two
business days.
The notional amounts of swap
contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is
recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the seller of credit protection is required to take
delivery (or, in a cash settled swap, pay the settlement amount determined) upon occurrence of a credit event, periodic payments are made, or the swap terminates, at which time realized gain (loss) is recorded. The
net premium to be received or paid by the fund under swap contracts is accrued daily and recorded as realized gain (loss) over the life of the contract.
During the year ended December
31, 2025, the fund’s average amounts of investments in credit protection sold and credit protection purchased represented 0% of net assets, based on the average of the notional amounts at each quarter-end during
the period. The average amount of
26
Ultra-Short Bond ETF
investments in interest rate swaps
represented 14% of net assets, based on the average of notional amounts at each quarter-end during the period.
The fund had no open credit default swap
contracts at December 31, 2025.
7. 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.
8. 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.
9. 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 December
31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
10. 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. 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.
| 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. |
Effective January 12, 2026,
Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC. The fund’s expense ratios and investment objectives remain unchanged.
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2025, the fund had contributed to Vanguard capital in the amount of $152,000, representing less than 0.01% of the fund’s
net assets and 0.06% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| C. | 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.
27
Ultra-Short Bond ETF
The following table summarizes
the market value of the fund’s investments and derivatives as of December 31, 2025, 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 | — | 188,594 | — | 188,594 |
| Asset-Backed/Commercial Mortgage-Backed Securities | — | 1,779,519 | 9,340 | 1,788,859 |
| Corporate Bonds | — | 4,241,589 | — | 4,241,589 |
| Sovereign Bonds | — | 152,443 | — | 152,443 |
| Temporary Cash Investments | 33,972 | 304,085 | — | 338,057 |
| Total | 33,972 | 6,666,230 | 9,340 | 6,709,542 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 404 | — | — | 404 |
| Swap Contracts1 | — | 179 | — | 179 |
| Total | 404 | 179 | — | 583 |
| Liabilities | ||||
| Futures Contracts1 | (1) | — | — | (1) |
| Forward Currency Contracts | — | (543) | — | (543) |
| Swap Contracts1 | — | (116) | — | (116) |
| Total | (1) | (659) | — | (660) |
| 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. |
| D. | At December 31, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
| Statement of Assets and Liabilities | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Credit Contracts ($000) | Total ($000) |
| Unrealized Appreciation—Futures Contracts1 | 404 | — | — | 404 |
| Unrealized Appreciation—Centrally Cleared Swap Contracts1 | 179 | — | — | 179 |
| Total Assets | 583 | — | — | 583 |
| Unrealized Depreciation—Futures Contracts1 | (1) | — | — | (1) |
| Unrealized Depreciation—Centrally Cleared Swap Contracts1 | (116) | — | — | (116) |
| Unrealized Depreciation—Forward Currency Contracts | — | (543) | — | (543) |
| Total Liabilities | (117) | (543) | — | (660) |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized net gain (loss) and
the change in unrealized appreciation (depreciation) on derivatives for the year ended December 31, 2025, were:
| Realized Net Gain (Loss) on Derivatives | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Credit Contracts ($000) | Total ($000) |
| Futures Contracts | (6,193) | — | — | (6,193) |
| Options Purchased | (70) | — | — | (70) |
| Options Written | 141 | — | — | 141 |
| Swap Contracts | (37) | — | 541 | 504 |
| Forward Currency Contracts | — | (737) | — | (737) |
| Realized Net Gain (Loss) on Derivatives | (6,159) | (737) | 541 | (6,355) |
28
Ultra-Short Bond ETF
| Change in Unrealized Appreciation (Depreciation) on Derivatives | Interest Rate Contracts ($000) | Foreign Exchange Contracts ($000) | Credit Contracts ($000) | Total ($000) |
| Futures Contracts | 403 | — | — | 403 |
| Options Purchased | (89) | — | — | (89) |
| Options Written | 292 | — | — | 292 |
| Swap Contracts | (371) | — | — | (371) |
| Forward Currency Contracts | — | (1,638) | — | (1,638) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 235 | (1,638) | — | (1,403) |
| E. | 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, 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 | 1,487 |
| Total Distributable Earnings (Loss) | (1,487) |
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, the recognition of gain or loss from foreign currency hedges, and the treatment of amortization adjustments from certain fixed income securities. 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 | 1,216 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 29,676 |
| Capital Loss Carryforwards | (17,031) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 13,861 |
The tax character of
distributions paid was as follows:
| Year Ended December 31, | ||
| 2025 Amount ($000) | 2024 Amount ($000) | |
| Ordinary Income* | 253,166 | 226,200 |
| Long-Term Capital Gains | — | — |
| Total | 253,166 | 226,200 |
| * | Includes short-term capital gains, if any. |
As of December 31, 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 | 6,679,957 |
| Gross Unrealized Appreciation | 30,635 |
| Gross Unrealized Depreciation | (959) |
| Net Unrealized Appreciation (Depreciation) | 29,676 |
| F. | During the year ended December 31, 2025, the fund purchased $3,207,305,000 of investment securities and sold $2,232,554,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $1,291,863,000 and $1,104,029,000, respectively. In addition, the fund purchased and sold investment securities of $1,367,788,000 and $352,028,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
29
Ultra-Short Bond ETF
| G. | Capital shares issued and redeemed were: |
| Year Ended December 31, | ||
| 2025 Shares (000) | 2024 Shares (000) | |
| Issued | 59,500 | 28,650 |
| Issued in Lieu of Cash Distributions | — | — |
| Redeemed | (12,850) | (22,600) |
| Net Increase (Decrease) in Shares Outstanding | 46,650 | 6,050 |
| H. | 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.
At December 31, 2025, one
shareholder was the record or beneficial owner of 27% of the fund’s net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund’s
expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.
| I. | 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. |
| J. | Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements. |
30
Report of Independent Registered Public Accounting
Firm
To the Board of Trustees of
Vanguard Bond Index Funds and Shareholders of Vanguard Ultra-Short Bond ETF
Opinion on the Financial
Statements
We have audited the
accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Ultra-Short Bond ETF (one of the funds constituting Vanguard Bond Index Funds, referred to hereafter as the "Fund")
as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the
related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period April 5, 2021 (inception) through December 31, 2021 (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 December 31, 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 December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period
April 5, 2021 (inception) through December 31, 2021 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 December 31, 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
February 19, 2026
Philadelphia, Pennsylvania
February 19, 2026
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
31
Tax information
(unaudited)
The fund hereby designates for
the fiscal year $12,906,000, 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.
The fund hereby designates
100%, 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
71.6%, or if subsequently determined to be different, the maximum percentage allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.
Q9310 022026
32
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.
A majority of independent trustees of the board of Vanguard Short-Term Bond Index Fund, Vanguard Intermediate-Term Bond Index Fund, Vanguard Long-Term Bond Index Fund, Vanguard Ultra-Short Bond ETF, Vanguard Inflation-Protected Securities Fund, Vanguard Total Bond Market Fund and Vanguard Total Bond Market II Fund have approved a restructuring of each fund’s management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The trustees determined that approving the advisory arrangements was in the best interests of each fund and its shareholders.
The Trustees based their decisions upon an evaluation of VCM’s investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard’s Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee’s decisions.
Nature, extent, and quality of services
The Trustees considered the quality of the investment management services to be provided to the funds and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group, now within VCM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Fixed Income Group emphasizes a disciplined and repeatable approach to risk-taking and security selection, with the objective of delivering tight tracking error and consistent, risk-adjusted alpha.
The Trustees concluded that VCM’s experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangements.
Investment performance
The Trustees determined that VCM’s Fixed Income Group, in its management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes.
Cost
The Trustees concluded that each fund’s expense ratio will remain below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses will also continue to be below the peer-group average.
The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VCM because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The Trustees concluded that each fund’s arrangement with Vanguard, and services rendered through VCM, ensure that each fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The Trustees will consider whether to renew the advisory arrangements 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 BOND INDEX FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER | ||
Date: February 23, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| VANGUARD BOND INDEX FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER | ||
Date: February 23, 2026
| VANGUARD BOND INDEX FUNDS | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER | ||
Date: February 23, 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.