# EDGAR Filing Document

**Accession Number:** 0001273878
**File Stem:** 0001273878-26-000007
**Filing Date:** 2026-1
**Character Count:** 181470
**Document Hash:** 9ccc2ac22f9a99496e960ace36030493
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001273878-26-000007.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001273878-26-000007

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**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:** 26567978

**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 November 30, 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 (104.2%)** | **Tax-Exempt Municipal Bonds (104.2%)** | **Tax-Exempt Municipal Bonds (104.2%)** | **Tax-Exempt Municipal Bonds (104.2%)** | **Tax-Exempt Municipal Bonds (104.2%)** | **Tax-Exempt Municipal Bonds (104.2%)** |
| **Alabama (0.8%)** | **Alabama (0.8%)** | **Alabama (0.8%)** | **Alabama (0.8%)** | **Alabama (0.8%)** | **Alabama (0.8%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Alabama Birmingham AL Special Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12645 | &nbsp;&nbsp; 12645 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25000 |
|  |  |  |  |  | &nbsp;&nbsp; **37645** |
| **Arizona (0.2%)** | **Arizona (0.2%)** | **Arizona (0.2%)** | **Arizona (0.2%)** | **Arizona (0.2%)** | **Arizona (0.2%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Maricopa County IDA Health, Hospital, Nursing Home Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9530 | &nbsp;&nbsp; 9530 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District Electric Power & Light Revenue TOB VRDO | 2.870% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1905 | &nbsp;&nbsp; 1905 |
|  |  |  |  |  | &nbsp;&nbsp; **11435** |
| **California (1.8%)** | **California (1.8%)** | **California (1.8%)** | **California (1.8%)** | **California (1.8%)** | **California (1.8%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;California Educational Facilities Authority College & University Revenue TOB VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp; 8000 |
| <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;FHLMC Multifamily Certificates Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39170 | &nbsp;&nbsp; 39170 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16125 | &nbsp;&nbsp; 16125 |
| <sup>1,2,4</sup> | &nbsp;&nbsp;&nbsp;San Francisco CA City & County Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO | 2.860% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11470 | &nbsp;&nbsp; 11470 |
|  | &nbsp;&nbsp;&nbsp;University of California Regents Medical Center Pooled Health, Hospital, Nursing Home Revenue VRDO | 2.300% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15200 | &nbsp;&nbsp; 15200 |
|  |  |  |  |  | &nbsp;&nbsp; **89965** |
| **Colorado (1.4%)** | **Colorado (1.4%)** | **Colorado (1.4%)** | **Colorado (1.4%)** | **Colorado (1.4%)** | **Colorado (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;Adams & Arapahoe Counties Joint School District 28J Aurora GO | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8615 | &nbsp;&nbsp; 8615 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Colorado Springs CO Utilities System Multiple Utility Revenue TOB VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30875 | &nbsp;&nbsp; 30875 |
|  | &nbsp;&nbsp;&nbsp;Colorado Springs CO Utilities System Multiple Utility Revenue VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4330 | &nbsp;&nbsp; 4330 |
|  | &nbsp;&nbsp;&nbsp;Colorado State Education Loan Program Intergovernmental Agreement Revenue TRAN | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19260 | &nbsp;&nbsp; 19525 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County School District No. 1 GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3575 | &nbsp;&nbsp; 3575 |
|  | &nbsp;&nbsp;&nbsp;Denver City & County School District No. 1 GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1900 |
|  |  |  |  |  | &nbsp;&nbsp; **68820** |
| **Connecticut (3.8%)** | **Connecticut (3.8%)** | **Connecticut (3.8%)** | **Connecticut (3.8%)** | **Connecticut (3.8%)** | **Connecticut (3.8%)** |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2500 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3995 | &nbsp;&nbsp; 4064 |
|  | &nbsp;&nbsp;&nbsp;Connecticut GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12045 | &nbsp;&nbsp; 12251 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.770% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp; 13000 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.790% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12010 | &nbsp;&nbsp; 12010 |
|  | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19500 | &nbsp;&nbsp; 19500 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.770% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 30300 | &nbsp;&nbsp; 30300 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 56025 | &nbsp;&nbsp; 56025 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16235 | &nbsp;&nbsp; 16235 |
|  | &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority College & University Revenue VRDO | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22565 | &nbsp;&nbsp; 22565 |
|  |  |  |  |  | &nbsp;&nbsp; **188450** |
| **District of Columbia (1.4%)** | **District of Columbia (1.4%)** | **District of Columbia (1.4%)** | **District of Columbia (1.4%)** | **District of Columbia (1.4%)** | **District of Columbia (1.4%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;District of Columbia GO TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8680 | &nbsp;&nbsp; 8680 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;District of Columbia Health, Hospital, Nursing Home Revenue VRDO | 2.780% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp; 1375 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;District of Columbia Housing Finance Agency Multifamily Mortgage Revenue TOB VRDO | 2.910% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp; 9500 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;District of Columbia Miscellaneous Revenue VRDO | 2.780% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20655 | &nbsp;&nbsp; 20655 |
|  | &nbsp;&nbsp;&nbsp;District of Columbia Water & Sewer Authority Water Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10650 | &nbsp;&nbsp; 10650 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue TOB VRDO | 2.880% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue TOB VRDO | 2.880% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6200 | &nbsp;&nbsp; 6200 |
|  |  |  |  |  | &nbsp;&nbsp; **72060** |
| **Florida (11.1%)** | **Florida (11.1%)** | **Florida (11.1%)** | **Florida (11.1%)** | **Florida (11.1%)** | **Florida (11.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Broward County FL School District GO TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6510 | &nbsp;&nbsp; 6510 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Broward County FL School District GO TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 34220 | &nbsp;&nbsp; 34220 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Capital Trust Authority FL Health Care Facilities Health, Hospital, Nursing Home Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 47450 | &nbsp;&nbsp; 47450 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Escambia County FL Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.930% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21390 | &nbsp;&nbsp; 21390 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Florida Development Finance Corp. Health, Hospital, Nursing Home Revenue TOB VRDO | 2.930% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 36510 | &nbsp;&nbsp; 36510 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp. Multifamily Mortgage Trust Local or Guaranteed Housing Revenue TOB VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 47405 | &nbsp;&nbsp; 47405 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Gainesville FL Utilities System Multiple Utility Revenue VRDO | 2.930% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6500 |
|  | &nbsp;&nbsp;&nbsp;Highlands County Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3400 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Miami-Dade County FL Recreational Revenue VRDO | 2.790% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 59750 | &nbsp;&nbsp; 59750 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Orange County FL Housing Finance Authority Multifamily Local or Guaranteed Housing Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5870 | &nbsp;&nbsp; 5870 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Orange County FL Housing Finance Authority Multifamily Local or Guaranteed Housing Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
|  | &nbsp;&nbsp;&nbsp;Orlando Utilities Commission Electric Power & Light Revenue VRDO | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 41415 | &nbsp;&nbsp; 41415 |
|  | &nbsp;&nbsp;&nbsp;Orlando Utilities Commission Multiple Utility Revenue VRDO | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 69415 | &nbsp;&nbsp; 69415 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Peace River Manasota Regional Water Supply Authority Water Revenue TOB VRDO | 2.880% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 33285 | &nbsp;&nbsp; 33285 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19300 | &nbsp;&nbsp; 19300 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Tampa FL Water & Wastewater System Water Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &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 | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 99220 | &nbsp;&nbsp; 99220 |
|  |  |  |  |  | &nbsp;&nbsp; **556640** |
| **Georgia (1.1%)** | **Georgia (1.1%)** | **Georgia (1.1%)** | **Georgia (1.1%)** | **Georgia (1.1%)** | **Georgia (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;Fulton County GA Miscellaneous Revenue | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20023 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Georgia GO TOB VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9375 | &nbsp;&nbsp; 9375 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Georgia Housing & Finance Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4445 | &nbsp;&nbsp; 4445 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Georgia Municipal Electric Authority Electric Power & Light Revenue (Various Projects 1) VRDO | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19275 | &nbsp;&nbsp; 19275 |
|  |  |  |  |  | &nbsp;&nbsp; **53118** |
| **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 | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9250 | &nbsp;&nbsp; 9250 |
|  | &nbsp;&nbsp;&nbsp;Honolulu HI City & County GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3151 |
|  |  |  |  |  | &nbsp;&nbsp; **12401** |
| **Idaho (0.5%)** | **Idaho (0.5%)** | **Idaho (0.5%)** | **Idaho (0.5%)** | **Idaho (0.5%)** | **Idaho (0.5%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25635 | &nbsp;&nbsp; 25635 |
| **Illinois (2.3%)** | **Illinois (2.3%)** | **Illinois (2.3%)** | **Illinois (2.3%)** | **Illinois (2.3%)** | **Illinois (2.3%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Aurora IL College & University Revenue VRDO | 2.790% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24870 | &nbsp;&nbsp; 24870 |
|  | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20700 | &nbsp;&nbsp; 20700 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 2.790% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21530 | &nbsp;&nbsp; 21530 |
|  | &nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39110 | &nbsp;&nbsp; 39110 |
|  | &nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5985 | &nbsp;&nbsp; 5985 |
|  |  |  |  |  | &nbsp;&nbsp; **117195** |
| **Indiana (0.5%)** | **Indiana (0.5%)** | **Indiana (0.5%)** | **Indiana (0.5%)** | **Indiana (0.5%)** | **Indiana (0.5%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17025 | &nbsp;&nbsp; 17025 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Indiana Finance Authority Industrial Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8340 | &nbsp;&nbsp; 8340 |
|  |  |  |  |  | &nbsp;&nbsp; **25365** |
| **Iowa (0.0%)** | **Iowa (0.0%)** | **Iowa (0.0%)** | **Iowa (0.0%)** | **Iowa (0.0%)** | **Iowa (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Iowa Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp; 915 |
| **Kentucky (0.3%)** | **Kentucky (0.3%)** | **Kentucky (0.3%)** | **Kentucky (0.3%)** | **Kentucky (0.3%)** | **Kentucky (0.3%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15040 | &nbsp;&nbsp; 15040 |
| **Louisiana (2.7%)** | **Louisiana (2.7%)** | **Louisiana (2.7%)** | **Louisiana (2.7%)** | **Louisiana (2.7%)** | **Louisiana (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO | 2.870% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 71430 | &nbsp;&nbsp; 71430 |
|  | &nbsp;&nbsp;&nbsp;East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO | 2.870% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7918 | &nbsp;&nbsp; 7918 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Louisiana Gasoline & Fuels Sales Tax Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 54370 | &nbsp;&nbsp; 54370 |
|  |  |  |  |  | &nbsp;&nbsp; **133718** |
| **Maryland (1.6%)** | **Maryland (1.6%)** | **Maryland (1.6%)** | **Maryland (1.6%)** | **Maryland (1.6%)** | **Maryland (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;Maryland Department of Transportation Fuel Sales Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20210 | &nbsp;&nbsp; 20666 |
|  | &nbsp;&nbsp;&nbsp;Maryland GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3310 | &nbsp;&nbsp; 3365 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Maryland GO TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp; 7250 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.930% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19205 | &nbsp;&nbsp; 19205 |
| <sup>2,5</sup> | &nbsp;&nbsp;&nbsp;Montgomery County Housing Opportunities Commission Local or Guaranteed Housing Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22835 | &nbsp;&nbsp; 22835 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1350 |
|  | &nbsp;&nbsp;&nbsp;Montgomery County MD GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2033 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Prince George's County MD GO TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3500 |
|  |  |  |  |  | &nbsp;&nbsp; **80204** |
| **Massachusetts (6.9%)** | **Massachusetts (6.9%)** | **Massachusetts (6.9%)** | **Massachusetts (6.9%)** | **Massachusetts (6.9%)** | **Massachusetts (6.9%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts GO TOB VRDO | 2.790% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16275 | &nbsp;&nbsp; 16275 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue VRDO | 1.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11240 | &nbsp;&nbsp; 11240 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Health & Educational Facilities Authority Recreational Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 56260 | &nbsp;&nbsp; 56260 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority Sales Tax Revenue TOB VRDO | 2.870% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5355 | &nbsp;&nbsp; 5355 |
|  | &nbsp;&nbsp;&nbsp;Massachusetts Transportation Trust Fund Metropolitan Highway System Highway Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39700 | &nbsp;&nbsp; 39700 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP | 2.860% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 92500 | &nbsp;&nbsp; 92500 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP | 2.860% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3000 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp; 23000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.860% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 53500 | &nbsp;&nbsp; 53500 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.870% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp; 13000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.880% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 34300 | &nbsp;&nbsp; 34300 |
|  |  |  |  |  | &nbsp;&nbsp; **348130** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Michigan (3.6%)** | **Michigan (3.6%)** | **Michigan (3.6%)** | **Michigan (3.6%)** | **Michigan (3.6%)** | **Michigan (3.6%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Detroit Regional Convention Facility Authority Special Tax Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 91185 | &nbsp;&nbsp; 91185 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.880% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22890 | &nbsp;&nbsp; 22890 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30210 | &nbsp;&nbsp; 30210 |
|  | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8965 | &nbsp;&nbsp; 8965 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19080 | &nbsp;&nbsp; 19080 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;University of Michigan College & University Revenue VRDO | 2.610% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9770 | &nbsp;&nbsp; 9770 |
|  |  |  |  |  | &nbsp;&nbsp; **182100** |
| **Minnesota (0.9%)** | **Minnesota (0.9%)** | **Minnesota (0.9%)** | **Minnesota (0.9%)** | **Minnesota (0.9%)** | **Minnesota (0.9%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Bloomington Minnesota Multifamily Local or Guaranteed Housing Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp; 8600 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20100 | &nbsp;&nbsp; 20431 |
|  | &nbsp;&nbsp;&nbsp;Minnesota GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10105 | &nbsp;&nbsp; 10271 |
|  | &nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 2.770% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6540 | &nbsp;&nbsp; 6540 |
|  |  |  |  |  | &nbsp;&nbsp; **45842** |
| **Mississippi (3.7%)** | **Mississippi (3.7%)** | **Mississippi (3.7%)** | **Mississippi (3.7%)** | **Mississippi (3.7%)** | **Mississippi (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 31500 | &nbsp;&nbsp; 31500 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6490 | &nbsp;&nbsp; 6490 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp; 12000 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25600 | &nbsp;&nbsp; 25600 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2800 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23235 | &nbsp;&nbsp; 23235 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39610 | &nbsp;&nbsp; 39610 |
|  | &nbsp;&nbsp;&nbsp;Mississippi Business Finance Corp. Industrial Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 42030 | &nbsp;&nbsp; 42030 |
|  |  |  |  |  | &nbsp;&nbsp; **183265** |
| **Missouri (0.1%)** | **Missouri (0.1%)** | **Missouri (0.1%)** | **Missouri (0.1%)** | **Missouri (0.1%)** | **Missouri (0.1%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Kansas City MO Special Obligation Revenue VRDO | 2.870% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp; 2390 |
| **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 VRD Certificates Local or Guaranteed Housing Revenue VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8050 | &nbsp;&nbsp; 8050 |
| **Nebraska (1.1%)** | **Nebraska (1.1%)** | **Nebraska (1.1%)** | **Nebraska (1.1%)** | **Nebraska (1.1%)** | **Nebraska (1.1%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Douglas County Hospital Authority No. 2 Health, Hospital, Nursing Home Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9265 | &nbsp;&nbsp; 9265 |
|  | &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp; 8400 |
|  | &nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority Local or Guaranteed Housing Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11870 | &nbsp;&nbsp; 11870 |
| <sup>1,6,7</sup> | &nbsp;&nbsp;&nbsp;Public Power Generation Agency Revenue GO TOB VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26325 | &nbsp;&nbsp; 26325 |
|  |  |  |  |  | &nbsp;&nbsp; **55860** |
| **Nevada (1.8%)** | **Nevada (1.8%)** | **Nevada (1.8%)** | **Nevada (1.8%)** | **Nevada (1.8%)** | **Nevada (1.8%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Clark County NV Economic Development Revenue (Opportunity Village Foundation Project) VRDO | 2.860% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Clark County NV Water Reclamation District GO TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23580 | &nbsp;&nbsp; 23580 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nevada Housing Division Local or Guaranteed Housing Revenue TOB VRDO | 2.890% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 58100 | &nbsp;&nbsp; 58100 |
|  |  |  |  |  | &nbsp;&nbsp; **91680** |
| **New Hampshire (0.3%)** | **New Hampshire (0.3%)** | **New Hampshire (0.3%)** | **New Hampshire (0.3%)** | **New Hampshire (0.3%)** | **New Hampshire (0.3%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.830% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15535 | &nbsp;&nbsp; 15535 |
| **New Jersey (0.9%)** | **New Jersey (0.9%)** | **New Jersey (0.9%)** | **New Jersey (0.9%)** | **New Jersey (0.9%)** | **New Jersey (0.9%)** |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Burlington County Bridge Commission Lease (Non-Terminable) Revenue (Government Leasing Program) | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10136 |
|  | &nbsp;&nbsp;&nbsp;Essex County Improvement Authority Intergovernmental Agreement Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5375 | &nbsp;&nbsp; 5413 |
|  | &nbsp;&nbsp;&nbsp;Mercer County NJ BAN GO | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15535 | &nbsp;&nbsp; 15605 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15240 | &nbsp;&nbsp; 15240 |
|  |  |  |  |  | &nbsp;&nbsp; **46394** |
| **New Mexico (1.1%)** | **New Mexico (1.1%)** | **New Mexico (1.1%)** | **New Mexico (1.1%)** | **New Mexico (1.1%)** | **New Mexico (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;New Mexico (Capital Project) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20090 | &nbsp;&nbsp; 20208 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35620 | &nbsp;&nbsp; 35620 |
|  |  |  |  |  | &nbsp;&nbsp; **55828** |
| **New York (20.1%)** | **New York (20.1%)** | **New York (20.1%)** | **New York (20.1%)** | **New York (20.1%)** | **New York (20.1%)** |
|  | &nbsp;&nbsp;&nbsp;Empire State Development Corp. Income Tax Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11985 | &nbsp;&nbsp; 12071 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Hillsborough County IDA Health, Hospital, Nursing Home Revenue TOB VRDO | 2.840% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11810 | &nbsp;&nbsp; 11810 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Dedicated Tax Fund Fuel Sales Tax Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp; 775 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority Transit Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1090 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8355 | &nbsp;&nbsp; 8355 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 44340 | &nbsp;&nbsp; 44340 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Sewer Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15610 | &nbsp;&nbsp; 15610 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Sewer Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20000 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 | &nbsp;&nbsp; 5225 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10700 | &nbsp;&nbsp; 10700 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12200 | &nbsp;&nbsp; 12200 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19100 | &nbsp;&nbsp; 19100 |

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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) |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8800 | &nbsp;&nbsp; 8800 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19900 | &nbsp;&nbsp; 19900 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25500 | &nbsp;&nbsp; 25500 |
|  | &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority Water Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 49760 | &nbsp;&nbsp; 49760 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21740 | &nbsp;&nbsp; 21740 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 37825 | &nbsp;&nbsp; 37825 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15000 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 58000 | &nbsp;&nbsp; 58000 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.860% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp; 6600 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18125 | &nbsp;&nbsp; 18125 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.790% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO | 2.920% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15800 | &nbsp;&nbsp; 15800 |
|  | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Sales Tax Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15125 | &nbsp;&nbsp; 15125 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Sales Tax Revenue TOB VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp; 4535 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;New York Convention Center Development Corp. Hotel Occupancy Tax Revenue TOB VRDO | 2.840% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 |
|  | &nbsp;&nbsp;&nbsp;New York Mortgage Agency Homeowner Mortgage Local or Guaranteed Housing Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13985 | &nbsp;&nbsp; 13985 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2330 | &nbsp;&nbsp; 2367 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO TOB VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20500 | &nbsp;&nbsp; 20500 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp; 22000 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp; 18000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2500 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 68050 | &nbsp;&nbsp; 68050 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.870% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3575 | &nbsp;&nbsp; 3575 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27945 | &nbsp;&nbsp; 27945 |
|  | &nbsp;&nbsp;&nbsp;New York NY GO VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27450 | &nbsp;&nbsp; 27450 |
|  | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39205 | &nbsp;&nbsp; 39205 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 58305 | &nbsp;&nbsp; 58305 |
|  | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp; 7250 |
|  | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18385 | &nbsp;&nbsp; 18385 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9385 | &nbsp;&nbsp; 9385 |
|  | &nbsp;&nbsp;&nbsp;North Hempstead NY BAN GO | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15142 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP | 2.840% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &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 | 2.840% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16700 | &nbsp;&nbsp; 16700 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12830 | &nbsp;&nbsp; 12830 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4175 | &nbsp;&nbsp; 4175 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 | &nbsp;&nbsp; 3085 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20200 | &nbsp;&nbsp; 20200 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Highway Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 64770 | &nbsp;&nbsp; 64770 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority Transit Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35205 | &nbsp;&nbsp; 35205 |
|  |  |  |  |  | &nbsp;&nbsp;**1012295** |
| **North Carolina (1.8%)** | **North Carolina (1.8%)** | **North Carolina (1.8%)** | **North Carolina (1.8%)** | **North Carolina (1.8%)** | **North Carolina (1.8%)** |
|  | &nbsp;&nbsp;&nbsp;Charlotte NC GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1197 |
|  | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority Health, Hospital, Nursing Home Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9230 | &nbsp;&nbsp; 9230 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority Health, Hospital, Nursing Home Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19710 | &nbsp;&nbsp; 19710 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 42050 | &nbsp;&nbsp; 42050 |
|  | &nbsp;&nbsp;&nbsp;North Carolina Appropriations Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2625 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14950 | &nbsp;&nbsp; 14950 |
|  | &nbsp;&nbsp;&nbsp;University of North Carolina at Chapel Hill Health, Hospital, Nursing Home Revenue VRDO | 2.780% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2350 |
|  |  |  |  |  | &nbsp;&nbsp; **92112** |
| **Ohio (5.6%)** | **Ohio (5.6%)** | **Ohio (5.6%)** | **Ohio (5.6%)** | **Ohio (5.6%)** | **Ohio (5.6%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Columbus Franklin County Ohio Finance Authority Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 36775 | &nbsp;&nbsp; 36775 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Columbus-Franklin County OH Finance Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10630 | &nbsp;&nbsp; 10630 |
|  | &nbsp;&nbsp;&nbsp;Ohio (Conservation Projects) GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1690 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13275 | &nbsp;&nbsp; 13571 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 767 |
|  | &nbsp;&nbsp;&nbsp;Ohio GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2905 | &nbsp;&nbsp; 2970 |
|  | &nbsp;&nbsp;&nbsp;Ohio Health, Hospital, Nursing Home Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30000 |
|  | &nbsp;&nbsp;&nbsp;Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1355 |
|  | &nbsp;&nbsp;&nbsp;Ohio Lease (Appropriation) Revenue VRDO | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2750 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;111650 | &nbsp;&nbsp; 111650 |
|  | &nbsp;&nbsp;&nbsp;Ohio State University College & University Revenue VRDO | 2.920% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30000 |
|  | &nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15225 | &nbsp;&nbsp; 15225 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Revenue TOB VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12475 | &nbsp;&nbsp; 12475 |
|  |  |  |  |  | &nbsp;&nbsp; **279858** |
| **Oklahoma (0.8%)** | **Oklahoma (0.8%)** | **Oklahoma (0.8%)** | **Oklahoma (0.8%)** | **Oklahoma (0.8%)** | **Oklahoma (0.8%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40415 | &nbsp;&nbsp; 40415 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Oregon (0.1%)** | **Oregon (0.1%)** | **Oregon (0.1%)** | **Oregon (0.1%)** | **Oregon (0.1%)** | **Oregon (0.1%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3900 |
| **Pennsylvania (3.1%)** | **Pennsylvania (3.1%)** | **Pennsylvania (3.1%)** | **Pennsylvania (3.1%)** | **Pennsylvania (3.1%)** | **Pennsylvania (3.1%)** |
|  | &nbsp;&nbsp;&nbsp;Allegheny County Higher Education Building Authority College & University Revenue VRDO | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3495 | &nbsp;&nbsp; 3495 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Allegheny County IDA Private Schools Revenue VRDO | 2.780% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1400 |
|  | &nbsp;&nbsp;&nbsp;Butler County General Authority Miscellaneous Revenue VRDO | 2.780% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3760 | &nbsp;&nbsp; 3760 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority Indirect Ad Valorem Property Revenue VRDO | 2.780% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19585 | &nbsp;&nbsp; 19585 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4285 | &nbsp;&nbsp; 4285 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Lancaster IDA Health, Hospital, Nursing Home Revenue VRDO | 2.880% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8240 | &nbsp;&nbsp; 8240 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority College & University Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &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 | 2.880% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp; 600 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11450 | &nbsp;&nbsp; 11450 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO | 2.980% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3750 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp; 28000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Highway Revenue VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28470 | &nbsp;&nbsp; 28470 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1700 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Philadelphia Gas Works Co. Natural Gas Revenue VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3900 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Philadelphia Gas Works Co. Natural Gas Revenue VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4070 | &nbsp;&nbsp; 4070 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Revenue TOB VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26790 | &nbsp;&nbsp; 26790 |
|  |  |  |  |  | &nbsp;&nbsp; **154445** |
| **South Carolina (1.4%)** | **South Carolina (1.4%)** | **South Carolina (1.4%)** | **South Carolina (1.4%)** | **South Carolina (1.4%)** | **South Carolina (1.4%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 68605 | &nbsp;&nbsp; 68605 |
| **South Dakota (0.5%)** | **South Dakota (0.5%)** | **South Dakota (0.5%)** | **South Dakota (0.5%)** | **South Dakota (0.5%)** | **South Dakota (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;South Dakota Housing Development Authority Local or Guaranteed Housing Revenue VRDO | 2.810% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 23700 | &nbsp;&nbsp; 23700 |
| **Tennessee (2.4%)** | **Tennessee (2.4%)** | **Tennessee (2.4%)** | **Tennessee (2.4%)** | **Tennessee (2.4%)** | **Tennessee (2.4%)** |
|  | &nbsp;&nbsp;&nbsp;Sevier County TN Public Building Authority Intergovernmental Agreement Revenue VRDO | 2.900% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 68700 | &nbsp;&nbsp; 68700 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board Revenue TOB VRDO | 2.840% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp; 14700 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Sullivan County Health Educational & Housing Facilities Board Health, Hospital, Nursing Home Revenue TOB VRDO | 2.930% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38090 | &nbsp;&nbsp; 38090 |
|  |  |  |  |  | &nbsp;&nbsp; **121490** |
| **Texas (8.4%)** | **Texas (8.4%)** | **Texas (8.4%)** | **Texas (8.4%)** | **Texas (8.4%)** | **Texas (8.4%)** |
|  | &nbsp;&nbsp;&nbsp;Alamo Community College District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3615 | &nbsp;&nbsp; 3676 |
| <sup>1,9</sup> | &nbsp;&nbsp;&nbsp;Conroe Independent School District GO TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp; 2850 |
|  | &nbsp;&nbsp;&nbsp;Gulf Coast IDA Industrial Revenue (Exxon Mobil Project) VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 84550 | &nbsp;&nbsp; 84550 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13890 | &nbsp;&nbsp; 13890 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16185 | &nbsp;&nbsp; 16185 |
|  | &nbsp;&nbsp;&nbsp;Harris County Health Facilities Development Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14705 | &nbsp;&nbsp; 14705 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Harris County TX Housing Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.910% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5210 | &nbsp;&nbsp; 5210 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18800 | &nbsp;&nbsp; 18800 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Houston TX Combined Utility System Water Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9665 | &nbsp;&nbsp; 9665 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Keller TX Independent School District GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp; 1497 |
|  | &nbsp;&nbsp;&nbsp;Red River Education Finance Corp. College & University Revenue (Texas Christian University Project) VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16650 | &nbsp;&nbsp; 16650 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28600 | &nbsp;&nbsp; 28600 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.790% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
|  | &nbsp;&nbsp;&nbsp;Tarrant County Health Facilities Development Corp. Health, Hospital, Nursing Home Revenue VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6815 | &nbsp;&nbsp; 6815 |
|  | &nbsp;&nbsp;&nbsp;Texas A&M University College & University Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1461 |
|  | &nbsp;&nbsp;&nbsp;Texas Department of Transportation State Highway Fund Fuel Sales Tax Revenue VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19100 | &nbsp;&nbsp; 19100 |
|  | &nbsp;&nbsp;&nbsp;Texas GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp; 3112 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18565 | &nbsp;&nbsp; 18565 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20590 | &nbsp;&nbsp; 20590 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14590 | &nbsp;&nbsp; 14590 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26265 | &nbsp;&nbsp; 26265 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40910 | &nbsp;&nbsp; 40910 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5085 | &nbsp;&nbsp; 5085 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13400 | &nbsp;&nbsp; 13400 |
|  | &nbsp;&nbsp;&nbsp;Texas GO VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 29015 | &nbsp;&nbsp; 29015 |
|  |  |  |  |  | &nbsp;&nbsp; **424186** |
| **Utah (0.8%)** | **Utah (0.8%)** | **Utah (0.8%)** | **Utah (0.8%)** | **Utah (0.8%)** | **Utah (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Utah County UT Health, Hospital, Nursing Home Revenue VRDO | 2.800% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 41280 | &nbsp;&nbsp; 41280 |
| **Vermont (0.3%)** | **Vermont (0.3%)** | **Vermont (0.3%)** | **Vermont (0.3%)** | **Vermont (0.3%)** | **Vermont (0.3%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vermont Educational & Health Buildings Financing Agency Health, Hospital, Nursing Home Revenue VRDO | 2.880% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13380 | &nbsp;&nbsp; 13380 |

---

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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) |
| **Virginia (4.2%)** | **Virginia (4.2%)** | **Virginia (4.2%)** | **Virginia (4.2%)** | **Virginia (4.2%)** | **Virginia (4.2%)** |
|  | &nbsp;&nbsp;&nbsp;Albemarle County Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5435 | &nbsp;&nbsp; 5435 |
|  | &nbsp;&nbsp;&nbsp;Commonwealth of Virginia GO | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10124 |
|  | &nbsp;&nbsp;&nbsp;Hampton Roads Sanitation District Sewer Revenue | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9070 | &nbsp;&nbsp; 9207 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3210 | &nbsp;&nbsp; 3210 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Industrial Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 72205 | &nbsp;&nbsp; 72205 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Miscellaneous Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22370 | &nbsp;&nbsp; 22370 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Miscellaneous Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7600 | &nbsp;&nbsp; 7600 |
|  | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Miscellaneous Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7590 | &nbsp;&nbsp; 7590 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority Miscellaneous Revenue VRDO | 2.700% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 56785 | &nbsp;&nbsp; 56785 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16650 | &nbsp;&nbsp; 16650 |
|  |  |  |  |  | &nbsp;&nbsp; **211176** |
| **Washington (1.1%)** | **Washington (1.1%)** | **Washington (1.1%)** | **Washington (1.1%)** | **Washington (1.1%)** | **Washington (1.1%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO | 2.890% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7770 | &nbsp;&nbsp; 7770 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO | 2.890% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp; 5400 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO | 2.890% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7623 | &nbsp;&nbsp; 7623 |
|  | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO | 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &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 | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15005 | &nbsp;&nbsp; 15005 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6370 | &nbsp;&nbsp; 6370 |
|  |  |  |  |  | &nbsp;&nbsp; **57168** |
| **West Virginia (0.3%)** | **West Virginia (0.3%)** | **West Virginia (0.3%)** | **West Virginia (0.3%)** | **West Virginia (0.3%)** | **West Virginia (0.3%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority Health, Hospital, Nursing Home Revenue VRDO | 2.790% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14590 | &nbsp;&nbsp; 14590 |
| **Wisconsin (2.6%)** | **Wisconsin (2.6%)** | **Wisconsin (2.6%)** | **Wisconsin (2.6%)** | **Wisconsin (2.6%)** | **Wisconsin (2.6%)** |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26950 | &nbsp;&nbsp; 26950 |
| <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25630 | &nbsp;&nbsp; 25630 |
|  | &nbsp;&nbsp;&nbsp;University of Wisconsin Hospitals & Clinics Health, Hospital, Nursing Home Revenue VRDO | 2.850% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20965 | &nbsp;&nbsp; 20965 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO | 2.950% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13980 | &nbsp;&nbsp; 13980 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO | 2.770% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9395 | &nbsp;&nbsp; 9395 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO | 2.770% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7125 | &nbsp;&nbsp; 7125 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing Revenue VRDO | 2.770% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp; 9000 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Housing Local or Guaranteed Housing Revenue VRDO | 2.770% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10435 | &nbsp;&nbsp; 10435 |
|  | &nbsp;&nbsp;&nbsp;Wisconsin Housing & Economic Development Authority Local or Guaranteed Housing Revenue VRDO | 2.770% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7495 | &nbsp;&nbsp; 7495 |
|  |  |  |  |  | &nbsp;&nbsp; **130975** |
| **Wyoming (0.4%)** | **Wyoming (0.4%)** | **Wyoming (0.4%)** | **Wyoming (0.4%)** | **Wyoming (0.4%)** | **Wyoming (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Lincoln County WY Resource Recovery Revenue VRDO | 2.870% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7000 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Wyoming Community Development Authority Local or Guaranteed Housing Revenue TOB VRDO | 2.820% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp; 6400 |
|  | &nbsp;&nbsp;&nbsp;Wyoming Community Development Authority Local or Guaranteed Housing Revenue VRDO | 2.770% | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp; 8500 |
|  |  |  |  |  | &nbsp;&nbsp; **21900** |
| **Total Tax-Exempt Municipal Bonds (Cost $5,235,148)** | **Total Tax-Exempt Municipal Bonds (Cost $5,235,148)** | **Total Tax-Exempt Municipal Bonds (Cost $5,235,148)** | **Total Tax-Exempt Municipal Bonds (Cost $5,235,148)** | **Total Tax-Exempt Municipal Bonds (Cost $5,235,148)** | **5235155** |
| **Total Investments (104.2%) (Cost $5,235,148)** | **Total Investments (104.2%) (Cost $5,235,148)** | **Total Investments (104.2%) (Cost $5,235,148)** | **Total Investments (104.2%) (Cost $5,235,148)** | **Total Investments (104.2%) (Cost $5,235,148)** | **5235155** |
| **Other Assets and Liabilities—Net (-4.2%)** | **Other Assets and Liabilities—Net (-4.2%)** | **Other Assets and Liabilities—Net (-4.2%)** | **Other Assets and Liabilities—Net (-4.2%)** | **Other Assets and Liabilities—Net (-4.2%)** | &nbsp;&nbsp;**(210078)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **5025077** |
| 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 November 30, 2025, the aggregate value was $1,846,193, representing 36.7% of net assets. |
| 2 | Scheduled principal and interest payments are guaranteed by bank letter of credit. |
| 3 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
| 4 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 5 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
| 6 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Inc. |
| 7 | Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp. |
| 8 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2025. |
| 9 | Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund. |
|  | 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 | $504560000 |
| JPMorgan Chase Bank NA | 342260000 |
| Toronto-Dominion Bank NA | 322495000 |
| US Bank NA | 147815000 |
| Sumitomo Mitsui Banking Corp. | 107820000 |
| Royal Bank of Canada | 88985000 |
| PNC Bank NA | 71130000 |
| Landesbank Hessen-Thueringen | 67690000 |
| Citibank NA | 39503000 |
| State Street Bank & Trust Co. | 35205000 |
| Other | 74275000 |
| **Total** | **1801738000** |

---

&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 November 30, 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:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $5266208706.37

**Total Liabilities:** $252380868.01

**Net Assets:** $5013827838.36

**Delayed Delivery Securities:** $15131100.00

**Cash Not Reported:** $52649.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -17982.97820250 | **1-Year:** -8975.18441444 | **5-Year:** -835.16683093 | **10-Year:** -4605.16873539 | **30-Year:** -14620.61965106

**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 | 0.23%                | 0.23%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-156500.01                                |
| Month 2  | $0.00                    | $-193614.02                                |
| Month 3  | $0.00                    | $164121.33                                 |

### 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        |  16235000 | PA      | $16235000.00  | 0.32%             | 2042-07-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC MUNI WTR FIN AUTH | CUSIP: 64972GZB3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  49760000 | PA      | $49760000.00  | 0.99%             | 2045-06-15      | Variable      | 3.00%                 | 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   | 0.06%             | 2033-01-01      | Variable      | 2.90%                 | 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  | 0.56%             | 2029-11-13      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                            | MARICOPA CO IDA-B-REF | CUSIP: 56678PCQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9530000 | PA      | $9530000.00   | 0.19%             | 2048-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Ohio State University/The                                                   | OHIO ST UNIV-D-2-REF  | CUSIP: 677632R52<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30000000.00  | 0.60%             | 2039-12-01      | Variable      | 2.92%                 | 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  | 1.07%             | 2048-02-03      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-XX1422 | CUSIP: 88035RJD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.30%             | 2055-10-01      | Variable      | 2.88%                 | 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   | 0.10%             | 2054-08-01      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                          | HOUSTON UTIL-REF-B3   | CUSIP: 442435XN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.08%             | 2034-05-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-JPM-3014  | CUSIP: 46640K2F0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  47405000 | PA      | $47405000.00  | 0.95%             | 2027-06-10      | Variable      | 3.05%                 | Yes           |                  2 | On Loan: No      |
| City of Charlotte NC                                                        | CHARLOTTE-B-REF       | CUSIP: 161035MS6<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1196840.25   | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                       | NE INVESTMENT FIN AUT | CUSIP: 63968MC23<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |  11870000 | PA      | $11870000.00  | 0.24%             | 2049-03-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-ZF1842 | CUSIP: 88035MTM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6510000 | PA      | $6510000.00   | 0.13%             | 2051-07-01      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-CF7049 | CUSIP: 88035RXV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7250000.00   | 0.14%             | 2035-03-15      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-6046   | CUSIP: 88035RWJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10630000 | PA      | $10630000.00  | 0.21%             | 2065-05-01      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-CF7056 | CUSIP: 88035RU28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7623057 | PA      | $7623057.00   | 0.15%             | 2041-07-01      | Variable      | 2.89%                 | Yes           |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                 | OH HGR EDU-B-2        | CUSIP: 67756DBD7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1355000.00   | 0.03%             | 2039-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                         | NYC VAR-SUBSER L-4    | CUSIP: 64966G4P4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  27945000 | PA      | $27945000.00  | 0.56%             | 2038-04-01      | Variable      | 3.00%                 | 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  | 0.41%             | 2038-04-01      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NYC TRANS FIN AUTH-B5 | CUSIP: 64971XHV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18125000 | PA      | $18125000.00  | 0.36%             | 2042-08-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN COMMSN-F   | CUSIP: 60528ACJ1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12000000.00  | 0.24%             | 2035-11-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NYC TRANSITIONAL-C-3  | CUSIP: 64972JMP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15800000 | PA      | $15800000.00  | 0.32%             | 2053-05-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-5068   | CUSIP: 88035RYY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11810000 | PA      | $11810000.00  | 0.24%             | 2055-04-01      | Variable      | 2.83%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR-OPT-FLTRS-CF7039 | CUSIP: 88035P7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9500000.00   | 0.19%             | 2053-04-01      | Variable      | 2.91%                 | Yes           |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                            | MN HSG FIN AGY-D-REF  | CUSIP: 60416SYR5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   6540000 | PA      | $6540000.00   | 0.13%             | 2045-01-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT-A-VRS216     | CUSIP: 74448XBS0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12475000 | PA      | $12475000.00  | 0.25%             | 2055-08-15      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                | ORLANDO UTILS-VAR-1   | CUSIP: 686507DZ4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |  41415000 | PA      | $41415000.00  | 0.83%             | 2033-10-01      | Variable      | 2.70%                 | 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   | 0.08%             | 2037-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                    | WV HOSP FIN AUTH-C    | CUSIP: 956622P40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14590000 | PA      | $14590000.00  | 0.29%             | 2034-06-01      | Variable      | 2.79%                 | 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      | $15605205.71  | 0.31%             | 2026-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                            | TNDR OPT-FLTR-006     | CUSIP: 76252PK81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17025000 | PA      | $17025000.00  | 0.34%             | 2050-10-01      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| University of Michigan                                                      | UNIV MI-VAR-GEN-B     | CUSIP: 914455HE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9770000 | PA      | $9770000.00   | 0.19%             | 2028-04-01      | Variable      | 2.61%                 | 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   | 0.17%             | 2030-12-01      | Variable      | 3.00%                 | 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        |  10650000 | PA      | $10650000.00  | 0.21%             | 2054-10-01      | Variable      | 2.90%                 | 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   | 0.12%             | 2041-12-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue | MA ST DEPT TRANSPRTN  | CUSIP: 57563CFN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  39700000 | PA      | $39700000.00  | 0.79%             | 2039-01-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                         | NEW YORK-I-3          | CUSIP: 64966SMQ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  27450000 | PA      | $27450000.00  | 0.55%             | 2044-03-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTR-CF7037  | CUSIP: 88035P4C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26325000 | PA      | $26325000.00  | 0.53%             | 2041-01-01      | Variable      | 2.81%                 | 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   | 0.07%             | 2027-05-01      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                        | DC REV-TRANCHE 3-A    | CUSIP: 254839RZ8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1375000.00   | 0.03%             | 2038-08-15      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                               | OH HOSP FAC-F-VAR     | CUSIP: 677561LD2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  30000000 | PA      | $30000000.00  | 0.60%             | 2052-01-01      | Variable      | 3.00%                 | 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   | 0.13%             | 2044-12-15      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                        | CO SPR UTILS VAR-A    | CUSIP: 196632CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4330000 | PA      | $4330000.00   | 0.09%             | 2038-11-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT-A-VRS215     | CUSIP: 74448XBN1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  19300000 | PA      | $19300000.00  | 0.38%             | 2060-11-15      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                          | MONTGOMERY CO HSG COM | CUSIP: 613347RK1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |  22835000 | PA      | $22835000.00  | 0.46%             | 2063-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                       | METROPOLITAN TRANSIT  | CUSIP: 59261AB22<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1090000.00   | 0.02%             | 2032-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                          | WI HSG-VAR-A-MFH      | CUSIP: 97689RAG9<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   7495000 | PA      | $7495000.00   | 0.15%             | 2046-04-01      | Variable      | 2.77%                 | 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        |  56260000 | PA      | $56260000.00  | 1.12%             | 2037-12-01      | Variable      | 2.95%                 | 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   | 0.10%             | 2054-06-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| State of Ohio                                                               | OHIO STATE-C          | CUSIP: 677523MZ2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    750000 | PA      | $766736.10    | 0.02%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  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        |   3575000 | PA      | $3575000.00   | 0.07%             | 2025-12-01      | Fixed         | 5.00%                 | 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  | 0.46%             | 2046-10-01      | Variable      | 2.85%                 | 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        |  19900000 | PA      | $19900000.00  | 0.40%             | 2049-06-15      | Variable      | 2.90%                 | 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  | 1.37%             | 2047-05-01      | Variable      | 3.00%                 | 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  | 0.47%             | 2031-07-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| State of Minnesota                                                          | MINNESOTA ST-D-REF    | CUSIP: 60412A2J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20100000 | PA      | $20430801.78  | 0.41%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Floater/Residual Trust                                               | JPM-PUTTERS-MIZ9131   | CUSIP: 60700HRE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  58100000 | PA      | $58100000.00  | 1.16%             | 2051-02-01      | Variable      | 2.89%                 | Yes           |                  2 | On Loan: No      |
| Ohio State University/The                                                   | OHIO ST UNIV-D-1-REF  | CUSIP: 677632R94<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        | 111650000 | PA      | $111650000.00 | 2.23%             | 2035-06-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                         | BURLINGTON CO-D       | CUSIP: 121651QW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10135910.00  | 0.20%             | 2026-12-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                       | NY ST HSG FIN AGY-B-3 | CUSIP: 64987J3G4<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  39205000 | PA      | $39205000.00  | 0.78%             | 2064-11-01      | Variable      | 2.85%                 | No            |                  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        |  28600000 | PA      | $28600000.00  | 0.57%             | 2041-10-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Ohio State University/The                                                   | OHIO ST UNIV-A-1-REF  | CUSIP: 677632P39<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.20%             | 2043-06-01      | Variable      | 2.70%                 | 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  | 0.26%             | 2049-11-15      | Variable      | 2.77%                 | 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  | 0.43%             | 2036-08-15      | Variable      | 2.98%                 | Yes           |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                    | HARRIS CO CULT EDU-2  | CUSIP: 414009KB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13890000 | PA      | $13890000.00  | 0.28%             | 2045-10-01      | Variable      | 2.75%                 | 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        |  15005000 | PA      | $15005000.00  | 0.30%             | 2044-12-15      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN COMMSN-E   | CUSIP: 60528ACH5<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.06%             | 2035-11-01      | Variable      | 2.90%                 | 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   | 0.07%             | 2055-02-15      | Variable      | 3.05%                 | 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   | 0.10%             | 2051-11-15      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                      | IL MFH VAR-B-LAKESHOR | CUSIP: 45201LUQ6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   5985000 | PA      | $5985000.00   | 0.12%             | 2027-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-B            | CUSIP: 8827242R7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  29015000 | PA      | $29015000.00  | 0.58%             | 2055-12-01      | Variable      | 2.95%                 | 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        |  72205000 | PA      | $72205000.00  | 1.44%             | 2038-02-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                | NYS MTGE AGY-247-VAR  | CUSIP: 64988YQY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13985000 | PA      | $13985000.00  | 0.28%             | 2052-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-B-VAR        | CUSIP: 882723YT0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   5085000 | PA      | $5085000.00   | 0.10%             | 2046-06-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT FLTRS-VRS302 | CUSIP: 74448XBQ4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  26790000 | PA      | $26790000.00  | 0.53%             | 2054-02-01      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                        | TRIBOROUGH BRIDGE-4C  | CUSIP: 89602RFC4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  20200000 | PA      | $20200000.00  | 0.40%             | 2031-01-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| RBC Municipal Products Inc Trust                                            | TNDR OPT FLTRS-C24    | CUSIP: 74934R4H6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15535000 | PA      | $15535000.00  | 0.31%             | 2041-11-01      | Variable      | 2.83%                 | Yes           |                  2 | On Loan: No      |
| State of Connecticut                                                        | CONNECTICUT ST-B-REF  | CUSIP: 20772KB65<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.05%             | 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        |  44340000 | PA      | $44340000.00  | 0.88%             | 2062-05-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-XG0544 | CUSIP: 88035HKK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6400000.00   | 0.13%             | 2053-12-01      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| County of Montgomery MD                                                     | MONTGOMERY CO -A      | CUSIP: 61334PFF5<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032768.60   | 0.04%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                              | MD DEPT TRANSPRTN-C   | CUSIP: 574204Y49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20210000 | PA      | $20666541.88  | 0.41%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Keller Independent School District/TX                                       | KELLER ISD-REF        | CUSIP: 487694VE8<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1496761.62   | 0.03%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-JPM-3005  | CUSIP: 46640KE34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  39170000 | PA      | $39170000.00  | 0.78%             | 2049-06-28      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Adams & Arapahoe Counties Joint School District 28J Aurora                  | ADAMS COS JT SD #28J  | CUSIP: 0054824F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8615000 | PA      | $8615000.00   | 0.17%             | 2025-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                    | HARRIS CO CULT EDU-3  | CUSIP: 414009SA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16185000 | PA      | $16185000.00  | 0.32%             | 2045-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                          | FHLB-MFH-A-M027       | CUSIP: 31350ABB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8050000 | PA      | $8050000.00   | 0.16%             | 2029-10-15      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Empire State Development Corp                                               | NEW YORK ST URBAN DEV | CUSIP: 650036BM7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  11985000 | PA      | $12070701.14  | 0.24%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                    | MET TRANSPRTN AUTH-A2 | CUSIP: 59260XBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $775000.00    | 0.02%             | 2026-11-01      | Variable      | 2.90%                 | 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   | 0.07%             | 2044-08-01      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR-OPT-FLTRS-CF7038 | CUSIP: 88035P7P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5210000 | PA      | $5210000.00   | 0.10%             | 2053-08-01      | Variable      | 2.91%                 | Yes           |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                | CHARLOTTE ETC HLTH-E  | CUSIP: 160853VA2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |  19710000 | PA      | $19710000.00  | 0.39%             | 2042-01-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT-A-VRS219     | CUSIP: 74448XCE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25000000.00  | 0.50%             | 2055-06-01      | Variable      | 2.84%                 | Yes           |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                            | TNDR-OPT-FLTRS-005    | CUSIP: 76252PH44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35620000 | PA      | $35620000.00  | 0.71%             | 2049-08-01      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-5094      | CUSIP: 46640KU36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  47450000 | PA      | $47450000.00  | 0.95%             | 2032-08-21      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-5082      | CUSIP: 46640KQ64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13980000 | PA      | $13980000.00  | 0.28%             | 2026-03-14      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TDR OPT-FLTR-BAML5024 | CUSIP: 88035DWB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  38090000 | PA      | $38090000.00  | 0.76%             | 2036-09-01      | Variable      | 2.98%                 | 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  | 0.26%             | 2026-09-11      | Variable      | 2.86%                 | 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        |  37825000 | PA      | $37825000.00  | 0.75%             | 2044-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                            | ALAMO CCD-REF         | CUSIP: 011415UK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3615000 | PA      | $3676601.77   | 0.07%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RBC Municipal Products Inc Trust                                            | TNDR OPT-FLTRS-E-166  | CUSIP: 74934R4D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22000000 | PA      | $22000000.00  | 0.44%             | 2029-08-01      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                 | UNIV WI HOSP CLINIC-C | CUSIP: 915260FV0<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |  20965000 | PA      | $20965000.00  | 0.42%             | 2054-04-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-ZF1829 | CUSIP: 88035MPD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4445000 | PA      | $4445000.00   | 0.09%             | 2050-12-01      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN-G-CHEVRON  | CUSIP: 60528ABX1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  39610000 | PA      | $39610000.00  | 0.79%             | 2035-11-01      | Variable      | 2.90%                 | 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  | 0.27%             | 2030-12-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                               | ST OHIO-B-REF         | CUSIP: 677523JW3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  13275000 | PA      | $13571228.97  | 0.27%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                         | NEW YORK NY           | CUSIP: 64966QYJ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2367133.21   | 0.05%             | 2026-08-01      | Fixed         | 5.00%                 | 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   | 0.17%             | 2045-06-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT-A-VRS401     | CUSIP: 74448XBU5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  40415000 | PA      | $40415000.00  | 0.81%             | 2047-08-15      | Variable      | 3.00%                 | Yes           |                  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        |  68700000 | PA      | $68700000.00  | 1.37%             | 2034-06-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                                    | VIRGINIA ST-B-REF     | CUSIP: 928110DM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10124464.00  | 0.20%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTR-MS0072E | CUSIP: 88035RQC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30875000 | PA      | $30875000.00  | 0.62%             | 2055-11-15      | Variable      | 2.90%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT-A-VRS212     | CUSIP: 74448XBE1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  16125000 | PA      | $16125000.00  | 0.32%             | 2055-02-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-CF7060 | CUSIP: 88035R5T7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.07%             | 2039-07-15      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                             | KY ECON VAR-REF-B-ST  | CUSIP: 49126KGK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15040000 | PA      | $15040000.00  | 0.30%             | 2033-05-01      | Variable      | 2.75%                 | 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   | 0.10%             | 2057-10-01      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-CF7057 | CUSIP: 88035RV92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8355000 | PA      | $8355000.00   | 0.17%             | 2047-11-01      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC WTR-DD-3A-2ND GEN | CUSIP: 64972FX43<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  15610000 | PA      | $15610000.00  | 0.31%             | 2043-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                             | ALBEMARLE ECON DEV-B  | CUSIP: 012663AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5435000 | PA      | $5435000.00   | 0.11%             | 2048-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                  | IL FIN AUTH-B-REF     | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  20700000 | PA      | $20700000.00  | 0.41%             | 2055-07-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                       | PA ECON-C2-MONTESSORI | CUSIP: 708684SC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.01%             | 2030-08-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                               | OHIO STATE-D-REF      | CUSIP: 677523NV0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2905000 | PA      | $2969824.49   | 0.06%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                          | ESSEX CO IMPT AUTH    | CUSIP: 296807MM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5412500.30   | 0.11%             | 2026-03-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-8007   | CUSIP: 88035EM34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36510000 | PA      | $36510000.00  | 0.73%             | 2045-02-01      | Variable      | 2.98%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC MUNI WTR FIN AUTH | CUSIP: 64972GYZ1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  25500000 | PA      | $25500000.00  | 0.51%             | 2045-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                     | MONTGOMERY CO-B-REF   | CUSIP: 61334PGW7<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1350000.00   | 0.03%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  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        |   5225000 | PA      | $5225000.00   | 0.10%             | 2038-06-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                    | MASS ST DEV AUTH REV  | CUSIP: 57584Y8C6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |  11240000 | PA      | $11240000.00  | 0.22%             | 2052-07-01      | Variable      | 1.85%                 | 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   | 0.10%             | 2049-03-01      | Variable      | 2.79%                 | 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  | 0.73%             | 2064-07-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPR-FLTRS-XX1414 | CUSIP: 88035P4Y1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.30%             | 2050-07-15      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                         | NEW YORK-D-3          | CUSIP: 64966QZZ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  68050000 | PA      | $68050000.00  | 1.36%             | 2052-05-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                       | CT HSG FIN AUTH-C-3   | CUSIP: 20775HAA1<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |  12010000 | PA      | $12010000.00  | 0.24%             | 2050-11-15      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| County of Lincoln WY                                                        | LINCOLN CO POLL-REF   | CUSIP: 533485BB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 0.14%             | 2044-10-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-CF7065 | CUSIP: 88035TBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2850000.00   | 0.06%             | 2047-02-15      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| Colorado State Education Loan Program                                       | COLORADO ST-A-TRANS   | CUSIP: 19672MDG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19260000 | PA      | $19524715.22  | 0.39%             | 2026-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-5067   | CUSIP: 88035RWX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14700000 | PA      | $14700000.00  | 0.29%             | 2055-09-01      | Variable      | 2.83%                 | Yes           |                  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  | 0.68%             | 2040-03-01      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                        | TRIBORO BRIDGE-C-REF  | CUSIP: 89602RKC8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4175000.00   | 0.08%             | 2032-01-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-CF7053 | CUSIP: 88035RS96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7770000 | PA      | $7770000.00   | 0.15%             | 2032-10-01      | Variable      | 2.89%                 | Yes           |                  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        |  56025000 | PA      | $56025000.00  | 1.12%             | 2036-07-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No 2                                      | DOUGLAS HOSP-VAR-RF-A | CUSIP: 259230KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9265000 | PA      | $9265000.00   | 0.18%             | 2032-08-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                         | NEW MEXICO ST         | CUSIP: 647293TA7<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |  20090000 | PA      | $20207978.52  | 0.40%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-XF3293 | CUSIP: 88035MBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11450000 | PA      | $11450000.00  | 0.23%             | 2055-02-15      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-5093      | CUSIP: 46640KT87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  42050000 | PA      | $42050000.00  | 0.84%             | 2040-07-01      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                               | LOUDOUN IDA VAR-E-HOW | CUSIP: 545910AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7600000 | PA      | $7600000.00   | 0.15%             | 2038-02-15      | Variable      | 2.75%                 | 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  | 1.98%             | 2031-12-15      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTR-XX1416  | CUSIP: 88035P5C8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6200000 | PA      | $6200000.00   | 0.12%             | 2060-07-15      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| State of Texas                                                              | TX TRANSPRTN COMM-REF | CUSIP: 8827242A4<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3112077.56   | 0.06%             | 2026-10-01      | Fixed         | 5.00%                 | 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        |  14705000 | PA      | $14705000.00  | 0.29%             | 2041-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-5027   | CUSIP: 88035EH22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19205000 | PA      | $19205000.00  | 0.38%             | 2036-07-01      | Variable      | 2.98%                 | Yes           |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                       | NE INVSTMNT FIN-C     | CUSIP: 63968MSK6<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   8400000 | PA      | $8400000.00   | 0.17%             | 2049-09-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                       | CT HSG FIN AUTH-A3    | CUSIP: 20775CEB6<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |  30300000 | PA      | $30300000.00  | 0.60%             | 2045-11-15      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Gulf Coast Industrial Development Authority                                 | GULF COAST INDL DEV   | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  84550000 | PA      | $84550000.00  | 1.69%             | 2041-11-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                      | IL ST HSG DEV AUTH-P  | CUSIP: 45203MTE1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |  39110000 | PA      | $39110000.00  | 0.78%             | 2049-04-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                            | PENNSYLVANIA ST TPK   | CUSIP: 7092248P7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  28470000 | PA      | $28470000.00  | 0.57%             | 2039-12-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                        | TRIBOROUGH BRIDGE-B1  | CUSIP: 89602RHH1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  64770000 | PA      | $64770000.00  | 1.29%             | 2033-01-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-A-VAR-REMK   | CUSIP: 882723J34<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  20590000 | PA      | $20590000.00  | 0.41%             | 2045-06-01      | Variable      | 2.80%                 | 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   | 0.06%             | 2043-12-01      | Variable      | 2.86%                 | 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   | 0.17%             | 2035-06-01      | Variable      | 2.85%                 | 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        |   6815000 | PA      | $6815000.00   | 0.14%             | 2039-12-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                         | NYC-D4                | CUSIP: 64966ML98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18000000.00  | 0.36%             | 2047-12-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                       | NY ST HSG FIN AGY-VAR | CUSIP: 64986UA72<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  58305000 | PA      | $58305000.00  | 1.16%             | 2046-11-01      | Variable      | 3.05%                 | 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  | 1.42%             | 2035-08-01      | Variable      | 2.92%                 | 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        |  21740000 | PA      | $21740000.00  | 0.43%             | 2042-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                       | NY ST HSG FIN AGY-G-3 | CUSIP: 64987JXT3<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |  18385000 | PA      | $18385000.00  | 0.37%             | 2061-11-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NYC TRANSTNL FIN-A4   | CUSIP: 64971WUS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15125000 | PA      | $15125000.00  | 0.30%             | 2041-08-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                           | UTAH CO HOSP REV-C    | CUSIP: 917393BK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  41280000 | PA      | $41280000.00  | 0.82%             | 2051-05-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NYC TRANSTNL-A-3      | CUSIP: 64971WGW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6600000.00   | 0.13%             | 2043-08-01      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                               | OHIO STATE-A          | CUSIP: 677523MP4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1690254.83   | 0.03%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT-A-VRS303     | CUSIP: 74448XBY7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  25630000 | PA      | $25630000.00  | 0.51%             | 2055-08-15      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                   | PHILADELPHIA-E-REF    | CUSIP: 7178235S3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3900000.00   | 0.08%             | 2031-08-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue       | UNIV OF CALIFORNIA CA | CUSIP: 913366KE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15200000 | PA      | $15200000.00  | 0.30%             | 2045-05-15      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN-VAR-A-CHEV | CUSIP: 60528ABS2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  42030000 | PA      | $42030000.00  | 0.84%             | 2030-12-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC WTR-ADJ-CC        | CUSIP: 64972FK62<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  10700000 | PA      | $10700000.00  | 0.21%             | 2041-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                       | NY HSG FIN-A-REMK     | CUSIP: 64986UXS1<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7250000.00   | 0.14%             | 2044-11-01      | Variable      | 2.75%                 | 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  | 0.39%             | 2042-06-01      | Variable      | 2.78%                 | 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   | 0.19%             | 2044-11-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC WTR-DD-3B-2ND GEN | CUSIP: 64972FX50<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.40%             | 2043-06-15      | Variable      | 3.00%                 | 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  | 0.70%             | 2040-08-01      | Variable      | 2.84%                 | Yes           |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-VAR-VET      | CUSIP: 882724E78<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  26265000 | PA      | $26265000.00  | 0.52%             | 2053-06-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                      | KS SPL OBLG VAR-E     | CUSIP: 485106CP1<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2390000.00   | 0.05%             | 2034-04-15      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTR-ZF3179  | CUSIP: 88035GX94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4535000.00   | 0.09%             | 2048-05-01      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN-VAR-K-CHEV | CUSIP: 60528ACB8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  23235000 | PA      | $23235000.00  | 0.46%             | 2035-11-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT-A-VRS218     | CUSIP: 74448XCG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  14950000 | PA      | $14950000.00  | 0.30%             | 2048-01-15      | Variable      | 2.84%                 | Yes           |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                  | SD HSG DEV AUTH-E     | CUSIP: 83756CLM5<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |  23700000 | PA      | $23700000.00  | 0.47%             | 2037-11-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                               | LOUDOUN IDA VAR-B-HOW | CUSIP: 545910AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  56785000 | PA      | $56785000.00  | 1.13%             | 2038-02-15      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                           | HAMPTON SAN DIST-A    | CUSIP: 409327MW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9070000 | PA      | $9206961.54   | 0.18%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NYC TRANS FIN AUTH-A4 | CUSIP: 64971XFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.30%             | 2045-08-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                   | PHILADELPHIA GAS VAR  | CUSIP: 71783MBB0<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   4070000 | PA      | $4070000.00   | 0.08%             | 2031-08-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                            | TNDR OPT-FLTRS-1006   | CUSIP: 76252PK57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5355000 | PA      | $5355000.00   | 0.11%             | 2055-02-15      | Variable      | 2.86%                 | Yes           |                  2 | On Loan: No      |
| Allegheny County Industrial Development Authority                           | ALLEGHENY IDA-VAR-EDU | CUSIP: 017292UB7<br>LEI: 5493001680EYSTWFLS08 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.03%             | 2031-05-01      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                        | CONNECTICUT ST-C      | CUSIP: 20772KE39<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   3995000 | PA      | $4063472.30   | 0.08%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-5083      | CUSIP: 46640KQ80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  91185000 | PA      | $91185000.00  | 1.82%             | 2026-01-23      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                | HONOLULU CITY & CO-D  | CUSIP: 438687JW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3150936.41   | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fulton GA                                                         | FULTON CO-TANS        | CUSIP: 360046V94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20022788.00  | 0.40%             | 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  | 0.20%             | 2037-01-01      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                            | TNDR OPT-FLTR-047     | CUSIP: 76252PXW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22890000 | PA      | $22890000.00  | 0.46%             | 2045-12-01      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN-VAR-A-CHEV | CUSIP: 60528AAS3<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  31500000 | PA      | $31500000.00  | 0.63%             | 2030-12-01      | Variable      | 2.90%                 | 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  | 0.41%             | 2026-02-27      | Variable      | 2.95%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                         | NEW YORK-E5           | CUSIP: 64966QAA8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.05%             | 2048-03-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                | MI HSG DEV AUTH-D     | CUSIP: 5946534W4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   8965000 | PA      | $8965000.00   | 0.18%             | 2030-06-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC MUNI WTR-AA3-ADJ  | CUSIP: 64972GCR3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  12200000 | PA      | $12200000.00  | 0.24%             | 2049-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                | MI HSG-VAR-C          | CUSIP: 5946533J4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  30210000 | PA      | $30210000.00  | 0.60%             | 2035-12-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NEW YORK TRANSITIONAL | CUSIP: 64971XY44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  58000000 | PA      | $58000000.00  | 1.16%             | 2052-08-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                     | ST NC DPT ST-B        | CUSIP: 65829QGA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2625556.96   | 0.05%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                           | MARYLAND ST-B-REF     | CUSIP: 574193XM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3310000 | PA      | $3364696.43   | 0.07%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                             | LOUISIANA GAS & FUEL  | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  54370000 | PA      | $54370000.00  | 1.08%             | 2043-05-01      | Variable      | 2.90%                 | 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  | 0.23%             | 2050-06-09      | Variable      | 2.86%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                       | NJ HLT VAR HSP CAP B  | CUSIP: 645793BK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15240000 | PA      | $15240000.00  | 0.30%             | 2035-07-01      | Variable      | 2.81%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                       | CT HSG FIN AUTH-E-3   | CUSIP: 20775JDZ9<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |  19500000 | PA      | $19500000.00  | 0.39%             | 2051-11-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue   | WISCONSIN HSG-C       | CUSIP: 97689QWE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9000000.00   | 0.18%             | 2050-09-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT-A-VRS214     | CUSIP: 74448XBL5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  33285000 | PA      | $33285000.00  | 0.66%             | 2055-12-01      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                        | TRIBOROUGH BRIDGE-B-3 | CUSIP: 89602RKE4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  12830000 | PA      | $12830000.00  | 0.26%             | 2035-01-01      | Variable      | 2.90%                 | 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   | 0.05%             | 2040-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-CF7054 | CUSIP: 88035RT46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5400000.00   | 0.11%             | 2039-08-01      | Variable      | 2.89%                 | Yes           |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                               | LOUDOUN IDA VAR-C-HOW | CUSIP: 545910AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22370000 | PA      | $22370000.00  | 0.45%             | 2038-02-15      | Variable      | 2.75%                 | 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  | 1.84%             | 2040-12-01      | Variable      | 2.86%                 | Yes           |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-VAR-VETERANS | CUSIP: 882724QQ3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  40910000 | PA      | $40910000.00  | 0.82%             | 2050-12-01      | Variable      | 2.95%                 | 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        |  19100000 | PA      | $19100000.00  | 0.38%             | 2044-06-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDT OPT FLTRS-VRS301 | CUSIP: 74448XBJ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  26950000 | PA      | $26950000.00  | 0.54%             | 2055-08-15      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                       | TX TRANSPTRN-B-FLTG   | CUSIP: 88283LKY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19100000 | PA      | $19100000.00  | 0.38%             | 2032-04-01      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTR-CF7046  | CUSIP: 88035RSM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8680000 | PA      | $8680000.00   | 0.17%             | 2040-06-01      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                  | DELAWARE VLY REG-B    | CUSIP: 246579LZ7<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4285000.00   | 0.09%             | 2059-09-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS FIN-VAR-J-CHEV | CUSIP: 60528ACA0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  25600000 | PA      | $25600000.00  | 0.51%             | 2035-11-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-D-VAR        | CUSIP: 882723QF9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  13400000 | PA      | $13400000.00  | 0.27%             | 2045-06-01      | Variable      | 2.95%                 | 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   | 0.19%             | 2029-07-01      | Variable      | 2.81%                 | Yes           |                  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   | 0.18%             | 2041-12-01      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TEXAS ST-A-VAR-REMK   | CUSIP: 882723H51<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  14590000 | PA      | $14590000.00  | 0.29%             | 2041-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                          | HOUSTON UTIL-REF-B2   | CUSIP: 442435XM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9665000 | PA      | $9665000.00   | 0.19%             | 2034-05-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                     | MUNI ELEC-VAR-B       | CUSIP: 626207VS0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |  19275000 | PA      | $19275000.00  | 0.38%             | 2048-01-01      | Variable      | 2.70%                 | 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  | 0.30%             | 2048-12-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                | MICHIGAN ST HSG DEV-B | CUSIP: 59465PCH9<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  19080000 | PA      | $19080000.00  | 0.38%             | 2062-04-01      | Variable      | 2.80%                 | 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   | 0.16%             | 2039-12-01      | Variable      | 2.88%                 | 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   | 0.16%             | 2038-11-01      | Variable      | 2.80%                 | Yes           |                  2 | On Loan: No      |
| Highlands County Health Facilities Authority                                | HIGHLANDS FACS-C      | CUSIP: 431022UN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3400000.00   | 0.07%             | 2060-11-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                               | LOUDOUN IDA-VAR-B-HOW | CUSIP: 545910AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3210000.00   | 0.06%             | 2039-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                     | MIAMI SPORT-VAR-E     | CUSIP: 59333HCF1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |  59750000 | PA      | $59750000.00  | 1.19%             | 2048-10-01      | Variable      | 2.79%                 | 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        |  10435000 | PA      | $10435000.00  | 0.21%             | 2055-05-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                           | MS BUS-VAR-E-CHEVRON  | CUSIP: 60528ABM5<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   6490000 | PA      | $6490000.00   | 0.13%             | 2030-12-01      | Variable      | 2.80%                 | 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   | 0.16%             | 2051-12-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-CF7059 | CUSIP: 88035R5N0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.08%             | 2045-11-15      | Variable      | 2.84%                 | Yes           |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                           | ID HLTH FACS AUTH-C   | CUSIP: 451295ZZ5<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |  25635000 | PA      | $25635000.00  | 0.51%             | 2048-03-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                    | TNDR OPT-A-VRS217     | CUSIP: 74448XCC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  16650000 | PA      | $16650000.00  | 0.33%             | 2065-07-01      | Variable      | 2.85%                 | Yes           |                  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  | 0.32%             | 2035-09-01      | Variable      | 2.79%                 | Yes           |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                               | LOUDOUN IDA VAR-F-HOW | CUSIP: 545910AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7590000.00   | 0.15%             | 2038-02-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                      | IOWA FIN AUTH-H       | CUSIP: 462467Y70<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    915000 | PA      | $915000.00    | 0.02%             | 2052-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                          | MINNESOTA ST-A-GRP-1  | CUSIP: 60412AU84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10105000 | PA      | $10271306.07  | 0.20%             | 2026-08-01      | Fixed         | 5.00%                 | 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  | 0.33%             | 2040-12-01      | Variable      | 2.84%                 | Yes           |                  2 | On Loan: No      |
| Red River Education Finance Corp                                            | RED RIVER ED-VAR-TX C | CUSIP: 756872CH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16650000 | PA      | $16650000.00  | 0.33%             | 2030-03-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                             | NYC MUNI WTR FIN-BB-2 | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   8800000 | PA      | $8800000.00   | 0.18%             | 2053-06-15      | Variable      | 2.85%                 | 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   | 0.13%             | 2047-10-01      | Variable      | 2.98%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                        | CONNECTICUT ST-D-REF  | CUSIP: 20772KG78<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |  12045000 | PA      | $12251445.28  | 0.24%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of North Hempstead NY                                                  | N HEMPSTEAD TWN-B-BAN | CUSIP: 659667AA7<br>LEI: 549300HZGEMT3JR5XU82 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15142192.50  | 0.30%             | 2026-09-18      | Fixed         | 3.75%                 | 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   | 0.14%             | 2043-03-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | TNDR OPT-FLTRS-CF7052 | CUSIP: 88035RD43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  34220000 | PA      | $34220000.00  | 0.68%             | 2043-07-01      | Variable      | 2.82%                 | Yes           |                  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   | 0.05%             | 2029-02-01      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                              | TX ST-MULTI MODE-B    | CUSIP: 882721RM7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |  18565000 | PA      | $18565000.00  | 0.37%             | 2036-04-01      | Variable      | 2.70%                 | 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        |   3495000 | PA      | $3495000.00   | 0.07%             | 2037-12-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                  | IL ST FIN AUTH-B      | CUSIP: 45204FAG0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  24870000 | PA      | $24870000.00  | 0.50%             | 2049-08-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                  | IL FIN VAR-REF-A-LITT | CUSIP: 45200FFV6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  21530000 | PA      | $21530000.00  | 0.43%             | 2035-08-15      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                        | REGENTS BRD UNI SYS-A | CUSIP: 88213ATE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1460831.71   | 0.03%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                        | TRIBOROUGH BRIDGE-B2A | CUSIP: 89602RGK5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  35205000 | PA      | $35205000.00  | 0.70%             | 2032-01-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                | ORLANDO UTILS-B-REF   | CUSIP: 686507GL2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |  69415000 | PA      | $69415000.00  | 1.38%             | 2039-10-01      | Variable      | 2.70%                 | 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        |  15225000 | PA      | $15225000.00  | 0.30%             | 2054-12-01      | Variable      | 2.90%                 | 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        |   1900000 | PA      | $1900000.00   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                            | TNDR OPT-FLTRS-1009   | CUSIP: 76252PM22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1905000.00   | 0.04%             | 2055-12-01      | Variable      | 2.86%                 | Yes           |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                | CHARLOTTE HOSP-REF-B  | CUSIP: 160853MR5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   9230000 | PA      | $9230000.00   | 0.18%             | 2038-01-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Putters/Drivers Trust                                        | JPM-PUTTERS-5090      | CUSIP: 46640KT46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12645000 | PA      | $12645000.00  | 0.25%             | 2041-05-15      | Variable      | 2.82%                 | 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        |  22565000 | PA      | $22565000.00  | 0.45%             | 2042-07-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                              | JPM-PUTTERS-XF1408    | CUSIP: 88035D4U6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.03%             | 2044-06-01      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                          | HOUSTON UTIL-REF-B6   | CUSIP: 442435XR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18800000 | PA      | $18800000.00  | 0.37%             | 2034-05-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue     | NYC TRAN FIN-VAR-C5   | CUSIP: 64971QQ63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.08%             | 2041-11-01      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue   | WI HSG & ECON DEV-C   | CUSIP: 97689QHM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9395000 | PA      | $9395000.00   | 0.19%             | 2039-03-01      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** VANGUARD CMT FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer