NPORT-EX 2 vg_ftsesocial.htm
Vanguard® FTSE Social Index Fund
Schedule of Investments (unaudited)
As of May 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.
    Shares Market
Value
($000)
Common Stocks (99.9%)
Basic Materials (1.1%)
  Linde plc    254,686    119,086
  Newmont Corp. (XNYS)    603,949     31,840
  Fastenal Co.    606,593     25,077
  Nucor Corp.    124,273     13,590
  International Paper Co.    277,320     13,259
  International Flavors & Fragrances Inc.    135,468     10,371
  Steel Dynamics Inc.     75,897      9,341
  CF Industries Holdings Inc.     91,953      8,341
  Avery Dennison Corp.     42,424      7,540
  Westlake Corp.     17,789      1,264
                  239,709
Consumer Discretionary (16.9%)
* Amazon.com Inc.  4,975,612  1,020,050
* Tesla Inc.  1,473,284    510,434
* Netflix Inc.    226,811    273,813
  Costco Wholesale Corp.    235,007    244,450
  Home Depot Inc.    525,800    193,647
  McDonald's Corp.    381,947    119,874
  Walt Disney Co.    962,579    108,810
  Booking Holdings Inc.     17,548     96,846
* Uber Technologies Inc.  1,077,388     90,673
  TJX Cos. Inc.    600,639     76,221
  Lowe's Cos. Inc.    299,506     67,607
* MercadoLibre Inc.     24,959     63,977
* Spotify Technology SA     77,884     51,804
  Starbucks Corp.    600,583     50,419
* O'Reilly Automotive Inc.     30,647     41,910
  NIKE Inc. Class B    626,589     37,965
* Chipotle Mexican Grill Inc.    724,004     36,258
* AutoZone Inc.      8,942     33,381
  Royal Caribbean Cruises Ltd.    125,614     32,279
  Marriott International Inc. Class A    119,997     31,659
  Hilton Worldwide Holdings Inc.    126,921     31,532
* Airbnb Inc. Class A    226,865     29,266
* Roblox Corp. Class A    278,266     24,204
  Ross Stores Inc.    172,483     24,163
* Copart Inc.    462,196     23,794
  Target Corp.    245,207     23,052
  Ford Motor Co.  2,080,522     21,596
  Yum! Brands Inc.    149,294     21,489
* Take-Two Interactive Software Inc.     93,826     21,231
  Electronic Arts Inc.    140,027     20,133
* Lululemon Athletica Inc.     61,562     19,495
* Carvana Co.     57,323     18,754
  eBay Inc.    253,632     18,558
* Trade Desk Inc. Class A    236,563     17,794
* Coupang Inc.    613,645     17,213
  Garmin Ltd.     82,046     16,653
  Tractor Supply Co.    282,857     13,690
  Lennar Corp. Class A    121,378     12,876
* Warner Bros Discovery Inc.  1,286,004     12,821
* Carnival Corp.    543,710     12,625
* Ulta Beauty Inc.     24,523     11,562
* Live Nation Entertainment Inc.     83,663     11,478
  Dollar General Corp.    116,397     11,320
  Expedia Group Inc.     64,816     10,808
* Liberty Media Corp.-Liberty Formula One Class C    110,721     10,688
  PulteGroup Inc.    108,043     10,591
* NVR Inc.      1,484     10,560
    Shares Market
Value
($000)
  Williams-Sonoma Inc.     64,587     10,448
* Dollar Tree Inc.    107,135      9,670
  Genuine Parts Co.     73,715      9,326
  Domino's Pizza Inc.     18,421      8,728
* Deckers Outdoor Corp.     80,362      8,480
  Rollins Inc.    148,073      8,477
* Aptiv plc    124,280      8,303
  Estee Lauder Cos. Inc. Class A    122,089      8,173
* Burlington Stores Inc.     33,592      7,668
  Omnicom Group Inc.    102,497      7,527
  Best Buy Co. Inc.    112,792      7,476
* Rivian Automotive Inc. Class A    447,263      6,499
  Fox Corp. Class A    117,038      6,430
  Pool Corp.     19,753      5,937
  News Corp. Class A    201,367      5,687
* CarMax Inc.     82,001      5,286
  Interpublic Group of Cos. Inc.    197,033      4,721
  Fox Corp. Class B     70,229      3,531
* United Airlines Holdings Inc.     43,660      3,468
  Southwest Airlines Co.     79,524      2,654
  News Corp. Class B     60,472      1,979
* Liberty Media Corp.-Liberty Formula One Class A     12,703      1,119
  Lennar Corp. Class B      6,288        637
                3,802,247
Consumer Staples (4.2%)
  Procter & Gamble Co.  1,250,808    212,500
  Coca-Cola Co.  2,057,836    148,370
  PepsiCo Inc.    728,775     95,798
  McKesson Corp.     67,283     48,411
  Mondelez International Inc. Class A    709,798     47,904
  CVS Health Corp.    668,582     42,816
  Colgate-Palmolive Co.    430,737     40,033
  Cencora Inc.     91,798     26,735
  Corteva Inc.    364,494     25,806
  Kimberly-Clark Corp.    175,622     25,247
  Kenvue Inc.  1,014,747     24,222
  Kroger Co.    351,540     23,986
* Monster Beverage Corp.    374,431     23,945
  Keurig Dr Pepper Inc.    672,203     22,633
  Sysco Corp.    260,425     19,011
  General Mills Inc.    292,203     15,855
  Church & Dwight Co. Inc.    129,261     12,708
  Kraft Heinz Co.    470,932     12,588
  Hershey Co.     77,167     12,400
  Archer-Daniels-Midland Co.    252,652     12,196
  Kellanova    138,908     11,478
  McCormick & Co. Inc.    133,459      9,706
  Clorox Co.     65,737      8,669
  Tyson Foods Inc. Class A    148,947      8,365
  J M Smucker Co.     54,683      6,158
  Conagra Brands Inc.    252,523      5,780
  Bunge Global SA     70,355      5,498
  Hormel Foods Corp.    153,640      4,714
  Campbell's Co.    101,716      3,462
                  956,994
Energy (0.0%)
* First Solar Inc.     56,488      8,930
Financials (10.6%)
  JPMorgan Chase & Co.  1,489,275    393,169
  Bank of America Corp.  3,529,758    155,768
  Goldman Sachs Group Inc.    159,911     96,019
  Progressive Corp.    309,853     88,286
  S&P Global Inc.    165,886     85,076
  Morgan Stanley    607,906     77,830
  Charles Schwab Corp.    878,208     77,581
  Blackrock Inc.     78,254     76,680
  Citigroup Inc.  1,003,177     75,559
  Chubb Ltd.    214,454     63,736
    Shares Market
Value
($000)
  Marsh & McLennan Cos. Inc.    261,334     61,063
  CME Group Inc.    190,529     55,063
  Intercontinental Exchange Inc.    301,159     54,148
  Blackstone Inc.    382,446     53,068
  Arthur J Gallagher & Co.    130,269     45,261
  Moody's Corp.     83,751     40,144
  Aon plc Class A (XNYS)    104,046     38,713
  PNC Financial Services Group Inc.    210,451     36,578
  Apollo Global Management Inc.    276,495     36,135
  US Bancorp    826,351     36,021
  Bank of New York Mellon Corp.    380,838     33,746
  Travelers Cos. Inc.    119,812     33,032
  Aflac Inc.    292,592     30,295
  Allstate Corp.    139,188     29,211
  American International Group Inc.    330,446     27,969
  Truist Financial Corp.    707,329     27,940
* Coinbase Global Inc. Class A    107,353     26,475
  Ameriprise Financial Inc.     50,976     25,959
  MetLife Inc.    306,741     24,104
* Robinhood Markets Inc. Class A    355,981     23,548
  MSCI Inc.     40,274     22,715
* NU Holdings Ltd. Class A  1,719,264     20,648
  Hartford Insurance Group Inc.    153,371     19,914
  Prudential Financial Inc.    190,454     19,786
  Nasdaq Inc.    218,246     18,232
  Arch Capital Group Ltd.    191,136     18,166
  Willis Towers Watson plc     53,354     16,889
  LPL Financial Holdings Inc.     41,915     16,228
  Ares Management Corp. Class A     98,029     16,224
  M&T Bank Corp.     88,048     16,081
  Raymond James Financial Inc.    107,372     15,782
  Broadridge Financial Solutions Inc.     62,039     15,065
  State Street Corp.    155,132     14,936
  Brown & Brown Inc.    126,530     14,285
  Fifth Third Bancorp    357,943     13,670
* Markel Group Inc.      6,711     13,031
  Cboe Global Markets Inc.     55,888     12,805
  Cincinnati Financial Corp.     81,107     12,233
  Huntington Bancshares Inc.    764,911     11,956
  W R Berkley Corp.    155,677     11,628
  First Citizens BancShares Inc. Class A      6,095     11,269
  Northern Trust Corp.    102,638     10,956
  T Rowe Price Group Inc.    116,210     10,876
  Regions Financial Corp.    481,326     10,320
  Citizens Financial Group Inc.    232,615      9,386
  Principal Financial Group Inc.    120,285      9,369
  FactSet Research Systems Inc.     20,138      9,228
  Equitable Holdings Inc.    165,453      8,748
  Everest Group Ltd.     22,511      7,816
  KeyCorp    490,471      7,779
  Credicorp Ltd.     36,118      7,650
  Fidelity National Financial Inc.    137,401      7,525
  RenaissanceRe Holdings Ltd.     27,185      6,780
  Annaly Capital Management Inc.    296,998      5,628
  Ally Financial Inc.    145,438      5,090
  Franklin Resources Inc.    163,584      3,540
  CNA Financial Corp.     11,617        557
                2,380,968
Health Care (10.2%)
  Eli Lilly & Co.    424,376    313,049
  AbbVie Inc.    939,151    174,785
  UnitedHealth Group Inc.    487,497    147,180
  Abbott Laboratories    916,872    122,476
* Intuitive Surgical Inc.    187,264    103,433
  Merck & Co. Inc.  1,344,137    103,283
* Boston Scientific Corp.    778,558     81,951
  Amgen Inc.    284,265     81,919
  Thermo Fisher Scientific Inc.    202,424     81,540
  Stryker Corp.    191,814     73,396
    Shares Market
Value
($000)
  Gilead Sciences Inc.    661,532     72,821
  Pfizer Inc.  3,005,276     70,594
  Danaher Corp.    342,147     64,974
* Vertex Pharmaceuticals Inc.    137,050     60,583
  Medtronic plc    680,431     56,462
  Bristol-Myers Squibb Co.  1,075,137     51,908
  Elevance Health Inc.    123,248     47,308
  Cigna Group    142,604     45,154
  Zoetis Inc.    239,338     40,360
  HCA Healthcare Inc.     98,109     37,418
  Regeneron Pharmaceuticals Inc.     55,388     27,156
  Becton Dickinson & Co.    153,224     26,445
* Edwards Lifesciences Corp.    310,045     24,252
* IDEXX Laboratories Inc.     43,064     22,107
* Veeva Systems Inc. Class A     78,147     21,858
* Alnylam Pharmaceuticals Inc.     68,249     20,786
  Cardinal Health Inc.    129,053     19,931
  ResMed Inc.     77,039     18,858
* Dexcom Inc.    206,729     17,737
  Agilent Technologies Inc.    152,153     17,029
  GE HealthCare Technologies Inc.    240,922     16,995
* Centene Corp.    267,410     15,093
  Humana Inc.     63,879     14,892
* IQVIA Holdings Inc.     95,495     13,401
  STERIS plc     52,218     12,804
* Insulet Corp.     37,001     12,026
  Labcorp Holdings Inc.     44,531     11,087
* Waters Corp.     31,236     10,909
  Quest Diagnostics Inc.     58,806     10,193
* Biogen Inc.     77,214     10,022
  Zimmer Biomet Holdings Inc.    104,958      9,674
* Molina Healthcare Inc.     30,032      9,161
  Baxter International Inc.    269,648      8,224
  West Pharmaceutical Services Inc.     38,441      8,105
* Hologic Inc.    117,764      7,321
* Align Technology Inc.     39,717      7,186
* Cooper Cos. Inc.    103,349      7,057
* Illumina Inc.     84,419      6,943
  Royalty Pharma plc Class A    204,308      6,718
* BioMarin Pharmaceutical Inc.    100,061      5,811
  Revvity Inc.     64,233      5,808
  Universal Health Services Inc. Class B     29,971      5,705
* ICON plc     43,509      5,668
  Viatris Inc.    628,968      5,529
* Incyte Corp.     84,268      5,482
* Avantor Inc.    359,398      4,640
* Moderna Inc.    171,271      4,549
  Bio-Techne Corp.     83,195      4,027
* DaVita Inc.     24,978      3,404
                2,295,187
Industrials (8.3%)
  Visa Inc. Class A    914,476    333,957
  Mastercard Inc. Class A    432,268    253,136
  Accenture plc Class A    332,607    105,377
  American Express Co.    293,701     86,363
  Automatic Data Processing Inc.    217,888     70,929
  Deere & Co.    132,108     66,881
  Capital One Financial Corp.    335,673     63,492
  Trane Technologies plc    119,992     51,629
* Fiserv Inc.    300,166     48,864
  Cintas Corp.    183,239     41,504
  Illinois Tool Works Inc.    155,128     38,019
  United Parcel Service Inc. Class B (XNYS)    386,362     37,686
* PayPal Holdings Inc.    531,461     37,351
  Johnson Controls International plc    349,528     35,432
  CRH plc    364,082     33,190
  Carrier Global Corp.    444,580     31,654
* Axon Enterprise Inc.     38,441     28,845
  Paychex Inc.    170,405     26,909
    Shares Market
Value
($000)
  FedEx Corp.    117,419     25,609
  PACCAR Inc.    272,555     25,579
  Verisk Analytics Inc.     74,663     23,455
  Fidelity National Information Services Inc.    285,555     22,733
* Fair Isaac Corp.     12,570     21,699
  Otis Worldwide Corp.    211,488     20,165
  Ferguson Enterprises Inc.    106,006     19,329
  Vulcan Materials Co.     70,111     18,584
* Block Inc. (XNYS)    294,331     18,175
  Martin Marietta Materials Inc.     32,479     17,784
  Ingersoll Rand Inc. (XYNS)    213,829     17,457
  Equifax Inc.     65,086     17,195
  Old Dominion Freight Line Inc.    102,483     16,415
  DuPont de Nemours Inc.    221,577     14,801
* Keysight Technologies Inc.     92,322     14,498
  Veralto Corp.    130,849     13,220
  Dover Corp.     72,649     12,913
* Mettler-Toledo International Inc.     11,031     12,746
  Synchrony Financial    205,988     11,875
* Corpay Inc.     35,750     11,623
  Global Payments Inc.    134,861     10,197
* Trimble Inc.    129,012      9,195
  Packaging Corp. of America     46,967      9,073
  TransUnion    102,801      8,803
  Snap-on Inc.     27,424      8,796
  Pentair plc     87,414      8,670
  Ball Corp.    156,415      8,381
  Expeditors International of Washington Inc.     73,827      8,322
* Zebra Technologies Corp. Class A     27,104      7,854
  Masco Corp.    114,148      7,125
  Jack Henry & Associates Inc.     38,431      6,962
  Allegion plc     46,343      6,613
* Builders FirstSource Inc.     60,010      6,462
  JB Hunt Transport Services Inc.     42,952      5,964
  CH Robinson Worldwide Inc.     61,534      5,905
  CNH Industrial NV    462,580      5,787
  Stanley Black & Decker Inc.     81,440      5,329
                1,876,511
Real Estate (2.5%)
  Prologis Inc.    489,770     53,189
  American Tower Corp.    247,447     53,115
  Welltower Inc.    326,623     50,391
  Equinix Inc.     51,085     45,405
  Digital Realty Trust Inc.    175,580     30,115
  Simon Property Group Inc.    171,427     27,955
  Realty Income Corp.    461,793     26,147
  Public Storage     83,794     25,843
  Crown Castle Inc.    230,346     23,115
* CBRE Group Inc. Class A    162,071     20,262
  Extra Space Storage Inc.    110,804     16,748
* CoStar Group Inc.    220,002     16,183
  AvalonBay Communities Inc.     75,151     15,539
  Iron Mountain Inc.    154,256     15,227
  Ventas Inc.    221,751     14,254
  Equity Residential    200,106     14,035
  SBA Communications Corp.     56,854     13,184
  Invitation Homes Inc.    324,190     10,925
  Mid-America Apartment Communities Inc.     61,552      9,642
  Essex Property Trust Inc.     33,803      9,597
  Sun Communities Inc.     66,744      8,239
  Kimco Realty Corp.    349,087      7,422
  UDR Inc.    173,968      7,208
  WP Carey Inc.    114,818      7,206
  Regency Centers Corp.     95,671      6,903
  Healthpeak Properties Inc.    370,204      6,445
  Alexandria Real Estate Equities Inc.     90,860      6,377
  Equity LifeStyle Properties Inc.    100,028      6,359
  Host Hotels & Resorts Inc.    369,321      5,721
  BXP Inc.     83,215      5,603
    Shares Market
Value
($000)
* Zillow Group Inc. Class C     82,143      5,513
  Millrose Properties Inc.     65,351      1,821
* Zillow Group Inc. Class A     24,564      1,625
                  567,313
Technology (43.0%)
  Microsoft Corp.  3,942,331  1,814,891
  NVIDIA Corp. 12,405,321  1,676,331
  Apple Inc.  7,810,587  1,568,756
  Meta Platforms Inc. Class A  1,161,495    752,056
  Broadcom Inc.  2,438,054    590,180
  Alphabet Inc. Class A  3,115,871    535,120
  Alphabet Inc. Class C  2,572,382    444,636
* Palantir Technologies Inc. Class A  1,091,222    143,801
  Oracle Corp.    847,286    140,251
  Salesforce Inc.    489,863    129,995
* ServiceNow Inc.    108,838    110,045
  Intuit Inc.    144,740    109,057
* Adobe Inc.    230,729     95,773
* Advanced Micro Devices Inc.    853,313     94,487
  Texas Instruments Inc.    482,477     88,221
  QUALCOMM Inc.    591,947     85,951
  Applied Materials Inc.    431,346     67,613
* Palo Alto Networks Inc.    344,443     66,278
* Crowdstrike Holdings Inc. Class A    121,961     57,489
  Micron Technology Inc.    584,309     55,194
  Lam Research Corp.    681,344     55,046
* AppLovin Corp. Class A    138,964     54,613
  KLA Corp.     70,464     53,333
* MicroStrategy Inc. Class A    122,447     45,190
  Intel Corp.  2,297,556     44,917
* Cadence Design Systems Inc.    144,455     41,469
* DoorDash Inc. Class A    187,312     39,083
* Synopsys Inc.     81,728     37,920
* Fortinet Inc.    334,442     34,040
* Snowflake Inc. Class A    165,471     34,032
* Autodesk Inc.    114,170     33,808
  Roper Technologies Inc.     56,589     32,271
* Workday Inc. Class A    112,156     27,782
  Marvell Technology Inc.    454,119     27,333
* Cloudflare Inc. Class A    161,337     26,764
  NXP Semiconductors NV    135,571     25,912
  Cognizant Technology Solutions Corp. Class A    263,719     21,359
  Vertiv Holdings Co. Class A    189,685     20,473
  Corning Inc.    406,108     20,139
* Datadog Inc. Class A    161,008     18,980
* Atlassian Corp. Ltd. Class A     85,618     17,777
* Gartner Inc.     39,934     17,428
  Monolithic Power Systems Inc.     24,884     16,471
  Microchip Technology Inc.    280,959     16,307
* HubSpot Inc.     26,253     15,487
* Zscaler Inc.     49,354     13,607
* GoDaddy Inc. Class A     74,073     13,492
* Tyler Technologies Inc.     22,460     12,959
  CDW Corp.     71,181     12,838
  HP Inc.    496,640     12,366
  Seagate Technology Holdings plc    102,807     12,125
  Hewlett Packard Enterprise Co.    695,557     12,019
  VeriSign Inc.     44,103     12,017
* Zoom Communications Inc.    139,703     11,351
  NetApp Inc.    107,528     10,662
* PTC Inc.     62,719     10,557
* Super Micro Computer Inc. (XNGS)    262,509     10,506
* Pinterest Inc. Class A    313,150      9,742
* Check Point Software Technologies Ltd.     42,431      9,712
* Twilio Inc. Class A     81,040      9,538
* ON Semiconductor Corp.    225,107      9,459
* Western Digital Corp.    183,097      9,439
* Docusign Inc.    106,200      9,410
  SS&C Technologies Holdings Inc.    113,850      9,200
    Shares Market
Value
($000)
* Okta Inc.     85,758      8,848
* F5 Inc.     30,613      8,736
* Pure Storage Inc. Class A    162,661      8,717
* Flex Ltd.    202,006      8,545
  Gen Digital Inc. (XNGS)    287,848      8,198
* MongoDB Inc.     37,943      7,165
  Teradyne Inc.     82,766      6,505
* Akamai Technologies Inc.     78,901      5,991
  Skyworks Solutions Inc.     85,118      5,876
* EPAM Systems Inc.     28,937      5,049
* Sandisk Corp.     61,067      2,302
* GLOBALFOUNDRIES Inc.     52,158      1,867
                9,692,857
Telecommunications (2.6%)
  Cisco Systems Inc.  2,115,794    133,380
  AT&T Inc.  3,805,293    105,787
  Verizon Communications Inc.  2,233,793     98,197
  Comcast Corp. Class A  1,987,728     68,716
  T-Mobile US Inc.    249,667     60,469
* Arista Networks Inc.    546,084     47,313
  Motorola Solutions Inc.     87,335     36,277
* Charter Communications Inc. Class A     48,998     19,416
  Juniper Networks Inc.    172,578      6,201
                  575,756
Utilities (0.5%)
  Waste Management Inc.    212,527     51,213
  Republic Services Inc.    108,759     27,983
  Exelon Corp.    530,197     23,233
  American Water Works Co. Inc.    103,340     14,774
                  117,203
Total Common Stocks (Cost $10,789,139) 22,513,675
Temporary Cash Investments (0.0%)
Money Market Fund (0.0%)
1 Vanguard Market Liquidity Fund, 4.342% (Cost $5,795)     57,958           5,795
Total Investments (99.9%) (Cost $10,794,934) 22,519,470
Other Assets and Liabilities—Net (0.1%) 20,554
Net Assets (100%) 22,540,024
Cost is in $000.
* Non-income-producing security.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  
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        
E-mini S&P 500 Index June 2025 100 29,580 (27)
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. 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. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for
liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
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.
At May 31, 2025, 100% of the market value of the fund’s investments and derivatives was determined based on Level 1 inputs.