GLOBE LIFE INC.

2. Key Holdings

The portfolio is currently composed exclusively of VCLT (Vanguard Corporate Bond ETF), which accounts for 100% of the total value at $54.70 million. The position consists of 705,000 shares.

• Significance of VCLT: The Vanguard Corporate Bond ETF focuses on investment-grade corporate bonds with a dollar-weighted average maturity of 3 to 10 years. By allocating the entire portfolio to this fund, Globe Life has effectively shifted its exposure entirely to fixed income and credit risk. This suggests a priority on capital preservation and income generation over capital appreciation, as well as a desire to maintain high liquidity, given the ETF nature of the holding.