# EDGAR Filing Document

**Accession Number:** 0001273878
**File Stem:** 0001273878-25-000016
**Filing Date:** 2025-10
**Character Count:** 97928
**Document Hash:** 80195f8660ebf93552abe95d64e6110a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001273878-25-000016.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001273878-25-000016

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD CMT FUNDS
- **CENTRAL INDEX KEY:** 0001273878

**ORGANIZATION NAME:**
- **EIN:** 200961006

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21478
- **FILM NUMBER:** 251422994

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355
- **BUSINESS PHONE:** 610-669-1000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD CASH MANAGEMENT TRUST
- **DATE OF NAME CHANGE:** 20031218

## Series and Classes Contracts Data

### Vanguard Municipal Low Duration Fund (Series ID: S000002576)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000007079 | Vanguard Municipal Low Duration Fund |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD CMT FUNDS

- **b. Investment Company Act file number:** 811-21478

- **c. CIK number of Registrant:** 0001273878

- **d. LEI of Registrant:** 549300RWH3WKT24ASW12

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD MUNICIPAL LOW DURATION FUND

- **b. EDGAR series identifier (if any):** S000002576

- **c. LEI of Series:** VVKMFR2VC8EHEF9DKR84

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4610874144.13

**Total Liabilities:** $365697062.48

**Net Assets:** $4245177081.65

**Delayed Delivery Securities:** $15178350.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -11058.60110576 | **1-Year:** -4159.03470029 | **5-Year:** -3095.58421420 | **10-Year:** -17189.76087394 | **30-Year:** -42565.27641093

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007079 | 0.22%                | 0.20%                | 0.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $80496.47                                  |
| Month 2  | $0.00                    | $139135.28                                 |
| Month 3  | $0.00                    | $18838.14                                  |

### Schedule of Portfolio Investments

| Name                                                                      | Title                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Connecticut State Health & Educational Facilities Authority               | CT HLTH&EDU FACS AUTH | CUSIP: 20775DTS1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        | 111950000 | PA      | $111950000.00 | 2.64%             | 2042-07-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC MUNI WTR FIN AUTH | CUSIP: 64972GZB3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  36260000 | PA      | $36260000.00  | 0.85%             | 2045-06-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | TRIBOROUGH BRIDGE-B2  | CUSIP: 89602RLG8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3085000 | PA      | $3085000.00   | 0.07%             | 2033-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JPM-PUTTERS-5077      | CUSIP: 46640KP40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28000000 | PA      | $28000000.00  | 0.66%             | 2029-11-13      | Variable      | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Ohio State University/The                                                 | OHIO ST UNIV-D-2-REF  | CUSIP: 677632R52<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  41300000 | PA      | $41300000.00  | 0.97%             | 2039-12-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                             | NUVEEN MUNI AMT-FR    | CUSIP: 670657824<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  53500000 | PA      | $53500000.00  | 1.26%             | 2048-02-03      | Variable      | 2.80%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-XX1422 | CUSIP: 88035RJD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.35%             | 2055-10-01      | Variable      | 3.53%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-XL0539 | CUSIP: 88035HA55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4950000 | PA      | $4950000.00   | 0.12%             | 2054-08-01      | Variable      | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                   | MA ST WTR-A3-RMKT-REF | CUSIP: 576051BY1<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |  12170000 | PA      | $12170000.00  | 0.29%             | 2037-08-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                     | NE INVESTMENT FIN AUT | CUSIP: 63968MC23<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |  11870000 | PA      | $11870000.00  | 0.28%             | 2049-03-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS FIN-VAR-E-CHEV | CUSIP: 60528ABV5<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   6175000 | PA      | $6175000.00   | 0.15%             | 2030-12-01      | Variable      | 2.71%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                      | DC REV-VAR-A-THE PEW  | CUSIP: 2548392M4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  20655000 | PA      | $20655000.00  | 0.49%             | 2038-04-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS FIN COMMSN-F   | CUSIP: 60528ACJ1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12000000.00  | 0.28%             | 2035-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Parish Industrial Development Board Inc                  | E BATON ROUGE INDL-B  | CUSIP: 270777AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  27045000 | PA      | $27045000.00  | 0.64%             | 2040-12-01      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                              | NYC TRANSITIONAL-C-3  | CUSIP: 64972JMP0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  15800000 | PA      | $15800000.00  | 0.37%             | 2053-05-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR-OPT-FLTRS-CF7039 | CUSIP: 88035P7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9500000.00   | 0.22%             | 2053-04-01      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                          | MN HSG FIN AGY-D-REF  | CUSIP: 60416SYR5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   6540000 | PA      | $6540000.00   | 0.15%             | 2045-01-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                              | ORLANDO UTILS-VAR-1   | CUSIP: 686507DZ4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |  41415000 | PA      | $41415000.00  | 0.98%             | 2033-10-01      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                   | OREGON ST HSG & CMNTY | CUSIP: 686087H75<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3900000.00   | 0.09%             | 2037-07-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                  | WV HOSP FIN AUTH-C    | CUSIP: 956622P40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14590000 | PA      | $14590000.00  | 0.34%             | 2034-06-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| County of Mercer NJ                                                       | MERCER CO-A-BANS      | CUSIP: 587839U58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15534952 | PA      | $15658565.17  | 0.37%             | 2026-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | MET TRANSP AUTH-E1    | CUSIP: 59261AM38<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5225000 | PA      | $5225000.00   | 0.12%             | 2035-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC MUNI WTR-AA6-ADJ  | CUSIP: 64972GCQ5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  17770000 | PA      | $17770000.00  | 0.42%             | 2048-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC MUNI WTR FIN-BB-2 | CUSIP: 64972GC69<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 0.16%             | 2044-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-BAML60 | CUSIP: 88035JHM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8600000 | PA      | $8600000.00   | 0.20%             | 2025-12-01      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                              | DC WTR SWR AUTH-B-2   | CUSIP: 254845UF5<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 0.11%             | 2054-10-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-6040   | CUSIP: 88035JPZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5870000 | PA      | $5870000.00   | 0.14%             | 2041-12-01      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                       | NEW YORK-I-3          | CUSIP: 64966SMQ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  29650000 | PA      | $29650000.00  | 0.70%             | 2044-03-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTR-CF7037  | CUSIP: 88035P4C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26325000 | PA      | $26325000.00  | 0.62%             | 2041-01-01      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Butler County General Authority                                           | BUTLER GEN AUTH-VAR   | CUSIP: 123574BR5<br>LEI: 549300TSJ3NDU9FG0667 | Long             | DBT              | MUN               | US        |   3760000 | PA      | $3760000.00   | 0.09%             | 2027-05-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                      | DC REV-TRANCHE 3-A    | CUSIP: 254839RZ8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1375000.00   | 0.03%             | 2038-08-15      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | WA ST MFH-RF-CAMBRIDG | CUSIP: 93978PJT5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   6370000 | PA      | $6370000.00   | 0.15%             | 2044-12-15      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                | SD HSG DEV AUTH -D    | CUSIP: 83756CD44<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |  32750000 | PA      | $32750000.00  | 0.77%             | 2043-05-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                  | MET TRANS AUTH-A1-REF | CUSIP: 59259N8Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18505000 | PA      | $18505000.00  | 0.44%             | 2031-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                      | CO SPR UTILS VAR-A    | CUSIP: 196632CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2190000.00   | 0.05%             | 2038-11-01      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                        | MONTGOMERY CO HSG COM | CUSIP: 613347RK1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |  22835000 | PA      | $22835000.00  | 0.54%             | 2063-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | METROPOLITAN TRANSIT  | CUSIP: 59261AB22<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1090000.00   | 0.03%             | 2032-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC W/S ADJ-2ND-CC-1  | CUSIP: 64972FHH2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  23760000 | PA      | $23760000.00  | 0.56%             | 2038-06-15      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                           | KING CNTY WA          | CUSIP: 495290GV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.35%             | 2065-01-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                   | MA H/E VAR-MUSEUM-A1  | CUSIP: 57586CV69<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |  40600000 | PA      | $40600000.00  | 0.96%             | 2037-12-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OP-FLTR-BAML6041 | CUSIP: 88035JQC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.12%             | 2054-06-01      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Denver City & County School District No 1                                 | DENVER CO SD#1-B-REF  | CUSIP: 249174ZF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $3582306.96   | 0.08%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTR-MS0054E | CUSIP: 88035RLY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6880000 | PA      | $6880000.00   | 0.16%             | 2055-04-01      | Variable      | 2.90%                 | Yes           |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                             | NUVEEN-5-1000         | CUSIP: 670657832<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  23000000 | PA      | $23000000.00  | 0.54%             | 2046-10-01      | Variable      | 2.79%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC MUNI WTR-BB-VAR   | CUSIP: 64972GMJ0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  18700000 | PA      | $18700000.00  | 0.44%             | 2049-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JPM-PUTTER-5053       | CUSIP: 46640KE91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  68605000 | PA      | $68605000.00  | 1.62%             | 2047-05-01      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | JPM-PUTTERS-XM1157    | CUSIP: 88035H3L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23580000 | PA      | $23580000.00  | 0.56%             | 2031-07-01      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Floater/Residual Trust                                             | JPM-PUTTERS-MIZ9131   | CUSIP: 60700HRE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  58100000 | PA      | $58100000.00  | 1.37%             | 2051-02-01      | Variable      | 2.83%                 | Yes           |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                     | NY ST HSG FIN AGY-B-3 | CUSIP: 64987J3G4<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  24205000 | PA      | $24205000.00  | 0.57%             | 2064-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                     | CONNECTICUT ST HSG    | CUSIP: 20775C4M3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13000000.00  | 0.31%             | 2049-11-15      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-5028   | CUSIP: 88035EH55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21390000 | PA      | $21390000.00  | 0.50%             | 2036-08-15      | Variable      | 3.58%                 | Yes           |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                  | HARRIS CO CULT EDU-2  | CUSIP: 414009KB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13890000 | PA      | $13890000.00  | 0.33%             | 2045-10-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | WA ST MFH-RF-NEW HAVE | CUSIP: 93978PJU2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |  15165000 | PA      | $15165000.00  | 0.36%             | 2044-12-15      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS FIN COMMSN-E   | CUSIP: 60528ACH5<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.07%             | 2035-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-XF3296 | CUSIP: 88035MCF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3750000.00   | 0.09%             | 2055-02-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                 | TARRANT CULT EDU-A    | CUSIP: 87638TFP3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.12%             | 2051-11-15      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                    | IL MFH VAR-B-LAKESHOR | CUSIP: 45201LUQ6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   5985000 | PA      | $5985000.00   | 0.14%             | 2027-07-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                            | TEXAS ST-B            | CUSIP: 8827242R7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  29100000 | PA      | $29100000.00  | 0.69%             | 2055-12-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                             | LOUDOUN IDA-VAR-D-HOW | CUSIP: 545910AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.05%             | 2038-02-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue              | NYS MTGE AGY-247-VAR  | CUSIP: 64988YQY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13985000 | PA      | $13985000.00  | 0.33%             | 2052-10-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                            | TEXAS ST-B-VAR        | CUSIP: 882723YT0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3360000.00   | 0.08%             | 2046-06-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                        | MO DEV-VAR-A-THE NELS | CUSIP: 606037BE8<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |  27025000 | PA      | $27025000.00  | 0.64%             | 2037-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | TRIBOROUGH BRIDGE-4C  | CUSIP: 89602RFC4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  11485000 | PA      | $11485000.00  | 0.27%             | 2031-01-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC WTR-B1-VAR        | CUSIP: 64972GEK6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3700000.00   | 0.09%             | 2049-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                      | CONNECTICUT ST-B-REF  | CUSIP: 20772KB65<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2515409.50   | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                    | NYC HSG DEV CORP-F-3  | CUSIP: 64972E2F5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |  30170000 | PA      | $30170000.00  | 0.71%             | 2062-05-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                    | NYC HSG DEV CORP F-3  | CUSIP: 64972EXV6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 0.11%             | 2061-05-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JPM-PUTTERS-JPM-3005  | CUSIP: 46640KE34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  39325000 | PA      | $39325000.00  | 0.93%             | 2049-06-28      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Missouri Development Finance Board                                        | MO DEV FIN-VAR-A      | CUSIP: 606037AS8<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.59%             | 2033-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Counties Joint School District 28J Aurora                | ADAMS COS JT SD #28J  | CUSIP: 0054824F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8564495.45   | 0.20%             | 2025-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                  | HARRIS CO CULT EDU-3  | CUSIP: 414009SA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16185000 | PA      | $16185000.00  | 0.38%             | 2045-10-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                        | FHLB-MFH-A-M027       | CUSIP: 31350ABB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8100000 | PA      | $8100000.00   | 0.19%             | 2029-10-15      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                  | MET TRANSPRTN AUTH-A2 | CUSIP: 59260XBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2175000.00   | 0.05%             | 2026-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | NEW YORK CITY-A7-ADJ  | CUSIP: 64966MFW4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3575000.00   | 0.08%             | 2044-08-01      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR-OPT-FLTRS-CF7038 | CUSIP: 88035P7P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5210000 | PA      | $5210000.00   | 0.12%             | 2053-08-01      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                 | IN HLTH-I-RF-SISTERS  | CUSIP: 45470YBL4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7150000 | PA      | $7150000.00   | 0.17%             | 2037-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                              | CHARLOTTE ETC HLTH-E  | CUSIP: 160853VA2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |  15300000 | PA      | $15300000.00  | 0.36%             | 2042-01-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                          | TNDR-OPT-FLTRS-005    | CUSIP: 76252PH44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35620000 | PA      | $35620000.00  | 0.84%             | 2049-08-01      | Variable      | 2.76%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JPM-PUTTERS-5094      | CUSIP: 46640KU36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  47450000 | PA      | $47450000.00  | 1.12%             | 2032-08-21      | Variable      | 2.83%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JPM-PUTTERS-5082      | CUSIP: 46640KQ64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13980000 | PA      | $13980000.00  | 0.33%             | 2026-03-14      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TDR OPT-FLTR-BAML5024 | CUSIP: 88035DWB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  38090000 | PA      | $38090000.00  | 0.90%             | 2036-09-01      | Variable      | 3.58%                 | Yes           |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                             | NUVEEN VRDP-4-4895    | CUSIP: 670657857<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13000000.00  | 0.31%             | 2026-09-11      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | NYC TRANS FIN AUTH-C4 | CUSIP: 64971XKS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28400000 | PA      | $28400000.00  | 0.67%             | 2044-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | NYC-F6-ADJ            | CUSIP: 64966LU25<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2725000.00   | 0.06%             | 2044-06-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| RBC Municipal Products Inc Trust                                          | TNDR OPT-FLTRS-E-166  | CUSIP: 74934R4D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22000000 | PA      | $22000000.00  | 0.52%             | 2029-08-01      | Variable      | 2.76%                 | Yes           |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                               | UNIV WI HOSP CLINIC-C | CUSIP: 915260FV0<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |  15580000 | PA      | $15580000.00  | 0.37%             | 2054-04-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Vermont Educational & Health Buildings Financing Agency                   | VT EDL-VAR-REF-A      | CUSIP: 924166BT7<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |  13380000 | PA      | $13380000.00  | 0.32%             | 2030-12-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri        | MO H/E-VAR-C-BJC HLTH | CUSIP: 60635R2G1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  39020000 | PA      | $39020000.00  | 0.92%             | 2038-05-15      | Variable      | 2.67%                 | No            |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                   | WYOMING CMNTY DEV AUT | CUSIP: 98322QWU7<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.20%             | 2045-06-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | NYC TRANSTNL FIN-E4   | CUSIP: 64971WUM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10700000 | PA      | $10700000.00  | 0.25%             | 2045-02-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Public Building Authority of Sevier County TN/The                         | SEVIER BLDG VAR-VI-K1 | CUSIP: 818200VF1<br>LEI: 549300W1TCZIAX7JRK58 | Long             | DBT              | MUN               | US        |  53800000 | PA      | $53800000.00  | 1.27%             | 2034-06-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                                  | VIRGINIA ST-B-REF     | CUSIP: 928110DM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10199455.00  | 0.24%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTR-MS0072E | CUSIP: 88035RQC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30875000 | PA      | $30875000.00  | 0.73%             | 2055-11-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                  | TNDR OPT-A-VRS212     | CUSIP: 74448XBE1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  16125000 | PA      | $16125000.00  | 0.38%             | 2055-02-01      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | JPM-PUTTERS-ZL0359    | CUSIP: 88035ECC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.12%             | 2057-10-01      | Variable      | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                 | TARRANT CULTURAL-C1   | CUSIP: 87638TDC4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  12310000 | PA      | $12310000.00  | 0.29%             | 2047-07-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC WTR-DD-3A-2ND GEN | CUSIP: 64972FX43<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  27850000 | PA      | $27850000.00  | 0.66%             | 2043-06-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                           | ALBEMARLE ECON DEV-B  | CUSIP: 012663AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5435000 | PA      | $5435000.00   | 0.13%             | 2048-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | NYC-ADJ-F-F-3         | CUSIP: 64966KTD5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   9725000 | PA      | $9725000.00   | 0.23%             | 2042-03-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                     | PA ECON-C2-MONTESSORI | CUSIP: 708684SC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.01%             | 2030-08-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                      | CO HLTH FACS-B-VAR    | CUSIP: 19648A6L4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  15875000 | PA      | $15875000.00  | 0.37%             | 2045-12-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                        | ESSEX CO IMPT AUTH    | CUSIP: 296807MM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5445468.94   | 0.13%             | 2026-03-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-8007   | CUSIP: 88035EM34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36510000 | PA      | $36510000.00  | 0.86%             | 2045-02-01      | Variable      | 3.58%                 | Yes           |                  2 | On Loan: No      |
| City of Aurora IL                                                         | AURURA ECO DEV REV    | CUSIP: 051648BJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.12%             | 2049-03-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTR-6028    | CUSIP: 88035JDH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36775000 | PA      | $36775000.00  | 0.87%             | 2064-07-01      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPR-FLTRS-XX1414 | CUSIP: 88035P4Y1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.35%             | 2050-07-15      | Variable      | 3.53%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                       | NEW YORK-D-3          | CUSIP: 64966QZZ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  68050000 | PA      | $68050000.00  | 1.60%             | 2052-05-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                     | CT HSG FIN AUTH-C-3   | CUSIP: 20775HAA1<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |  12010000 | PA      | $12010000.00  | 0.28%             | 2050-11-15      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                      | CO HLTH FACS AUTH-E   | CUSIP: 19648FVN1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  16780000 | PA      | $16780000.00  | 0.40%             | 2062-05-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | MET TRANSPRTN-G4-REMK | CUSIP: 59261A3T2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  16100000 | PA      | $16100000.00  | 0.38%             | 2030-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                             | NUVEEN VRDP-3509-3    | CUSIP: 670657865<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  34300000 | PA      | $34300000.00  | 0.81%             | 2040-03-01      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | TRIBORO BRIDGE-C-REF  | CUSIP: 89602RKC8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4175000.00   | 0.10%             | 2032-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority               | CT H/E-VAR-V1-YALE UN | CUSIP: 20774LRT4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  44825000 | PA      | $44825000.00  | 1.06%             | 2036-07-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Nassau County Industrial Development Agency                               | NASSAU IDA VAR-COLD   | CUSIP: 631657LK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3505000 | PA      | $3505000.00   | 0.08%             | 2042-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No 2                                    | DOUGLAS HOSP-VAR-RF-A | CUSIP: 259230KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6965000 | PA      | $6965000.00   | 0.16%             | 2032-08-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                       | NEW MEXICO ST         | CUSIP: 647293TA7<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20261338.00  | 0.48%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-XF3293 | CUSIP: 88035MBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11450000 | PA      | $11450000.00  | 0.27%             | 2055-02-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                      | PA HIGHER EDUCTNL-D-2 | CUSIP: 70917TSU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  47460000 | PA      | $47460000.00  | 1.12%             | 2061-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JPM-PUTTERS-5093      | CUSIP: 46640KT87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  42050000 | PA      | $42050000.00  | 0.99%             | 2040-07-01      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JPM-PUTTERS-5078      | CUSIP: 46640KP73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  99220000 | PA      | $99220000.00  | 2.34%             | 2031-12-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp                          | HARRIS HLTH-A2-RF-MET | CUSIP: 41315RGV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36900000 | PA      | $36900000.00  | 0.87%             | 2041-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-5027   | CUSIP: 88035EH22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19205000 | PA      | $19205000.00  | 0.45%             | 2036-07-01      | Variable      | 3.58%                 | Yes           |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                     | NE INVSTMNT FIN-C     | CUSIP: 63968MSK6<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   8400000 | PA      | $8400000.00   | 0.20%             | 2049-09-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Gulf Coast Industrial Development Authority                               | GULF COAST INDL DEV   | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  43850000 | PA      | $43850000.00  | 1.03%             | 2041-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                    | IL ST HSG DEV AUTH-P  | CUSIP: 45203MTE1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |  39110000 | PA      | $39110000.00  | 0.92%             | 2049-04-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                          | PENNSYLVANIA ST TPK   | CUSIP: 7092248P7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  11125000 | PA      | $11125000.00  | 0.26%             | 2039-12-01      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | TRIBOROUGH BRIDGE-B1  | CUSIP: 89602RHH1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  43830000 | PA      | $43830000.00  | 1.03%             | 2033-01-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                            | TEXAS ST-A-VAR-REMK   | CUSIP: 882723J34<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  21300000 | PA      | $21300000.00  | 0.50%             | 2045-06-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Municipal Credit Income Fund                              | NUVEEN PREMIUM INCOME | CUSIP: 67071L700<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.07%             | 2043-12-01      | Variable      | 2.80%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                 | IN ENVIR VAR-ISPAT IN | CUSIP: 455054AC0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   8340000 | PA      | $8340000.00   | 0.20%             | 2035-06-01      | Variable      | 3.03%                 | No            |                  2 | On Loan: No      |
| Tarrant County Health Facilities Development Corp                         | TARRANT HLTH-VAR-B    | CUSIP: 875906NY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.19%             | 2039-12-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | MET TRANSPRTN-D2-REMK | CUSIP: 59261A3R6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  43200000 | PA      | $43200000.00  | 1.02%             | 2035-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                    | NYC HSG DEV CORP-K3   | CUSIP: 64972EG45<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.12%             | 2060-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                     | NY ST HSG FIN AGY-VAR | CUSIP: 64986UA72<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  28405000 | PA      | $28405000.00  | 0.67%             | 2046-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Parish Industrial Development Board Inc                  | E BATON ROUGE INDL-A  | CUSIP: 270777AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  71430000 | PA      | $71430000.00  | 1.68%             | 2035-08-01      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | NYC TRANS FIN AUTH-B3 | CUSIP: 64971WCT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16550000 | PA      | $16550000.00  | 0.39%             | 2042-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                     | NY ST HSG FIN AGY-G-3 | CUSIP: 64987JXT3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  18385000 | PA      | $18385000.00  | 0.43%             | 2061-11-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | NYC TRANSTNL-A-3      | CUSIP: 64971WGW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6600000.00   | 0.16%             | 2043-08-01      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                 | PHILADELPHIA-E-REF    | CUSIP: 7178235S3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3900000.00   | 0.09%             | 2031-08-01      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS FIN-VAR-A-CHEV | CUSIP: 60528ABS2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  62030000 | PA      | $62030000.00  | 1.46%             | 2030-12-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                | DE VY REGL FIN-B-REMK | CUSIP: 246579KW5<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |  19585000 | PA      | $19585000.00  | 0.46%             | 2042-06-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS FIN-VAR-D-CHEV | CUSIP: 60528AAV6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  23885000 | PA      | $23885000.00  | 0.56%             | 2030-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                     | NY HSG FIN AGY-A      | CUSIP: 64987DUL6<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   9385000 | PA      | $9385000.00   | 0.22%             | 2044-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                    | NYC HSG DEV CORP      | CUSIP: 64972E3G2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |  16995000 | PA      | $16995000.00  | 0.40%             | 2050-05-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC WTR-DD-3B-2ND GEN | CUSIP: 64972FX50<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2440000.00   | 0.06%             | 2043-06-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Nuveen New York AMT-Free Quality Municipal Income Fund                    | NUVEEN NY AMT-FREE-2  | CUSIP: 670656503<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | DBT              | MUN               | US        |  35300000 | PA      | $35300000.00  | 0.83%             | 2040-08-01      | Variable      | 2.78%                 | Yes           |                  2 | On Loan: No      |
| State of Texas                                                            | TEXAS ST-VAR-VET      | CUSIP: 882724E78<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  27605000 | PA      | $27605000.00  | 0.65%             | 2053-06-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                    | KS SPL OBLG VAR-E     | CUSIP: 485106CP1<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2390000.00   | 0.06%             | 2034-04-15      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS FIN-VAR-K-CHEV | CUSIP: 60528ACB8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   6130000 | PA      | $6130000.00   | 0.14%             | 2035-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                | SD HSG DEV AUTH-E     | CUSIP: 83756CLM5<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |  23500000 | PA      | $23500000.00  | 0.55%             | 2037-11-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                             | LOUDOUN IDA VAR-B-HOW | CUSIP: 545910AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  31800000 | PA      | $31800000.00  | 0.75%             | 2038-02-15      | Variable      | 2.98%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                         | HAMPTON SAN DIST-A    | CUSIP: 409327MW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9186831.00   | 0.22%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                 | PHILADELPHIA GAS VAR  | CUSIP: 71783MBB0<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   4070000 | PA      | $4070000.00   | 0.10%             | 2031-08-01      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| Allegheny County Industrial Development Authority                         | ALLEGHENY IDA-VAR-EDU | CUSIP: 017292UB7<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.03%             | 2031-05-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JPM-PUTTERS-5083      | CUSIP: 46640KQ80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  96500000 | PA      | $96500000.00  | 2.27%             | 2026-01-23      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| County of Fulton GA                                                       | FULTON CO-TANS        | CUSIP: 360046V94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20095148.00  | 0.47%             | 2025-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                        | CLARK ECON-OPPTY VLG  | CUSIP: 180858AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.24%             | 2037-01-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                          | TNDR OPT-FLTR-047     | CUSIP: 76252PXW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22890000 | PA      | $22890000.00  | 0.54%             | 2045-12-01      | Variable      | 3.53%                 | Yes           |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri        | MO H/E VAR-C-WA UNIV  | CUSIP: 606901WT9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  25300000 | PA      | $25300000.00  | 0.60%             | 2040-03-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| RBC Municipal Products Inc Trust                                          | TNDR OPT-FLTRS-E118   | CUSIP: 74926Y7L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20500000 | PA      | $20500000.00  | 0.48%             | 2026-02-27      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Ohio State University/The                                                 | OHIO ST UNIV-D-2-REF  | CUSIP: 677632R37<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  42450000 | PA      | $42450000.00  | 1.00%             | 2034-12-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                              | MI HSG DEV AUTH-D     | CUSIP: 5946534W4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  10730000 | PA      | $10730000.00  | 0.25%             | 2030-06-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC MUNI WTR-AA3-ADJ  | CUSIP: 64972GCR3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  12200000 | PA      | $12200000.00  | 0.29%             | 2049-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                              | MI HSG-VAR-C          | CUSIP: 5946533J4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  31480000 | PA      | $31480000.00  | 0.74%             | 2035-12-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | NEW YORK TRANSITIONAL | CUSIP: 64971XY44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  58000000 | PA      | $58000000.00  | 1.37%             | 2052-08-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                           | LOUISIANA GAS & FUEL  | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  54370000 | PA      | $54370000.00  | 1.28%             | 2043-05-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Mizuho Floater/Residual Trust                                             | JPM-PUTTERS-MIZ9200   | CUSIP: 60700HZW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11470000 | PA      | $11470000.00  | 0.27%             | 2050-06-09      | Variable      | 2.80%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                     | NJ HLT VAR HSP CAP B  | CUSIP: 645793BK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15240000 | PA      | $15240000.00  | 0.36%             | 2035-07-01      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue | WISCONSIN HSG-C       | CUSIP: 97689QWE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9000000.00   | 0.21%             | 2050-09-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | TNDR OPT-A-VRS214     | CUSIP: 74448XBL5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  33285000 | PA      | $33285000.00  | 0.78%             | 2055-12-01      | Variable      | 2.79%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | TRIBOROUGH BRIDGE-B-3 | CUSIP: 89602RKE4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  12830000 | PA      | $12830000.00  | 0.30%             | 2035-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                             | OHIO ST ADULT CORRECT | CUSIP: 677524EN6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750000.00   | 0.06%             | 2040-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Municipal Credit Income Fund                              | NUVEEN ENHANCED-2     | CUSIP: 67071L809<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |  92500000 | PA      | $92500000.00  | 2.18%             | 2040-12-01      | Variable      | 2.80%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS-VAR-D-CHEVRON  | CUSIP: 60528ABL7<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  17200000 | PA      | $17200000.00  | 0.41%             | 2030-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                            | TEXAS ST-VAR-VETERANS | CUSIP: 882724QQ3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  43195000 | PA      | $43195000.00  | 1.02%             | 2050-12-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC MUNI WTR FIN-BB   | CUSIP: 64972GC44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   8900000 | PA      | $8900000.00   | 0.21%             | 2044-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | TNDT OPT FLTRS-VRS301 | CUSIP: 74448XBJ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  26950000 | PA      | $26950000.00  | 0.63%             | 2055-08-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                     | TX TRANSPTRN-B-FLTG   | CUSIP: 88283LKY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19100000 | PA      | $19100000.00  | 0.45%             | 2032-04-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTR-CF7046  | CUSIP: 88035RSM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8680000 | PA      | $8680000.00   | 0.20%             | 2040-06-01      | Variable      | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                | DELAWARE VLY REG-B    | CUSIP: 246579LZ7<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |  14085000 | PA      | $14085000.00  | 0.33%             | 2059-09-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                         | AUSTIN TX-REF         | CUSIP: 052397Q25<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4400000.00   | 0.10%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clover School District No 2                                               | CLOVER SD #2-BANS     | CUSIP: 189152HB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10019090.00  | 0.24%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                            | TEXAS ST-D-VAR        | CUSIP: 882723QF9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  13885000 | PA      | $13885000.00  | 0.33%             | 2045-06-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                          | TNDR OPT-FLTR-EAGLE20 | CUSIP: 373385PA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9375000 | PA      | $9375000.00   | 0.22%             | 2029-07-01      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | NYC TRANSTNL-A-4      | CUSIP: 64971WGU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5955000 | PA      | $5955000.00   | 0.14%             | 2043-08-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                           | LOUISIANA GAS & FUEL  | CUSIP: 546475VW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1925000.00   | 0.05%             | 2043-05-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS FIN COMMSN-B   | CUSIP: 60528ACE2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   8005000 | PA      | $8005000.00   | 0.19%             | 2035-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Hawaii Housing Finance & Development Corp                                 | HI MFH VAR-LOKAHI KAU | CUSIP: 41981PAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9250000.00   | 0.22%             | 2041-12-01      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp                                               | AK HFC VAR-SER A      | CUSIP: 01170PDV5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |  13220000 | PA      | $13220000.00  | 0.31%             | 2040-12-01      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                            | TEXAS ST-A-VAR-REMK   | CUSIP: 882723H51<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  15105000 | PA      | $15105000.00  | 0.36%             | 2041-06-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                   | MUNI ELEC-VAR-B       | CUSIP: 626207VS0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |  19275000 | PA      | $19275000.00  | 0.45%             | 2048-01-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS FIN-VAR-L-CHEV | CUSIP: 60528ACC6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.05%             | 2035-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | WA HSG FIN COMMN-1NMM | CUSIP: 93978TZN2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.35%             | 2048-12-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri        | MO HLTH & EDU-G       | CUSIP: 60637AFN7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  50000000 | PA      | $50000000.00  | 1.18%             | 2044-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC WTR-VAR-FF1-GEN R | CUSIP: 64972F2H8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1860000.00   | 0.04%             | 2044-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                | LANCASTER INDL-ADJ-A  | CUSIP: 514349CB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8240000 | PA      | $8240000.00   | 0.19%             | 2039-12-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                               | TNDR OPT-FLTR-XM0051  | CUSIP: 1301784A1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.19%             | 2038-11-01      | Variable      | 2.74%                 | Yes           |                  2 | On Loan: No      |
| Arizona Board of Regents                                                  | AZ BRD OF REGENTS-C   | CUSIP: 04048RXJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.47%             | 2055-07-01      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                             | LOUDOUN IDA-VAR-B-HOW | CUSIP: 545910AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3210000.00   | 0.08%             | 2039-10-01      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                         | UT CO HOSP REV-C      | CUSIP: 917393CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.04%             | 2058-05-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                   | MIAMI SPORT-VAR-E     | CUSIP: 59333HCF1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |  59750000 | PA      | $59750000.00  | 1.41%             | 2048-10-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue        | WI HSG & ECON-B       | CUSIP: 976904UV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10535000 | PA      | $10535000.00  | 0.25%             | 2055-05-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                         | MS BUS-VAR-E-CHEVRON  | CUSIP: 60528ABM5<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   5165000 | PA      | $5165000.00   | 0.12%             | 2030-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | NY CITY-B4-VAR        | CUSIP: 64966MSB6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.07%             | 2046-10-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Parish Industrial Development Board Inc                  | E BATON ROUGE IDB     | CUSIP: 270777AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7918000 | PA      | $7918000.00   | 0.19%             | 2051-12-01      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | TNDR OPT-FLTRS-7020   | CUSIP: 88035MSK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16275000 | PA      | $16275000.00  | 0.38%             | 2035-09-01      | Variable      | 2.73%                 | Yes           |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                             | LOUDOUN IDA VAR-F-HOW | CUSIP: 545910AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7590000.00   | 0.18%             | 2038-02-15      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                    | IOWA FIN AUTH-H       | CUSIP: 462467Y70<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  17615000 | PA      | $17615000.00  | 0.41%             | 2052-01-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Nuveen New York AMT-Free Quality Municipal Income Fund                    | NUVEEN NY AMT-FREE-3  | CUSIP: 670656602<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | DBT              | MUN               | US        |  16700000 | PA      | $16700000.00  | 0.39%             | 2040-12-01      | Variable      | 2.78%                 | Yes           |                  2 | On Loan: No      |
| Red River Education Finance Corp                                          | RED RIVER ED-VAR-TX C | CUSIP: 756872CH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16650000 | PA      | $16650000.00  | 0.39%             | 2030-03-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC MUNI WTR FIN-BB-2 | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4100000.00   | 0.10%             | 2053-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                             | OH HOSP-A-VAR         | CUSIP: 67756CDD7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  18570000 | PA      | $18570000.00  | 0.44%             | 2046-01-15      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                           | GAINESVILLE UTILS-C   | CUSIP: 362848US0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6500000.00   | 0.15%             | 2047-10-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| Town of North Hempstead NY                                                | N HEMPSTEAD TWN-B-BAN | CUSIP: 659667AA7<br>LEI: 549300HZGEMT3JR5XU82 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15178605.00  | 0.36%             | 2026-09-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC MUNI WTR-BB-VAR   | CUSIP: 64972GMM3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.12%             | 2049-06-15      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue | WI HSG & ECON DEV-B   | CUSIP: 97689QJS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7125000 | PA      | $7125000.00   | 0.17%             | 2043-03-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                        | MD ECON-VAR-A-HOWARD  | CUSIP: 574205FY1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |  61125000 | PA      | $61125000.00  | 1.44%             | 2043-02-15      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                           | NYC MUNI WTR FIN-BB4  | CUSIP: 64972GRG1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4200000.00   | 0.10%             | 2050-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                               | UNIV HOSP-VAR-REF-A   | CUSIP: 91471FAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2350000.00   | 0.06%             | 2029-02-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                            | TX ST-MULTI MODE-B    | CUSIP: 882721RM7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6400000.00   | 0.15%             | 2036-04-01      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                      | ALLEGHENY HGR ED-RF-C | CUSIP: 01728RES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  34600000 | PA      | $34600000.00  | 0.82%             | 2037-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | MET TRANSP AUTH-E1    | CUSIP: 59261AM53<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  36775000 | PA      | $36775000.00  | 0.87%             | 2050-11-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | IL FIN VAR-REF-A-LITT | CUSIP: 45200FFV6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  21530000 | PA      | $21530000.00  | 0.51%             | 2035-08-15      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                      | TRIBOROUGH BRIDGE-B2A | CUSIP: 89602RGK5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  26130000 | PA      | $26130000.00  | 0.62%             | 2032-01-01      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | MET TRANSPRTN-E3      | CUSIP: 59261AWK9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  33750000 | PA      | $33750000.00  | 0.80%             | 2050-11-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                              | ORLANDO UTILS-B-REF   | CUSIP: 686507GL2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   9025000 | PA      | $9025000.00   | 0.21%             | 2039-10-01      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund        | OH WTR DEV AUTH-C     | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10600000 | PA      | $10600000.00  | 0.25%             | 2054-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                 | DENVER CO SD#1-A      | CUSIP: 249174YS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1851529.44   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                    | NYC HSG-I-3           | CUSIP: 64972ESV2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |  33150000 | PA      | $33150000.00  | 0.78%             | 2060-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri        | MO H/E-ADJ-C2-ASCENSI | CUSIP: 60635HK65<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.35%             | 2039-11-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                      | JPM-PUTTERS-5090      | CUSIP: 46640KT46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12645000 | PA      | $12645000.00  | 0.30%             | 2041-05-15      | Variable      | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                     | CT HSG FIN AUTH-E3    | CUSIP: 20775CKN3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3850000.00   | 0.09%             | 2046-11-15      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                             | OH HOSP FAC-E-VAR     | CUSIP: 677561LA8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  40000000 | PA      | $40000000.00  | 0.94%             | 2052-01-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                  | AZ UNIV-VAR-RF-A      | CUSIP: 04048RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7445000 | PA      | $7445000.00   | 0.18%             | 2034-07-01      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp                          | HARRIS HLTH-A1-RF-MET | CUSIP: 41315RGU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.00%             | 2041-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                            | JPM-PUTTERS-XF1408    | CUSIP: 88035D4U6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.04%             | 2044-06-01      | Variable      | 2.76%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                       | NYC VAR-SUBSER L-3    | CUSIP: 64966G4N9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   7610000 | PA      | $7610000.00   | 0.18%             | 2036-04-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | NYC TRAN FIN-VAR-C5   | CUSIP: 64971QQ63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4100000.00   | 0.10%             | 2041-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue | WI HSG & ECON DEV-C   | CUSIP: 97689QHM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9395000 | PA      | $9395000.00   | 0.22%             | 2039-03-01      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** VANGUARD CMT FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer