-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WuismVQKCF+qEcMMnCu/r1f2JJraTEDk6yEHvIjLAy8XTaVhpFCgXugOrZyv+62s uIX5abo5kFFj8iRIW3ShPw== 0000932471-09-001770.txt : 20091030 0000932471-09-001770.hdr.sgml : 20091030 20091030092451 ACCESSION NUMBER: 0000932471-09-001770 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090831 FILED AS OF DATE: 20091030 DATE AS OF CHANGE: 20091030 EFFECTIVENESS DATE: 20091030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WELLINGTON FUND CENTRAL INDEX KEY: 0000105563 IRS NUMBER: 510071687 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00121 FILM NUMBER: 091146252 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/WELLINGTON FUND INC DATE OF NAME CHANGE: 19940608 FORMER COMPANY: FORMER CONFORMED NAME: WELLINGTON FUND INC DATE OF NAME CHANGE: 19920703 0000105563 S000004406 VANGUARD WELLINGTON FUND C000012163 Investor Shares VWELX C000012164 Admiral Shares VWENX N-Q 1 wellington_final.htm NQ - WELLINGTON wellington_final.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT COMPANY

Investment Company Act file number:

Name of Registrant: Address of Registrant:

 

811-121

Vanguard Wellington Fund

P.O. Box 2600

Valley Forge, PA 19482

Name and address of agent for service:

Heidi Stam, Esquire

P.O. Box 876

Valley Forge, PA 19482

Date of fiscal year end:

Date of reporting period:

Item 1: Schedule of Investments

November 30

August 31, 2009



Vanguard Wellington Fund         
 
 
 
Schedule of Investments         
As of August 31, 2009         
 
 
 
      Market  
      Value  
  Shares  ($ 000 ) 
Common Stocks (64.8%)         
Consumer Discretionary (3.5%)         
   Staples, Inc.  13,817,800    298,603  
   The Walt Disney Co.  9,537,600    248,359  
   Time Warner Inc.  8,783,200    245,139  
   Comcast Corp. Class A  12,427,800    190,394  
* Ford Motor Co.  18,933,260    143,893  
   DaimlerChrysler AG  3,015,783    136,193  
   Honda Motor Co., Ltd ADR  3,055,500    95,729  
* Viacom Inc. Class B  3,640,000    91,145  
   Home Depot, Inc.  2,959,600    80,767  
      1,530,222  
Consumer Staples (6.1%)         
   Wal-Mart Stores, Inc.  8,514,300    433,122  
   Nestle SA ADR  9,705,000    402,709  
   Philip Morris International Inc.  7,167,200    327,613  
   The Procter & Gamble Co.  5,936,775    321,239  
   PepsiCo, Inc.  5,317,400    301,337  
   Kimberly-Clark Corp.  4,687,600    283,412  
   The Coca-Cola Co.  3,547,600    173,017  
   Walgreen Co.  4,803,100    162,729  
   SABMiller PLC  6,484,931    149,551  
   Unilever NV ADR  4,202,200    117,368  
      2,672,097  
Energy (9.7%)         
   Chevron Corp.  10,810,200    756,065  
   Total SA ADR  11,156,300    638,921  
   ExxonMobil Corp.  7,906,300    546,721  
   EnCana Corp. (New York Shares)  6,990,304    363,426  
   BP PLC ADR  6,844,000    352,124  
   Anadarko Petroleum Corp.  6,601,800    349,037  
   XTO Energy, Inc.  8,587,500    331,478  
   Marathon Oil Corp.  8,888,900    274,400  
   ConocoPhillips Co.  4,209,363    189,548  
   Baker Hughes Inc.  4,675,300    161,064  
   Eni SpA ADR  2,452,900    116,390  
   Schlumberger Ltd.  1,936,900    108,854  
   Petroleo Brasileiro SA ADR  2,646,900    104,923  
      4,292,951  
Financials (11.6%)         
   Wells Fargo & Co.  26,490,717    729,025  
   JPMorgan Chase & Co.  13,592,276    590,720  
   MetLife, Inc.  11,204,305    423,075  
   Bank of America Corp.  21,765,500    382,855  
   Ace Ltd.  6,981,300    364,284  
   Muenchener Rueckversicherungs-Gesellschaft AG         
(Registered)  2,194,583    327,927  
   State Street Corp.  6,017,127    315,779  
* UBS AG (New York Shares)  13,628,434    249,673  


   PNC Financial Services Group  5,766,800  245,608 
   Toronto Dominion Bank  3,436,400  211,957 
   The Goldman Sachs Group, Inc.  1,223,300  202,407 
   U.S. Bancorp  8,893,300  201,167 
   The Travelers Cos., Inc.  2,855,800  143,989 
   HSBC Holdings PLC ADR  2,493,700  134,460 
   Morgan Stanley  4,492,000  130,088 
   Marsh & McLennan Cos., Inc.  5,193,700  122,260 
   SunTrust Banks, Inc.  4,876,818  113,971 
   AFLAC Inc.  2,298,200  93,353 
   Prudential Financial, Inc.  1,396,015  70,610 
   The Chubb Corp.  1,298,700  64,143 
    5,117,351 
Health Care (10.1%)     
   Eli Lilly & Co.  15,596,800  521,869 
   Schering-Plough Corp.  16,937,300  477,293 
   Medtronic, Inc.  12,054,900  461,703 
   Merck & Co., Inc.  12,509,300  405,677 
   Pfizer Inc.  22,057,300  368,357 
   Bristol-Myers Squibb Co.  15,003,200  332,021 
   AstraZeneca Group PLC ADR  7,095,100  330,844 
   Johnson & Johnson  5,338,200  322,641 
   Wyeth  6,150,600  294,306 
   Teva Pharmaceutical Industries Ltd. Sponsored ADR  5,583,900  287,571 
   UnitedHealth Group Inc.  9,350,800  261,822 
   Covidien PLC  4,091,800  161,912 
   Cardinal Health, Inc.  4,323,500  149,507 
   Sanofi-Aventis ADR  2,305,203  78,538 
    4,454,061 
Industrials (7.6%)     
   Deere & Co.  8,394,400  365,996 
   Siemens AG  3,799,000  330,046 
   Lockheed Martin Corp.  4,173,300  312,914 
   FedEx Corp.  4,101,300  281,800 
   Honeywell International Inc.  6,959,700  255,839 
   Waste Management Inc.  8,341,000  249,646 
   United Parcel Service, Inc.  4,262,100  227,852 
   Canadian National Railway Co.  4,691,500  226,459 
   Illinois Tool Works, Inc.  5,239,900  219,133 
   Parker Hannifin Corp.  3,779,250  183,898 
   Caterpillar, Inc.  3,875,400  175,594 
   General Electric Co.  10,500,600  145,958 
   Raytheon Co.  2,964,200  139,851 
   General Dynamics Corp.  1,961,300  116,089 
   Mitsui & Co., Ltd.  5,444,000  70,794 
   ABB Ltd. ADR  1,941,500  37,218 
    3,339,087 
Information Technology (7.1%)     
   International Business Machines Corp.  6,637,000  783,498 
   Hewlett-Packard Co.  8,400,200  377,085 
   Microsoft Corp.  14,940,300  368,278 
   Texas Instruments, Inc.  14,248,200  350,363 
   Accenture Ltd.  9,645,100  318,288 
   Intel Corp.  11,748,700  238,734 
   Automatic Data Processing, Inc.  5,970,400  228,965 
* Cisco Systems, Inc.  7,859,900  169,774 
   Corning, Inc.  10,239,500  154,412 


   Taiwan Semiconductor Manufacturing Co., Ltd. ADR  13,053,186  139,669 
    3,129,066 
Materials (2.8%)     
   International Paper Co.  13,182,400  302,536 
   Syngenta AG ADR  4,751,600  222,945 
   BHP Billiton Ltd. ADR  3,340,000  208,082 
   BASF AG  2,273,216  118,802 
   Air Products & Chemicals, Inc.  1,454,300  109,116 
   Newmont Mining Corp. (Holding Co.)  2,416,200  97,107 
* Vale SA ADR  4,661,172  89,541 
   Xstrata PLC  5,528,059  73,343 
    1,221,472 
Telecommunication Services (3.0%)     
   AT&T Inc.  38,763,085  1,009,778 
   Verizon Communications Inc.  9,469,600  293,937 
    1,303,715 
Utilities (3.3%)     
   Exelon Corp.  6,790,800  339,676 
   Dominion Resources, Inc.  9,920,200  328,160 
   FPL Group, Inc.  5,834,300  327,771 
   PG&E Corp.  6,299,300  255,689 
   Veolia Environment ADR  3,194,100  110,484 
   Progress Energy, Inc.  1,410,500  55,757 
   FirstEnergy Corp.  777,100  35,070 
    1,452,607 
Total Common Stocks (Cost $24,687,648)    28,512,629 


              Face     Market  
          Maturity    Amount     Value  
      Coupon   Date  ($ 000 )  ($ 000 ) 
  U.S. Government and Agency Obligations (3.1%)                
  U.S. Government Securities (3.0%)                   
    U.S. Treasury Note  1.000 %  7/31/11    1,143,000     1,144,783  
    U.S. Treasury Note  2.750 %  2/15/19    202,000     191,205  
                    1,335,988  
  Agency Notes (0.1%)                   
  1  Federal Home Loan Bank  3.625 %  9/16/11    33,000     34,619  
  Conventional Mortgage-Backed Securities (0.0%)                
  2  Government National                   
       Mortgage Assn.  7.000 %  11/15/31–11/15/33    10,446     11,357  
  2  Government National                   
       Mortgage Assn.  8.000 %  6/15/17    40     43  
                    11,400  
  Total U.S. Government and Agency Obligations (Cost $1,383,229)          1,382,007  
  Corporate Bonds (27.6%)                   
Asset          -Backed/Commercial Mortgage-Backed Securities (0.1%)             
  2  AmeriCredit Automobile                   
       Receivables Trust  3.930 %  10/6/11    4,150     4,113  
  2  AmeriCredit Automobile                   
       Receivables Trust  5.210 %  10/6/11    1,375     1,376  
  2  CarMax Auto Owner Trust  4.910 %  1/18/11    7,755     7,794  
  2  DaimlerChrysler Auto Trust  4.980 %  2/8/11    4,136     4,174  
  2  Household Automotive Trust  5.280 %  9/17/11    13,645     13,773  
  2,3 Marriott Vacation Club                   
       Owner Trust  5.362 %  10/20/28    6,429     5,710  
  2  Nomura Asset Securities                   
       Corp.  6.590 %  3/15/30    8     8  
  2  UPFC Auto Receivables                   
       Trust  5.490 %  5/15/12    2,072     2,045  
                    38,993  
  Finance (13.2%)                   
    Banking (8.5%)                   
    American Express Bank,                   
       FSB  5.550 %  10/17/12    50,000     52,426  
    American Express Credit                   
       Corp.  5.875 %  5/2/13    44,000     46,041  
  3  American Express Travel  5.250 %  11/21/11    35,000     35,904  
  3  ANZ National Bank                   
       International Ltd.  6.200 %  7/19/13    38,890     42,314  
    Bank of America Capital                   
       Trust VI  5.625 %  3/8/35    96,180     65,414  
    Bank of America Corp.  4.375 %  12/1/10    10,000     10,279  
  4  Bank of America Corp.  3.125 %  6/15/12    50,000     51,888  
    Bank of America, NA  5.300 %  3/15/17    68,000     63,647  
    Bank of America, NA  6.000 %  10/15/36    30,000     27,462  
    Bank of New York Mellon  5.125 %  11/1/11    44,000     46,780  
    Bank of New York Mellon  4.950 %  11/1/12    30,000     32,426  
    Bank of New York Mellon  4.950 %  3/15/15    58,655     62,543  
    Bank One Corp.  7.875 %  8/1/10    40,000     42,411  
  2,3 Barclays Bank PLC  5.926 %  12/15/49    70,000     48,300  
    BB&T Corp.  4.900 %  6/30/17    8,045     7,544  


  BB&T Corp.  5.250 %  11/1/19  8,000  7,783 
2,3 BTMU Curacao Holdings           
     NV  4.760 %  7/21/15  47,895  47,385 
  Capital One Bank USA N.A.  6.500 %  6/13/13  20,705  20,918 
  Capital One Capital IV  6.745 %  2/17/37  21,000  14,490 
  Citigroup, Inc.  4.625 %  8/3/10  19,400  19,728 
  Citigroup, Inc.  5.300 %  10/17/12  50,000  50,321 
  Citigroup, Inc.  5.850 %  8/2/16  30,000  28,363 
  Citigroup, Inc.  6.125 %  11/21/17  64,960  61,550 
  Citigroup, Inc.  8.500 %  5/22/19  34,000  37,063 
  Citigroup, Inc.  6.625 %  6/15/32  45,000  37,499 
  Citigroup, Inc.  6.125 %  8/25/36  30,000  23,574 
  Citigroup, Inc.  8.125 %  7/15/39  8,325  8,647 
  Credit Suisse First Boston           
     USA, Inc.  6.500 %  1/15/12  15,000  16,340 
  Credit Suisse New York  5.000 %  5/15/13  87,750  92,316 
  Credit Suisse New York  5.500 %  5/1/14  30,000  32,335 
  Deutsche Bank AG London  5.375 %  10/12/12  41,245  44,335 
  Deutsche Bank Financial           
     LLC  5.375 %  3/2/15  59,215  59,656 
  Fifth Third Bancorp.  4.200 %  2/23/10  60,000  60,355 
4  General Electric Capital           
     Corp.  3.000 %  12/9/11  50,000  51,737 
  Golden West Financial           
     Corp.  4.750 %  10/1/12  10,000  10,349 
  Goldman Sachs Group, Inc.  5.000 %  1/15/11  15,000  15,610 
  Goldman Sachs Group, Inc.  5.300 %  2/14/12  60,000  63,768 
  Goldman Sachs Group, Inc.  5.350 %  1/15/16  70,000  71,882 
  Goldman Sachs Group, Inc.  5.625 %  1/15/17  40,000  40,289 
  Goldman Sachs Group, Inc.  5.950 %  1/18/18  44,000  46,023 
  Goldman Sachs Group, Inc.  6.450 %  5/1/36  50,000  47,920 
  Goldman Sachs Group, Inc.  6.750 %  10/1/37  43,995  43,558 
3  HBOS PLC  6.000 %  11/1/33  80,500  54,371 
4  HSBC Bank USA  3.125 %  12/16/11  50,000  51,915 
  HSBC Bank USA  4.625 %  4/1/14  19,710  20,082 
  HSBC Holdings PLC  6.500 %  5/2/36  25,000  26,007 
  Huntington National Bank  4.900 %  1/15/14  16,375  14,005 
  Huntington National Bank  5.500 %  2/15/16  16,000  12,379 
4  John Deere Capital Corp.  2.875 %  6/19/12  50,000  51,515 
  JPMorgan Chase & Co.  6.750 %  2/1/11  25,115  26,796 
4  JPMorgan Chase & Co.  3.125 %  12/1/11  25,000  25,940 
  JPMorgan Chase & Co.  4.650 %  6/1/14  30,000  31,391 
  JPMorgan Chase & Co.  5.125 %  9/15/14  50,000  52,153 
  JPMorgan Chase & Co.  5.250 %  5/1/15  40,000  41,589 
  JPMorgan Chase & Co.  6.000 %  1/15/18  42,000  44,979 
2  JPMorgan Chase & Co.  7.900 %  12/29/49  47,521  45,145 
4  KeyBank NA  3.200 %  6/15/12  25,000  25,995 
  Mellon Bank NA  4.750 %  12/15/14  4,750  5,018 
  Mellon Funding Corp.  5.000 %  12/1/14  30,000  32,216 
  Merrill Lynch & Co., Inc.  5.770 %  7/25/11  30,000  31,453 
  Merrill Lynch & Co., Inc.  6.050 %  5/16/16  70,000  68,960 
  Merrill Lynch & Co., Inc.  6.400 %  8/28/17  23,000  22,854 
  Merrill Lynch & Co., Inc.  6.875 %  4/25/18  40,000  40,914 
  Merrill Lynch & Co., Inc.  6.220 %  9/15/26  25,000  22,848 
4  Morgan Stanley  3.250 %  12/1/11  25,000  26,032 
  Morgan Stanley  6.750 %  10/15/13  25,775  28,268 
  Morgan Stanley  7.070 %  2/10/14  17,500  17,983 
  Morgan Stanley  4.750 %  4/1/14  70,000  69,806 


   Morgan Stanley  6.000 %  5/13/14  20,000  21,301 
   Morgan Stanley  6.000 %  4/28/15  44,000  46,500 
   Morgan Stanley  5.450 %  1/9/17  70,000  70,997 
   Morgan Stanley  6.250 %  8/9/26  20,000  20,337 
   National City Bank -           
       Columbus  7.250 %  7/15/10  25,000  25,747 
   National City Bank of           
       Pennsylvania  7.250 %  10/21/11  20,000  21,308 
   National City Corp.  6.875 %  5/15/19  13,950  14,728 
   Northern Trust Co.  4.600 %  2/1/13  5,925  6,183 
   Northern Trust Corp.  5.300 %  8/29/11  36,320  38,868 
   Northern Trust Corp.  5.200 %  11/9/12  34,940  37,264 
3 Overseas Chinese Banking           
       Corp.  7.750 %  9/6/11  14,805  16,068 
   Paribas NY  6.950 %  7/22/13  40,000  42,191 
   PNC Bank NA  4.875 %  9/21/17  50,000  47,978 
4 PNC Funding Corp.  2.300 %  6/22/12  13,590  13,787 
2 PNC Funding Corp.  8.250 %  5/31/49  44,000  39,325 
   Royal Bank of Scotland           
       Group PLC  6.375 %  2/1/11  40,775  40,026 
   Royal Bank of Scotland           
       Group PLC  5.000 %  10/1/14  9,700  8,591 
   Royal Bank of Scotland           
       Group PLC  5.050 %  1/8/15  19,510  17,224 
   Royal Bank of Scotland           
       Group PLC  4.700 %  7/3/18  10,000  6,867 
   State Street Corp.  5.375 %  4/30/17  76,315  79,327 
4 SunTrust Bank Atlanta GA  3.000 %  11/16/11  25,000  25,911 
   SunTrust Banks, Inc.  4.250 %  10/15/09  9,680  9,704 
3 Svenska Handelsbanken AB  4.875 %  6/10/14  56,000  57,305 
   UBS AG  5.875 %  7/15/16  50,000  48,144 
   US Bank NA  6.375 %  8/1/11  17,940  19,433 
   US Bank NA  6.300 %  2/4/14  30,000  33,571 
   Wachovia Bank NA  6.600 %  1/15/38  60,000  61,966 
   Wachovia Corp.  5.500 %  5/1/13  35,000  37,362 
3 WEA Finance / WT Finance  7.125 %  4/15/18  34,000  35,002 
   Wells Fargo & Co.  6.375 %  8/1/11  15,000  16,166 
4 Wells Fargo & Co.  3.000 %  12/9/11  19,000  19,686 
   Wells Fargo & Co.  5.125 %  9/1/12  10,000  10,545 
   Wells Fargo & Co.  5.250 %  10/23/12  50,000  53,448 
   Wells Fargo & Co.  4.950 %  10/16/13  15,000  15,434 
   Wells Fargo & Co.  5.125 %  9/15/16  25,000  24,511 
   Wells Fargo Bank NA  6.450 %  2/1/11  5,000  5,285 
2 Wells Fargo Capital XIII  7.700 %  12/29/49  50,000  43,250 
   Wells Fargo Financial, Inc.  5.500 %  8/1/12  20,000  21,416 
 
   Brokerage (0.0%)           
   Ameriprise Financial Inc.  5.350 %  11/15/10  659  676 
   Charles Schwab Corp.  4.950 %  6/1/14  14,750  15,546 
 
   Finance Companies (1.2%)           
   General Electric Capital           
       Corp.  6.125 %  2/22/11  19,400  20,563 
   General Electric Capital           
       Corp.  5.875 %  2/15/12  30,000  31,840 
   General Electric Capital           
       Corp.  6.000 %  6/15/12  15,000  16,027 


  General Electric Capital           
     Corp.  5.250 %  10/19/12  60,000  63,268 
  General Electric Capital           
     Corp.  5.450 %  1/15/13  40,000  42,197 
  General Electric Capital           
     Corp.  5.400 %  2/15/17  20,000  19,857 
  General Electric Capital           
     Corp.  6.750 %  3/15/32  30,000  29,695 
  General Electric Capital           
     Corp.  6.150 %  8/7/37  37,800  34,141 
  HSBC Finance Corp.  5.700 %  6/1/11  19,230  19,999 
  HSBC Finance Corp.  6.375 %  10/15/11  75,000  79,096 
  HSBC Finance Corp.  5.500 %  1/19/16  25,000  25,201 
  International Lease Finance           
     Corp.  5.400 %  2/15/12  50,000  41,500 
  International Lease Finance           
     Corp.  5.300 %  5/1/12  50,000  40,750 
  NYSE Euronext  4.800 %  6/28/13  52,025  54,902 
2,3 US Trade Funding Corp.  4.260 %  11/15/14  14,291  15,292 
 
  Insurance (2.8%)           
  ACE Capital Trust II  9.700 %  4/1/30  20,000  19,668 
  ACE INA Holdings, Inc.  5.800 %  3/15/18  40,360  43,105 
  Aetna, Inc.  6.500 %  9/15/18  11,460  12,168 
3  AIG SunAmerica Global           
     Financing VI  6.300 %  5/10/11  60,000  59,400 
  Allstate Corp.  5.000 %  8/15/14  10,000  10,575 
2  Allstate Corp.  6.125 %  5/15/37  30,000  22,698 
2  Allstate Corp.  6.500 %  5/15/57  20,000  16,319 
  American International           
     Group, Inc.  4.700 %  10/1/10  34,400  32,508 
  Berkshire Hathaway           
     Finance Corp.  4.625 %  10/15/13  50,000  53,957 
  Chubb Corp.  6.000 %  5/11/37  50,000  53,988 
  Cincinnati Financial Corp.  6.920 %  5/15/28  20,000  17,503 
3  Farmers Exchange Capital  7.050 %  7/15/28  25,000  18,476 
  Genworth Global Funding           
     Trusts  5.125 %  3/15/11  47,825  47,864 
  Genworth Global Funding           
     Trusts  5.750 %  5/15/13  25,000  24,257 
  Hartford Financial Services           
     Group, Inc.  7.900 %  6/15/10  35,000  35,532 
  Hartford Financial Services           
     Group, Inc.  4.625 %  7/15/13  9,000  8,469 
  Hartford Financial Services           
     Group, Inc.  4.750 %  3/1/14  15,000  13,654 
  Hartford Financial Services           
     Group, Inc.  6.000 %  1/15/19  44,000  39,425 
  Hartford Life Global Funding           
     Trusts  5.200 %  2/15/11  24,185  24,789 
  ING USA Global Funding  4.500 %  10/1/10  25,000  25,416 
3  Jackson National Life           
     Insurance Co.  8.150 %  3/15/27  39,480  35,157 
3  Liberty Mutual Insurance           
     Co.  7.875 %  10/15/26  31,210  25,304 
  Marsh & McLennan Cos.,           
     Inc.  6.250 %  3/15/12  25,000  25,847 


3 MassMutual Global Funding           
       II  3.500 %  3/15/10  40,000  40,028 
   Mercury General Corp.  7.250 %  8/15/11  20,000  20,763 
3 MetLife Global Funding I  5.125 %  11/9/11  30,000  31,260 
3 MetLife Global Funding I  5.125 %  6/10/14  20,000  20,908 
3 Metropolitan Life Insurance           
       Co.  7.700 %  11/1/15  51,000  57,022 
3 New York Life Global           
       Funding  5.250 %  10/16/12  20,720  22,301 
3 New York Life Insurance           
       Co.  5.875 %  5/15/33  55,395  47,163 
   Principal Life Income           
       Funding Trusts  5.125 %  3/1/11  42,935  44,248 
   Protective Life Secured           
       Trusts  4.850 %  8/16/10  15,205  15,631 
   Prudential Financial, Inc.  5.800 %  6/15/12  25,080  26,133 
   Prudential Financial, Inc.  5.150 %  1/15/13  29,115  29,594 
   Prudential Financial, Inc.  4.750 %  4/1/14  28,700  28,446 
   Prudential Financial, Inc.  5.100 %  9/20/14  10,000  10,058 
3 TIAA Global Markets  5.125 %  10/10/12  46,100  49,643 
   Torchmark Corp.  7.875 %  5/15/23  45,000  45,393 
   Travelers Cos. Inc.  5.800 %  5/15/18  32,500  35,419 
   UnitedHealth Group, Inc.  4.750 %  2/10/14  10,000  10,213 
   UnitedHealth Group, Inc.  6.000 %  11/15/17  36,000  36,926 
 
   Real Estate Investment Trusts (0.7%)        
   ERP Operating LP  5.375 %  8/1/16  9,675  9,301 
   Kimco Realty Corp.  5.783 %  3/15/16  4,750  4,331 
   ProLogis  5.625 %  11/15/16  35,600  31,150 
   Realty Income Corp.  6.750 %  8/15/19  36,095  34,417 
   Simon Property Group, LP  5.100 %  6/15/15  50,000  48,852 
   Simon Property Group, LP  6.100 %  5/1/16  49,050  49,665 
   Simon Property Group, LP  5.875 %  3/1/17  20,000  19,948 
   Simon Property Group, LP  6.125 %  5/30/18  25,000  25,517 
3 WEA / WCI Finanace LLC  5.700 %  10/1/16  64,150  61,034 
          5,804,536 
Industrial (11.1%)           
   Basic Industry (0.5%)           
   Alcan, Inc.  4.500 %  5/15/13  20,000  20,170 
   Alcan, Inc.  7.250 %  3/15/31  21,273  21,908 
   Alcoa, Inc.  5.720 %  2/23/19  32,064  28,435 
   Alcoa, Inc.  5.870 %  2/23/22  12,597  10,286 
   BHP Billiton Finance USA           
       Ltd.  4.800 %  4/15/13  15,000  15,857 
   BHP Billiton Finance USA           
       Ltd.  7.250 %  3/1/16  15,000  16,761 
   E.I. du Pont de Nemours &           
       Co.  4.750 %  11/15/12  17,560  18,861 
   PPG Industries, Inc.  6.875 %  2/15/12  9,355  10,014 
   Rio Tinto Finance USA Ltd.  6.500 %  7/15/18  52,000  55,407 
2 Rohm & Haas Co.  9.800 %  4/15/20  8,250  9,105 
   Weyerhaeuser Co.  7.375 %  3/15/32  25,000  21,149 
 
   Capital Goods (1.2%)           
   3M Co.  6.375 %  2/15/28  30,000  34,035 
   Boeing Co.  8.625 %  11/15/31  9,460  12,613 


   Caterpillar Financial           
       Services Corp.  5.050 %  12/1/10  25,000  26,037 
   Caterpillar, Inc.  7.300 %  5/1/31  10,000  11,864 
   Deere & Co.  7.125 %  3/3/31  25,000  28,672 
   General Dynamics Corp.  4.250 %  5/15/13  40,000  42,071 
   General Electric Co.  5.250 %  12/6/17  41,685  42,512 
3 Hutchison Whampoa           
       International Ltd.  6.500 %  2/13/13  50,000  54,122 
   John Deere Capital Corp.  5.350 %  1/17/12  40,000  42,897 
   John Deere Capital Corp.  5.100 %  1/15/13  40,000  42,937 
3 Siemens Financieringsmat  5.750 %  10/17/16  89,650  97,244 
   United Technologies Corp.  7.500 %  9/15/29  19,230  24,137 
   United Technologies Corp.  6.050 %  6/1/36  20,325  22,647 
   United Technologies Corp.  6.125 %  7/15/38  45,000  50,602 
 
   Communication (2.1%)           
   AT&T Inc.  5.100 %  9/15/14  40,160  43,550 
   AT&T Inc.  5.600 %  5/15/18  44,000  46,627 
   AT&T Inc.  6.450 %  6/15/34  73,115  76,073 
   AT&T Inc.  6.800 %  5/15/36  11,305  12,533 
   AT&T Inc.  6.500 %  9/1/37  19,675  21,058 
   BellSouth Corp.  6.000 %  10/15/11  25,000  26,995 
   BellSouth Corp.  5.200 %  9/15/14  20,000  21,732 
   BellSouth Corp.  6.550 %  6/15/34  32,225  35,471 
   BellSouth Corp.  6.000 %  11/15/34  11,995  12,342 
   BellSouth           
       Telecommunications Inc.  7.000 %  12/1/95  27,600  27,677 
   Chesapeake & Potomac           
       Telephone Co.  7.150 %  5/1/23  10,000  10,215 
   Comcast Corp.  5.700 %  5/15/18  48,500  51,032 
   France Telecom  7.750 %  3/1/11  50,000  54,392 
   France Telecom  4.375 %  7/8/14  16,800  17,566 
3 News America Inc.  5.650 %  8/15/20  14,505  14,834 
   Telefonica Europe BV  7.750 %  9/15/10  50,000  53,038 
   Time Warner Cable Inc.  5.850 %  5/1/17  34,980  36,730 
   Time Warner Cable Inc.  6.750 %  6/15/39  29,985  32,000 
   Verizon Communications           
       Inc.  4.350 %  2/15/13  15,530  16,200 
   Verizon Communications           
       Inc.  5.500 %  4/1/17  25,000  26,750 
   Verizon Communications           
       Inc.  5.850 %  9/15/35  59,525  60,488 
   Verizon Communications           
       Inc.  6.900 %  4/15/38  9,710  11,073 
   Verizon Global Funding           
       Corp.  6.875 %  6/15/12  10,000  11,191 
   Verizon Global Funding           
       Corp.  4.375 %  6/1/13  10,000  10,398 
   Verizon Global Funding           
       Corp.  7.750 %  12/1/30  56,410  67,559 
3 Verizon Wireless Capital           
       LLC  5.550 %  2/1/14  28,000  30,449 
3 Verizon Wireless Capital           
       LLC  8.500 %  11/15/18  21,000  26,448 
   Vodafone Group PLC  5.000 %  12/16/13  10,000  10,667 
   Vodafone Group PLC  5.375 %  1/30/15  40,000  42,316 


   Consumer Cyclical (1.6%)           
3 American Honda Finance  4.625 %  4/2/13  50,000  50,421 
   CVS Caremark Corp.  4.875 %  9/15/14  35,000  37,009 
   CVS Caremark Corp.  5.750 %  6/1/17  16,285  17,402 
   DaimlerChrysler North           
America Holding Corp.  6.500 %  11/15/13  49,855  53,366 
   DaimlerChrysler North           
America Holding Corp.  8.500 %  1/18/31  33,000  38,120 
   Home Depot Inc.  4.625 %  8/15/10  12,000  12,379 
   Johnson Controls, Inc.  7.125 %  7/15/17  36,300  40,137 
   Kohl's Corp.  6.000 %  1/15/33  15,500  14,971 
   Lowe's Cos., Inc.  6.875 %  2/15/28  5,790  6,611 
   Lowe's Cos., Inc.  6.500 %  3/15/29  39,900  43,983 
   Lowe's Cos., Inc.  5.500 %  10/15/35  20,000  20,055 
   Lowe's Cos., Inc.  6.650 %  9/15/37  25,905  29,610 
   Staples Inc.  9.750 %  1/15/14  25,220  29,760 
   Target Corp.  5.875 %  3/1/12  40,000  43,669 
   Target Corp.  5.125 %  1/15/13  24,025  25,833 
   Target Corp.  5.875 %  7/15/16  20,000  22,101 
   The Walt Disney Co.  6.375 %  3/1/12  20,000  22,153 
   The Walt Disney Co.  4.700 %  12/1/12  33,500  36,126 
   The Walt Disney Co.  5.625 %  9/15/16  30,000  32,957 
   Time Warner Cos. Inc.  7.570 %  2/1/24  20,000  21,630 
   Time Warner Cos. Inc.  6.950 %  1/15/28  20,000  20,565 
   Time Warner, Inc.  5.500 %  11/15/11  21,460  22,821 
   Wal-Mart Stores, Inc.  5.250 %  9/1/35  18,000  17,800 
   Western Union Co.  5.930 %  10/1/16  60,000  64,949 
 
   Consumer Noncyclical (3.6%)           
   Abbott Laboratories  4.350 %  3/15/14  30,500  32,157 
   Anheuser-Busch Cos., Inc.  5.000 %  3/1/19  15,000  14,610 
   Anheuser-Busch Cos., Inc.  6.500 %  1/1/28  19,550  20,449 
   Anheuser-Busch Cos., Inc.  6.800 %  8/20/32  20,000  21,770 
   Archer-Daniels-Midland Co.  7.000 %  2/1/31  20,130  23,902 
   AstraZeneca PLC  6.450 %  9/15/37  48,385  57,020 
   Baxter International, Inc.  5.900 %  9/1/16  12,498  13,948 
3 Cargill Inc.  5.200 %  1/22/13  36,000  37,368 
3 Cargill Inc.  4.375 %  6/1/13  20,400  20,672 
3 Cargill Inc.  6.000 %  11/27/17  25,000  26,114 
3 Cargill Inc.  6.875 %  5/1/28  19,355  20,499 
3 Cargill Inc.  6.125 %  4/19/34  28,980  28,243 
   Coca-Cola Co.  5.350 %  11/15/17  85,000  92,312 
   Coca-Cola Enterprises Inc.  6.125 %  8/15/11  40,000  43,918 
   Coca-Cola Enterprises Inc.  7.000 %  10/1/26  10,075  12,073 
   Coca-Cola HBC Finance BV  5.125 %  9/17/13  43,000  44,386 
   Coca-Cola HBC Finance BV  5.500 %  9/17/15  17,440  18,303 
   Colgate-Palmolive Co.  7.600 %  5/19/25  13,920  17,685 
   ConAgra Foods, Inc.  6.750 %  9/15/11  632  673 
   Diageo Capital PLC  5.200 %  1/30/13  50,590  54,157 
   Eli Lilly & Co.  6.000 %  3/15/12  45,000  49,798 
   Express Scripts Inc.  6.250 %  6/15/14  9,670  10,622 
   General Mills, Inc.  5.200 %  3/17/15  42,000  45,309 
   GlaxoSmithKline Capital Inc.  4.850 %  5/15/13  35,000  37,332 
   GlaxoSmithKline Capital Inc.  4.375 %  4/15/14  35,000  36,924 
   GlaxoSmithKline Capital Inc.  5.375 %  4/15/34  45,000  45,092 
   Hershey Foods Corp.  4.850 %  8/15/15  9,620  9,810 
   Johnson & Johnson  5.150 %  7/15/18  14,800  15,998 
   Kimberly-Clark Corp.  4.875 %  8/15/15  30,000  32,086 


   Kraft Foods, Inc.  6.250 %  6/1/12  34,170  37,563 
   Medtronic Inc.  4.375 %  9/15/10  19,235  19,999 
   Medtronic Inc.  4.750 %  9/15/15  20,000  21,692 
   Merck & Co., Inc.  5.125 %  11/15/11  69,000  74,835 
   Pepsi Bottling Group, Inc.  7.000 %  3/1/29  10,000  12,218 
   PepsiCo, Inc.  5.150 %  5/15/12  50,000  54,625 
   Pfizer, Inc.  5.350 %  3/15/15  33,000  36,629 
2 Procter & Gamble Co.           
       ESOP  9.360 %  1/1/21  53,343  66,052 
3 SABMiller PLC  6.500 %  7/1/16  50,000  52,655 
   Schering-Plough Corp.  5.550 %  12/1/13  39,000  42,678 
   Schering-Plough Corp.  6.550 %  9/15/37  10,000  11,815 
   Sysco Corp.  5.375 %  9/21/35  25,000  25,123 
3 Tesco PLC  5.500 %  11/15/17  50,000  51,991 
   Unilever Capital Corp.  7.125 %  11/1/10  77,000  82,413 
   Unilever Capital Corp.  5.900 %  11/15/32  27,000  29,801 
   Wyeth  6.950 %  3/15/11  30,000  32,427 
   Zeneca Wilmington Inc.  7.000 %  11/15/23  29,000  36,012 
 
   Energy (0.5%)           
   Apache Finance Canada           
       Corp.  7.750 %  12/15/29  19,910  25,258 
   Conoco Funding Co.  6.350 %  10/15/11  30,000  32,909 
   ConocoPhillips  9.375 %  2/15/11  20,000  22,184 
   ConocoPhillips  5.200 %  5/15/18  80,000  83,971 
   EOG Resources Inc.  5.625 %  6/1/19  16,100  17,445 
   Suncor Energy, Inc.  7.150 %  2/1/32  20,279  21,999 
   Suncor Energy, Inc.  5.950 %  12/1/34  20,700  19,442 
 
   Other Industrial (0.1%)           
   Dover Corp.  6.500 %  2/15/11  26,518  28,517 
   Snap-On Inc.  6.250 %  8/15/11  34,990  37,899 
 
   Technology (0.8%)           
   Dell Inc.  5.875 %  6/15/19  34,840  36,751 
   Hewlett-Packard Co.  5.250 %  3/1/12  75,000  81,163 
   Hewlett-Packard Co.  5.500 %  3/1/18  29,135  31,637 
   IBM International Group           
       Capital  5.050 %  10/22/12  50,000  54,296 
   International Business           
       Machines Corp.  8.375 %  11/1/19  25,000  32,630 
   International Business           
       Machines Corp.  5.875 %  11/29/32  25,000  26,630 
   Intuit Inc.  5.400 %  3/15/12  19,610  20,490 
   Oracle Corp.  4.950 %  4/15/13  25,020  27,021 
   Oracle Corp.  6.125 %  7/8/39  18,000  20,126 
 
   Transportation (0.7%)           
2 Continental Airlines, Inc.  5.983 %  4/19/22  31,465  27,375 
3 ERAC USA Finance Co.  5.800 %  10/15/12  12,835  12,506 
3 ERAC USA Finance Co.  5.600 %  5/1/15  6,960  6,614 
3 ERAC USA Finance Co.  5.900 %  11/15/15  19,500  18,747 
3 ERAC USA Finance Co.  7.000 %  10/15/37  26,175  23,423 
2 Federal Express Corp. 1998           
       Pass Through Trust  6.720 %  1/15/22  34,678  36,543 
   Southwest Airlines Co.  5.750 %  12/15/16  46,500  44,359 


2 Southwest Airlines Co.           
       1993-A Pass Through           
       Trust  7.540 %  6/29/15  30,772  30,508 
2 Southwest Airlines Co.           
       2007-1 Pass Through           
       Trust  6.150 %  8/1/22  22,568  22,342 
   United Parcel Service of           
       America  4.500 %  1/15/13  66,475  70,813 
          4,877,531 
Utilities (3.2%)           
   Electric (2.8%)           
   Alabama Power Co.  4.850 %  12/15/12  42,330  45,691 
   Alabama Power Co.  5.550 %  2/1/17  17,650  19,033 
   Alabama Power Co.  5.700 %  2/15/33  15,000  16,052 
   Carolina Power & Light Co.  6.300 %  4/1/38  14,705  17,026 
   Central Illinois Public           
       Service  6.125 %  12/15/28  54,000  47,083 
   Commonwealth Edison Co.  5.950 %  8/15/16  23,120  24,883 
   Connecticut Light & Power           
       Co.  5.650 %  5/1/18  13,655  14,716 
   Consolidated Edison Co. of           
       New York  5.500 %  9/15/16  20,930  22,371 
   Consolidated Edison Co. of           
       New York  5.300 %  12/1/16  25,505  26,990 
   Duke Energy Carolinas LLC  5.250 %  1/15/18  9,000  9,528 
   Duke Energy Carolinas LLC  5.100 %  4/15/18  18,235  19,137 
3 EDP Finance BV  5.375 %  11/2/12  40,745  43,455 
3 Enel Finance International           
       S.A.  6.800 %  9/15/37  38,515  44,859 
   Exelon Generation Co. LLC  6.950 %  6/15/11  50,000  53,657 
   Florida Power & Light Co.  5.550 %  11/1/17  9,835  10,777 
   Florida Power & Light Co.  5.650 %  2/1/35  50,000  53,670 
   Florida Power & Light Co.  4.950 %  6/1/35  10,000  9,814 
   Florida Power & Light Co.  5.650 %  2/1/37  5,000  5,419 
   Florida Power & Light Co.  5.950 %  2/1/38  39,215  43,998 
   Florida Power Corp.  6.350 %  9/15/37  8,000  9,443 
   Florida Power Corp.  6.400 %  6/15/38  27,055  31,737 
   Georgia Power Co.  5.400 %  6/1/18  38,660  41,575 
   MidAmerican Energy           
       Holdings Co.  6.125 %  4/1/36  25,000  26,660 
   National Rural Utilities           
       Cooperative Finance           
       Corp.  5.450 %  2/1/18  60,000  62,805 
   Northern States Power Co.  6.250 %  6/1/36  50,000  57,299 
   PacifiCorp  5.900 %  8/15/34  12,500  13,660 
   PacifiCorp  6.250 %  10/15/37  36,635  42,107 
   PECO Energy Co.  5.350 %  3/1/18  20,545  21,688 
   Potomac Electric Power  6.500 %  11/15/37  25,000  27,865 
   PPL Energy Supply LLC  6.200 %  5/15/16  13,573  14,134 
   Public Service Electric &           
       Gas  5.300 %  5/1/18  25,100  26,798 
   Public Service Electric &           
       Gas  5.800 %  5/1/37  50,000  53,004 
   San Diego Gas & Electric  6.000 %  6/1/26  3,600  3,970 
   South Carolina Electric &           
       Gas Co.  5.800 %  1/15/33  9,000  9,499 


   South Carolina Electric &           
       Gas Co.  6.050 %  1/15/38  34,000  37,295 
   Southern California Edison           
       Co.  6.000 %  1/15/34   7,695  8,620 
   Southern California Edison           
       Co.  5.550 %  1/15/37  50,475  53,575 
   Southern California Edison           
       Co.  5.950 %  2/1/38  50,000  56,098 
   Southern Co.  5.300 %  1/15/12  13,300  14,270 
   Wisconsin Electric Power           
       Co.  4.500 %  5/15/13  21,565  22,507 
   Wisconsin Electric Power           
       Co.  5.700 %  12/1/36  17,280  18,193 
   Wisconsin Public Service  6.080 %  12/1/28  45,000  46,820 
 
   Natural Gas (0.3%)           
   AGL Capital Corp.  6.375 %  7/15/16  25,815  28,006 
   British Transco Finance  6.625 %  6/1/18  50,000  55,495 
3 Duke Energy Field Services  6.450 %  11/3/36  30,325  27,361 
   KeySpan Corp.  4.650 %  4/1/13   9,000  9,068 
   National Grid PLC  6.300 %  8/1/16  30,000  32,430 
   Wisconsin Gas Co.  6.600 %  9/15/13  13,100  13,751 
 
   Other Utility (0.1%)           
   UGI Utilities Inc.  5.753 %  9/30/16  37,590  38,243 
          1,432,135 
Total Corporate Bonds (Cost $11,884,965)       12,153,195 
Sovereign Bonds (U.S. Dollar-Denominated) (1.2%)        
 
 
3 Emirate of Abu Dhabi  5.500 %  8/2/12     10,000  10,461 
   Hydro Quebec  6.300 %  5/11/11     40,000  43,177 
   Inter-American Development           
       Bank  4.375 %  9/20/12     40,000  42,017 
   International Bank for           
       Reconstruction &           
       Development  4.750 %  2/15/35     40,000  39,826 
   Japan Finance Organization for           
       Munis.  4.625 %  4/21/15     50,000  51,577 
   Kreditanstalt fur Wiederaufbau  7.000 %  3/1/13     10,000  10,994 
   Oesterreichische Kontrollbank  4.500 %  3/9/15     50,000  50,971 
   Province of British Columbia  4.300 %  5/30/13     40,000  41,101 
   Province of Ontario  4.500 %  2/3/15     35,000  37,430 
   Province of Quebec  4.875 %  5/5/14     25,000  26,694 
   Province of Quebec  5.125 %  11/14/16     50,000  54,382 
3 Ras Laffan Liquefied Natural           
       Gas Co. Ltd. III  5.500 %  9/30/14     14,985  15,472 
   Republic of Italy  4.500 %  1/21/15     50,000  52,375 
   Republic of South Africa  6.500 %  6/2/14     21,900  23,652 
3 Taqa Abu Dhabi National           
       Energy Co.  5.875 %  10/27/16     47,180  48,202 
Total Sovereign Bonds (Cost $524,189)          548,331 
Taxable Municipal Bonds (1.2%)           
   Atlanta GA Downtown Dev.           
       Auth. Rev.  6.875 %  2/1/21     12,985  13,680 


   Chicago Metropolitan Water           
       Reclamation District of           
       Greater Chicago IL  5.720 %  12/1/38  8,545  9,195 
   Connecticut GO  5.850 %  3/15/32  42,320  45,035 
   Illinois State Tollway Highway           
       Auth. Toll Highway Rev.  6.184 %  1/1/34  20,765  22,715 
5 Kansas Dev. Finance Auth.           
       Rev. (Public Employee           
       Retirement System)  5.501 %  5/1/34  50,000  49,569 
   New Jersey Turnpike Auth.           
       Rev.  7.414 %  1/1/40  29,885  36,657 
   North Texas Tollway Auth.           
       Rev.  6.718 %  1/1/49  43,000  46,062 
   Oakland CA Pension           
       Obligation  6.980 %  12/15/09  7,801  7,898 
3 Ohana Military Communities           
       LLC  5.558 %  10/1/36  9,600  7,195 
3 Ohana Military Communities           
       LLC  5.780 %  10/1/36  16,360  12,589 
   Oregon GO  5.902 %  8/1/38  19,510  19,039 
   Oregon School Board Assn.  5.528 %  6/30/28  50,000  50,038 
3 Pacific Beacon LLC  5.379 %  7/15/26  9,000  7,782 
   Port Auth. of New York & New           
       Jersey Rev.  5.859 %  12/1/24  12,735  14,006 
   Port Auth. of New York & New           
       Jersey Rev.  6.040 %  12/1/29  7,450  8,148 
   President and Fellows of           
       Harvard College  6.300 %  10/1/37  50,675  55,206 
   San Antonio TX Electric & Gas           
       Rev.  5.985 %  2/1/39  10,895  11,894 
   Stanford Univ.  6.875 %  2/1/24  34,745  41,459 
   Stanford Univ.  7.650 %  6/15/26  29,000  34,084 
 
 
   Univ. of California Rev.  5.770 %  5/15/43  23,825  24,732 
Total Taxable Municipal Bonds (Cost $500,906)       516,983 
Tax-Exempt Municipal Bonds (0.1%)           
Texas (0.1%)           
   Dallas TX Area Rapid Transit           
       Rev.           
   (Cost $29,273)  5.999 %  12/1/44  29,265  31,703 
Temporary Cash Investments (1.6%)           
Repurchase Agreement (1.1%)           


BNP Paribas Securities Corp.           
   (Dated 8/31/09, Repurchase           
   Value $492,103,000,           
   collateralized by Federal           
   Home Loan Mortgage Corp.           
   4.500%-6.000%, 6/1/24-           
   2/1/38 and Federal National           
   Mortgage Assn. 6.000%-           
   6.500, 6/1/36-6/1/38  0.220 %  9/1/09  492,100  492,100 

U.      S. Government and Agency Obligations (0.5%)
U.S. Treasury Bill  0.175 %  9/24/09  200,000  199,986 

Total Temporary Cash Investments (Cost $692,078)  692,086 
Total Investments (99.6%) (Cost $39,702,288)  43,836,934 
Other Assets and Liabilities-Net (0.4%)  181,088 
Net Assets (100%)  44,018,022 

*      Non-income-producing security.
1      The issuer operates under a congressional charter; its securities are not backed by the full faith and credit of the
  U.      S. government.
2      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.
3      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 August 31, 2009, the aggregate
  value      of these securities was $1,615,073,000, representing 3.7% of net assets.
4      Guaranteed by the Federal Deposit Insurance Corporation (FDIC) as part of the Temporary Liquidity Guarantee
  Program.     
5      Scheduled principal and interest payments are guaranteed by FSA (Financial Security Association).
  ADR—American      Depositary Receipt.
  GO—General      Obligation Bond.

Wellington Fund

Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds, and temporary cash investments acquired over 60 days to maturity, 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. Other temporary cash investments are valued at amortized cost, which approximates market 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 at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities.

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).

At August 31, 2009, the cost of investment securities for tax purposes was $39,702,288,000. Net unrealized appreciation of investment securities for tax purposes was $4,134,646,000, consisting of unrealized gains of $6,040,939,000 on securities that had risen in value since their purchase and $1,906,293,000 in unrealized losses on securities that had fallen in value since their purchase.

Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.


Wellington Fund

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).

The following table summarizes the fund's investments as of August 31, 2009, based on the inputs used to value them:

    Level 1     Level 2     Level 3 
Investments  ($ 000 )  ($ 000 )  ($ 0000 
Common Stocks    27,442,167     1,070,462     — 
U.S. Government and Agency Obligations    —     1,382,007     — 
Corporate Bonds    —     12,153,195     — 
Sovereign Bonds    —     548,331     — 
Taxable Municipal Bonds    —     516,983     — 
Tax-Exempt Municipal Bonds    —     31,703     — 
Temporary Cash Investments    —     692,086     — 
Total    27,442,167     16,394,767     — 


Item 2: 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. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3: Exhibits

(a) Certifications

VANGUARD WELLINGTON FUND
By:  /s/ F. WILLIAM MCNABB III* 
  F. WILLIAM MCNABB III 
  CHIEF EXECUTIVE OFFICER 
Date: October 22, 2009  
 
VANGUARD WELLINGTON FUND
By:  /s/ F. WILLIAM MCNABB III* 
  F. WILLIAM MCNABB III 
  CHIEF EXECUTIVE OFFICER 
Date: October 22, 2009  
 
VANGUARD WELLINGTON FUND
By:  /s/ THOMAS J. HIGGINS* 
  THOMAS J. HIGGINS 
  CHIEF FINANCIAL OFFICER 
Date: October 22, 2009  

*By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on July 24, 2009, see File Number 2-88373, and a Power of Attorney filed on October 16, 2009, see File Number 2-52698, both Incorporated by Reference.

 EX-99.CERT 2 certifications.htm CERTIFICATION certifications.htm - Generated by SEC Publisher for SEC Filing

CERTIFICATIONS

I, F. William McNabb III, certify that:

1. I have reviewed this report on Form N-Q of Vanguard Wellington Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 22, 2009  /s/ F. William McNabb III 
  F. William McNabb III 
  Chief Executive Officer 


CERTIFICATIONS

I, Thomas J. Higgins, certify that:

1. I have reviewed this report on Form N-Q of Vanguard Wellington Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 22, 2009  /s/ Thomas J Higgins 
  Thomas J. Higgins 
  Chief Financial Officer 

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