# EDGAR Filing Document

**Accession Number:** 0001273878
**File Stem:** 0001752724-25-182537
**Filing Date:** 2025-7
**Character Count:** 145661
**Document Hash:** 0da2107b387b182a9520eae8cdc3f5ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182537.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182537

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21478
- **FILM NUMBER:** 251161244

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Vanguard<sup>®</sup> Municipal Low Duration Fund

#### Schedule of Investments (unaudited)
As of May 31, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Tax-Exempt Municipal Bonds (104.4%)** | **Tax-Exempt Municipal Bonds (104.4%)** | **Tax-Exempt Municipal Bonds (104.4%)** | **Tax-Exempt Municipal Bonds (104.4%)** | **Tax-Exempt Municipal Bonds (104.4%)** | **Tax-Exempt Municipal Bonds (104.4%)** |
| **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 | 1.920% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;14220 | &nbsp;&nbsp; 14220 |
|  | &nbsp;&nbsp;&nbsp;Valdez AK Industrial Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;32765 | &nbsp;&nbsp; 32765 |
|  |  |  |  |  | &nbsp;&nbsp; **46985** |
| **Arizona (0.5%)** | **Arizona (0.5%)** | **Arizona (0.5%)** | **Arizona (0.5%)** | **Arizona (0.5%)** | **Arizona (0.5%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Arizona IDA Multifamily Housing Revenue TOB VRDO | 3.220% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20000 |
| **California (3.4%)** | **California (3.4%)** | **California (3.4%)** | **California (3.4%)** | **California (3.4%)** | **California (3.4%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority College & University Revenue TOB VRDO | 1.980% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp; 8000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;California Multifamily Revenue TOB VRDO | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;California Municipal Finance Authority Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;11525 | &nbsp;&nbsp; 11525 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;FHLMC Multifamily Certificates Revenue TOB VRDO | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;39470 | &nbsp;&nbsp; 39470 |
|  | &nbsp;&nbsp;&nbsp;Los Angeles CA General Fund Revenue TRAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp; 22521 |
| <sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;San Francisco CA City & County Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;11470 | &nbsp;&nbsp; 11470 |
|  |  |  |  |  | &nbsp;&nbsp; **127986** |
| **Colorado (2.9%)** | **Colorado (2.9%)** | **Colorado (2.9%)** | **Colorado (2.9%)** | **Colorado (2.9%)** | **Colorado (2.9%)** |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Adams & Arapahoe Joint School District 28J Aurora GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp; 8605 |
|  | &nbsp;&nbsp;&nbsp;Colorado State Education Loan Program Intergovernmental Agreement Revenue (Education Loan Program) TRAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 45058 |
|  | &nbsp;&nbsp;&nbsp;Colorado State Education Loan Program Intergovernmental Agreement Revenue TRAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;36415 | &nbsp;&nbsp; 36464 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County CO GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp; 2397 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County School District No. 1 GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3560 | &nbsp;&nbsp; 3596 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County School District No. 1 GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1859 |
|  | &nbsp;&nbsp;&nbsp;University of Colorado Hospital Authority Health, Hospital, Nursing Home Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp; 11400 |
|  |  |  |  |  | &nbsp;&nbsp; **109379** |
| **Connecticut (2.6%)** | **Connecticut (2.6%)** | **Connecticut (2.6%)** | **Connecticut (2.6%)** | **Connecticut (2.6%)** | **Connecticut (2.6%)** |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2525 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3850 | &nbsp;&nbsp; 3850 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp; 13000 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1910 | &nbsp;&nbsp; 1910 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3980 | &nbsp;&nbsp; 3980 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;37775 | &nbsp;&nbsp; 37775 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;34165 | &nbsp;&nbsp; 34165 |
|  |  |  |  |  | &nbsp;&nbsp; **97205** |
| **District of Columbia (0.7%)** | **District of Columbia (0.7%)** | **District of Columbia (0.7%)** | **District of Columbia (0.7%)** | **District of Columbia (0.7%)** | **District of Columbia (0.7%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;District of Columbia Health, Hospital, Nursing Home Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1450 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;District of Columbia Miscellaneous Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;20655 | &nbsp;&nbsp; 20655 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Water & Sewer Authority Water Revenue VRDO | 2.970% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4600 |
|  |  |  |  |  | &nbsp;&nbsp; **26705** |
| **Florida (6.4%)** | **Florida (6.4%)** | **Florida (6.4%)** | **Florida (6.4%)** | **Florida (6.4%)** | **Florida (6.4%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Escambia County FL Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 3.080% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &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 | 3.080% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;36510 | &nbsp;&nbsp; 36510 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Gainesville FL Utilities System Multiple Utility Revenue VRDO | 3.030% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6500 |
|  | &nbsp;&nbsp;&nbsp;Hillsborough County IDA Health, Hospital, Nursing Home Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp; 21600 |
|  | &nbsp;&nbsp;&nbsp;Hillsborough County IDA Health, Hospital, Nursing Home Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp; 15000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Recreational Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp; 24800 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Orange County FL Housing Finance Authority Multifamily Local or Guaranteed Housing Revenue TOB VRDO | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &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 | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Tampa FL Water & Wastewater System Water Revenue TOB VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &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 | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;99220 | &nbsp;&nbsp; 99220 |
|  |  |  |  |  | &nbsp;&nbsp; **240890** |
| **Georgia (1.2%)** | **Georgia (1.2%)** | **Georgia (1.2%)** | **Georgia (1.2%)** | **Georgia (1.2%)** | **Georgia (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;Fulton County GA Miscellaneous Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20125 |
|  | &nbsp;&nbsp;&nbsp;Georgia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3210 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Georgia GO TOB VRDO | 1.990% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9375 | &nbsp;&nbsp; 9375 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Georgia Municipal Electric Authority Electric Power & Light Revenue (Various Projects 1) VRDO | 2.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;13570 | &nbsp;&nbsp; 13570 |
|  |  |  |  |  | &nbsp;&nbsp; **46280** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **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 | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9250 | &nbsp;&nbsp; 9250 |
| **Illinois (1.2%)** | **Illinois (1.2%)** | **Illinois (1.2%)** | **Illinois (1.2%)** | **Illinois (1.2%)** | **Illinois (1.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Aurora IL College & University Revenue VRDO | 1.970% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 2.040% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp; 31000 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1002 |
|  | &nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8785 | &nbsp;&nbsp; 8785 |
|  |  |  |  |  | &nbsp;&nbsp; **45787** |
| **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** | **Indiana (0.4%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7150 | &nbsp;&nbsp; 7150 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Industrial Revenue VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8340 | &nbsp;&nbsp; 8340 |
|  |  |  |  |  | &nbsp;&nbsp; **15490** |
| **Iowa (0.5%)** | **Iowa (0.5%)** | **Iowa (0.5%)** | **Iowa (0.5%)** | **Iowa (0.5%)** | **Iowa (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp; 17300 |
| **Louisiana (3.3%)** | **Louisiana (3.3%)** | **Louisiana (3.3%)** | **Louisiana (3.3%)** | **Louisiana (3.3%)** | **Louisiana (3.3%)** |
|  | &nbsp;&nbsp;&nbsp;East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO | 2.970% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;71430 | &nbsp;&nbsp; 71430 |
|  | &nbsp;&nbsp;&nbsp;East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO | 2.970% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7918 | &nbsp;&nbsp; 7918 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Louisiana Gasoline & Fuels Sales Tax Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;38870 | &nbsp;&nbsp; 38870 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Louisiana Gasoline & Fuels Sales Tax Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6825 | &nbsp;&nbsp; 6825 |
|  |  |  |  |  | &nbsp;&nbsp; **125043** |
| **Maryland (2.0%)** | **Maryland (2.0%)** | **Maryland (2.0%)** | **Maryland (2.0%)** | **Maryland (2.0%)** | **Maryland (2.0%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 3.080% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;20435 | &nbsp;&nbsp; 20435 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;25730 | &nbsp;&nbsp; 25730 |
| <sup>2,6</sup> | &nbsp;&nbsp;&nbsp;Montgomery County Housing Opportunities Commission Local or Guaranteed Housing Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;22990 | &nbsp;&nbsp; 22990 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County MD GO VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6330 | &nbsp;&nbsp; 6330 |
|  |  |  |  |  | &nbsp;&nbsp; **75485** |
| **Massachusetts (9.0%)** | **Massachusetts (9.0%)** | **Massachusetts (9.0%)** | **Massachusetts (9.0%)** | **Massachusetts (9.0%)** | **Massachusetts (9.0%)** |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;10760 | &nbsp;&nbsp; 10777 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO TOB VRDO | 1.970% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;16275 | &nbsp;&nbsp; 16275 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Health & Educational Facilities Authority Recreational Revenue VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp; 40600 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue VRDO | 1.840% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;44105 | &nbsp;&nbsp; 44105 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority Water Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9655 | &nbsp;&nbsp; 9655 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP | 2.040% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;92500 | &nbsp;&nbsp; 92500 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP | 2.040% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.030% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp; 23000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.040% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;53500 | &nbsp;&nbsp; 53500 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp; 13000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.060% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;34300 | &nbsp;&nbsp; 34300 |
