# EDGAR Filing Document

**Accession Number:** 0001273878
**File Stem:** 0001104659-26-050526
**Filing Date:** 2026-4
**Character Count:** 218053
**Document Hash:** 302c91696fcc3787d4cf9589173c3592
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-050526.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001104659-26-050526

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21478
- **FILM NUMBER:** 26909618

**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 Market Liquidity Fund (Series ID: S000002575)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000007078 | Vanguard Market Liquidity Fund |  |

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

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

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT** 

**OF** 

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

---

| | |
|:---|:---|
| **Name of Registrant:** | **Vanguard CMT Funds** |
| **Address of Registrant:** | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| **Name and address of agent for service:** | **Natalie Lamarque, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: August 31

Date of reporting period: September 1, 2025—February 28, 2026

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Market Liquidity Fund](#classname04ac9509-54fa-4a1f-b3c2-cbfe5930bbf9)<br> **[Investor Shares](#classname04ac9509-54fa-4a1f-b3c2-cbfe5930bbf9)**  |
|  [Municipal Low Duration Fund](#classname1a7b23b6-6521-473b-b769-e03b938901e1)<br> **[Investor Shares](#classname1a7b23b6-6521-473b-b769-e03b938901e1)**  |

---

# Vanguard Market Liquidity Fund
![Image](tm268191d1_ncsrsimg001.jpg)

# [Investor Shares](#Toc)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Market Liquidity Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $0 | 0.005%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $134320 |
| Number of Portfolio Holdings | 232 |

---

## Distribution by Effective Maturity % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| 1 to 7 Days | 65.2% |
| 8 to 30 Days | 11.1% |
| 31 to 60 Days | 14.8% |
| 61 to 90 Days | 3.4% |
| 91 to 180 Days | 5.5% |
| Over 180 Days | 1.7% |
| Other Assets and Liabilities—Net | (1.7%) |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1142

# Vanguard Municipal Low Duration Fund
![Image](tm268191d1_ncsrsimg001.jpg)

# [Investor Shares](#Toc)

#### Semi-Annual Shareholder Report \| February 28, 2026
This semi-annual shareholder report contains important information about Vanguard Municipal Low Duration Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $0 | 0.01%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $6546 |
| Number of Portfolio Holdings | 343 |
| Portfolio Turnover Rate | 13% |

---

## Distribution by Effective Maturity % of Net Assets (as of February 28, 2026)

---

| | |
|:---|:---|
| 1 to 7 Days | 95.6% |
| 8 to 30 Days | 0.3% |
| 31 to 60 Days | 0.3% |
| 61 to 90 Days | 0.3% |
| 91 to 180 Days | 2.2% |
| Over 180 Days | 2.6% |
| Other Assets and Liabilities—Net | (1.3%) |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1143

**Item 2: Code of Ethics.**

Not applicable.

**Item 3**: **Audit Committee Financial Expert.**

Not applicable.

**Item 4**: **Principal Accountant Fees and Services.**

Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm268191d1vangmarkliqufui001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Market Liquidity Fund

------

#### Contents
Financial Statements 1 <br>

------

Market Liquidity Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

The fund publishes its holdings on a monthly basis on Vanguard's website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund's Form N-MFP filings may be viewed via a link on the "Portfolio Holdings" page at www.vanguard.com or on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Yield<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **U.S. Government Agency Debt (22.2%)** | **U.S. Government Agency Debt (22.2%)** | **U.S. Government Agency Debt (22.2%)** | **U.S. Government Agency Debt (22.2%)** | **U.S. Government Agency Debt (22.2%)** | **U.S. Government Agency Debt (22.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Fannie Mae Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.629% | &nbsp;&nbsp;&nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 62612 | &nbsp;&nbsp; 62512 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9518 | &nbsp;&nbsp; 9518 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 5/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 47058 | &nbsp;&nbsp; 47058 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp;7/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2000 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9723 | &nbsp;&nbsp; 9723 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30065 | &nbsp;&nbsp; 30066 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.015% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.685% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44404 | &nbsp;&nbsp; 44404 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.015% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.685% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15001 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.690% | &nbsp;&nbsp;&nbsp;&nbsp;3/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37646 | &nbsp;&nbsp; 37646 |
|  | &nbsp;&nbsp;&nbsp;Federal Farm Credit Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.560% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 269973 |
|  | &nbsp;&nbsp;&nbsp;Federal Farm Credit Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.585% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29946 |
|  | &nbsp;&nbsp;&nbsp;Federal Farm Credit Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.707% | &nbsp;&nbsp;&nbsp;&nbsp; 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 144976 | &nbsp;&nbsp; 144464 |
|  | &nbsp;&nbsp;&nbsp;Federal Farm Credit Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.864% | &nbsp;&nbsp;&nbsp;&nbsp; 4/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10200 | &nbsp;&nbsp; 10163 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 489923 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 5/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 164909 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249858 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 227400 | &nbsp;&nbsp; 227262 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 536245 | &nbsp;&nbsp; 535700 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.620% | &nbsp;&nbsp;&nbsp;&nbsp;7/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 458200 | &nbsp;&nbsp; 458036 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.620% | &nbsp;&nbsp;&nbsp;&nbsp;7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 101820 | &nbsp;&nbsp; 101781 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp;8/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 274685 | &nbsp;&nbsp; 274595 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp;8/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 542405 | &nbsp;&nbsp; 542229 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp;8/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 273640 | &nbsp;&nbsp; 273551 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.743% | &nbsp;&nbsp;&nbsp;&nbsp; 9/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235455 | &nbsp;&nbsp; 235450 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.741% | &nbsp;&nbsp;&nbsp;&nbsp; 9/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 639435 | &nbsp;&nbsp; 639421 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.742% | &nbsp;&nbsp;&nbsp;&nbsp; 9/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 228365 | &nbsp;&nbsp; 228360 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.735% | &nbsp;&nbsp;&nbsp;&nbsp; 9/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 824880 | &nbsp;&nbsp; 824864 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.889% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 276000 | &nbsp;&nbsp; 275973 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.601%–3.651% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500100 | &nbsp;&nbsp; 500051 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.601%–3.837% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 614129 | &nbsp;&nbsp; 614008 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.484% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 73142 | &nbsp;&nbsp; 73120 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.487%–3.691% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 610814 | &nbsp;&nbsp; 610573 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.455%–3.818% | &nbsp;&nbsp;&nbsp;&nbsp;3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 379809 | &nbsp;&nbsp; 379470 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.541%–3.615% | &nbsp;&nbsp;&nbsp;&nbsp;3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 118864 | &nbsp;&nbsp; 118734 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.543%–3.827% | &nbsp;&nbsp;&nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 306066 | &nbsp;&nbsp; 305578 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.808%–3.827% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 181325 | &nbsp;&nbsp; 181017 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.554%–3.809% | &nbsp;&nbsp;&nbsp;&nbsp;3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 534908 | &nbsp;&nbsp; 533947 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.684% | &nbsp;&nbsp;&nbsp;&nbsp;3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 184237 | &nbsp;&nbsp; 183850 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.563%–3.653% | &nbsp;&nbsp;&nbsp;&nbsp;3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1332431 | &nbsp;&nbsp; 1329366 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.475%–3.686% | &nbsp;&nbsp;&nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 297444 | &nbsp;&nbsp; 296700 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.813% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 84848 | &nbsp;&nbsp; 84610 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.814% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 84591 | &nbsp;&nbsp; 84345 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.454%–3.704% | &nbsp;&nbsp;&nbsp;&nbsp; 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 281371 | &nbsp;&nbsp; 280385 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.466%–3.704% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 510621 | &nbsp;&nbsp; 508729 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.807% | &nbsp;&nbsp;&nbsp;&nbsp; 4/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18222 | &nbsp;&nbsp; 18153 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.574%–3.646% | &nbsp;&nbsp;&nbsp;&nbsp;4/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 401705 | &nbsp;&nbsp; 400136 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.799% | &nbsp;&nbsp;&nbsp;&nbsp;4/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18222 | &nbsp;&nbsp; 18145 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.576%–3.646% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 387892 | &nbsp;&nbsp; 386181 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.606%–3.646% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 499450 | &nbsp;&nbsp; 497147 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.613%–3.623% | &nbsp;&nbsp;&nbsp;&nbsp;4/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 204313 | &nbsp;&nbsp; 203268 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.518%–3.636% | &nbsp;&nbsp;&nbsp;&nbsp;4/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 245041 | &nbsp;&nbsp; 243738 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.553% | &nbsp;&nbsp;&nbsp;&nbsp;5/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 182855 | &nbsp;&nbsp; 181572 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.664%–3.674% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 93028 | &nbsp;&nbsp; 92338 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.664% | &nbsp;&nbsp;&nbsp;&nbsp;5/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 104000 | &nbsp;&nbsp; 103156 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.661% | &nbsp;&nbsp;&nbsp;&nbsp;5/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 78258 | &nbsp;&nbsp; 77584 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.658%–3.659% | &nbsp;&nbsp;&nbsp;&nbsp;5/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 168837 | &nbsp;&nbsp; 167349 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.694%–3.708% | &nbsp;&nbsp;&nbsp;&nbsp;6/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 134471 | &nbsp;&nbsp; 133125 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.576%–3.588% | &nbsp;&nbsp;&nbsp;&nbsp;6/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 68108 | &nbsp;&nbsp; 67413 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.584%–3.673% | &nbsp;&nbsp;&nbsp;&nbsp;6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120301 | &nbsp;&nbsp; 119014 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.520%–3.675% | &nbsp;&nbsp;&nbsp;&nbsp;6/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 92268 | &nbsp;&nbsp; 91235 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.522% | &nbsp;&nbsp;&nbsp;&nbsp;6/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23972 | &nbsp;&nbsp; 23699 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.524%–3.668% | &nbsp;&nbsp;&nbsp;&nbsp;6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 103821 | &nbsp;&nbsp; 102618 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.564% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 89591 | &nbsp;&nbsp; 88509 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.623% | &nbsp;&nbsp;&nbsp;&nbsp; 7/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9997 | &nbsp;&nbsp; 9869 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.626% | &nbsp;&nbsp;&nbsp;&nbsp;7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 186790 | &nbsp;&nbsp; 184296 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.627% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 186790 | &nbsp;&nbsp; 184259 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.639% | &nbsp;&nbsp;&nbsp;&nbsp;7/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18442 | &nbsp;&nbsp; 18181 |
|  | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks Discount Notes | 3.568%–3.629% | &nbsp;&nbsp;&nbsp;&nbsp;8/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 67192 | &nbsp;&nbsp; 66095 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 358400 | &nbsp;&nbsp; 358362 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 273605 | &nbsp;&nbsp; 273604 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 242760 | &nbsp;&nbsp; 242759 |

---

------

Market Liquidity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Yield<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 216465 | &nbsp;&nbsp; 216463 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 164700 | &nbsp;&nbsp; 164699 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 91035 | &nbsp;&nbsp; 91035 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85490 | &nbsp;&nbsp; 85489 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60900 | &nbsp;&nbsp; 60900 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 43295 | &nbsp;&nbsp; 43295 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 42810 | &nbsp;&nbsp; 42810 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR - 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250000 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 776360 | &nbsp;&nbsp; 776344 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 491310 | &nbsp;&nbsp; 491299 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 295470 | &nbsp;&nbsp; 295472 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 287595 | &nbsp;&nbsp; 287598 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270150 | &nbsp;&nbsp; 270149 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 191670 | &nbsp;&nbsp; 191669 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 186790 | &nbsp;&nbsp; 186786 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 186790 | &nbsp;&nbsp; 186786 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 182445 | &nbsp;&nbsp; 182442 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 182070 | &nbsp;&nbsp; 182066 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 173200 | &nbsp;&nbsp; 173201 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 156090 | &nbsp;&nbsp; 156087 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 136945 | &nbsp;&nbsp; 136947 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 136800 | &nbsp;&nbsp; 136797 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 128860 | &nbsp;&nbsp; 128860 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 128235 | &nbsp;&nbsp; 128234 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 128230 | &nbsp;&nbsp; 128230 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 91145 | &nbsp;&nbsp; 91143 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 83520 | &nbsp;&nbsp; 83518 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 47920 | &nbsp;&nbsp; 47920 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18260 | &nbsp;&nbsp; 18260 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13695 | &nbsp;&nbsp; 13695 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1611285 | &nbsp;&nbsp; 1611098 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 766620 | &nbsp;&nbsp; 766529 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 486120 | &nbsp;&nbsp; 486121 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 445450 | &nbsp;&nbsp; 445464 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 443320 | &nbsp;&nbsp; 443334 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 433130 | &nbsp;&nbsp; 433131 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 383340 | &nbsp;&nbsp; 383345 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 327055 | &nbsp;&nbsp; 327016 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249996 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 208365 | &nbsp;&nbsp; 208371 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 191730 | &nbsp;&nbsp; 191736 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 173170 | &nbsp;&nbsp; 173176 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 146000 | &nbsp;&nbsp; 145989 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 102000 | &nbsp;&nbsp; 102000 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90210 | &nbsp;&nbsp; 90211 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 88665 | &nbsp;&nbsp; 88659 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80335 | &nbsp;&nbsp; 80335 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp; 48001 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45105 | &nbsp;&nbsp; 45106 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.005% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.675% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 42750 | &nbsp;&nbsp; 42751 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 191670 | &nbsp;&nbsp; 191679 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 182600 | &nbsp;&nbsp; 182607 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 173320 | &nbsp;&nbsp; 173322 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 146000 | &nbsp;&nbsp; 146005 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 98260 | &nbsp;&nbsp; 98260 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp; 73003 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45515 | &nbsp;&nbsp; 45515 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 43000 | &nbsp;&nbsp; 43001 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30440 | &nbsp;&nbsp; 30441 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.015% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.685% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45140 | &nbsp;&nbsp; 45141 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.015% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.685% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 43300 | &nbsp;&nbsp; 43302 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.690% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 48460 | &nbsp;&nbsp; 48460 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.690% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45003 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.690% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 42870 | &nbsp;&nbsp; 42872 |
| <sup>2,4</sup> | &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.735% | &nbsp;&nbsp;&nbsp;&nbsp; 9/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 346587 | &nbsp;&nbsp; 346541 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Freddie Mac Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.753% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23709 | &nbsp;&nbsp; 23707 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Freddie Mac Discount Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.548% | &nbsp;&nbsp;&nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13715 | &nbsp;&nbsp; 13693 |
| **Total U.S. Government Agency Debt (Cost $29,874,257)** | **Total U.S. Government Agency Debt (Cost $29,874,257)** | **Total U.S. Government Agency Debt (Cost $29,874,257)** | **Total U.S. Government Agency Debt (Cost $29,874,257)** | **Total U.S. Government Agency Debt (Cost $29,874,257)** | &nbsp;&nbsp;**29873789** |
| **U.S. Treasury Debt (27.9%)** | **U.S. Treasury Debt (27.9%)** | **U.S. Treasury Debt (27.9%)** | **U.S. Treasury Debt (27.9%)** | **U.S. Treasury Debt (27.9%)** | **U.S. Treasury Debt (27.9%)** |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.014%–3.651% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6276500 | &nbsp;&nbsp; 6275871 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.528%–3.652% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2513650 | &nbsp;&nbsp; 2512890 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.533% | &nbsp;&nbsp;&nbsp;&nbsp;3/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1403400 | &nbsp;&nbsp; 1401985 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.370%–3.665% | &nbsp;&nbsp;&nbsp;&nbsp;3/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1511000 | &nbsp;&nbsp; 1508715 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.526%–3.538% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2074000 | &nbsp;&nbsp; 2070450 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.398% | &nbsp;&nbsp;&nbsp;&nbsp;3/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1995588 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.497%–3.538% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2798118 | &nbsp;&nbsp; 2789396 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.398%–3.556% | &nbsp;&nbsp;&nbsp;&nbsp; 4/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2070250 | &nbsp;&nbsp; 2062745 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.533% | &nbsp;&nbsp;&nbsp;&nbsp; 4/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2229662 | &nbsp;&nbsp; 2221131 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.398%–3.527% | &nbsp;&nbsp;&nbsp;&nbsp;4/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2079531 | &nbsp;&nbsp; 2070527 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.536%–3.766% | &nbsp;&nbsp;&nbsp;&nbsp;4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1067500 | &nbsp;&nbsp; 1062663 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.398% | &nbsp;&nbsp;&nbsp;&nbsp;4/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1104005 | &nbsp;&nbsp; 1098454 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.398% | &nbsp;&nbsp;&nbsp;&nbsp;4/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1950609 | &nbsp;&nbsp; 1939428 |

---

------

Market Liquidity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Yield<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.761% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 712000 | &nbsp;&nbsp; 707294 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.497% | &nbsp;&nbsp;&nbsp;&nbsp;5/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1123000 | &nbsp;&nbsp; 1113521 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.709% | &nbsp;&nbsp;&nbsp;&nbsp;5/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 487000 | &nbsp;&nbsp; 482781 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.637% | &nbsp;&nbsp;&nbsp;&nbsp;6/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1899876 | &nbsp;&nbsp; 1880820 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.534% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 550079 | &nbsp;&nbsp; 543415 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.544% | &nbsp;&nbsp;&nbsp;&nbsp;7/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 493294 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.594% | &nbsp;&nbsp;&nbsp;&nbsp;7/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 492969 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.580% | &nbsp;&nbsp;&nbsp;&nbsp;7/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 571469 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.098% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.721% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 129526 | &nbsp;&nbsp; 129552 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.773% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 401756 | &nbsp;&nbsp; 401816 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.782% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 550874 | &nbsp;&nbsp; 551321 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.783% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41675 | &nbsp;&nbsp; 41721 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.805% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 834110 | &nbsp;&nbsp; 834560 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.205% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.828% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 170852 | &nbsp;&nbsp; 170971 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;5/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34410 | &nbsp;&nbsp; 34158 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% | &nbsp;&nbsp;&nbsp;&nbsp;5/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 72833 | &nbsp;&nbsp; 72543 |
| **Total U.S. Treasury Debt (Cost $37,527,664)** | **Total U.S. Treasury Debt (Cost $37,527,664)** | **Total U.S. Treasury Debt (Cost $37,527,664)** | **Total U.S. Treasury Debt (Cost $37,527,664)** | **Total U.S. Treasury Debt (Cost $37,527,664)** | &nbsp;&nbsp;**37532048** |
| **U.S. Treasury Repurchase Agreements (51.6%)** | **U.S. Treasury Repurchase Agreements (51.6%)** | **U.S. Treasury Repurchase Agreements (51.6%)** | **U.S. Treasury Repurchase Agreements (51.6%)** | **U.S. Treasury Repurchase Agreements (51.6%)** | **U.S. Treasury Repurchase Agreements (51.6%)** |
|  | &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA<br> (Dated 2/27/2026, Repurchase Value $3,168,966, collateralized by U.S. Treasury Obligations 0.000%–5.375%, 5/21/2026–11/15/2054, with a value of $3,231,360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3168000 | &nbsp;&nbsp; 3168000 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander SA<br> (Dated 2/27/2026, Repurchase Value $990,302, collateralized by U.S. Treasury Obligations 0.250%–4.750%, 3/31/2026–8/15/2055, with a value of $1,009,800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp; 990000 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal<br> (Dated 2/27/2026, Repurchase Value $1,000,293, collateralized by U.S. Treasury Obligations 0.500%–5.000%, 3/31/2026–8/15/2054, with a value of $1,020,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.510% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1000000 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal<br> (Dated 2/27/2026, Repurchase Value $500,148, collateralized by U.S. Treasury Obligations 0.125%–4.875%, 4/15/2026–2/15/2056, with a value of $508,588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal<br> (Dated 2/27/2026, Repurchase Value $500,146, collateralized by U.S. Treasury Obligations 0.625%–4.500%, 3/31/2026–8/15/2033, with a value of $511,413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.510% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp;&nbsp;Bank of Montreal<br> (Dated 2/27/2026, Repurchase Value $60,018, collateralized by U.S. Treasury Obligations 1.250%–5.000%, 5/15/2045–5/15/2050, with a value of $61,200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60000 |
|  | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia<br> (Dated 2/27/2026, Repurchase Value $988,301, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 3/15/2026–2/15/2055, with a value of $1,007,760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 988000 | &nbsp;&nbsp; 988000 |
|  | &nbsp;&nbsp;&nbsp;Barclays Bank plc<br> (Dated 2/27/2026, Repurchase Value $1,973,603, collateralized by U.S. Treasury Obligations 1.625%–5.250%, 3/31/2026–8/15/2054, with a value of $2,012,460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1973000 | &nbsp;&nbsp; 1973000 |
|  | &nbsp;&nbsp;&nbsp;Barclays Bank plc<br> (Dated 1/29/2026, Repurchase Value $780,871, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 3/10/2026–8/15/2053, with a value of $792,540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 777000 | &nbsp;&nbsp; 777000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 1/22/2026, Repurchase Value $489,967, collateralized by U.S. Treasury Obligations 0.000%–6.750%, 4/21/2026–1/15/2030, with a value of $496,740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.655% | &nbsp;&nbsp;&nbsp;&nbsp;3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 487000 | &nbsp;&nbsp; 487000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 1/21/2026, Repurchase Value $277,709, collateralized by U.S. Treasury Obligations 0.000%–6.500%, 4/7/2026–2/15/2053, with a value of $281,520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.655% | &nbsp;&nbsp;&nbsp;&nbsp;3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 276000 | &nbsp;&nbsp; 276000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 1/30/2026, Repurchase Value $1,020,074, collateralized by U.S. Treasury Obligations 0.625%–4.250%, 5/31/2028–5/15/2039, with a value of $1,034,280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.655% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1014000 | &nbsp;&nbsp; 1014000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 1/28/2026, Repurchase Value $476,932, collateralized by U.S. Treasury Obligations 2.125%–4.500%, 1/31/2030–5/15/2042, with a value of $483,480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;&nbsp;3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 474000 | &nbsp;&nbsp; 474000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 2/3/2026, Repurchase Value $179,050, collateralized by U.S. Treasury Obligations 0.500%–4.250%, 4/30/2027–8/15/2051, with a value of $181,560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 178000 | &nbsp;&nbsp; 178000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 2/9/2026, Repurchase Value $176,044, collateralized by U.S. Treasury Obligations 0.125%–5.250%, 9/30/2026–2/15/2048, with a value of $178,500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.640% | &nbsp;&nbsp;&nbsp;&nbsp; 4/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 2/17/2026, Repurchase Value $323,929, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 8/15/2026–2/15/2035, with a value of $328,440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.655% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 322000 | &nbsp;&nbsp; 322000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 2/23/2026, Repurchase Value $513,068, collateralized by U.S. Treasury Obligations 0.125%–4.875%, 4/15/2026–2/15/2050, with a value of $520,200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp;4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 510000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 2/24/2026, Repurchase Value $185,105, collateralized by U.S. Treasury Obligations 0.125%–4.625%, 7/31/2027–2/15/2040, with a value of $187,680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.665% | &nbsp;&nbsp;&nbsp;&nbsp;4/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 184000 | &nbsp;&nbsp; 184000 |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp.<br> (Dated 2/27/2026, Repurchase Value $424,528, collateralized by U.S. Treasury Obligations 0.125%–3.875%, 10/31/2026–2/15/2051, with a value of $430,440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.655% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 422000 | &nbsp;&nbsp; 422000 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce<br> (Dated 2/23/2026, Repurchase Value $134,191, collateralized by U.S. Treasury Obligations 0.125%–4.750%, 3/31/2026–5/15/2055, with a value of $136,680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp; 134000 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce<br> (Dated 1/29/2026, Repurchase Value $1,171,809, collateralized by U.S. Treasury Obligations 0.000%–4.750%, 3/31/2026–8/15/2055, with a value of $1,189,320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp;3/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1166000 | &nbsp;&nbsp; 1166000 |
|  | &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce<br> (Dated 2/17/2026, Repurchase Value $215,284, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 3/31/2026–5/15/2055, with a value of $218,280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp;4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 214000 | &nbsp;&nbsp; 214000 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Global Markets Ltd.<br> (Dated 2/27/2026, Repurchase Value $3,506,069, collateralized by U.S. Treasury Obligations 0.625%–4.000%, 2/28/2030–10/31/2030, with a value of $3,575,100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3505000 | &nbsp;&nbsp; 3505000 |

---

------

Market Liquidity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Yield<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Citigroup Global Markets Ltd.<br> (Dated 2/25/2026, Repurchase Value $1,763,257, collateralized by U.S. Treasury Obligations 3.500%–4.375%, 12/31/2029–7/31/2030, with a value of $1,797,240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1762000 | &nbsp;&nbsp; 1762000 |
| &nbsp;&nbsp;&nbsp;Credit Agricole Corporate & Investment Bank SA<br> (Dated 2/27/2026, Repurchase Value $3,142,961, collateralized by U.S. Treasury Obligations 0.000%–4.750%, 3/12/2026–11/15/2054, with a value of $3,204,840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3142000 | &nbsp;&nbsp; 3142000 |
| &nbsp;&nbsp;&nbsp;Credit Agricole Corporate & Investment Bank SA<br> (Dated 2/27/2026, Repurchase Value $295,090, collateralized by U.S. Treasury Obligations 0.125%–4.875%, 4/15/2026–5/15/2052, with a value of $300,900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 295000 |
| &nbsp;&nbsp;&nbsp;Credit Agricole Corporate & Investment Bank SA<br> (Dated 2/24/2026, Repurchase Value $184,131, collateralized by U.S. Treasury Obligations 0.125%–4.125%, 9/30/2026–2/15/2045, with a value of $187,680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 184000 | &nbsp;&nbsp; 184000 |
| &nbsp;&nbsp;&nbsp;Credit Agricole Corporate & Investment Bank SA<br> (Dated 2/24/2026, Repurchase Value $92,065, collateralized by U.S. Treasury Obligations 0.000%–6.125%, 3/19/2026–11/15/2055, with a value of $93,840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 92000 | &nbsp;&nbsp; 92000 |
| &nbsp;&nbsp;&nbsp;Credit Agricole Corporate & Investment Bank SA<br> (Dated 2/25/2026, Repurchase Value $97,069, collateralized by U.S. Treasury Obligations 0.125%–4.875%, 3/31/2026–2/15/2054, with a value of $98,940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp; 97000 |
| &nbsp;&nbsp;&nbsp;Credit Agricole Corporate & Investment Bank SA<br> (Dated 2/27/2026, Repurchase Value $317,226, collateralized by U.S. Treasury Obligations 0.000%–4.750%, 4/21/2026–2/15/2053, with a value of $323,340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 317000 | &nbsp;&nbsp; 317000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG<br> (Dated 2/27/2026, Repurchase Value $1,194,361, collateralized by U.S. Treasury Obligations 4.125%–4.625%, 1/15/2028–2/15/2036, with a value of $1,218,248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1194000 | &nbsp;&nbsp; 1194000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG<br> (Dated 2/27/2026, Repurchase Value $267,082, collateralized by U.S. Treasury Obligations 4.250%–4.625%, 11/15/2040–5/15/2054, with a value of $272,423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 267000 | &nbsp;&nbsp; 267000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG<br> (Dated 2/25/2026, Repurchase Value $720,514, collateralized by U.S. Treasury Obligations 1.125%–4.875%, 5/15/2040–5/15/2049, with a value of $734,924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp; 720000 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA<br> (Dated 2/27/2026, Repurchase Value $512,157, collateralized by U.S. Treasury Obligations 0.375%–4.500%, 6/30/2026–5/31/2030, with a value of $522,240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 512000 | &nbsp;&nbsp; 512000 |
| &nbsp;&nbsp;&nbsp;Federal Reserve Bank of New York<br> (Dated 2/27/2026, Repurchase Value $3,441,003, collateralized by U.S. Treasury Obligations 1.625%, 5/15/2031, with a value of $3,441,003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3440000 | &nbsp;&nbsp; 3440000 |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. - Northern Trust<br> (Dated 2/27/2026, Repurchase Value $5,864,788, collateralized by U.S. Treasury Obligations 3.500%–4.375%, 2/28/2030–5/15/2035, with a value of $5,980,260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5863000 | &nbsp;&nbsp; 5863000 |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. - State Street Bank and Trust Co.<br> (Dated 2/27/2026, Repurchase Value $6,626,026, collateralized by U.S. Treasury Obligations 1.125%–5.375%, 12/31/2030–7/31/2031, with a value of $6,763,104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6624000 | &nbsp;&nbsp; 6624000 |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. - The Bank of New York Mellon<br> (Dated 2/27/2026, Repurchase Value $5,883,799, collateralized by U.S. Treasury Obligations 0.375%–4.625%, 1/15/2027–11/15/2044, with a value of $5,999,640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5882000 | &nbsp;&nbsp; 5882000 |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. - The Bank of New York Mellon<br> (Dated 2/27/2026, Repurchase Value $735,217, collateralized by U.S. Treasury Obligations 1.375%, 10/31/2028, with a value of $749,700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp; 735000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs & Co.<br> (Dated 2/27/2026, Repurchase Value $2,307,704, collateralized by U.S. Treasury Obligations 0.125%–4.000%, 2/28/2027–11/15/2035, with a value of $2,353,140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2307000 | &nbsp;&nbsp; 2307000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs & Co.<br> (Dated 2/27/2026, Repurchase Value $389,115, collateralized by U.S. Treasury Obligations 0.125%–4.000%, 7/15/2029–7/15/2030, with a value of $396,780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 389000 | &nbsp;&nbsp; 389000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs & Co.<br> (Dated 2/27/2026, Repurchase Value $250,073, collateralized by U.S. Treasury Obligations 4.000%, 2/28/2030, with a value of $255,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.520% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs & Co.<br> (Dated 2/24/2026, Repurchase Value $964,686, collateralized by U.S. Treasury Obligations 2.125%–3.500%, 3/31/2027–2/15/2041, with a value of $983,280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 964000 | &nbsp;&nbsp; 964000 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA Inc.<br> (Dated 2/27/2026, Repurchase Value $581,177, collateralized by U.S. Treasury Obligations 0.625%–3.875%, 10/31/2026–7/15/2034, with a value of $592,620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 581000 | &nbsp;&nbsp; 581000 |
| &nbsp;&nbsp;&nbsp;ING Financial Markets LLC<br> (Dated 2/24/2026, Repurchase Value $92,065, collateralized by U.S. Treasury Obligations 0.000%–4.250%, 3/31/2026–2/15/2042, with a value of $93,907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 92000 | &nbsp;&nbsp; 92000 |
| &nbsp;&nbsp;&nbsp;JP Morgan Securities, LLC<br> (Dated 2/27/2026, Repurchase Value $195,059, collateralized by U.S. Treasury Obligations 3.625%, 8/15/2028, with a value of $198,900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 195000 |
| &nbsp;&nbsp;&nbsp;MUFG Securities Canada Ltd.<br> (Dated 2/27/2026, Repurchase Value $581,178, collateralized by U.S. Treasury Obligations 0.125%–4.875%, 1/31/2027–2/15/2054, with a value of $592,801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 581000 | &nbsp;&nbsp; 581000 |
| &nbsp;&nbsp;&nbsp;Natixis SA<br> (Dated 2/27/2026, Repurchase Value $1,550,473, collateralized by U.S. Treasury Obligations 0.125%–4.625%, 7/15/2027–2/15/2055, with a value of $1,581,482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp; 1550000 |
| &nbsp;&nbsp;&nbsp;Nomura Securities International Inc.<br> (Dated 2/27/2026, Repurchase Value $775,237, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 3/12/2026–2/15/2055, with a value of $790,510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp; 775000 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities Inc.<br> (Dated 2/27/2026, Repurchase Value $64,020, collateralized by U.S. Treasury Obligations 0.125%–4.875%, 5/31/2026–11/15/2052, with a value of $65,280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp; 64000 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities Inc.<br> (Dated 2/26/2026, Repurchase Value $198,704, collateralized by U.S. Treasury Obligations 2.500%–4.875%, 5/31/2026–2/15/2046, with a value of $201,960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.655% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 198000 | &nbsp;&nbsp; 198000 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada<br> (Dated 2/10/2026, Repurchase Value $254,944, collateralized by U.S. Treasury Obligations 3.750%–4.125%, 4/30/2027–11/15/2027, with a value of $258,060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.640% | &nbsp;&nbsp;&nbsp;&nbsp;4/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 253000 | &nbsp;&nbsp; 253000 |

---

------

Market Liquidity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Yield<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada<br> (Dated 2/11/2026, Repurchase Value $868,642, collateralized by U.S. Treasury Obligations 2.750%–4.875%, 5/31/2026–11/15/2032, with a value of $879,240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;&nbsp;4/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 862000 | &nbsp;&nbsp; 862000 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada<br> (Dated 2/20/2026, Repurchase Value $127,153, collateralized by U.S. Treasury Obligations 3.875%, 11/30/2027–6/15/2028, with a value of $128,520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp;5/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 126000 | &nbsp;&nbsp; 126000 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada<br> (Dated 2/23/2026, Repurchase Value $707,557, collateralized by U.S. Treasury Obligations 1.125%–4.625%, 4/30/2027–8/15/2053, with a value of $715,020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp;5/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 701000 | &nbsp;&nbsp; 701000 |
| &nbsp;&nbsp;&nbsp;Smbc Nikko Securities America<br> (Dated 2/24/2026, Repurchase Value $275,196, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 3/24/2026–2/15/2055, with a value of $280,500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 275000 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA<br> (Dated 2/24/2026, Repurchase Value $184,131, collateralized by U.S. Treasury Obligations 3.000%–4.750%, 2/15/2048–11/15/2053, with a value of $187,680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 184000 | &nbsp;&nbsp; 184000 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA<br> (Dated 2/25/2026, Repurchase Value $290,207, collateralized by U.S. Treasury Obligations 1.125%–4.875%, 2/15/2040–11/15/2051, with a value of $295,800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 290000 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA<br> (Dated 2/26/2026, Repurchase Value $456,325, collateralized by U.S. Treasury Obligations 4.125%–4.500%, 12/31/2031–5/31/2032, with a value of $465,120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 456000 | &nbsp;&nbsp; 456000 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA<br> (Dated 2/27/2026, Repurchase Value $422,301, collateralized by U.S. Treasury Obligations 3.375%, 12/31/2027, with a value of $430,440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 422000 | &nbsp;&nbsp; 422000 |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank<br> (Dated 2/27/2026, Repurchase Value $678,207, collateralized by U.S. Treasury Obligations 0.000%–5.000%, 3/31/2026–2/15/2056, with a value of $691,771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 678000 | &nbsp;&nbsp; 678000 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Banking Corp.<br> (Dated 2/27/2026, Repurchase Value $3,947,204, collateralized by U.S. Treasury Obligations 0.375%–4.875%, 3/15/2026–11/15/2049, with a value of $4,024,920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3946000 | &nbsp;&nbsp; 3946000 |
| &nbsp;&nbsp;&nbsp;TD Securities (USA) LLC<br> (Dated 2/25/2026, Repurchase Value $97,069, collateralized by U.S. Treasury Obligations 1.875%–4.500%, 8/15/2028–12/31/2031, with a value of $98,940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 97000 | &nbsp;&nbsp; 97000 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC<br> (Dated 2/27/2026, Repurchase Value $2,471,754, collateralized by U.S. Treasury Obligations 1.750%–5.000%, 2/15/2039–11/15/2053, with a value of $2,521,189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2471000 | &nbsp;&nbsp; 2471000 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Securities LLC<br> (Dated 2/25/2026, Repurchase Value $387,276, collateralized by U.S. Treasury Obligations 0.375%–3.750%, 6/30/2027–2/15/2032, with a value of $395,022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.670% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 387000 | &nbsp;&nbsp; 387000 |
| **Total U.S. Treasury Repurchase Agreements (Cost $69,237,000)** | **Total U.S. Treasury Repurchase Agreements (Cost $69,237,000)** | **Total U.S. Treasury Repurchase Agreements (Cost $69,237,000)** | **Total U.S. Treasury Repurchase Agreements (Cost $69,237,000)** | &nbsp;&nbsp;**69237000** |
| **Total Investments (101.7%) (Cost $136,638,921)** | **Total Investments (101.7%) (Cost $136,638,921)** | **Total Investments (101.7%) (Cost $136,638,921)** | **Total Investments (101.7%) (Cost $136,638,921)** | **136642837** |
| **Other Assets and Liabilities—Net (-1.7%)** | **Other Assets and Liabilities—Net (-1.7%)** | **Other Assets and Liabilities—Net (-1.7%)** | **Other Assets and Liabilities—Net (-1.7%)** | &nbsp;&nbsp;&nbsp;**(2322488)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **134320349** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities. |
| 2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
| 3 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
| 4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of February 28, 2026. |
|  | 3M—3-month. |
|  | SOFR—Secured Overnight Financing Rate. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Market Liquidity Fund

Statement of Assets and Liabilities

As of February 28, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $67,401,921) | &nbsp;&nbsp;&nbsp;67405837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements (Cost $69,237,000) | &nbsp;&nbsp;&nbsp;69237000 |
| Total Investments in Securities | 136642837 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;1785861 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106172 |
| **Total Assets** | **138534870** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;4214316 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**4214521** |
| **Net Assets** | **134320349** |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 134313660 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6689 |
| **Net Assets** | **134320349** |
| **Net Assets** |  |
| **Applicable to 1,343,245,377 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **134320349** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$100.00** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Market Liquidity Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest | 2018309 |
| Total Income | 2018309 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562 |
| **Net Investment Income** | **2015747** |
| **Realized Net Gain (Loss) on Investment Securities Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1468** |
| **Change in Unrealized Appreciation (Depreciation) of Investment Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**(2480)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **2014735** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Market Liquidity Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611664 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3144) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608688 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2015469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3611321) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;563366704 | &nbsp;&nbsp;&nbsp;&nbsp;920626909 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610927 |
| Redeemed | (533023473) | &nbsp;&nbsp;&nbsp;(903648756) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;32356551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20589080 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;32355817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20586447 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**101964532** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81378085** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**134320349** | &nbsp;&nbsp;&nbsp;&nbsp;**101964532** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Market Liquidity Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$100.00** | &nbsp;&nbsp;&nbsp;**$100.00** | &nbsp;&nbsp;&nbsp;&nbsp;**$99.99** | &nbsp;&nbsp;&nbsp;**$99.97** | &nbsp;&nbsp;&nbsp;**$100.00** | &nbsp;&nbsp;&nbsp;**$100.00** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.090 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.028) | &nbsp;&nbsp;&nbsp;— |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.090 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.409) | &nbsp;&nbsp;&nbsp;&nbsp;(4.393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.090) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.000)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.002) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.410) | &nbsp;&nbsp;&nbsp;&nbsp;(4.393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.090) |
| **Net Asset Value, End of Period** | **$100.00** | &nbsp;&nbsp;&nbsp;**$100.00** | &nbsp;&nbsp;&nbsp;**$100.00** | &nbsp;&nbsp;&nbsp;**$99.99** | &nbsp;&nbsp;&nbsp;&nbsp;**$99.97** | &nbsp;&nbsp;&nbsp;**$100.00** |
| **Total Return** | **1.97%** | &nbsp;&nbsp;&nbsp;**4.61%** | &nbsp;&nbsp;&nbsp;**5.56%** | &nbsp;&nbsp;&nbsp;**4.50%** | &nbsp;&nbsp;&nbsp;**0.55%** | &nbsp;&nbsp;&nbsp;**0.09%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $134320 | &nbsp;&nbsp;&nbsp;$101965 | &nbsp;&nbsp;&nbsp;$81378 | &nbsp;&nbsp;&nbsp;$78190 | &nbsp;&nbsp;&nbsp;$89850 | &nbsp;&nbsp;&nbsp;$105011 |
| Ratio of Total Expenses to Average Net Assets | 0.005% | &nbsp;&nbsp;&nbsp;0.005% | &nbsp;&nbsp;&nbsp;0.005%<sup>2</sup> | &nbsp;&nbsp;&nbsp;0.005% | &nbsp;&nbsp;&nbsp;0.005% | &nbsp;&nbsp;&nbsp;0.005% |
| Ratio of Net Investment Income to Average Net Assets | 3.93% | &nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;5.41% | &nbsp;&nbsp;&nbsp;4.40% | &nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;0.09% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Distribution was less than $0.001 per share. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.005%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Market Liquidity Fund

Notes to Financial Statements

Vanguard Market Liquidity Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund has been established by Vanguard as a cash management vehicle solely available for investment by the Vanguard funds and certain trusts and accounts managed by Vanguard or its affiliates.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

2. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended February 28, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

**C.** In accordance with the terms of a services agreement, Vanguard provides to the fund investment advisory, administrative and shareholder services and pays for all other operating expenses (except taxes) for a fee
calculated at an annual percentage rate of the average net assets of the fund. The fund's trustees and officers are also directors and employees, respectively, of Vanguard. All expenses payable to Vanguard are
generally settled twice a month.

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

#### Level 1 —Quoted prices in active markets for identical securities.

------

Market Liquidity Fund

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.**

At February 28, 2026, 100% of the market value of the fund's investments was determined based on Level 2 inputs.

**E.** As of February 28, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;136638921 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5924 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2008) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916 |

---

**F.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;5633757 | &nbsp;&nbsp;&nbsp;&nbsp;9206913 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36112 |
| Redeemed | (5330328) | &nbsp;&nbsp;&nbsp;(9037102) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;323563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205923 |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.

**H.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q11422 042026

------

![](tm268191d1vanmunlowdurfni001.jpg)

#### Financial Statements

#### For the six-months ended February 28, 2026

#### Vanguard Municipal Low Duration Fund

------

#### Contents
Financial Statements 1 <br>

------

Municipal Low Duration Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of February 28, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| **Tax-Exempt Municipal Bonds (101.3%)** | **Tax-Exempt Municipal Bonds (101.3%)** | **Tax-Exempt Municipal Bonds (101.3%)** | **Tax-Exempt Municipal Bonds (101.3%)** | **Tax-Exempt Municipal Bonds (101.3%)** | **Tax-Exempt Municipal Bonds (101.3%)** |
| **Alabama (0.6%)** | **Alabama (0.6%)** | **Alabama (0.6%)** | **Alabama (0.6%)** | **Alabama (0.6%)** | **Alabama (0.6%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Alabama Birmingham AL Special Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12645 | &nbsp;&nbsp; 12645 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25000 |
|  |  |  |  |  | &nbsp;&nbsp; **37645** |
| **Alaska (1.2%)** | **Alaska (1.2%)** | **Alaska (1.2%)** | **Alaska (1.2%)** | **Alaska (1.2%)** | **Alaska (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue VRDO | 1.830% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 51700 | &nbsp;&nbsp; 51700 |
|  | &nbsp;&nbsp;&nbsp;Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue VRDO | 1.830% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13900 | &nbsp;&nbsp; 13900 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Anchorage AK COP TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14095 | &nbsp;&nbsp; 14095 |
|  |  |  |  |  | &nbsp;&nbsp; **79695** |
| **Arizona (0.0%)** | **Arizona (0.0%)** | **Arizona (0.0%)** | **Arizona (0.0%)** | **Arizona (0.0%)** | **Arizona (0.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue TOB VRDO | 1.960% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1905 | &nbsp;&nbsp; 1905 |
| **California (1.1%)** | **California (1.1%)** | **California (1.1%)** | **California (1.1%)** | **California (1.1%)** | **California (1.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority College & University Revenue TOB VRDO | 1.890% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp; 8000 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;FHLMC Multifamily Certificates Revenue TOB VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39010 | &nbsp;&nbsp; 39010 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16125 | &nbsp;&nbsp; 16125 |
| <sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;San Francisco CA City & County Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11470 | &nbsp;&nbsp; 11470 |
|  |  |  |  |  | &nbsp;&nbsp; **74605** |
| **Colorado (0.9%)** | **Colorado (0.9%)** | **Colorado (0.9%)** | **Colorado (0.9%)** | **Colorado (0.9%)** | **Colorado (0.9%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16310 | &nbsp;&nbsp; 16310 |
|  | &nbsp;&nbsp;&nbsp;Colorado Springs CO Utilities System Multiple Utility Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5105 | &nbsp;&nbsp; 5105 |
|  | &nbsp;&nbsp;&nbsp;Colorado State Education Loan Program Intergovernmental Agreement Revenue TRAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39380 | &nbsp;&nbsp; 39725 |
|  |  |  |  |  | &nbsp;&nbsp; **61140** |
| **Connecticut (3.6%)** | **Connecticut (3.6%)** | **Connecticut (3.6%)** | **Connecticut (3.6%)** | **Connecticut (3.6%)** | **Connecticut (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3995 | &nbsp;&nbsp; 4047 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12045 | &nbsp;&nbsp; 12203 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30300 | &nbsp;&nbsp; 30300 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO | 1.860% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp; 13000 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Special Tax Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5250 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16150 | &nbsp;&nbsp; 16150 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 51900 | &nbsp;&nbsp; 51900 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50255 | &nbsp;&nbsp; 50255 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50090 | &nbsp;&nbsp; 50090 |
|  |  |  |  |  | &nbsp;&nbsp; **233195** |
| **District of Columbia (1.1%)** | **District of Columbia (1.1%)** | **District of Columbia (1.1%)** | **District of Columbia (1.1%)** | **District of Columbia (1.1%)** | **District of Columbia (1.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;District of Columbia GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8680 | &nbsp;&nbsp; 8680 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency Multifamily Mortgage Revenue TOB VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp; 9500 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;District of Columbia Miscellaneous Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20655 | &nbsp;&nbsp; 20655 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Water & Sewer Authority Water Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2215 | &nbsp;&nbsp; 2215 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Water & Sewer Authority Water Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10650 | &nbsp;&nbsp; 10650 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue TOB VRDO | 2.030% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue TOB VRDO | 2.030% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp; 6300 |
|  |  |  |  |  | &nbsp;&nbsp; **73000** |
| **Florida (9.3%)** | **Florida (9.3%)** | **Florida (9.3%)** | **Florida (9.3%)** | **Florida (9.3%)** | **Florida (9.3%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Broward County FL School District GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6510 | &nbsp;&nbsp; 6510 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Broward County FL School District GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34220 | &nbsp;&nbsp; 34220 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Capital Trust Authority FL Health Care Facilities Health, Hospital, Nursing Home Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 47450 | &nbsp;&nbsp; 47450 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Escambia County FL Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.080% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21390 | &nbsp;&nbsp; 21390 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue TOB VRDO | 2.080% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35530 | &nbsp;&nbsp; 35530 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. Multifamily Mortgage Trust Local or Guaranteed Housing Revenue TOB VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 47405 | &nbsp;&nbsp; 47405 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Gainesville FL Utilities System Multiple Utility Revenue VRDO | 2.080% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp; 6600 |
|  | &nbsp;&nbsp;&nbsp;Highlands County Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45665 | &nbsp;&nbsp; 45665 |
|  | &nbsp;&nbsp;&nbsp;Highlands County Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33080 | &nbsp;&nbsp; 33080 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Hillsborough County IDA Health, Hospital, Nursing Home Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9760 | &nbsp;&nbsp; 9760 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Orange County FL Housing Finance Authority Multifamily Local or Guaranteed Housing Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5870 | &nbsp;&nbsp; 5870 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Orange County FL Housing Finance Authority Multifamily Local or Guaranteed Housing Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
|  | &nbsp;&nbsp;&nbsp;Orlando Utilities Commission Electric Power & Light Revenue VRDO | 2.170% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35120 | &nbsp;&nbsp; 35120 |

---

------

Municipal Low Duration Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Orlando Utilities Commission Multiple Utility Revenue VRDO | 2.170% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70165 | &nbsp;&nbsp; 70165 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Pasco County FL Housing Finance Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21815 | &nbsp;&nbsp; 21815 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Pasco County FL Housing Finance Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.280% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13845 | &nbsp;&nbsp; 13845 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Peace River Manasota Regional Water Supply Authority Water Revenue TOB VRDO | 2.030% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33285 | &nbsp;&nbsp; 33285 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19300 | &nbsp;&nbsp; 19300 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Tampa FL Water & Wastewater System Water Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Volusia County FL Health, Hospital, Nursing Home Revenue TOB VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 98254 | &nbsp;&nbsp; 98254 |
|  |  |  |  |  | &nbsp;&nbsp; **610264** |
| **Georgia (1.1%)** | **Georgia (1.1%)** | **Georgia (1.1%)** | **Georgia (1.1%)** | **Georgia (1.1%)** | **Georgia (1.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Georgia GO TOB VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9375 | &nbsp;&nbsp; 9375 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority Local or Guaranteed Housing Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4445 | &nbsp;&nbsp; 4445 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Georgia Municipal Electric Authority Electric Power & Light Revenue (Various Projects 1) VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6275 | &nbsp;&nbsp; 6275 |
|  | &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority College & University Revenue VRDO | 2.170% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 52595 | &nbsp;&nbsp; 52595 |
|  |  |  |  |  | &nbsp;&nbsp; **72690** |
| **Hawaii (0.2%)** | **Hawaii (0.2%)** | **Hawaii (0.2%)** | **Hawaii (0.2%)** | **Hawaii (0.2%)** | **Hawaii (0.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Hawaii Housing Finance & Development Corp. Local or Guaranteed Housing Revenue VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9250 | &nbsp;&nbsp; 9250 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3137 |
|  |  |  |  |  | &nbsp;&nbsp; **12387** |
| **Idaho (0.2%)** | **Idaho (0.2%)** | **Idaho (0.2%)** | **Idaho (0.2%)** | **Idaho (0.2%)** | **Idaho (0.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO (St. Luke'S Health System Project) | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp; 8500 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Local or Guaranteed Housing Revenue TOB VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6870 | &nbsp;&nbsp; 6870 |
|  |  |  |  |  | &nbsp;&nbsp; **15370** |
| **Illinois (6.4%)** | **Illinois (6.4%)** | **Illinois (6.4%)** | **Illinois (6.4%)** | **Illinois (6.4%)** | **Illinois (6.4%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Aurora IL College & University Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Chicago IL GO TOB VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45000 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority College & University Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 72690 | &nbsp;&nbsp; 72690 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7155 | &nbsp;&nbsp; 7155 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp; 22500 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34825 | &nbsp;&nbsp; 34825 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15350 | &nbsp;&nbsp; 15350 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3525 | &nbsp;&nbsp; 3525 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 49450 | &nbsp;&nbsp; 49450 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21530 | &nbsp;&nbsp; 21530 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Miscellaneous Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35700 | &nbsp;&nbsp; 35700 |
|  | &nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31400 | &nbsp;&nbsp; 31400 |
|  | &nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39110 | &nbsp;&nbsp; 39110 |
|  | &nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5985 | &nbsp;&nbsp; 5985 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 29975 | &nbsp;&nbsp; 29975 |
|  |  |  |  |  | &nbsp;&nbsp; **419195** |
| **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17025 | &nbsp;&nbsp; 17025 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Industrial Revenue VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8340 | &nbsp;&nbsp; 8340 |
|  |  |  |  |  | &nbsp;&nbsp; **25365** |
| **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** | **Iowa (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9165 | &nbsp;&nbsp; 9165 |
| **Kentucky (0.8%)** | **Kentucky (0.8%)** | **Kentucky (0.8%)** | **Kentucky (0.8%)** | **Kentucky (0.8%)** | **Kentucky (0.8%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Miscellaneous Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 48750 | &nbsp;&nbsp; 48750 |
| **Louisiana (3.1%)** | **Louisiana (3.1%)** | **Louisiana (3.1%)** | **Louisiana (3.1%)** | **Louisiana (3.1%)** | **Louisiana (3.1%)** |
|  | &nbsp;&nbsp;&nbsp;East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 71430 | &nbsp;&nbsp; 71430 |
|  | &nbsp;&nbsp;&nbsp;East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41545 | &nbsp;&nbsp; 41545 |
|  | &nbsp;&nbsp;&nbsp;East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7918 | &nbsp;&nbsp; 7918 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 54370 | &nbsp;&nbsp; 54370 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30000 |
|  |  |  |  |  | &nbsp;&nbsp; **205263** |
| **Maryland (1.6%)** | **Maryland (1.6%)** | **Maryland (1.6%)** | **Maryland (1.6%)** | **Maryland (1.6%)** | **Maryland (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20210 | &nbsp;&nbsp; 20600 |
|  | &nbsp;&nbsp;&nbsp;Maryland Economic Development Corp. Health, Hospital, Nursing Home Revenue VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18300 | &nbsp;&nbsp; 18300 |
|  | &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1250 |
|  | &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6510 | &nbsp;&nbsp; 6589 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Maryland GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp; 7250 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.080% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19205 | &nbsp;&nbsp; 19205 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Montgomery County Housing Opportunities Commission Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23075 | &nbsp;&nbsp; 23075 |

---

------

Municipal Low Duration Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2024 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Prince George's County MD GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3500 |
|  |  |  |  |  | &nbsp;&nbsp; **101793** |
| **Massachusetts (5.1%)** | **Massachusetts (5.1%)** | **Massachusetts (5.1%)** | **Massachusetts (5.1%)** | **Massachusetts (5.1%)** | **Massachusetts (5.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO TOB VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16275 | &nbsp;&nbsp; 16275 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10285 | &nbsp;&nbsp; 10285 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1700 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Health & Educational Facilities Authority Recreational Revenue VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 66560 | &nbsp;&nbsp; 66560 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19700 | &nbsp;&nbsp; 19700 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue VRDO | 1.870% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2300 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 92500 | &nbsp;&nbsp; 92500 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp; 23000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 53500 | &nbsp;&nbsp; 53500 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 1.960% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp; 13000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 1.970% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34300 | &nbsp;&nbsp; 34300 |
|  |  |  |  |  | &nbsp;&nbsp; **336120** |
| **Michigan (3.9%)** | **Michigan (3.9%)** | **Michigan (3.9%)** | **Michigan (3.9%)** | **Michigan (3.9%)** | **Michigan (3.9%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Detroit Regional Convention Facility Authority Special Tax Revenue TOB VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 91185 | &nbsp;&nbsp; 91185 |
| <sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;Eastern Michigan University College & University Revenue TOB VRDO | 2.030% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38900 | &nbsp;&nbsp; 38900 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Eastern Michigan University College & University Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp; 39000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.030% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22890 | &nbsp;&nbsp; 22890 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.870% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30210 | &nbsp;&nbsp; 30210 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.870% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8965 | &nbsp;&nbsp; 8965 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19080 | &nbsp;&nbsp; 19080 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue VRDO | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6605 | &nbsp;&nbsp; 6605 |
|  |  |  |  |  | &nbsp;&nbsp; **256835** |
| **Minnesota (1.4%)** | **Minnesota (1.4%)** | **Minnesota (1.4%)** | **Minnesota (1.4%)** | **Minnesota (1.4%)** | **Minnesota (1.4%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Bloomington Minnesota Multifamily Local or Guaranteed Housing Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp; 12000 |
|  | &nbsp;&nbsp;&nbsp;Hennepin County MN GO VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44525 | &nbsp;&nbsp; 44525 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20100 | &nbsp;&nbsp; 20342 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10105 | &nbsp;&nbsp; 10227 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6540 | &nbsp;&nbsp; 6540 |
|  |  |  |  |  | &nbsp;&nbsp; **93634** |
| **Mississippi (3.9%)** | **Mississippi (3.9%)** | **Mississippi (3.9%)** | **Mississippi (3.9%)** | **Mississippi (3.9%)** | **Mississippi (3.9%)** |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 54110 | &nbsp;&nbsp; 54110 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18250 | &nbsp;&nbsp; 18250 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO | 2.070% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3115 | &nbsp;&nbsp; 3115 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp; 12000 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 29135 | &nbsp;&nbsp; 29135 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16260 | &nbsp;&nbsp; 16260 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40910 | &nbsp;&nbsp; 40910 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17100 | &nbsp;&nbsp; 17100 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39895 | &nbsp;&nbsp; 39895 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10615 | &nbsp;&nbsp; 10615 |
|  |  |  |  |  | &nbsp;&nbsp; **251390** |
| **Missouri (1.6%)** | **Missouri (1.6%)** | **Missouri (1.6%)** | **Missouri (1.6%)** | **Missouri (1.6%)** | **Missouri (1.6%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Kansas City MO Special Obligation Revenue VRDO | 1.970% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp; 2390 |
|  | &nbsp;&nbsp;&nbsp;Missouri Development Finance Board Miscellaneous Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28600 | &nbsp;&nbsp; 28600 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Missouri Health & Educational Facilities Authority College & University Revenue VRDO | 1.870% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5260 | &nbsp;&nbsp; 5260 |
|  | &nbsp;&nbsp;&nbsp;Missouri Health & Educational Facilities Authority College & University Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30700 | &nbsp;&nbsp; 30700 |
|  | &nbsp;&nbsp;&nbsp;Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10225 | &nbsp;&nbsp; 10225 |
|  | &nbsp;&nbsp;&nbsp;Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28540 | &nbsp;&nbsp; 28540 |
|  |  |  |  |  | &nbsp;&nbsp; **105715** |
| **Multiple States (0.1%)** | **Multiple States (0.1%)** | **Multiple States (0.1%)** | **Multiple States (0.1%)** | **Multiple States (0.1%)** | **Multiple States (0.1%)** |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;FHLMC Multifamily VRD Certificates Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp; 8000 |
| **Nebraska (0.9%)** | **Nebraska (0.9%)** | **Nebraska (0.9%)** | **Nebraska (0.9%)** | **Nebraska (0.9%)** | **Nebraska (0.9%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Douglas County Hospital Authority No. 2 Health, Hospital, Nursing Home Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13790 | &nbsp;&nbsp; 13790 |
|  | &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp; 8400 |
|  | &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10520 | &nbsp;&nbsp; 10520 |
| <sup>1,6,7</sup> | &nbsp;&nbsp;&nbsp;Nebraska Public Power Generation Agency Revenue GO TOB VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26325 | &nbsp;&nbsp; 26325 |
|  |  |  |  |  | &nbsp;&nbsp; **59035** |
| **Nevada (1.4%)** | **Nevada (1.4%)** | **Nevada (1.4%)** | **Nevada (1.4%)** | **Nevada (1.4%)** | **Nevada (1.4%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Clark County Department of Aviation Port, Airport & Marina Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1450 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Clark County NV Economic Development Revenue (Opportunity Village Foundation Project) VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 |

---

------

Municipal Low Duration Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Clark County NV Water Reclamation District GO TOB VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23580 | &nbsp;&nbsp; 23580 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nevada Housing Division Local or Guaranteed Housing Revenue TOB VRDO | 1.980% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 58100 | &nbsp;&nbsp; 58100 |
|  |  |  |  |  | &nbsp;&nbsp; **93130** |
| **New Hampshire (0.3%)** | **New Hampshire (0.3%)** | **New Hampshire (0.3%)** | **New Hampshire (0.3%)** | **New Hampshire (0.3%)** | **New Hampshire (0.3%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.920% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15535 | &nbsp;&nbsp; 15535 |
|  | &nbsp;&nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act College & University Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp; 5250 |
|  |  |  |  |  | &nbsp;&nbsp; **20785** |
| **New Jersey (0.9%)** | **New Jersey (0.9%)** | **New Jersey (0.9%)** | **New Jersey (0.9%)** | **New Jersey (0.9%)** | **New Jersey (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Burlington County Bridge Commission Lease (Non-Terminable) Revenue (Government Leasing Program) | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10126 |
|  | &nbsp;&nbsp;&nbsp;Essex County Improvement Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5375 | &nbsp;&nbsp; 5380 |
|  | &nbsp;&nbsp;&nbsp;Mercer County NJ BAN GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15535 | &nbsp;&nbsp; 15555 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Monmouth County Improvement Authority Intergovernmental Agreement Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10665 | &nbsp;&nbsp; 10851 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15240 | &nbsp;&nbsp; 15240 |
|  |  |  |  |  | &nbsp;&nbsp; **57152** |
| **New Mexico (0.9%)** | **New Mexico (0.9%)** | **New Mexico (0.9%)** | **New Mexico (0.9%)** | **New Mexico (0.9%)** | **New Mexico (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;New Mexico (Capital Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20090 | &nbsp;&nbsp; 20090 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35620 | &nbsp;&nbsp; 35620 |
|  |  |  |  |  | &nbsp;&nbsp; **55710** |
| **New York (19.1%)** | **New York (19.1%)** | **New York (19.1%)** | **New York (19.1%)** | **New York (19.1%)** | **New York (19.1%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Delaware County Capital Resource Corp. Health, Hospital, Nursing Home Revenue TOB VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11810 | &nbsp;&nbsp; 11810 |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11985 | &nbsp;&nbsp; 11998 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 775 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24490 | &nbsp;&nbsp; 24490 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4590 | &nbsp;&nbsp; 4590 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8355 | &nbsp;&nbsp; 8355 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35545 | &nbsp;&nbsp; 35545 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44340 | &nbsp;&nbsp; 44340 |
|  | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19990 | &nbsp;&nbsp; 19990 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Sewer Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15610 | &nbsp;&nbsp; 15610 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Sewer Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20525 | &nbsp;&nbsp; 20525 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44075 | &nbsp;&nbsp; 44075 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8440 | &nbsp;&nbsp; 8440 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12200 | &nbsp;&nbsp; 12200 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10810 | &nbsp;&nbsp; 10810 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 | &nbsp;&nbsp; 5225 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25615 | &nbsp;&nbsp; 25615 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 49860 | &nbsp;&nbsp; 49860 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19900 | &nbsp;&nbsp; 19900 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1200 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33870 | &nbsp;&nbsp; 33870 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3100 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp; 4535 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20000 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15400 | &nbsp;&nbsp; 15400 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8850 | &nbsp;&nbsp; 8850 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8550 | &nbsp;&nbsp; 8550 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34820 | &nbsp;&nbsp; 34820 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9100 | &nbsp;&nbsp; 9100 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20800 | &nbsp;&nbsp; 20800 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18525 | &nbsp;&nbsp; 18525 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28600 | &nbsp;&nbsp; 28600 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 58000 | &nbsp;&nbsp; 58000 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.010% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7995 | &nbsp;&nbsp; 7995 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 1.860% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;New York Convention Center Development Corp. Hotel Occupancy Tax Revenue TOB VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 |
|  | &nbsp;&nbsp;&nbsp;New York Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13985 | &nbsp;&nbsp; 13985 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2330 | &nbsp;&nbsp; 2358 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO TOB VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20500 | &nbsp;&nbsp; 20500 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp; 22000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2500 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 71460 | &nbsp;&nbsp; 71460 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28445 | &nbsp;&nbsp; 28445 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 57050 | &nbsp;&nbsp; 57050 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp; 2555 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp; 18000 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30350 | &nbsp;&nbsp; 30350 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.020% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3575 | &nbsp;&nbsp; 3575 |

---

------

Municipal Low Duration Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Dormitory Authority College & University Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6500 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3365 | &nbsp;&nbsp; 3365 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 58305 | &nbsp;&nbsp; 58305 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24215 | &nbsp;&nbsp; 24215 |
|  | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2000 |
|  | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40405 | &nbsp;&nbsp; 40405 |
|  | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp; 7250 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8530 | &nbsp;&nbsp; 8530 |
|  | &nbsp;&nbsp;&nbsp;North Hempstead NY BAN GO | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15121 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35300 | &nbsp;&nbsp; 35300 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16700 | &nbsp;&nbsp; 16700 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2585 | &nbsp;&nbsp; 2585 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21925 | &nbsp;&nbsp; 21925 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 59100 | &nbsp;&nbsp; 59100 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12755 | &nbsp;&nbsp; 12755 |
|  |  |  |  |  | &nbsp;&nbsp;**1246332** |
| **North Carolina (2.8%)** | **North Carolina (2.8%)** | **North Carolina (2.8%)** | **North Carolina (2.8%)** | **North Carolina (2.8%)** | **North Carolina (2.8%)** |
|  | &nbsp;&nbsp;&nbsp;Charlotte NC GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1192 |
|  | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority Health, Hospital, Nursing Home Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp; 13000 |
|  | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority Health, Hospital, Nursing Home Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7900 | &nbsp;&nbsp; 7900 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority Health, Hospital, Nursing Home Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24925 | &nbsp;&nbsp; 24925 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2612 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;North Carolina GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Government Fund/Grant Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2500 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40000 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24220 | &nbsp;&nbsp; 24220 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14950 | &nbsp;&nbsp; 14950 |
|  | &nbsp;&nbsp;&nbsp;University of North Carolina at Chapel Hill Health, Hospital, Nursing Home Revenue VRDO | 1.870% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp; 1790 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;University of North Carolina Health Care System Health Care Facility Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 42050 | &nbsp;&nbsp; 42050 |
|  |  |  |  |  | &nbsp;&nbsp; **185139** |
| **Ohio (4.7%)** | **Ohio (4.7%)** | **Ohio (4.7%)** | **Ohio (4.7%)** | **Ohio (4.7%)** | **Ohio (4.7%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Columbus Franklin County Ohio Finance Authority Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 36775 | &nbsp;&nbsp; 36775 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Columbus-Franklin County OH Finance Authority Local or Guaranteed Housing Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10630 | &nbsp;&nbsp; 10630 |
|  | &nbsp;&nbsp;&nbsp;Ohio (Conservation Projects) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1684 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13275 | &nbsp;&nbsp; 13533 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 765 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2905 | &nbsp;&nbsp; 2962 |
|  | &nbsp;&nbsp;&nbsp;Ohio Health, Hospital, Nursing Home Revenue VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34780 | &nbsp;&nbsp; 34780 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Ohio Health, Hospital, Nursing Home Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33220 | &nbsp;&nbsp; 33220 |
|  | &nbsp;&nbsp;&nbsp;Ohio Health, Hospital, Nursing Home Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 43100 | &nbsp;&nbsp; 43100 |
|  | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2955 | &nbsp;&nbsp; 2955 |
|  | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2090 | &nbsp;&nbsp; 2090 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3135 | &nbsp;&nbsp; 3135 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9225 | &nbsp;&nbsp; 9225 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10050 | &nbsp;&nbsp; 10050 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30000 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39620 | &nbsp;&nbsp; 39620 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18125 | &nbsp;&nbsp; 18125 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Revenue TOB VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12475 | &nbsp;&nbsp; 12475 |
|  |  |  |  |  | &nbsp;&nbsp; **305124** |
| **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** | **Oklahoma (0.6%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40415 | &nbsp;&nbsp; 40415 |
| **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Deschutes County Administrative School District No. 1 Bend-La Pine GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4260 | &nbsp;&nbsp; 4260 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J Portland GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1750 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9195 | &nbsp;&nbsp; 9195 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue VRDO | 1.890% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3900 |
|  |  |  |  |  | &nbsp;&nbsp; **19105** |
| **Pennsylvania (2.7%)** | **Pennsylvania (2.7%)** | **Pennsylvania (2.7%)** | **Pennsylvania (2.7%)** | **Pennsylvania (2.7%)** | **Pennsylvania (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;Allegheny County Higher Education Building Authority College & University Revenue VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19130 | &nbsp;&nbsp; 19130 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Allegheny County IDA Private Schools Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1400 |
|  | &nbsp;&nbsp;&nbsp;Butler County General Authority Miscellaneous Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3760 | &nbsp;&nbsp; 3760 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13225 | &nbsp;&nbsp; 13401 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4785 | &nbsp;&nbsp; 4785 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Lancaster IDA Health, Hospital, Nursing Home Revenue VRDO | 1.980% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8240 | &nbsp;&nbsp; 8240 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority College & University Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp; 4950 |

---

------

Municipal Low Duration Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority Private Schools Revenue (Montessori Academy Inc. Project-C2) VRDO | 1.980% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 500 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO | 2.030% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3750 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO | 2.080% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11450 | &nbsp;&nbsp; 11450 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp; 28000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp; 8600 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28470 | &nbsp;&nbsp; 28470 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1700 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Philadelphia Gas Works Co. Natural Gas Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3900 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Philadelphia Gas Works Co. Natural Gas Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4070 | &nbsp;&nbsp; 4070 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Revenue TOB VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26790 | &nbsp;&nbsp; 26790 |
|  |  |  |  |  | &nbsp;&nbsp; **172896** |
| **South Carolina (1.1%)** | **South Carolina (1.1%)** | **South Carolina (1.1%)** | **South Carolina (1.1%)** | **South Carolina (1.1%)** | **South Carolina (1.1%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 68605 | &nbsp;&nbsp; 68605 |
| **South Dakota (0.4%)** | **South Dakota (0.4%)** | **South Dakota (0.4%)** | **South Dakota (0.4%)** | **South Dakota (0.4%)** | **South Dakota (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;South Dakota Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23700 | &nbsp;&nbsp; 23700 |
| **Tennessee (2.1%)** | **Tennessee (2.1%)** | **Tennessee (2.1%)** | **Tennessee (2.1%)** | **Tennessee (2.1%)** | **Tennessee (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;Blount County Tennessee Public Building Authority Intergovernmental Agreement Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp; 900 |
|  | &nbsp;&nbsp;&nbsp;Sevier County TN Public Building Authority Intergovernmental Agreement Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 68800 | &nbsp;&nbsp; 68800 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board Revenue TOB VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp; 14700 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Sullivan County Health Educational & Housing Facilities Board Health, Hospital, Nursing Home Revenue TOB VRDO | 2.080% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38090 | &nbsp;&nbsp; 38090 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Tennessee Housing Development Agency Residential Finance Program Local or Guaranteed Housing Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15400 | &nbsp;&nbsp; 15400 |
|  |  |  |  |  | &nbsp;&nbsp; **137890** |
| **Texas (7.9%)** | **Texas (7.9%)** | **Texas (7.9%)** | **Texas (7.9%)** | **Texas (7.9%)** | **Texas (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;Alamo Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3615 | &nbsp;&nbsp; 3662 |
| <sup>1,9</sup> | &nbsp;&nbsp;&nbsp;Conroe Independent School District GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp; 2850 |
| <sup>1,9</sup> | &nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4610 | &nbsp;&nbsp; 4610 |
| <sup>1,9</sup> | &nbsp;&nbsp;&nbsp;Dallas Independent School District GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3500 |
| <sup>1,9</sup> | &nbsp;&nbsp;&nbsp;Frisco Independent School District GO TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 | &nbsp;&nbsp; 2475 |
|  | &nbsp;&nbsp;&nbsp;Gulf Coast IDA Industrial Revenue (Exxon Mobil Project) VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;109610 | &nbsp;&nbsp; 109610 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 32295 | &nbsp;&nbsp; 32295 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19980 | &nbsp;&nbsp; 19980 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13890 | &nbsp;&nbsp; 13890 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Harris County TX Housing Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5210 | &nbsp;&nbsp; 5210 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41700 | &nbsp;&nbsp; 41700 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18800 | &nbsp;&nbsp; 18800 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9665 | &nbsp;&nbsp; 9665 |
|  | &nbsp;&nbsp;&nbsp;Red River Education Finance Corp. College & University Revenue (Texas Christian University Project) VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16650 | &nbsp;&nbsp; 16650 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4500 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Health Facilities Development Corp. Health, Hospital, Nursing Home Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6815 | &nbsp;&nbsp; 6815 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1453 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3018 |
|  | &nbsp;&nbsp;&nbsp;Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19100 | &nbsp;&nbsp; 19100 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp; 3101 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20590 | &nbsp;&nbsp; 20590 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14590 | &nbsp;&nbsp; 14590 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26265 | &nbsp;&nbsp; 26265 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40910 | &nbsp;&nbsp; 40910 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp; 6400 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13400 | &nbsp;&nbsp; 13400 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 29115 | &nbsp;&nbsp; 29115 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.170% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37035 | &nbsp;&nbsp; 37035 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Travis County TX Strategic Housing Finance Corp. Local or Guaranteed Housing Revenue TOB VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8343 | &nbsp;&nbsp; 8343 |
|  |  |  |  |  | &nbsp;&nbsp; **519532** |
| **Utah (0.6%)** | **Utah (0.6%)** | **Utah (0.6%)** | **Utah (0.6%)** | **Utah (0.6%)** | **Utah (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Utah County UT Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41460 | &nbsp;&nbsp; 41460 |
| **Virginia (1.8%)** | **Virginia (1.8%)** | **Virginia (1.8%)** | **Virginia (1.8%)** | **Virginia (1.8%)** | **Virginia (1.8%)** |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Virginia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10071 |
|  | &nbsp;&nbsp;&nbsp;Hampton Roads Sanitation District Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9190 | &nbsp;&nbsp; 9287 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3210 | &nbsp;&nbsp; 3210 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Miscellaneous Revenue VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7600 | &nbsp;&nbsp; 7600 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Miscellaneous Revenue VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7590 | &nbsp;&nbsp; 7590 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Miscellaneous Revenue VRDO | 2.170% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 58535 | &nbsp;&nbsp; 58535 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16650 | &nbsp;&nbsp; 16650 |

---

------

Municipal Low Duration Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Virginia Beach Development Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2410 | &nbsp;&nbsp; 2418 |
|  |  |  |  |  | &nbsp;&nbsp; **115361** |
| **Washington (2.4%)** | **Washington (2.4%)** | **Washington (2.4%)** | **Washington (2.4%)** | **Washington (2.4%)** | **Washington (2.4%)** |
|  | &nbsp;&nbsp;&nbsp;King County WA Sewer Revenue VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 57490 | &nbsp;&nbsp; 57490 |
|  | &nbsp;&nbsp;&nbsp;King County WA Sewer Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6100 | &nbsp;&nbsp; 6100 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Port of Tacoma WA Port, Airport & Marina Revenue VRDO | 1.870% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1900 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Health Care Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp; 19000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10035 | &nbsp;&nbsp; 10035 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2915 | &nbsp;&nbsp; 2915 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 | &nbsp;&nbsp; 3325 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO | 1.980% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7770 | &nbsp;&nbsp; 7770 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO | 1.980% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp; 5400 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO | 1.980% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7617 | &nbsp;&nbsp; 7617 |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15005 | &nbsp;&nbsp; 15005 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6285 | &nbsp;&nbsp; 6285 |
|  |  |  |  |  | &nbsp;&nbsp; **157842** |
| **Wisconsin (2.4%)** | **Wisconsin (2.4%)** | **Wisconsin (2.4%)** | **Wisconsin (2.4%)** | **Wisconsin (2.4%)** | **Wisconsin (2.4%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26950 | &nbsp;&nbsp; 26950 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25630 | &nbsp;&nbsp; 25630 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority WI Local or Guaranteed Housing Revenue TOB VRDO | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14215 | &nbsp;&nbsp; 14215 |
|  | &nbsp;&nbsp;&nbsp;University of Wisconsin Hospitals & Clinics Health, Hospital, Nursing Home Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18315 | &nbsp;&nbsp; 18315 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp; 2120 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1899 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2660 | &nbsp;&nbsp; 2673 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3245 | &nbsp;&nbsp; 3260 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2038 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13980 | &nbsp;&nbsp; 13980 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9395 | &nbsp;&nbsp; 9395 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7125 | &nbsp;&nbsp; 7125 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp; 9000 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Housing Local or Guaranteed Housing Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10435 | &nbsp;&nbsp; 10435 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Local or Guaranteed Housing Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7495 | &nbsp;&nbsp; 7495 |
|  |  |  |  |  | &nbsp;&nbsp; **154530** |
| **Wyoming (0.3%)** | **Wyoming (0.3%)** | **Wyoming (0.3%)** | **Wyoming (0.3%)** | **Wyoming (0.3%)** | **Wyoming (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Lincoln County WY Resource Recovery Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Wyoming Community Development Authority Local or Guaranteed Housing Revenue TOB VRDO | 1.910% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp; 6400 |

---

------

Municipal Low Duration Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Wyoming Community Development Authority Local or Guaranteed Housing Revenue VRDO | 1.880% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp; 8500 |
|  |  |  |  | &nbsp;&nbsp; **21900** |
| **Total Tax-Exempt Municipal Bonds (Cost $6,628,405)** | **Total Tax-Exempt Municipal Bonds (Cost $6,628,405)** | **Total Tax-Exempt Municipal Bonds (Cost $6,628,405)** | **Total Tax-Exempt Municipal Bonds (Cost $6,628,405)** | **6628764** |
| **Total Investments (101.3%) (Cost $6,628,405)** | **Total Investments (101.3%) (Cost $6,628,405)** | **Total Investments (101.3%) (Cost $6,628,405)** | **Total Investments (101.3%) (Cost $6,628,405)** | **6628764** |
| **Other Assets and Liabilities—Net (-1.3%)** | **Other Assets and Liabilities—Net (-1.3%)** | **Other Assets and Liabilities—Net (-1.3%)** | **Other Assets and Liabilities—Net (-1.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(82956)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **6545808** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2026, the aggregate value was $2,098,419, representing 32.1% of net assets. |
| 2 | Scheduled principal and interest payments are guaranteed by bank letter of credit. |
| 3 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
| 4 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 5 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
| 6 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Inc. |
| 7 | Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp. |
| 8 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of February 28, 2026. |
| 9 | Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund. |
|  | BAN—Bond Anticipation Note. |
|  | COP—Certificate of Participation. |
|  | GO—General Obligation Bond. |
|  | IDA—Industrial Development Authority Bond. |
|  | TOB—Tender Option Bond. |
|  | TRAN—Tax Revenue Anticipation Note. |
|  | VRDO—Variable Rate Demand Obligation. |
|  | VRDP—Variable Rate Demand Preferred. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Letter Of Credit Guarantors as of Period End** |  |
| Entity Name | Market Value |
| Bank of America NA | $610445000 |
| JPMorgan Chase Bank NA | 386234000 |
| Toronto-Dominion Bank NA | 277420000 |
| Royal Bank of Canada | 166950000 |
| Sumitomo Mitsui Banking Corp. | 129720000 |
| US Bank NA | 123260000 |
| Barclays Bank plc | 107650000 |
| Landesbank Hessen-Thueringen | 91050000 |
| Citibank NA | 74121000 |
| PNC Bank NA | 71895000 |
| Other | 150930000 |
| **Total** | **2189675000** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Municipal Low Duration Fund

Statement of Assets and Liabilities

As of February 28, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Unaffiliated Issuers (Cost $6,628,405) | 6628764 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52176 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21841 |
| **Total Assets** | **6707346** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;161515 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**161538** |
| **Net Assets** | **6545808** |
| **At February 28, 2026, net assets consisted of:** |  |
| Paid-in Capital | 6545436 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 |
| **Net Assets** | **6545808** |
| **Net Assets** |  |
| **Applicable to 654,502,133 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **6545808** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10.00** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Municipal Low Duration Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> February 28, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest | 63921 |
| Total Income | 63921 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;262 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;290 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;(28) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;262 |
| **Net Investment Income** | **63659** |
| **Realized Net Gain (Loss) on Investment Securities Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51** |
| **Change in Unrealized Appreciation (Depreciation) of Investment Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**172** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **63882** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Municipal Low Duration Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104004 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103849 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103992) |
| **Capital Share Transactions** |  |  |
| Issued | 11277424 | &nbsp;&nbsp;&nbsp;&nbsp;20519150 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103992 |
| Redeemed | &nbsp;&nbsp;(9049759) | &nbsp;&nbsp;&nbsp;(18787128) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;2291341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836014 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;2291547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835871 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**4254261** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2418390** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**6545808** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4254261** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Municipal Low Duration Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> February 28,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, | &nbsp;&nbsp;&nbsp;Year Ended August 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> February 28,<br> 2026 | 2025 | 2024<sup>1</sup> | &nbsp;&nbsp;&nbsp;2023<sup>1</sup> | &nbsp;&nbsp;&nbsp;2022<sup>1</sup> | &nbsp;&nbsp;&nbsp;2021<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | **$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.120<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.276<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.337<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.006 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.001 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.000)<sup>3</sup> | &nbsp;&nbsp;&nbsp;— |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.006 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.006) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.000)<sup>4</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.000)<sup>4</sup> | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.006) |
| **Net Asset Value, End of Period** | **$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** | &nbsp;&nbsp;&nbsp;**$10.00** |
| **Total Return** | **1.22%** | &nbsp;&nbsp;&nbsp;**2.83%** | &nbsp;&nbsp;&nbsp;**3.43%** | &nbsp;&nbsp;&nbsp;**2.78%** | &nbsp;&nbsp;&nbsp;**0.39%** | &nbsp;&nbsp;&nbsp;**0.06%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $6546 | &nbsp;&nbsp;&nbsp;$4254 | &nbsp;&nbsp;&nbsp;$2418 | &nbsp;&nbsp;&nbsp;$3340 | &nbsp;&nbsp;&nbsp;$4791 | &nbsp;&nbsp;&nbsp;$6653 |
| Ratio of Total Expenses to Average Net Assets | 0.01%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.01%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.01%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.01%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.01%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.01% |
| Ratio of Net Investment Income to Average Net Assets | 2.43% | &nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;2.69% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;0.05% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;N/A%<sup>6</sup> | &nbsp;&nbsp;&nbsp;N/A%<sup>6</sup> | &nbsp;&nbsp;&nbsp;N/A%<sup>6</sup> |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Adjusted to reflect a 10-for-1 share split as of the close of business on June 5, 2024. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Amount was less than $0.001 per share. |
| 4 | Distribution was less than $0.001 per share. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.01%. |
| 6 | Not applicable. Portfolio Turnover Rate was not required due to formerly money market fund status. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Municipal Low Duration Fund

Notes to Financial Statements

Vanguard Municipal Low Duration Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund has been established by Vanguard as a cash management vehicle solely available for investment by the Vanguard funds and certain trusts and accounts managed by Vanguard or its affiliates.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended February 28, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

5. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

**C.** In accordance with the terms of a services agreement, Vanguard provides to the fund investment advisory, administrative and shareholder services and pays for all other operating expenses (except taxes) for a fee
calculated at an annual percentage rate of the average net assets of the fund. The fund's trustees and officers are also directors and employees, respectively, of Vanguard. All expenses payable to Vanguard are
generally settled twice a month.

**D.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended February 28, 2026, custodian fee offset
arrangements reduced the fund's expenses by $28,000 (an annual rate of less than 0.01% of average net assets).

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

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.**

At February 28, 2026, 100% of the market value of the fund's investments was determined based on Level 2 inputs.

------

Municipal Low Duration Fund

**F.** As of February 28, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;6628405 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2025, the fund had available capital losses totaling $48,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**G.** During the six months ended February 28, 2026, the fund purchased $55,353,000 of investment securities and sold $10,000,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended February 28, 2026, such purchases were $494,520,000 and sales were $126,900,000, resulting in net realized gain (loss) of $0.

**H.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> February 28, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> August 31, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | 1127742 | &nbsp;&nbsp;&nbsp;&nbsp;2051915 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10399 |
| Redeemed | (904976) | &nbsp;&nbsp;&nbsp;(1878713) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;229134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183601 |

---

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q11432 042026

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangement – CMT Funds**

In November 2025, a majority of independent trustees of the board of Vanguard Market Liquidity Fund and Vanguard Municipal Low Duration Fund (Trustees) approved a restructuring of each fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The Trustees determined that approving the advisory arrangements was in the best interests of each fund and its shareholders.

At a subsequent meeting, the Trustees renewed each fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through the Fixed Income Group, now within VCM. The Trustees determined that continuing each fund's internalized management structure was in the best interests of the fund and its shareholders.

The Trustees based their decisions upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the Trustees during the fiscal year that directed their focus to relevant information and topics.

The Trustees also received information throughout the year through advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the Trustees were provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the Trustees received periodic reports throughout the year, which included information about the fund's performance relative to its peers, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meetings, the Trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services**

The Trustees reviewed the quality of each fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth. The Trustees also determined that VCM's

Fixed Income Group, in its management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes.

The Trustees concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted approval and continuation of each advisory arrangement.

**Investment performance**

The Trustees determined that VCM's Fixed Income Group, in its management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes. The Trustees concluded that the performance was such that the advisory arrangements should be approved.

The Trustees also considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its peer group. The board concluded that the performance was such that each advisory arrangement should continue.

**Cost**

The Trustees concluded that each fund's expense ratio was below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses were also below the peer-group average, and will continue to remain below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard, in providing investment advisory services through VCM, because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that each fund's arrangement with Vanguard, and services rendered through VCM, ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19: Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| [(a)(2)](tm268191d1_ex99-cert.htm) | [Certifications filed herewith.](tm268191d1_ex99-cert.htm) |
| [(a)(2)](tm268191d1_ex99-906cert.htm) | [Certifications filed herewith.](tm268191d1_ex99-906cert.htm) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD CMT FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: April 22, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD CMT FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: April 22, 2026

---

| | |
|:---|:---|
|  | VANGUARD CMT FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: April 22, 2026

---

| | |
|:---|:---|
| \* By: | /s/ Natalie Lamarque |

---

Natalie Lamarque, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/891190/000119312525325143/f43635d7.htm) filed on December 19, 2025 (see File Number 33-49023), and to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000119312526077489/f44118d9.htm) filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**EXHIBIT 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard CMT Funds;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: April 22, 2026

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard CMT Funds;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: April 22, 2026

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard CMT Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly
 presents, in all material respects, the financial condition and results of operations of the issuer.

Date: April 22, 2026

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard CMT Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly
 presents, in all material respects, the financial condition and results of operations of the issuer.

Date: April 22, 2026

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---