|  |  |  |  |  | &nbsp;&nbsp; **340712** |
| **Michigan (2.7%)** | **Michigan (2.7%)** | **Michigan (2.7%)** | **Michigan (2.7%)** | **Michigan (2.7%)** | **Michigan (2.7%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Detroit Regional Convention Facility Authority Special Tax Revenue TOB VRDO | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 50000 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp; 19300 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;10730 | &nbsp;&nbsp; 10730 |
|  | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue VRDO | 1.740% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;20985 | &nbsp;&nbsp; 20985 |
|  |  |  |  |  | &nbsp;&nbsp; **101015** |
| **Minnesota (0.5%)** | **Minnesota (0.5%)** | **Minnesota (0.5%)** | **Minnesota (0.5%)** | **Minnesota (0.5%)** | **Minnesota (0.5%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Bloomington Minnesota Multifamily Local or Guaranteed Housing Revenue TOB VRDO | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp; 8600 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4065 | &nbsp;&nbsp; 4078 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6540 | &nbsp;&nbsp; 6540 |
|  |  |  |  |  | &nbsp;&nbsp; **19218** |
| **Mississippi (3.6%)** | **Mississippi (3.6%)** | **Mississippi (3.6%)** | **Mississippi (3.6%)** | **Mississippi (3.6%)** | **Mississippi (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp; 5300 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;28200 | &nbsp;&nbsp; 28200 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6000 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;86175 | &nbsp;&nbsp; 86175 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 10000 |
|  |  |  |  |  | &nbsp;&nbsp; **135675** |
| **Missouri (3.1%)** | **Missouri (3.1%)** | **Missouri (3.1%)** | **Missouri (3.1%)** | **Missouri (3.1%)** | **Missouri (3.1%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Kansas City MO Special Obligation Revenue VRDO | 2.130% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp; 2390 |
|  | &nbsp;&nbsp;&nbsp;Missouri Development Finance Board Miscellaneous Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp; 23100 |
|  | &nbsp;&nbsp;&nbsp;Missouri Development Finance Board Recreational Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;22100 | &nbsp;&nbsp; 22100 |
|  | &nbsp;&nbsp;&nbsp;Missouri Health & Educational Facilities Authority College & University Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp; 19500 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp; 48300 |
|  |  |  |  |  | &nbsp;&nbsp; **115390** |
| **Multiple States (0.2%)** | **Multiple States (0.2%)** | **Multiple States (0.2%)** | **Multiple States (0.2%)** | **Multiple States (0.2%)** | **Multiple States (0.2%)** |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;FHLMC Multifamily Certificates Local or Guaranteed Housing Revenue VRDO | 1.990% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8150 | &nbsp;&nbsp; 8150 |
| **Nebraska (0.1%)** | **Nebraska (0.1%)** | **Nebraska (0.1%)** | **Nebraska (0.1%)** | **Nebraska (0.1%)** | **Nebraska (0.1%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Douglas County Hospital Authority No. 2 Health, Hospital, Nursing Home Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4400 |
| **Nevada (0.9%)** | **Nevada (0.9%)** | **Nevada (0.9%)** | **Nevada (0.9%)** | **Nevada (0.9%)** | **Nevada (0.9%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Clark County NV Economic Development Revenue (Opportunity Village Foundation Project) VRDO | 2.040% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 10000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Clark County NV Water Reclamation District GO TOB VRDO | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;23580 | &nbsp;&nbsp; 23580 |
|  |  |  |  |  | &nbsp;&nbsp; **33580** |
| **New Jersey (0.8%)** | **New Jersey (0.8%)** | **New Jersey (0.8%)** | **New Jersey (0.8%)** | **New Jersey (0.8%)** | **New Jersey (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Mercer County NJ BAN GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;15535 | &nbsp;&nbsp; 15655 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;15240 | &nbsp;&nbsp; 15240 |
|  |  |  |  |  | &nbsp;&nbsp; **30895** |
| **New Mexico (0.8%)** | **New Mexico (0.8%)** | **New Mexico (0.8%)** | **New Mexico (0.8%)** | **New Mexico (0.8%)** | **New Mexico (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;29920 | &nbsp;&nbsp; 29920 |
| **New York (20.2%)** | **New York (20.2%)** | **New York (20.2%)** | **New York (20.2%)** | **New York (20.2%)** | **New York (20.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;18505 | &nbsp;&nbsp; 18505 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2175 | &nbsp;&nbsp; 2175 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;44800 | &nbsp;&nbsp; 44800 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;38400 | &nbsp;&nbsp; 38400 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;36275 | &nbsp;&nbsp; 36275 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 | &nbsp;&nbsp; 5225 |
|  | &nbsp;&nbsp;&nbsp;Nassau County IDA College & University Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;22855 | &nbsp;&nbsp; 22855 |
|  | &nbsp;&nbsp;&nbsp;Nassau County Industrial Development Agency College & University Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3505 | &nbsp;&nbsp; 3505 |
|  | &nbsp;&nbsp;&nbsp;Nassau County Local Economic Assistance Corp. College & University Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 | &nbsp;&nbsp; 5035 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 1.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;19170 | &nbsp;&nbsp; 19170 |
|  | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 30000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York City Industrial Development Agency Lease (Appropriation) Revenue (New York Stock Exchange Project) VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;15470 | &nbsp;&nbsp; 15470 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6000 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 25000 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp; 12800 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1400 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4200 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;35325 | &nbsp;&nbsp; 35325 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 1.930% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;23760 | &nbsp;&nbsp; 23760 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 65000 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.960% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6000 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;23190 | &nbsp;&nbsp; 23190 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York City Trust for Cultural Resources Miscellaneous Revenue VRDO | 1.960% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3615 | &nbsp;&nbsp; 3615 |
|  | &nbsp;&nbsp;&nbsp;New York Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue VRDO | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4500 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO TOB VRDO | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp; 20500 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;47700 | &nbsp;&nbsp; 47700 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.970% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3575 | &nbsp;&nbsp; 3575 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2200 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;22450 | &nbsp;&nbsp; 22450 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2900 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.650% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp; 21100 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;49430 | &nbsp;&nbsp; 49430 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp; 6900 |
|  | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.920% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp; 5350 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 2.200% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9385 | &nbsp;&nbsp; 9385 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.020% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &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 | 2.020% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp; 16700 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6950 | &nbsp;&nbsp; 6950 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 | &nbsp;&nbsp; 3085 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 3.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4175 | &nbsp;&nbsp; 4175 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Transit Revenue VRDO | 2.020% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;14830 | &nbsp;&nbsp; 14830 |
|  |  |  |  |  | &nbsp;&nbsp; **765735** |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **North Carolina (0.6%)** | **North Carolina (0.6%)** | **North Carolina (0.6%)** | **North Carolina (0.6%)** | **North Carolina (0.6%)** | **North Carolina (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue VRDO | 1.770% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;21005 | &nbsp;&nbsp; 21005 |
|  | &nbsp;&nbsp;&nbsp;University of North Carolina at Chapel Hill Health, Hospital, Nursing Home Revenue VRDO | 1.940% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2350 |
|  |  |  |  |  | &nbsp;&nbsp; **23355** |
| **Ohio (7.2%)** | **Ohio (7.2%)** | **Ohio (7.2%)** | **Ohio (7.2%)** | **Ohio (7.2%)** | **Ohio (7.2%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Columbus Franklin County Ohio Finance Authority Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO | 3.150% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;36775 | &nbsp;&nbsp; 36775 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Montgomery County OH Health, Hospital, Nursing Home Revenue TOB VRDO | 3.080% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;28130 | &nbsp;&nbsp; 28130 |
|  | &nbsp;&nbsp;&nbsp;Ohio Lease (Appropriation) Revenue (Parks & Recreation Improvement Fund Projects) VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;36640 | &nbsp;&nbsp; 36640 |
|  | &nbsp;&nbsp;&nbsp;Ohio Lease (Appropriation) Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2750 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;41300 | &nbsp;&nbsp; 41300 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;42450 | &nbsp;&nbsp; 42450 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;38950 | &nbsp;&nbsp; 38950 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp; 1255 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;43400 | &nbsp;&nbsp; 43400 |
|  |  |  |  |  | &nbsp;&nbsp; **271650** |
| **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** | **Oregon (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Oregon GO VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7075 | &nbsp;&nbsp; 7075 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue VRDO | 1.960% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3900 |
|  |  |  |  |  | &nbsp;&nbsp; **10975** |
| **Pennsylvania (5.4%)** | **Pennsylvania (5.4%)** | **Pennsylvania (5.4%)** | **Pennsylvania (5.4%)** | **Pennsylvania (5.4%)** | **Pennsylvania (5.4%)** |
|  | &nbsp;&nbsp;&nbsp;Allegheny County Higher Education Building Authority College & University Revenue VRDO | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;16860 | &nbsp;&nbsp; 16860 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Allegheny County IDA Private Schools Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1400 |
|  | &nbsp;&nbsp;&nbsp;Butler County General Authority Miscellaneous Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3760 | &nbsp;&nbsp; 3760 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5055 | &nbsp;&nbsp; 5075 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority Indirect Ad Valorem Property Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;19585 | &nbsp;&nbsp; 19585 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;30410 | &nbsp;&nbsp; 30410 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Lancaster IDA Health, Hospital, Nursing Home Revenue VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8240 | &nbsp;&nbsp; 8240 |
|  | &nbsp;&nbsp;&nbsp;Northampton County General Purpose Authority College & University Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp; 34600 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority College & University Revenue TOB VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp; 4950 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority Private Schools Revenue (Montessori Academy Inc. Project-C2) VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 600 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;11450 | &nbsp;&nbsp; 11450 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3750 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania State Higher Educational Facilities Authority College & University Revenue TOB VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp; 28000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue TOB VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1700 |
|  | &nbsp;&nbsp;&nbsp;Washington County Authority College & University Revenue VRDO | 1.700% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;35485 | &nbsp;&nbsp; 35485 |
|  |  |  |  |  | &nbsp;&nbsp; **205865** |
| **South Carolina (2.1%)** | **South Carolina (2.1%)** | **South Carolina (2.1%)** | **South Carolina (2.1%)** | **South Carolina (2.1%)** | **South Carolina (2.1%)** |
|  | &nbsp;&nbsp;&nbsp;Clover School District No. 2 BAN GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 10061 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;68605 | &nbsp;&nbsp; 68605 |
|  |  |  |  |  | &nbsp;&nbsp; **78666** |
| **South Dakota (0.6%)** | **South Dakota (0.6%)** | **South Dakota (0.6%)** | **South Dakota (0.6%)** | **South Dakota (0.6%)** | **South Dakota (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;South Dakota Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;23500 | &nbsp;&nbsp; 23500 |
| **Tennessee (4.2%)** | **Tennessee (4.2%)** | **Tennessee (4.2%)** | **Tennessee (4.2%)** | **Tennessee (4.2%)** | **Tennessee (4.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Greeneville Health & Educational Facilities Board Health, Hospital, Nursing Home Revenue VRDO | 2.050% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8755 | &nbsp;&nbsp; 8755 |
|  | &nbsp;&nbsp;&nbsp;Sevier County TN Public Building Authority Intergovernmental Agreement Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp; 69000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Sullivan County Health Educational & Housing Facilities Board Health, Hospital, Nursing Home Revenue TOB VRDO | 3.080% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;40640 | &nbsp;&nbsp; 40640 |
|  | &nbsp;&nbsp;&nbsp;Tennessee County Public Building Authority of Blount Intergovernmental Agreement Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp; 41600 |
|  |  |  |  |  | &nbsp;&nbsp; **159995** |
| **Texas (10.1%)** | **Texas (10.1%)** | **Texas (10.1%)** | **Texas (10.1%)** | **Texas (10.1%)** | **Texas (10.1%)** |
|  | &nbsp;&nbsp;&nbsp;Austin TX GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4421 |
|  | &nbsp;&nbsp;&nbsp;Gulf Coast IDA Industrial Revenue (Exxon Mobil Project) VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;22170 | &nbsp;&nbsp; 22170 |
|  | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 1.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 50000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.150% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;19485 | &nbsp;&nbsp; 19485 |
|  | &nbsp;&nbsp;&nbsp;Harris County Health Facilities Development Corp. Health, Hospital, Nursing Home Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp; 14900 |
|  | &nbsp;&nbsp;&nbsp;Harris County Health Facilities Development Corp. Health, Hospital, Nursing Home Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;54515 | &nbsp;&nbsp; 54515 |
|  | &nbsp;&nbsp;&nbsp;Houston Higher Education Finance Corp. College & University Revenue (Rice University Project) VRDO | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;13625 | &nbsp;&nbsp; 13625 |
|  | &nbsp;&nbsp;&nbsp;Permanent University Fund - Texas A&M University System College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp; 2970 |
|  | &nbsp;&nbsp;&nbsp;Red River Education Finance Corp. College & University Revenue (Texas Christian University Project) VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp; 13000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;San Antonio TX Electric & Gas Systems Electric Power & Light Revenue TOB VRDO | 3.080% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2500 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp; 28800 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 1.970% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Health Facilities Development Corp. Health, Hospital, Nursing Home Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp; 8000 |
|  | &nbsp;&nbsp;&nbsp;Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue VRDO | 1.990% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp; 19100 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;45525 | &nbsp;&nbsp; 45525 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp; 3360 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;29550 | &nbsp;&nbsp; 29550 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.090% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;15895 | &nbsp;&nbsp; 15895 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;28905 | &nbsp;&nbsp; 28905 |
|  |  |  |  |  | &nbsp;&nbsp; **381721** |
| **Utah (0.3%)** | **Utah (0.3%)** | **Utah (0.3%)** | **Utah (0.3%)** | **Utah (0.3%)** | **Utah (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Utah County UT Health, Hospital, Nursing Home Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp; 11700 |
| **Vermont (0.4%)** | **Vermont (0.4%)** | **Vermont (0.4%)** | **Vermont (0.4%)** | **Vermont (0.4%)** | **Vermont (0.4%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vermont Educational & Health Buildings Financing Agency Health, Hospital, Nursing Home Revenue VRDO | 2.110% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp;13380 | &nbsp;&nbsp; 13380 |
| **Virginia (1.5%)** | **Virginia (1.5%)** | **Virginia (1.5%)** | **Virginia (1.5%)** | **Virginia (1.5%)** | **Virginia (1.5%)** |
|  | &nbsp;&nbsp;&nbsp;Albemarle County Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9800 | &nbsp;&nbsp; 9800 |
|  | &nbsp;&nbsp;&nbsp;Albemarle County Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5500 |
|  | &nbsp;&nbsp;&nbsp;Fairfax County Economic Development Authority Economic Development Revenue VRDO | 1.850% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8625 | &nbsp;&nbsp; 8625 |
|  | &nbsp;&nbsp;&nbsp;Fairfax County Economic Development Authority Recreational Revenue VRDO | 1.870% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;27845 | &nbsp;&nbsp; 27845 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO | 2.020% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1315 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Industrial Revenue VRDO | 2.020% | &nbsp;&nbsp;&nbsp;&nbsp; 6/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2000 |
|  | &nbsp;&nbsp;&nbsp;Virginia College Building Authority College & University Revenue (Richmond University Project) VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2750 |
|  |  |  |  |  | &nbsp;&nbsp; **57835** |
| **Washington (1.1%)** | **Washington (1.1%)** | **Washington (1.1%)** | **Washington (1.1%)** | **Washington (1.1%)** | **Washington (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1192 |
|  | &nbsp;&nbsp;&nbsp;Washington GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2755 | &nbsp;&nbsp; 2759 |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &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 | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;15165 | &nbsp;&nbsp; 15165 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO | 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6370 | &nbsp;&nbsp; 6370 |
|  |  |  |  |  | &nbsp;&nbsp; **40486** |
| **Wisconsin (2.0%)** | **Wisconsin (2.0%)** | **Wisconsin (2.0%)** | **Wisconsin (2.0%)** | **Wisconsin (2.0%)** | **Wisconsin (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;University of Wisconsin Hospitals & Clinics Health, Hospital, Nursing Home Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;32080 | &nbsp;&nbsp; 32080 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Environmental Improvement Fund Water Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1285 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;13980 | &nbsp;&nbsp; 13980 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9395 | &nbsp;&nbsp; 9395 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7125 | &nbsp;&nbsp; 7125 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Housing Local or Guaranteed Housing Revenue VRDO | 1.960% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;10535 | &nbsp;&nbsp; 10535 |
|  |  |  |  |  | &nbsp;&nbsp; **74400** |
| **Wyoming (0.2%)** | **Wyoming (0.2%)** | **Wyoming (0.2%)** | **Wyoming (0.2%)** | **Wyoming (0.2%)** | **Wyoming (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Wyoming Community Development Authority Local or Guaranteed Housing Revenue VRDO | 1.950% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp; 8500 |
| **Total Tax-Exempt Municipal Bonds (Cost $3,950,558)** | **Total Tax-Exempt Municipal Bonds (Cost $3,950,558)** | **Total Tax-Exempt Municipal Bonds (Cost $3,950,558)** | **Total Tax-Exempt Municipal Bonds (Cost $3,950,558)** | **Total Tax-Exempt Municipal Bonds (Cost $3,950,558)** | **3950503** |
| **Total Investments (104.4%) (Cost $3,950,558)** | **Total Investments (104.4%) (Cost $3,950,558)** | **Total Investments (104.4%) (Cost $3,950,558)** | **Total Investments (104.4%) (Cost $3,950,558)** | **Total Investments (104.4%) (Cost $3,950,558)** | **3950503** |
| **Other Assets and Liabilities—Net (-4.4%)** | **Other Assets and Liabilities—Net (-4.4%)** | **Other Assets and Liabilities—Net (-4.4%)** | **Other Assets and Liabilities—Net (-4.4%)** | **Other Assets and Liabilities—Net (-4.4%)** | &nbsp;&nbsp;**(166494)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **3784009** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| 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 May 31, 2025, the aggregate value was $967,150, representing 25.6% 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 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2025. |
| 6 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
|  | BAN—Bond Anticipation Note. |
|  | 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. |

---

------

---

| | |
|:---|:---|
| **Letter Of Credit Guarantors as of Period End** |  |
| Entity Name | Market Value |
| Bank of America NA | $330995000 |
| Toronto-Dominion Bank NA | 250295000 |
| JPMorgan Chase Bank NA | 199440000 |
| Federal Home Loan Mortgage Corp. | 108215000 |
| PNC Bank NA | 65500000 |
| Sumitomo Mitsui Banking Corp. | 58195000 |
| Barclays Bank plc | 52825000 |
| Royal Bank of Canada | 27500000 |
| State Street Bank & Trust Co. | 14830000 |
| US Bank NA | 13155000 |
| Other | 47770000 |
| **Total** | **1168720000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;A.Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. 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.

**B.** 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 May 31, 2025, 100% of the market value of the fund's investments was determined based on Level 2 inputs.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3995733495.05

**Total Liabilities:** $219775617.27

**Net Assets:** $3775957877.78

**Delayed Delivery Securities:** $8602850.00

**Cash Not Reported:** $75219.89

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -10755.17769442 | **1-Year:** -2095.80587163 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007079 | 0.25%                | 0.29%                | 0.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-75759.45                                 |
| Month 2  | $-53682.50               | $-250928.25                                |
| Month 3  | $0.00                    | $151265.58                                 |

### Schedule of Portfolio Investments

| Name                                                                        | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Connecticut State Health & Educational Facilities Authority                 | CT HLTH&EDU FACS AUTH                | CUSIP: 20775DTS1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  37775000 | PA      | $37775000.00  | 1.00%             | 2042-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                      | LOS ANGELES-TRANS                    | CUSIP: 544351SE0<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  22500000 | PA      | $22521019.50  | 0.60%             | 2025-06-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                        | TRIBOROUGH BRIDGE-B2                 | CUSIP: 89602RLG8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3085000 | PA      | $3085000.00   | 0.08%             | 2033-01-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-5077                     | CUSIP: 46640KP40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28000000 | PA      | $28000000.00  | 0.74%             | 2029-11-13      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Ohio State University/The                                                   | OHIO ST UNIV-D-2-REF                 | CUSIP: 677632R52<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  41300000 | PA      | $41300000.00  | 1.09%             | 2039-12-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                               | NUVEEN MUNI AMT-FR                   | CUSIP: 670657824<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  53500000 | PA      | $53500000.00  | 1.42%             | 2048-02-03      | Variable      | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-XL0539                | CUSIP: 88035HA55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4950000 | PA      | $4950000.00   | 0.13%             | 2054-08-01      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado State Education Loan Program                                       | COLORADO ST-A-TRANS                  | CUSIP: 19672MDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36415000 | PA      | $36463646.80  | 0.97%             | 2025-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR FLTRS-BAML6044                  | CUSIP: 88035MAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11525000 | PA      | $11525000.00  | 0.31%             | 2055-02-01      | Variable      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                     | MA ST WTR-A3-RMKT-REF                | CUSIP: 576051BY1<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   9655000 | PA      | $9655000.00   | 0.26%             | 2037-08-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                             | OREGON-J-VAR-REF                     | CUSIP: 68609TXF0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   7075000 | PA      | $7075000.00   | 0.19%             | 2039-06-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Colorado State Education Loan Program                                       | COLORADO ST-B-TRANS                  | CUSIP: 19672MDF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  45000000 | PA      | $45058180.50  | 1.19%             | 2025-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                       | NY HFA-A-10 BARCLAY                  | CUSIP: 64986MYY5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   6900000 | PA      | $6900000.00   | 0.18%             | 2037-11-15      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                        | DC REV-VAR-A-THE PEW                 | CUSIP: 2548392M4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  20655000 | PA      | $20655000.00  | 0.55%             | 2038-04-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN COMMSN-F                  | CUSIP: 60528ACJ1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.26%             | 2035-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin Environmental Improvement Fund Revenue                   | WISCONSIN ST-A-REV                   | CUSIP: 97709TBX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1285000.00   | 0.03%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                         | WASHINGTON ST-R-2025C                | CUSIP: 93974E5R3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2759282.65   | 0.07%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                    | HARRIS CO CUL EDU-E                  | CUSIP: 414009SS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  50000000 | PA      | $50000000.00  | 1.32%             | 2054-07-01      | Variable      | 1.60%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                               | FAIRFAX ECON-A-SMITHH                | CUSIP: 30382ECZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  27845000 | PA      | $27845000.00  | 0.74%             | 2033-12-01      | Variable      | 1.87%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                 | NYC IDA VAR-B-STOCK E                | CUSIP: 64971SBU2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |  15470000 | PA      | $15470000.00  | 0.41%             | 2033-05-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                            | MN HSG FIN AGY-D-REF                 | CUSIP: 60416SYR5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   6540000 | PA      | $6540000.00   | 0.17%             | 2045-01-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                     | TX A&M UNIV-A-REF                    | CUSIP: 8821177Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2969381.97   | 0.08%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                         | NY CITY-B5-VAR                       | CUSIP: 64966MSD2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  22450000 | PA      | $22450000.00  | 0.59%             | 2046-10-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                     | OREGON ST HSG & CMNTY                | CUSIP: 686087H75<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3900000.00   | 0.10%             | 2037-07-01      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| County of Mercer NJ                                                         | MERCER CO-A-BANS                     | CUSIP: 587839U58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15534952 | PA      | $15655208.06  | 0.41%             | 2026-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                       | MET TRANSP AUTH-E1                   | CUSIP: 59261AM38<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5225000 | PA      | $5225000.00   | 0.14%             | 2035-11-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-BAML60                | CUSIP: 88035JHM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8600000 | PA      | $8600000.00   | 0.23%             | 2025-12-01      | Variable      | 2.35%                 | Yes           |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                | DC WTR SWR AUTH-B-2                  | CUSIP: 254845UF5<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 0.12%             | 2054-10-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-6040                  | CUSIP: 88035JPZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5870000 | PA      | $5870000.00   | 0.16%             | 2041-12-01      | Variable      | 2.35%                 | Yes           |                  2 | On Loan: No      |
| Butler County General Authority                                             | BUTLER GEN AUTH-VAR                  | CUSIP: 123574BR5<br>LEI: 549300TSJ3NDU9FG0667 | Long             | DBT              | MUN               | US        |   3760000 | PA      | $3760000.00   | 0.10%             | 2027-05-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                        | DC REV-TRANCHE 3-A                   | CUSIP: 254839RZ8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450000.00   | 0.04%             | 2038-08-15      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                 | WA ST MFH-RF-CAMBRIDG                | CUSIP: 93978PJT5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   6370000 | PA      | $6370000.00   | 0.17%             | 2044-12-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                    | MET TRANS AUTH-A1-REF                | CUSIP: 59259N8Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18505000 | PA      | $18505000.00  | 0.49%             | 2031-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Washington County Authority                                                 | WA CNTY AUTH-RF-UNIV                 | CUSIP: 938591BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35485000 | PA      | $35485000.00  | 0.94%             | 2034-07-01      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                          | MONTGOMERY CO HSG COM                | CUSIP: 613347RK1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |  22990000 | PA      | $22990000.00  | 0.61%             | 2063-01-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                  | IL FIN AUTH-GREEN BD                 | CUSIP: 45204EV96<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001480.60   | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC W/S ADJ-2ND-CC-1                 | CUSIP: 64972FHH2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  23760000 | PA      | $23760000.00  | 0.63%             | 2038-06-15      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                     | MA H/E VAR-MUSEUM-A1                 | CUSIP: 57586CV69<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |  40600000 | PA      | $40600000.00  | 1.08%             | 2037-12-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OP-FLTR-BAML6041                | CUSIP: 88035JQC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.13%             | 2054-06-01      | Variable      | 2.35%                 | Yes           |                  2 | On Loan: No      |
| Denver City & County School District No 1                                   | DENVER CO SD#1-B-REF                 | CUSIP: 249174ZF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $3596049.27   | 0.10%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                        | HILLSBOROUGH HLTH-E                  | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21600000 | PA      | $21600000.00  | 0.57%             | 2054-11-15      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                               | NUVEEN-5-1000                        | CUSIP: 670657832<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  23000000 | PA      | $23000000.00  | 0.61%             | 2046-10-01      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC MUNI WTR-BB-VAR                  | CUSIP: 64972GMJ0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.16%             | 2049-06-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTER-5053                      | CUSIP: 46640KE91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  68605000 | PA      | $68605000.00  | 1.82%             | 2047-05-01      | Variable      | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | JPM-PUTTERS-XM1157                   | CUSIP: 88035H3L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23580000 | PA      | $23580000.00  | 0.62%             | 2031-07-01      | Variable      | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                   | TARRANT ED FACS-VAR-B                | CUSIP: 87638QBF5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  28800000 | PA      | $28800000.00  | 0.76%             | 2041-10-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Ohio State University/The                                                   | OHIO ST UNIV-A-1-REF                 | CUSIP: 677632P39<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  38950000 | PA      | $38950000.00  | 1.03%             | 2043-06-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp                                       | HOUSTON HGR ED-VAR-B                 | CUSIP: 442378DZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13625000 | PA      | $13625000.00  | 0.36%             | 2048-05-15      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                       | CONNECTICUT ST HSG                   | CUSIP: 20775C4M3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13000000.00  | 0.34%             | 2049-11-15      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-5028                  | CUSIP: 88035EH55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21390000 | PA      | $21390000.00  | 0.57%             | 2036-08-15      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                    | HARRIS CO CULT EDU-2                 | CUSIP: 414009KB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19485000 | PA      | $19485000.00  | 0.52%             | 2045-10-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                 | WA ST MFH-RF-NEW HAVE                | CUSIP: 93978PJU2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |  15165000 | PA      | $15165000.00  | 0.40%             | 2044-12-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-XF3296                | CUSIP: 88035MCF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3750000.00   | 0.10%             | 2055-02-15      | Variable      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                   | TARRANT CULT EDU-A                   | CUSIP: 87638TFP3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.13%             | 2051-11-15      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                      | IL MFH VAR-B-LAKESHOR                | CUSIP: 45201LUQ6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   8785000 | PA      | $8785000.00   | 0.23%             | 2027-07-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-B                           | CUSIP: 8827242R7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  29550000 | PA      | $29550000.00  | 0.78%             | 2055-12-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                           | UTAH CO-HOSP REV-E                   | CUSIP: 917393CE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11700000 | PA      | $11700000.00  | 0.31%             | 2051-05-15      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                               | LOUDOUN IDA-VAR-D-HOW                | CUSIP: 545910AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.05%             | 2038-02-15      | Variable      | 2.02%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                | NYS MTGE AGY-247-VAR                 | CUSIP: 64988YQY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4500000.00   | 0.12%             | 2052-10-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-B-VAR                       | CUSIP: 882723YT0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3360000.00   | 0.09%             | 2046-06-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                          | MO DEV-VAR-A-THE NELS                | CUSIP: 606037BE8<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |  22100000 | PA      | $22100000.00  | 0.59%             | 2037-12-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                   | MD HLTH & HGR EDU-B                  | CUSIP: 57421CGC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25730000 | PA      | $25730000.00  | 0.68%             | 2046-06-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                        | CONNECTICUT ST-B-REF                 | CUSIP: 20772KB65<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2525165.75   | 0.07%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                      | NYC HSG DEV CORP-F-3                 | CUSIP: 64972E2F5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |  19170000 | PA      | $19170000.00  | 0.51%             | 2062-05-01      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-JPM-3005                 | CUSIP: 46640KE34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  39470000 | PA      | $39470000.00  | 1.05%             | 2049-06-28      | Variable      | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Missouri Development Finance Board                                          | MO DEV FIN-VAR-A                     | CUSIP: 606037AS8<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |  23100000 | PA      | $23100000.00  | 0.61%             | 2033-12-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Joint School District 28J Aurora                           | ADAMS COS JT SD #28J                 | CUSIP: 0054824F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8605268.25   | 0.23%             | 2025-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                          | FHLB-MFH-A-M027                      | CUSIP: 31350ABB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8150000 | PA      | $8150000.00   | 0.22%             | 2029-10-15      | Variable      | 1.99%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                    | MET TRANSPRTN AUTH-A2                | CUSIP: 59260XBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2175000.00   | 0.06%             | 2026-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                         | NEW YORK CITY-A7-ADJ                 | CUSIP: 64966MFW4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3575000.00   | 0.09%             | 2044-08-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-A-VAR-REMK                  | CUSIP: 882724HN0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  15895000 | PA      | $15895000.00  | 0.42%             | 2042-12-01      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                   | IN HLTH-I-RF-SISTERS                 | CUSIP: 45470YBL4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7150000 | PA      | $7150000.00   | 0.19%             | 2037-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-5082                     | CUSIP: 46640KQ64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13980000 | PA      | $13980000.00  | 0.37%             | 2026-03-14      | Variable      | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TDR OPT-FLTR-BAML5024                | CUSIP: 88035DWB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  40640000 | PA      | $40640000.00  | 1.08%             | 2036-09-01      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                               | NUVEEN VRDP-4-4895                   | CUSIP: 670657857<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13000000.00  | 0.34%             | 2026-09-11      | Variable      | 2.05%                 | Yes           |                  2 | On Loan: No      |
| Public Building Authority of Blount County Tennessee/The                    | BLOUNT CNTY-D-3-A                    | CUSIP: 095175VQ5<br>LEI: 549300RHIJ2ZP4C8W404 | Long             | DBT              | MUN               | US        |  41600000 | PA      | $41600000.00  | 1.10%             | 2034-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-5031                  | CUSIP: 88035EP72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28130000 | PA      | $28130000.00  | 0.74%             | 2047-08-01      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NYC TRANS FIN AUTH-C4                | CUSIP: 64971XKS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.53%             | 2044-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                 | UNIV WI HOSP CLINIC-C                | CUSIP: 915260FV0<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |  32080000 | PA      | $32080000.00  | 0.85%             | 2054-04-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                       | NYS HSG-VAR-TACONIC                  | CUSIP: 64986M4E2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  49430000 | PA      | $49430000.00  | 1.31%             | 2039-05-15      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Vermont Educational & Health Buildings Financing Agency                     | VT EDL-VAR-REF-A                     | CUSIP: 924166BT7<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |  13380000 | PA      | $13380000.00  | 0.35%             | 2030-12-01      | Variable      | 2.11%                 | No            |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                     | WYOMING CMNTY DEV AUT                | CUSIP: 98322QWU7<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8500000.00   | 0.23%             | 2045-06-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                         | NYC-ADJ-1-SUBSER I-2                 | CUSIP: 64966LLS8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.06%             | 2040-03-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                        | HILLSBOROUGH HLTH-G                  | CUSIP: 43233KAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.40%             | 2044-11-15      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Public Building Authority of Sevier County TN/The                           | SEVIER BLDG VAR-VI-K1                | CUSIP: 818200VF1<br>LEI: 549300W1TCZIAX7JRK58 | Long             | DBT              | MUN               | US        |  69000000 | PA      | $69000000.00  | 1.83%             | 2034-06-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | JPM-PUTTERS-ZL0359                   | CUSIP: 88035ECC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.13%             | 2057-10-01      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                             | ALBEMARLE ECON DEV-B                 | CUSIP: 012663AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5500000.00   | 0.15%             | 2048-10-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                       | PA ECON-C2-MONTESSORI                | CUSIP: 708684SC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.02%             | 2030-08-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| Nassau County Local Economic Assistance Corp                                | NASSAU LOCAL ECON-B                  | CUSIP: 63166LDN8<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |   5035000 | PA      | $5035000.00   | 0.13%             | 2045-01-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-8007                  | CUSIP: 88035EM34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36510000 | PA      | $36510000.00  | 0.97%             | 2045-02-01      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC W/S ADJ-2ND-CC-2                 | CUSIP: 64972FHJ8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.04%             | 2038-06-15      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| City of Aurora IL                                                           | AURURA ECO DEV REV                   | CUSIP: 051648BJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.13%             | 2049-03-01      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTR-6028                   | CUSIP: 88035JDH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36775000 | PA      | $36775000.00  | 0.97%             | 2064-07-01      | Variable      | 2.35%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                         | NEW YORK-D-3                         | CUSIP: 64966QZZ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  47700000 | PA      | $47700000.00  | 1.26%             | 2052-05-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                       | CT HSG FIN AUTH-C-3                  | CUSIP: 20775HAA1<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1910000.00   | 0.05%             | 2050-11-15      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                       | MET TRANSPRTN-G4-REMK                | CUSIP: 59261A3T2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.11%             | 2030-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund                               | NUVEEN VRDP-3509-3                   | CUSIP: 670657865<br>LEI: 549300OTYQOOXS64NI63 | Long             | DBT              | MUN               | US        |  34300000 | PA      | $34300000.00  | 0.91%             | 2040-03-01      | Variable      | 2.06%                 | Yes           |                  2 | On Loan: No      |
| State of Georgia                                                            | GEORGIA ST -A -GROUP                 | CUSIP: 373385GL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3210315.20   | 0.09%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                        | TRIBORO BRIDGE-C-REF                 | CUSIP: 89602RKC8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4175000.00   | 0.11%             | 2032-01-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                 | CT H/E-VAR-V1-YALE UN                | CUSIP: 20774LRT4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3980000 | PA      | $3980000.00   | 0.11%             | 2036-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Nassau County Industrial Development Agency                                 | NASSAU IDA VAR-COLD                  | CUSIP: 631657LK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3505000 | PA      | $3505000.00   | 0.09%             | 2042-01-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No 2                                      | DOUGLAS HOSP-VAR-RF-A                | CUSIP: 259230KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4400000.00   | 0.12%             | 2032-08-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-XF3293                | CUSIP: 88035MBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11450000 | PA      | $11450000.00  | 0.30%             | 2055-02-15      | Variable      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                | PENNSYLVANIA CMWLTH                  | CUSIP: 70914P3P5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5055000 | PA      | $5074770.61   | 0.13%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-5078                     | CUSIP: 46640KP73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  99220000 | PA      | $99220000.00  | 2.63%             | 2031-12-15      | Variable      | 2.30%                 | Yes           |                  2 | On Loan: No      |
| State of Ohio                                                               | OHIO -REV -B                         | CUSIP: 67760AFH4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  36640000 | PA      | $36640000.00  | 0.97%             | 2040-12-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp                            | HARRIS HLTH-A2-RF-MET                | CUSIP: 41315RGV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  54515000 | PA      | $54515000.00  | 1.44%             | 2041-12-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-5027                  | CUSIP: 88035EH22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20435000 | PA      | $20435000.00  | 0.54%             | 2036-07-01      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Gulf Coast Industrial Development Authority                                 | GULF COAST INDL DEV                  | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22170000 | PA      | $22170000.00  | 0.59%             | 2041-11-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| University of Colorado Hospital Authority                                   | UNIV OF CO HOSP AUTH                 | CUSIP: 914183BJ6<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |  11400000 | PA      | $11400000.00  | 0.30%             | 2035-11-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NEW YORK TRANSITIONAL                | CUSIP: 64971XY28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23190000 | PA      | $23190000.00  | 0.61%             | 2052-08-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Municipal Credit Income Fund                                | NUVEEN PREMIUM INCOME                | CUSIP: 67071L700<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.08%             | 2043-12-01      | Variable      | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                   | IN ENVIR VAR-ISPAT IN                | CUSIP: 455054AC0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   8340000 | PA      | $8340000.00   | 0.22%             | 2035-06-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| Tarrant County Health Facilities Development Corp                           | TARRANT HLTH-VAR-B                   | CUSIP: 875906NY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.21%             | 2039-12-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                       | MET TRANSPRTN-D2-REMK                | CUSIP: 59261A3R6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  38400000 | PA      | $38400000.00  | 1.02%             | 2035-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                      | NYC HSG DEV CORP-K3                  | CUSIP: 64972EG45<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.13%             | 2060-11-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Parish Industrial Development Board Inc                    | E BATON ROUGE INDL-A                 | CUSIP: 270777AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  71430000 | PA      | $71430000.00  | 1.89%             | 2035-08-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                | NORTHAMPTON CNTY-B                   | CUSIP: 663507DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  34600000 | PA      | $34600000.00  | 0.92%             | 2039-11-15      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                       | MET TRANS AUTH NY-G3                 | CUSIP: 59261A3W5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 0.19%             | 2031-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NYC TRANS FIN AUTH-B3                | CUSIP: 64971WCT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.13%             | 2042-11-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                       | NY ST HSG FIN AGY-G-3                | CUSIP: 64987JXT3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5350000.00   | 0.14%             | 2061-11-01      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                          | MINNESOTA ST-E-REF                   | CUSIP: 60412AH71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4065000 | PA      | $4078103.53   | 0.11%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                               | FAIRFAX ECON-B-SMITHH                | CUSIP: 30382EDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8625000 | PA      | $8625000.00   | 0.23%             | 2033-12-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                  | DENVER CITY & CO-B                   | CUSIP: 249164TM6<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2397315.07   | 0.06%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                         | WASHINGTON ST-R-2025B                | CUSIP: 93974E5A0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1191849.85   | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NYC TRANSTNL-A-3                     | CUSIP: 64971WGW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.16%             | 2043-08-01      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                      | NC MED CARE-VAR-A-NOV                | CUSIP: 657902U91<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |  21005000 | PA      | $21005000.00  | 0.56%             | 2034-11-01      | Variable      | 1.77%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York/The                    | NYC REF-BOTANICAL-A                  | CUSIP: 649717QE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3615000 | PA      | $3615000.00   | 0.10%             | 2032-07-01      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                  | DE VY REGL FIN-B-REMK                | CUSIP: 246579KW5<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |  19585000 | PA      | $19585000.00  | 0.52%             | 2042-06-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN-VAR-D-CHEV                | CUSIP: 60528AAV6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  28200000 | PA      | $28200000.00  | 0.75%             | 2030-12-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | TNDR-PUTTER-JPM-3004                 | CUSIP: 46640KC44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35000000 | PA      | $35000000.00  | 0.93%             | 2050-03-01      | Variable      | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                             | ALBEMARLE ECON DEV-B                 | CUSIP: 012663AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9800000 | PA      | $9800000.00   | 0.26%             | 2048-10-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                       | NY HSG FIN AGY-A                     | CUSIP: 64987DUL6<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   9385000 | PA      | $9385000.00   | 0.25%             | 2044-11-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| Nuveen New York AMT-Free Quality Municipal Income Fund                      | NUVEEN NY AMT-FREE-2                 | CUSIP: 670656503<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | DBT              | MUN               | US        |  35300000 | PA      | $35300000.00  | 0.93%             | 2040-08-01      | Variable      | 2.02%                 | Yes           |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-VAR-VET                     | CUSIP: 882724E78<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  28905000 | PA      | $28905000.00  | 0.77%             | 2053-06-01      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                      | KS SPL OBLG VAR-E                    | CUSIP: 485106CP1<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2390000.00   | 0.06%             | 2034-04-15      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                  | SD HSG DEV AUTH-E                    | CUSIP: 83756CLM5<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |  23500000 | PA      | $23500000.00  | 0.62%             | 2037-11-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue | MA ST DEPT TRANSPRTN                 | CUSIP: 57563CFM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  44105000 | PA      | $44105000.00  | 1.17%             | 2039-01-01      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| Allegheny County Industrial Development Authority                           | ALLEGHENY IDA-VAR-EDU                | CUSIP: 017292UB7<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.04%             | 2031-05-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPMorgan Chase Putters/Drivers Trust | CUSIP: 46640KQ80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  50000000 | PA      | $50000000.00  | 1.32%             | 2026-01-23      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| County of Fulton GA                                                         | FULTON CO-TANS                       | CUSIP: 360046V94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20124738.00  | 0.53%             | 2025-12-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                          | CLARK ECON-OPPTY VLG                 | CUSIP: 180858AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.26%             | 2037-01-01      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC MUNI WTR-AA4-ADJ                 | CUSIP: 64972GCT9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  12800000 | PA      | $12800000.00  | 0.34%             | 2049-06-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN-VAR-A-CHEV                | CUSIP: 60528AAS3<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5300000.00   | 0.14%             | 2030-12-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri          | MO H/E VAR-C-WA UNIV                 | CUSIP: 606901WT9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  19500000 | PA      | $19500000.00  | 0.52%             | 2040-03-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| RBC Municipal Products Inc Trust                                            | TNDR OPT-FLTRS-E118                  | CUSIP: 74926Y7L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20500000 | PA      | $20500000.00  | 0.54%             | 2025-07-01      | Variable      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Ohio State University/The                                                   | OHIO ST UNIV-D-2-REF                 | CUSIP: 677632R37<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  42450000 | PA      | $42450000.00  | 1.12%             | 2034-12-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN CORP-REF                  | CUSIP: 60527EAA5<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  86175000 | PA      | $86175000.00  | 2.28%             | 2043-06-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                | MI HSG DEV AUTH-D                    | CUSIP: 5946534W4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  10730000 | PA      | $10730000.00  | 0.28%             | 2030-06-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                  | IL ST-D                              | CUSIP: 45204FJU0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  31000000 | PA      | $31000000.00  | 0.82%             | 2052-08-15      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC MUNI WTR-AA3-ADJ                 | CUSIP: 64972GCR3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.66%             | 2049-06-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                | MI HSG-VAR-C                         | CUSIP: 5946533J4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  19300000 | PA      | $19300000.00  | 0.51%             | 2035-12-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NEW YORK TRANSITIONAL                | CUSIP: 64971XY44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  65000000 | PA      | $65000000.00  | 1.72%             | 2052-08-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                             | LOUISIANA GAS & FUEL                 | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  38870000 | PA      | $38870000.00  | 1.03%             | 2043-05-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Mizuho Floater/Residual Trust                                               | JPM-PUTTERS-MIZ9200                  | CUSIP: 60700HZW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11470000 | PA      | $11470000.00  | 0.30%             | 2050-06-09      | Variable      | 2.35%                 | Yes           |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                  | NM HSP-VAR-D-PRESBYTE                | CUSIP: 647370EM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  29920000 | PA      | $29920000.00  | 0.79%             | 2034-08-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                      | UNIV OF MI-VAR-A                     | CUSIP: 914455LP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20985000 | PA      | $20985000.00  | 0.56%             | 2036-04-01      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                       | NJ HLT VAR HSP CAP B                 | CUSIP: 645793BK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15240000 | PA      | $15240000.00  | 0.40%             | 2035-07-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                        | TRIBOROUGH BRIDGE-B-3                | CUSIP: 89602RKE4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   6950000 | PA      | $6950000.00   | 0.18%             | 2035-01-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                               | OHIO ST ADULT CORRECT                | CUSIP: 677524EN6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750000.00   | 0.07%             | 2040-10-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Municipal Credit Income Fund                                | NUVEEN ENHANCED-2                    | CUSIP: 67071L809<br>LEI: 549300LBMO1C0IG71T03 | Long             | DBT              | MUN               | US        |  92500000 | PA      | $92500000.00  | 2.45%             | 2040-12-01      | Variable      | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS-VAR-D-CHEVRON                 | CUSIP: 60528ABL7<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.16%             | 2030-12-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-VAR-VETERANS                | CUSIP: 882724QQ3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  45525000 | PA      | $45525000.00  | 1.21%             | 2050-12-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC MUNI WTR FIN-BB                  | CUSIP: 64972GC44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  35325000 | PA      | $35325000.00  | 0.94%             | 2044-06-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                               | MASSACHUSETTS ST-D                   | CUSIP: 57582RNX0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  10760000 | PA      | $10777080.42  | 0.29%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                       | NY HFA VAR-N END-A-RM                | CUSIP: 64986MJ55<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  21100000 | PA      | $21100000.00  | 0.56%             | 2036-11-15      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                       | TX TRANSPTRN-B-FLTG                  | CUSIP: 88283LKY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19100000 | PA      | $19100000.00  | 0.51%             | 2032-04-01      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                  | DELAWARE VLY REG-B                   | CUSIP: 246579LZ7<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |  30410000 | PA      | $30410000.00  | 0.81%             | 2059-09-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                           | AUSTIN TX-REF                        | CUSIP: 052397Q25<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4421042.56   | 0.12%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clover School District No 2                                                 | CLOVER SD #2-BANS                    | CUSIP: 189152HB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10061028.00  | 0.27%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                            | TNDR OPT-FLTR-EAGLE20                | CUSIP: 373385PA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9375000 | PA      | $9375000.00   | 0.25%             | 2029-07-01      | Variable      | 1.99%                 | Yes           |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                             | LOUISIANA GAS & FUEL                 | CUSIP: 546475VW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6825000 | PA      | $6825000.00   | 0.18%             | 2043-05-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Hawaii Housing Finance & Development Corp                                   | HI MFH VAR-LOKAHI KAU                | CUSIP: 41981PAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9250000.00   | 0.24%             | 2041-12-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp                                                 | AK HFC VAR-SER A                     | CUSIP: 01170PDV5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |  14220000 | PA      | $14220000.00  | 0.38%             | 2040-12-01      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                     | MUNI ELEC-VAR-B                      | CUSIP: 626207VS0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |  13570000 | PA      | $13570000.00  | 0.36%             | 2048-01-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                 | WA HSG FIN COMMN-1NMM                | CUSIP: 93978TZN2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.40%             | 2048-12-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri          | MO HLTH & EDU-G                      | CUSIP: 60637AFN7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  48300000 | PA      | $48300000.00  | 1.28%             | 2044-06-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                  | LANCASTER INDL-ADJ-A                 | CUSIP: 514349CB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8240000 | PA      | $8240000.00   | 0.22%             | 2039-12-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| Nassau County Industrial Development Agency                                 | NASSAU IDA VAR-REF-CO                | CUSIP: 631657KW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22855000 | PA      | $22855000.00  | 0.61%             | 2034-01-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                 | TNDR OPT-FLTR-XM0051                 | CUSIP: 1301784A1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.21%             | 2038-11-01      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                               | LOUDOUN IDA-VAR-B-HOW                | CUSIP: 545910AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1315000.00   | 0.03%             | 2039-10-01      | Variable      | 2.02%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                     | MIAMI SPORT-VAR-E                    | CUSIP: 59333HCF1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |  24800000 | PA      | $24800000.00  | 0.66%             | 2048-10-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Housing Revenue          | WI HSG & ECON-B                      | CUSIP: 976904UV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10535000 | PA      | $10535000.00  | 0.28%             | 2055-05-01      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                         | NY CITY-B4-VAR                       | CUSIP: 64966MSB6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.08%             | 2046-10-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Parish Industrial Development Board Inc                    | E BATON ROUGE IDB                    | CUSIP: 270777AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7918000 | PA      | $7918000.00   | 0.21%             | 2051-12-01      | Variable      | 2.17%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-7020                  | CUSIP: 88035MSK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16275000 | PA      | $16275000.00  | 0.43%             | 2035-09-01      | Variable      | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Iowa Finance Authority                                                      | IOWA FIN AUTH-H                      | CUSIP: 462467Y70<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  17300000 | PA      | $17300000.00  | 0.46%             | 2052-01-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                         | VA CLG BLDG-VAR-UNIV                 | CUSIP: 927781CR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750000.00   | 0.07%             | 2036-11-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Nuveen New York AMT-Free Quality Municipal Income Fund                      | NUVEEN NY AMT-FREE-3                 | CUSIP: 670656602<br>LEI: 549300V4X2BF3UXSCQ58 | Long             | DBT              | MUN               | US        |  16700000 | PA      | $16700000.00  | 0.44%             | 2040-12-01      | Variable      | 2.02%                 | Yes           |                  2 | On Loan: No      |
| Red River Education Finance Corp                                            | RED RIVER ED-VAR-TX C                | CUSIP: 756872CH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13000000.00  | 0.34%             | 2030-03-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                             | GAINESVILLE UTILS-C                  | CUSIP: 362848US0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6500000.00   | 0.17%             | 2047-10-01      | Variable      | 2.23%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue   | WI HSG & ECON DEV-B                  | CUSIP: 97689QJS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7125000 | PA      | $7125000.00   | 0.19%             | 2043-03-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC MUNI WTR FIN-BB4                 | CUSIP: 64972GRG1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4200000.00   | 0.11%             | 2050-06-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                 | UNIV HOSP-VAR-REF-A                  | CUSIP: 91471FAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2350000.00   | 0.06%             | 2029-02-01      | Variable      | 1.94%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                     | MONTGOMERY CO-E                      | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   6330000 | PA      | $6330000.00   | 0.17%             | 2037-11-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                        | ALLEGHENY HGR ED-RF-C                | CUSIP: 01728RES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16860000 | PA      | $16860000.00  | 0.45%             | 2037-12-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                       | MET TRANSP AUTH-E1                   | CUSIP: 59261AM53<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  36275000 | PA      | $36275000.00  | 0.96%             | 2050-11-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                           | GREENEVILLE HLTH-B                   | CUSIP: 396649EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8755000 | PA      | $8755000.00   | 0.23%             | 2045-07-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund          | OHIO ST WTR DEV AUTH                 | CUSIP: 67766WWW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1255000.00   | 0.03%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                        | TRIBOROUGH BRIDGE-B2A                | CUSIP: 89602RGK5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  14830000 | PA      | $14830000.00  | 0.39%             | 2032-01-01      | Variable      | 2.02%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                       | MET TRANSPRTN-E3                     | CUSIP: 59261AWK9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  44800000 | PA      | $44800000.00  | 1.19%             | 2050-11-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund          | OH WTR DEV AUTH-C                    | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  43400000 | PA      | $43400000.00  | 1.15%             | 2054-12-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                   | DENVER CO SD#1-A                     | CUSIP: 249174YS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1858632.21   | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                      | NYC HSG-I-3                          | CUSIP: 64972ESV2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30000000.00  | 0.79%             | 2060-11-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Mizuho Floater/Residual Trust                                               | JPM-PUTTERS-MIZ9118                  | CUSIP: 60700HPQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.53%             | 2051-06-01      | Variable      | 2.42%                 | Yes           |                  2 | On Loan: No      |
| City of Valdez AK                                                           | VALDEZ TERM-VAR-REF                  | CUSIP: 919061EH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  32765000 | PA      | $32765000.00  | 0.87%             | 2029-12-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT FLTRS-XX1392                | CUSIP: 88035M8S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.07%             | 2050-02-01      | Variable      | 2.18%                 | Yes           |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                 | CT HLTH&EDU FACS AUTH                | CUSIP: 20775DTU6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |  34165000 | PA      | $34165000.00  | 0.90%             | 2042-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                       | CT HSG FIN AUTH-E3                   | CUSIP: 20775CKN3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3850000.00   | 0.10%             | 2046-11-15      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp                            | HARRIS HLTH-A1-RF-MET                | CUSIP: 41315RGU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14900000 | PA      | $14900000.00  | 0.39%             | 2041-12-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | JPM-PUTTERS-XF1408                   | CUSIP: 88035D4U6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.05%             | 2044-06-01      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue   | WI HSG & ECON DEV-C                  | CUSIP: 97689QHM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9395000 | PA      | $9395000.00   | 0.25%             | 2039-03-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** VANGUARD CMT FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer