UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-21478

 

Name of Registrant:Vanguard CMT Funds
Address of Registrant:P.O. Box 2600

Valley Forge, PA 19482

 

Name and address of agent for service: Natalie Lamarque, Esquire

P.O. Box 876

Valley Forge, PA 19482

 

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

 

Date of fiscal year end: August 31

 

Date of reporting period: September 1, 2025—August 31, 2026

 

 

 

 

 

Item 1: Reports to Shareholders.

 

 

 

 

 

TABLE OF CONTENTS

 

Municipal Low Duration Fund
Investor Shares

   

Market Liquidity Fund
Investor Shares

   

 

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Vanguard Municipal Low Duration Fund

Investor Shares  

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Municipal Low Duration Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at  https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$1
0.01%

How did the Fund perform during the reporting period? 

  • For the 12 months ended August 31, 2026, the Fund outperformed its benchmark.

  • Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy and persistent inflation fueled volatility, as did Middle East tensions that disrupted energy supplies and raised oil prices.

  • Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.

  • The broad U.S. investment-grade bond market returned 1.84%, as measured by the Bloomberg U.S. Aggregate Float Adjusted Index.

  • The Fund’s advisor uses a top-down investment management approach to select a variety of high-quality, short-term municipal securities. The Fund benefited from having a shorter duration than its peer-group average.

How did the Fund perform over the past 10 years?

Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. 

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Line graph showing cumulative performance of $10,000 investment from August 31, 2016 through August 31, 2026. By the end of the period, the respective class' and index(es)' ending values are Investor Shares $11,761 Short Municipal Debt Funds Average $11,657 Bloomberg Municipal Bond Index $12,085.
Table Summary
Investor Shares
Short Municipal Debt Funds Average
Bloomberg Municipal Bond Index
2016
$10,000
$10,000
$10,000
2016
$10,015
$9,887
$9,479
2017
$10,032
$9,964
$9,720
2017
$10,052
$10,019
$9,968
2017
$10,072
$10,067
$10,088
2017
$10,094
$10,012
$10,008
2018
$10,123
$10,032
$9,963
2018
$10,160
$10,056
$10,079
2018
$10,193
$10,104
$10,138
2018
$10,233
$10,113
$10,121
2019
$10,272
$10,214
$10,375
2019
$10,315
$10,307
$10,724
2019
$10,354
$10,405
$11,022
2019
$10,387
$10,416
$10,980
2020
$10,417
$10,512
$11,356
2020
$10,448
$10,470
$11,151
2020
$10,452
$10,565
$11,378
2020
$10,454
$10,597
$11,518
2021
$10,456
$10,608
$11,476
2021
$10,457
$10,645
$11,679
2021
$10,458
$10,660
$11,765
2021
$10,459
$10,634
$11,745
2022
$10,461
$10,505
$11,401
2022
$10,471
$10,388
$10,885
2022
$10,499
$10,369
$10,749
2022
$10,545
$10,388
$10,730
2023
$10,618
$10,429
$10,819
2023
$10,699
$10,495
$10,939
2023
$10,791
$10,567
$10,932
2023
$10,888
$10,697
$11,189
2024
$10,974
$10,813
$11,406
2024
$11,070
$10,829
$11,231
2024
$11,160
$11,040
$11,598
2024
$11,251
$11,110
$11,741
2025
$11,318
$11,196
$11,743
2025
$11,404
$11,227
$11,459
2025
$11,476
$11,391
$11,607
2025
$11,555
$11,472
$12,050
2026
$11,616
$11,618
$12,326
2026
$11,690
$11,613
$12,223
2026
$11,761
$11,657
$12,085

Average Annual Total Returns

Table Summary
 
1 Year
5 Years
10 Years
Investor Shares
2.48%
2.38%
1.64%
Short Municipal Debt Funds Average
2.34%
1.80%
1.55%
Bloomberg Municipal Bond Index
4.12%
0.54%
1.91%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)
$5,356
Number of Portfolio Holdings
334
Portfolio Turnover Rate
37%
Total Investment Advisory Fees (in thousands)
$542

Distribution by Effective Maturity % of Net Assets (as of August 31, 2026) 

Table Summary
1 to 7 Days
87.3%
8 to 30 Days
0.4%
31 to 60 Days
0.3%
61 to 90 Days
0.7%
91 to 180 Days
1.6%
Over 180 Days
3.2%
Other Assets and Liabilities—Net
6.5%

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

Where can I find additional information about the Fund?

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

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Connect with Vanguard® • vanguard.com

 

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

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

800-749-7273

 

© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

 

AR1143 

Vanguard Market Liquidity Fund

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Investor Shares  

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Market Liquidity Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at  https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$1
0.005%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)
$115,692
Number of Portfolio Holdings
316
Total Investment Advisory Fees (in thousands)
$5,664

Distribution by Effective Maturity % of Net Assets (as of August 31, 2026) 

Table Summary
1 to 7 Days
54.2%
8 to 30 Days
24.6%
31 to 60 Days
6.2%
61 to 90 Days
6.5%
91 to 180 Days
9.6%
Other Assets and Liabilities—Net
(1.1%)

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

Where can I find additional information about the Fund?

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

Connect with Vanguard® • vanguard.com

 

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

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

800-749-7273

 

© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

 

AR1142 

 

Item 2: Code of Ethics.

 

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

 

Item 3: Audit Committee Financial Expert.

 

The Registrant's Board of Trustees has determined that Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch and John Murphy, each a member of the Registrant's Audit and Risk Committee, are Audit Committee Financial Experts and are independent.

 

Item 4: Principal Accountant Fees and Services.

 

Includes fees billed in connection with services to the Registrant only.

 

   Fiscal Year Ended
August 31, 2026		   Fiscal Year Ended
August 31, 2025		 
(a)   Audit Fees.  $51,000   $50,000 
(b)   Audit-Related Fees.   0    0 
(c)   Tax Fees.   0    0 
(d)   All Other Fees.   0    0 
        Total.  $51,000   $50,000 

 

(e)     (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

 

(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

 

 

 

(f)      For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

  

(g)     Aggregate Non-Audit Fees.

 

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

   Fiscal Year Ended
August 31, 2026		   Fiscal Year Ended
August 31, 2025		 
Non-audit fees to the Registrant only, listed as (b) through (d) above.  $0   $0 
           
Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.          
     Audit-Related Fees.  $6,245,863   $3,710,837 
     Tax Fees.  $1,966,783   $1,775,524 
     All Other Fees.  $0   $50,000 
     Total.  $8,235,950   $5,536,360 

 

(h)     For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

 

Item 5: Audit Committee of Listed Registrants.

 

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, John Murphy, and Barbara Venneman.

  

Item 6: Investments.

 

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

 

 

 

 

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

 

 

 

 
Financial Statements
For the year ended August 31, 2026
Vanguard Municipal Low Duration Fund
 
Contents 
Municipal Low Duration Fund
Financial Statements
Schedule of Investments
As of August 31, 2026
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov. 
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
Tax-Exempt Municipal Bonds (93.5%)
Alabama (0.9%)
1
Alabama Birmingham AL Special Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue
TOB VRDO
2.310%
  9/3/2026
 12,645
12,645
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 30,200
30,200
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
  7,090
7,090
    
 
      
          
       
49,935
Alaska (0.6%)
1,2
Anchorage AK COP TOB VRDO
2.310%
  9/3/2026
 14,095
14,095
1
Anchorage AK GO TOB VRDO
3.300%
  9/1/2026
 15,817
15,817
    
 
      
          
       
29,912
Arizona (0.1%)
1,2,3
Arizona IDA Local or Guaranteed Housing Revenue TOB VRDO
2.310%
  9/3/2026
  3,240
3,240
California (1.5%)
1,4
FHLMC Multifamily Certificates Local or Guaranteed Housing Revenue TOB VRDO
3.100%
  9/1/2026
 38,685
38,685
 
Los Angeles County CA General Fund Revenue TRAN
5.000%
 6/30/2027
  6,300
6,434
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
  8,805
8,805
1,2
Public Finance Authority Local or Guaranteed Housing Revenue TOB VRDO
3.100%
  9/1/2026
 16,125
16,125
1,2,3
San Francisco CA City & County Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO
2.350%
  9/3/2026
 11,470
11,470
1,2
San Francisco CA City & County Public Utilities Commission Power Electric Power & Light Revenue TOB
VRDO
2.530%
  9/3/2026
  1,140
1,140
    
 
      
          
       
82,659
Colorado (0.7%)
1,2
Colorado Health Facilities Authority Revenue TOB VRDO
2.310%
  9/3/2026
  7,640
7,640
1,2
Colorado Housing & Finance Authority Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  2,779
2,779
 
Colorado Springs CO Utilities System Multiple Utility Revenue VRDO
2.380%
  9/3/2026
  6,080
6,080
 
Colorado State Education Loan Program Intergovernmental Agreement Revenue (Education Loan Program)
5.000%
 6/30/2027
 20,000
20,381
 
University of Colorado Hospital Authority Health, Hospital, Nursing Home Revenue VRDO
2.900%
  9/1/2026
  2,300
2,300
    
 
      
          
       
39,180
Connecticut (2.3%)
 
Connecticut GO
5.000%
 9/15/2026
    625
626
 
Connecticut GO
5.000%
 12/1/2026
    865
870
1,2
Connecticut State Health & Educational Facilities Authority College & University Revenue TOB VRDO
3.100%
  9/1/2026
110,700
110,700
2
Connecticut State Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO
2.280%
  9/3/2026
  6,000
6,000
 
Greenwich CT BAN GO
4.000%
  2/4/2027
  1,570
1,578
1,2
New Haven CT GO PUT TOB
2.460%
10/22/2026
  4,750
4,750
    
 
      
          
       
124,524
District of Columbia (0.6%)
1
District of Columbia GO TOB VRDO
2.310%
  9/3/2026
  8,680
8,680
2
District of Columbia Health, Hospital, Nursing Home Revenue VRDO
3.050%
  9/1/2026
  7,740
7,740
1,2
District of Columbia Housing Finance Agency Revenue TOB VRDO
2.400%
  9/3/2026
  9,500
9,500
1
Washington Metropolitan Area Transit Authority Dedicated Appropriations Revenue TOB VRDO
3.080%
  9/1/2026
  6,300
6,300
    
 
      
          
       
32,220
Florida (10.0%)
2
Brevard County Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO
2.250%
  9/2/2026
 13,800
13,800
1,2
Broward County FL School District GO TOB VRDO
2.330%
  9/3/2026
 18,750
18,750
1,2
Capital Trust Authority FL Health Care Facilities Health, Hospital, Nursing Home Revenue TOB VRDO
2.310%
  9/3/2026
 47,450
47,450
1
Florida GO TOB VRDO
2.310%
  9/3/2026
  3,208
3,208
1
Florida GO TOB VRDO
2.310%
  9/3/2026
  2,220
2,220
1,2
Florida Housing Finance Corp. Multifamily Mortgage Trust Local or Guaranteed Housing Revenue TOB VRDO
3.150%
  9/1/2026
 47,405
47,405
 
Highlands County Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO
3.030%
  9/1/2026
 13,765
13,765
 
Highlands County Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO
3.030%
  9/1/2026
 27,300
27,300
2
Hillsborough County IDA Health, Hospital, Nursing Home Revenue VRDO
2.900%
  9/1/2026
  5,325
5,325
 
Hillsborough County IDA Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
 12,160
12,160
 
Hillsborough County IDA Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
  5,800
5,800
1,2
Miami-Dade County FL Miscellaneous Revenue TOB VRDO
2.310%
  9/3/2026
  1,985
1,985
1,2
Miami-Dade County FL Water & Sewer System Water Revenue TOB VRDO
2.310%
  9/3/2026
  1,470
1,470
1,2
Orange County FL Housing Finance Authority Multifamily Local or Guaranteed Housing Revenue TOB VRDO
3.100%
  9/1/2026
  5,870
5,870
1,2
Orange County FL Housing Finance Authority Multifamily Local or Guaranteed Housing Revenue TOB VRDO
3.100%
  9/1/2026
  5,000
5,000
1
Municipal Low Duration Fund
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
1
Orlando FL Capital Improvement Special General Fund Revenue TOB VRDO
2.310%
  9/3/2026
  1,875
1,875
 
Orlando Utilities Commission Multiple Utility Revenue VRDO
2.270%
  9/2/2026
  6,215
6,215
 
Orlando Utilities Commission Water Revenue VRDO
2.900%
  9/1/2026
 51,865
51,865
 
Orlando Utilities Commission Water Revenue VRDO
3.050%
  9/1/2026
 14,250
14,250
1,2
Pasco County FL Housing Finance Authority Local or Guaranteed Housing Revenue TOB VRDO
3.300%
  9/1/2026
 21,815
21,815
1,2
Pasco County FL Housing Finance Authority Local or Guaranteed Housing Revenue TOB VRDO
2.680%
  9/3/2026
 13,845
13,845
1
Peace River Manasota Regional Water Supply Authority Water Revenue TOB VRDO
3.080%
  9/1/2026
 15,000
15,000
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 33,285
33,285
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 19,300
19,300
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 12,155
12,155
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
  8,750
8,750
1,2
Riviera Beach FL GO TOB VRDO
2.310%
  9/3/2026
  2,000
2,000
1,2
Sarasota County Public Hospital District Health, Hospital, Nursing Home Revenue TOB VRDO
2.310%
  9/3/2026
 15,830
15,830
1,2
St. Lucie County FL Miscellaneous Revenue TOB VRDO
2.310%
  9/3/2026
  1,520
1,520
1
Tampa FL Water & Wastewater System Water Revenue TOB VRDO
2.310%
  9/3/2026
  5,000
5,000
1,2
Tender Option Bond Trust Receipts/Certificates Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  3,720
3,720
1,2
University of Florida Department of Housing & Residence Education Housing System Local or Guaranteed
Housing Revenue TOB VRDO
2.310%
  9/3/2026
  2,465
2,465
1,2
Volusia County FL Health, Hospital, Nursing Home Revenue TOB VRDO
3.100%
  9/1/2026
 98,254
98,254
    
 
      
          
       
538,652
Georgia (0.7%)
 
Fulton County GA General Fund Revenue TAN
5.000%
12/30/2026
 25,000
25,197
 
Georgia GO
5.000%
 12/1/2026
    250
252
 
Georgia GO
4.000%
  1/1/2027
     60
60
 
Georgia GO
5.000%
  1/1/2027
    135
136
 
Georgia GO
5.000%
  2/1/2027
      5
5
1
Georgia GO TOB VRDO
2.300%
  9/3/2026
  9,375
9,375
1
Georgia Housing & Finance Authority Local or Guaranteed Housing Revenue TOB VRDO
2.310%
  9/3/2026
  4,445
4,445
    
 
      
          
       
39,470
Hawaii (0.2%)
2
Hawaii Housing Finance & Development Corp. Local or Guaranteed Housing Revenue VRDO
2.310%
  9/3/2026
  9,250
9,250
Idaho (0.6%)
 
Idaho GO
4.000%
 6/30/2027
 25,000
25,272
2
Idaho Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO (St. Luke's Health System
Project)
2.900%
  9/1/2026
  8,800
8,800
    
 
      
          
       
34,072
Illinois (5.1%)
1,2
Chicago IL GO TOB VRDO
2.340%
  9/3/2026
 45,000
45,000
1,2
Cook County IL Sales Tax Revenue TOB VRDO
2.310%
  9/3/2026
    875
875
2
Illinois Finance Authority College & University Revenue VRDO
2.900%
  9/1/2026
  7,710
7,710
1,2
Illinois Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.310%
  9/3/2026
  7,155
7,155
2
Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO
2.950%
  9/1/2026
 43,850
43,850
 
Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
 53,135
53,135
2
Illinois Finance Authority Recreational Revenue VRDO
2.280%
  9/3/2026
 31,110
31,110
 
Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO
2.250%
  9/2/2026
 21,260
21,260
1
Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP
2.330%
  9/3/2026
 35,300
35,300
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
3.100%
  9/1/2026
 29,975
29,975
    
 
      
          
       
275,370
Indiana (0.8%)
1
Indiana Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.310%
  9/3/2026
 17,025
17,025
1,2
Indiana Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.310%
  9/3/2026
  8,895
8,895
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 16,350
16,350
    
 
      
          
       
42,270
Kentucky (1.2%)
1,2
Public Finance Authority Miscellaneous Revenue TOB VRDO
3.100%
  9/1/2026
 63,650
63,650
Louisiana (4.3%)
 
East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO
3.000%
  9/1/2026
103,905
103,905
 
East Baton Rouge Parish Industrial Development Board Inc. Industrial Revenue (ExxonMobil Project) VRDO
3.000%
  9/1/2026
 39,345
39,345
2
Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue VRDO
2.900%
  9/1/2026
 53,380
53,380
2
Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue VRDO
2.900%
  9/1/2026
  2,900
2,900
2
Louisiana Gasoline & Fuels Tax Fuel Sales Tax Revenue VRDO
2.900%
  9/1/2026
 30,015
30,015
    
 
      
          
       
229,545
Maryland (0.9%)
1,5
Maryland Department of Housing & Community Development Local or Guaranteed Housing Revenue TOB
VRDO
2.310%
  9/3/2026
  2,125
2,125
 
Maryland Department of Transportation Fuel Sales Tax Revenue
5.000%
 11/1/2026
 20,335
20,417
2
Municipal Low Duration Fund
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
1
Maryland GO TOB VRDO
2.310%
  9/3/2026
  7,250
7,250
 
Maryland Health & Higher Educational Facilities Authority College & University Revenue VRDO
2.300%
  9/3/2026
  3,400
3,400
2,5
Montgomery County Housing Opportunities Commission Local or Guaranteed Housing Revenue VRDO
2.900%
  9/1/2026
 14,415
14,415
1
Prince George's County MD GO TOB VRDO
2.310%
  9/3/2026
  3,500
3,500
    
 
      
          
       
51,107
Massachusetts (4.5%)
1
Massachusetts Bay Transportation Authority Sales Tax Revenue TOB VRDO
2.310%
  9/3/2026
  2,750
2,750
1,2
Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue TOB VRDO
2.290%
  9/3/2026
  2,375
2,375
1,2
Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue TOB VRDO
2.580%
  9/3/2026
    630
630
2
Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue VRDO
2.900%
  9/1/2026
  2,250
2,250
 
Massachusetts School Building Authority Sales Tax Revenue
5.000%
 2/15/2027
     25
25
 
Massachusetts Water Resources Authority Water Revenue VRDO
2.950%
  9/1/2026
  7,550
7,550
1
Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP
2.350%
  9/3/2026
 92,500
92,500
1
Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP
2.350%
  9/3/2026
  3,000
3,000
1,2
Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP
2.340%
  9/3/2026
 23,000
23,000
1
Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP
2.350%
  9/3/2026
 67,200
67,200
1
Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP
2.360%
  9/3/2026
 13,000
13,000
1
Nuveen AMT-Free Quality Municipal Income Fund VRDO VRDP
2.370%
  9/3/2026
 26,100
26,100
    
 
      
          
       
240,380
Michigan (3.8%)
1
Detroit MI Regional Convention Facility Authority Special Tax Revenue TOB VRDO
2.330%
  9/3/2026
 32,075
32,075
1,2,3
Eastern Michigan University College & University Revenue TOB VRDO
3.080%
  9/1/2026
 46,790
46,790
2
Eastern Michigan University College & University Revenue VRDO
3.050%
  9/1/2026
 48,665
48,665
 
Michigan Finance Authority Miscellaneous Revenue
5.000%
 7/20/2027
  6,155
6,275
1,2
Michigan State Hospital Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.310%
  9/3/2026
  1,855
1,855
1
Michigan State Housing Development Authority Local or Guaranteed Housing Revenue TOB VRDO
3.080%
  9/1/2026
 22,890
22,890
1
Michigan State Housing Development Authority Local or Guaranteed Housing Revenue TOB VRDO
3.080%
  9/1/2026
 19,500
19,500
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 25,630
25,630
1,2,6
Southfield Public Schools GO TOB VRDO
2.310%
  9/3/2026
  1,375
1,375
    
 
      
          
       
205,055
Minnesota (0.7%)
1,2
Bloomington Minnesota Multifamily Local or Guaranteed Housing Revenue TOB VRDO
3.100%
  9/1/2026
 12,000
12,000
 
Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue VRDO
2.300%
  9/3/2026
 15,510
15,510
 
Rochester MN Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
  8,800
8,800
    
 
      
          
       
36,310
Mississippi (3.4%)
 
Mississippi Business Finance Corp. Industrial Revenue (Chevron USA Inc. Project) VRDO
3.000%
  9/1/2026
 60,310
60,310
 
Mississippi Business Finance Corp. Industrial Revenue VRDO
3.000%
  9/1/2026
 12,100
12,100
 
Mississippi Business Finance Corp. Industrial Revenue VRDO
3.000%
  9/1/2026
 12,175
12,175
 
Mississippi Business Finance Corp. Industrial Revenue VRDO
3.000%
  9/1/2026
 17,100
17,100
 
Mississippi Business Finance Corp. Industrial Revenue VRDO
3.000%
  9/1/2026
 54,025
54,025
 
Mississippi Business Finance Corp. Industrial Revenue VRDO
3.000%
  9/1/2026
 25,160
25,160
    
 
      
          
       
180,870
Missouri (1.3%)
2
Kansas City MO Special Obligation Revenue VRDO
2.370%
  9/2/2026
  2,390
2,390
2
Missouri Health & Educational Facilities Authority College & University Revenue VRDO
3.000%
  9/1/2026
 19,045
19,045
 
Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
  7,750
7,750
 
Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
 30,550
30,550
 
Missouri Highway & Transportation Commission Appropriations Revenue
5.000%
  5/1/2027
  8,785
8,928
    
 
      
          
       
68,663
Montana (0.4%)
 
Montana Facility Finance Authority Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
 21,000
21,000
Multiple States (0.1%)
1,4
FHLMC Multifamily VRD Certificates Local or Guaranteed Housing Revenue TOB VRDO
2.300%
  9/3/2026
  7,900
7,900
Nebraska (0.5%)
1,2
Nebraska Public Power District Electric Power & Light Revenue TOB VRDO
2.580%
  9/3/2026
  1,315
1,315
1,7,8
Nebraska Public Power Generation Agency Revenue TOB VRDO
2.300%
  9/3/2026
 17,575
17,575
1
Omaha Public Power District Electric Power & Light Revenue TOB VRDO
2.310%
  9/3/2026
  6,700
6,700
    
 
      
          
       
25,590
Nevada (1.3%)
2
Clark County NV Economic Development Revenue (Opportunity Village Foundation Project) VRDO
2.330%
  9/3/2026
 10,000
10,000
1
Nevada Housing Division Local or Guaranteed Housing Revenue TOB VRDO
2.380%
  9/3/2026
 58,100
58,100
    
 
      
          
       
68,100
New Hampshire (0.3%)
1,2
New Hampshire Business Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.320%
  9/3/2026
 15,535
15,535
3
Municipal Low Duration Fund
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
New Jersey (1.3%)
 
Bergen County Improvement Authority Lease (Non-Terminable) Revenue (County Facility Project)
4.000%
 8/12/2027
  9,000
9,112
 
Burlington County Bridge Commission Lease (Non-Terminable) Revenue
4.000%
 4/28/2027
 11,760
11,857
 
Burlington County Bridge Commission Lease (Non-Terminable) Revenue (Government Leasing Program)
4.000%
 12/9/2026
 10,000
10,034
 
Cranbury Township NJ GO BAN
4.000%
 8/26/2027
 13,205
13,371
 
Monmouth County Improvement Authority Intergovernmental Agreement Revenue
4.000%
 3/12/2027
 10,665
10,736
 
Upper Arlington OH Nontax Miscellaneous Revenue
4.000%
 6/28/2027
  6,855
6,925
9
West Milford Township NJ GO BAN
4.000%
 9/10/2027
  5,794
5,859
    
 
      
          
       
67,894
New Mexico (0.1%)
1,2
New Mexico Mortgage Finance Authority Local or Guaranteed Housing Revenue TOB VRDO
2.680%
  9/3/2026
  4,973
4,973
New York (16.7%)
1,2
Delaware County Capital Resource Corp. Health, Hospital, Nursing Home Revenue TOB VRDO
2.330%
  9/3/2026
 11,810
11,810
 
Manhasset Union Free School District GO
4.000%
 6/24/2027
  6,000
6,065
2
Metropolitan Transportation Authority Transit Revenue VRDO
3.000%
  9/1/2026
  1,555
1,555
2
Metropolitan Transportation Authority Transit Revenue VRDO
3.000%
  9/1/2026
  7,570
7,570
2
Metropolitan Transportation Authority Transit Revenue VRDO
3.050%
  9/1/2026
 23,255
23,255
 
New York City Housing Development Corp. Local or Guaranteed Housing Revenue PUT
2.700%
 12/1/2026
    850
849
1
New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO
2.310%
  9/3/2026
  8,355
8,355
1
New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO
2.310%
  9/3/2026
  4,250
4,250
1,5
New York City Housing Development Corp. Local or Guaranteed Housing Revenue TOB VRDO
2.310%
  9/3/2026
  4,790
4,790
 
New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO
2.260%
  9/3/2026
  4,850
4,850
 
New York City Municipal Water Finance Authority Sewer Revenue VRDO
2.900%
  9/1/2026
  2,200
2,200
 
New York City Municipal Water Finance Authority Sewer Revenue VRDO
2.900%
  9/1/2026
 10,030
10,030
 
New York City Municipal Water Finance Authority Water Revenue VRDO
2.900%
  9/1/2026
 89,580
89,580
 
New York City Municipal Water Finance Authority Water Revenue VRDO
2.900%
  9/1/2026
 13,130
13,130
 
New York City Municipal Water Finance Authority Water Revenue VRDO
3.050%
  9/1/2026
 24,825
24,825
 
New York City Municipal Water Finance Authority Water Revenue VRDO
3.050%
  9/1/2026
 24,880
24,880
1,2
New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO
2.310%
  9/3/2026
  2,535
2,535
 
New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO
2.900%
  9/1/2026
 24,610
24,610
 
New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO
2.900%
  9/1/2026
 35,650
35,650
 
New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO
2.900%
  9/1/2026
 72,405
72,405
 
New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO
3.050%
  9/1/2026
 25,440
25,440
2
New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO
2.260%
  9/3/2026
 16,890
16,890
1
New York City Transitional Finance Authority Future Tax Secured Sales Tax Revenue TOB VRDO
2.310%
  9/3/2026
  4,535
4,535
1,2
New York Convention Center Development Corp. Hotel Occupancy Tax Revenue TOB VRDO
2.330%
  9/3/2026
  4,000
4,000
1,2
New York NY GO TOB VRDO
3.100%
  9/1/2026
 20,500
20,500
1,2
New York NY GO TOB VRDO
2.310%
  9/3/2026
 22,000
22,000
 
New York NY GO VRDO
2.900%
  9/1/2026
  5,560
5,560
 
New York NY GO VRDO
2.900%
  9/1/2026
 97,760
97,760
 
New York NY GO VRDO
3.050%
  9/1/2026
  7,400
7,400
1
New York State Dormitory Authority College & University Revenue TOB VRDO
2.310%
  9/3/2026
  6,500
6,500
1,2
New York State Dormitory Authority Income Tax Revenue TOB VRDO
2.310%
  9/3/2026
  1,140
1,140
1
New York State Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO
2.310%
  9/3/2026
  3,365
3,365
1
New York State Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO
2.310%
  9/3/2026
  2,145
2,145
1,2,3
New York State Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO
2.380%
  9/3/2026
 15,865
15,865
 
New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO
3.000%
  9/1/2026
 26,670
26,670
 
New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO
3.050%
  9/1/2026
 48,305
48,305
2
New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO
3.300%
  9/1/2026
 57,000
57,000
2
New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO
2.260%
  9/2/2026
  7,900
7,900
2
New York State Housing Finance Agency Local or Guaranteed Housing Revenue VRDO
2.300%
  9/2/2026
  1,825
1,825
1
New York State Thruway Authority Income Tax Revenue TOB VRDO
3.200%
  9/1/2026
  2,351
2,351
 
North Colonie Central School District BAN GO
3.750%
 6/25/2027
 10,000
10,073
 
North Hempstead NY BAN GO
3.750%
 9/18/2026
 15,285
15,293
1
Nuveen New York AMT-Free Quality Municipal Income Fund VRDO VRDP
2.330%
  9/3/2026
 16,700
16,700
1
Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO
3.050%
  9/1/2026
  8,375
8,375
1,2
Triborough Bridge & Tunnel Authority Highway Revenue TOB VRDO
2.310%
  9/3/2026
  1,035
1,035
2
Triborough Bridge & Tunnel Authority Highway Revenue VRDO
2.900%
  9/1/2026
 30,075
30,075
2
Triborough Bridge & Tunnel Authority Highway Revenue VRDO
2.900%
  9/1/2026
 59,100
59,100
2
Triborough Bridge & Tunnel Authority Highway Revenue VRDO
2.900%
  9/1/2026
  4,140
4,140
2
Triborough Bridge & Tunnel Authority Transit Revenue VRDO
2.900%
  9/1/2026
  1,100
1,100
    
 
      
          
       
896,236
North Carolina (3.0%)
1
Charlotte NC Water & Sewer System Water Revenue TOB VRDO
2.360%
  9/3/2026
  3,750
3,750
1,2
Holly Spring North Carolina Enterprises System Water Revenue TOB VRDO
2.310%
  9/3/2026
  1,055
1,055
 
North Carolina Housing Finance Agency Local or Guaranteed Housing Revenue VRDO
3.000%
  9/1/2026
 45,800
45,800
 
North Carolina Medical Care Commission Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
 49,390
49,390
4
Municipal Low Duration Fund
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 14,950
14,950
1,2
University of North Carolina Health Care System Health Care Facility Revenue TOB VRDO
2.310%
  9/3/2026
 41,850
41,850
 
Wake County NC GO
5.000%
  5/1/2027
  3,645
3,706
    
 
      
          
       
160,501
Ohio (2.6%)
2
Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue VRDO
2.250%
  9/2/2026
  1,350
1,350
1,2
Columbus Franklin County Ohio Finance Authority Multifamily Housing Local or Guaranteed Housing Revenue
TOB VRDO
3.100%
  9/1/2026
 36,775
36,775
1,2
Columbus-Franklin County OH Finance Authority Local or Guaranteed Housing Revenue TOB VRDO
2.310%
  9/3/2026
 10,630
10,630
1,2
Cuyahoga County OH GO TOB VRDO
2.310%
  9/3/2026
  2,760
2,760
1,2
Cuyahoga OH GO TOB VRDO
2.310%
  9/3/2026
  1,265
1,265
2
Montgomery County OH Health, Hospital, Nursing Home Revenue VRDO
3.050%
  9/1/2026
 14,665
14,665
 
Ohio (Conservation Projects) GO
5.000%
  9/1/2026
  1,660
1,660
 
Ohio GO
5.000%
 11/1/2026
 13,310
13,364
 
Ohio GO
5.000%
 11/1/2026
    750
753
 
Ohio GO
5.000%
 11/1/2026
  2,925
2,937
2
Ohio Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
  2,100
2,100
1,2
Ohio Housing Finance Agency Electric Power & Light Revenue TOB VRDO
2.330%
  9/3/2026
  3,750
3,750
1,2
Ohio Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  3,110
3,110
 
Ohio Miscellaneous Revenue
5.000%
12/15/2026
  8,380
8,439
 
Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue
5.000%
  6/1/2027
    595
606
 
Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue VRDO
2.900%
  9/1/2026
 20,875
20,875
1,2
Public Finance Authority Revenue TOB VRDO
2.340%
  9/3/2026
 12,475
12,475
    
 
      
          
       
137,514
Oklahoma (0.8%)
1
Oklahoma Capitol Improvement Authority Lease (Appropriation) Revenue TOB VRDO
2.310%
  9/3/2026
  3,165
3,165
1
Oklahoma Turnpike Authority Highway Revenue TOB VRDO
3.100%
  9/1/2026
  1,100
1,100
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
3.100%
  9/1/2026
 40,360
40,360
    
 
      
          
       
44,625
Oregon (0.6%)
1
Deschutes County Administrative School District No. 1 Bend-La Pine GO TOB VRDO
2.310%
  9/3/2026
  4,260
4,260
1
Multnomah County School District No. 1J Portland GO TOB VRDO
2.310%
  9/3/2026
  1,750
1,750
 
Oregon (Article XI-Q State Project) GO
5.000%
  5/1/2027
  1,025
1,042
1,2
Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue TOB VRDO
3.300%
  9/1/2026
  9,195
9,195
1,2
Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  3,049
3,049
2
Oregon Housing & Community Services Department Local or Guaranteed Housing Revenue VRDO
2.370%
  9/3/2026
  4,050
4,050
2
Oregon State Facilities Authority Health, Hospital, Nursing Home Revenue VRDO
2.900%
  9/1/2026
  8,450
8,450
 
Portland OR (Transportation Projects) GO
5.000%
 10/1/2026
  1,000
1,002
    
 
      
          
       
32,798
Pennsylvania (4.4%)
 
Allegheny County Higher Education Building Authority College & University Revenue VRDO
2.950%
  9/1/2026
 72,105
72,105
 
Commonwealth of Pennsylvania GO
5.000%
 9/15/2026
  3,105
3,108
2
Dauphin County General Authority Health, Hospital, Nursing Home Revenue VRDO (Pinnacle Health System
Project)
2.280%
  9/3/2026
 13,135
13,135
2
Delaware Valley Regional Finance Authority Intergovernmental Agreement Revenue VRDO
2.250%
  9/2/2026
  4,525
4,525
1,2
Lehigh County General Purpose Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.310%
  9/3/2026
 14,385
14,385
1
Pennsylvania Economic Development Financing Authority College & University Revenue TOB VRDO
2.310%
  9/3/2026
  4,950
4,950
2
Pennsylvania Economic Development Financing Authority Private Schools Revenue (Montessori Academy Inc.
Project-C2) VRDO
2.380%
  9/3/2026
    500
500
1
Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO
3.080%
  9/1/2026
 11,450
11,450
1
Pennsylvania Higher Educational Facilities Authority College & University Revenue TOB VRDO
3.080%
  9/1/2026
  3,750
3,750
1,2
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.310%
  9/3/2026
 28,000
28,000
2
Pennsylvania Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO
3.030%
  9/1/2026
 17,660
17,660
1
Pennsylvania Turnpike Commission Oil Franchise Tax & Business License Fees Revenue TOB VRDO
2.310%
  9/3/2026
  1,700
1,700
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 13,635
13,635
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 18,160
18,160
1,2
Public Finance Authority Revenue TOB VRDO
2.340%
  9/3/2026
 26,790
26,790
    
 
      
          
       
233,853
Rhode Island (0.1%)
1,10
Rhode Island Housing & Mortgage Finance Corp. Local or Guaranteed Housing Revenue TOB
3.100%
  4/1/2031
  6,215
6,215
South Carolina (0.2%)
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 10,250
10,250
Tennessee (1.0%)
 
Blount County Tennessee Public Building Authority Intergovernmental Agreement Revenue VRDO
2.950%
  9/1/2026
  3,875
3,875
 
Nashville & Davidson County TN Metropolitan Government GO
5.000%
  1/1/2027
  6,715
6,768
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 18,125
18,125
5
Municipal Low Duration Fund
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Sevier County TN Public Building Authority Intergovernmental Agreement Revenue VRDO
2.950%
  9/1/2026
 13,000
13,000
1,2
Shelby County Health Educational & Housing Facilities Board Revenue TOB VRDO
2.330%
  9/3/2026
 14,700
14,700
    
 
      
          
       
56,468
Texas (10.4%)
1,2
Austin TX Housing Finance Corp. Multifamily Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  3,315
3,315
1,2
Austin TX Special Tax Hotel Occupancy Tax Revenue TOB VRDO
2.310%
  9/3/2026
  2,615
2,615
1,2
Austin TX Water & Wastewater System Water Revenue TOB VRDO
2.310%
  9/3/2026
  2,930
2,930
 
Board of Regents of the University of Texas System College & University Revenue VRDO
2.250%
  9/3/2026
 43,500
43,500
1,11
Conroe Independent School District GO TOB VRDO
2.310%
  9/3/2026
  2,850
2,850
1,11
Cypress-Fairbanks Independent School District GO TOB VRDO
2.310%
  9/3/2026
  4,610
4,610
1,11
Dallas Independent School District GO TOB VRDO
2.310%
  9/3/2026
  3,500
3,500
1,2
Dallas TX Housing Finance Corp. Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  2,135
2,135
9
Fort Worth TX GO
5.000%
  3/1/2027
  9,235
9,330
1,11
Frisco Independent School District GO TOB VRDO
2.310%
  9/3/2026
  2,475
2,475
1,2
Georgetown TX Utility System Electric Power & Light Revenue TOB VRDO
2.310%
  9/3/2026
  2,135
2,135
1,2,3
Greenville TX Electric System Electric Power & Light Revenue TOB VRDO
2.310%
  9/3/2026
  2,200
2,200
 
Gulf Coast IDA Industrial Revenue (Exxon Mobil Project) VRDO
3.000%
  9/1/2026
 51,380
51,380
 
Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO
3.050%
  9/1/2026
 50,000
50,000
 
Harris County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO
3.050%
  9/1/2026
 28,410
28,410
1,2
Harris County Hospital District GO TOB VRDO
2.310%
  9/3/2026
  1,275
1,275
1,2
Harris County TX Housing Authority Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  2,770
2,770
1,2
Harris County TX Housing Finance Corp. Multifamily Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  4,653
4,653
11
Houston Independent School District GO
5.000%
 2/15/2027
 13,720
13,873
2
Houston TX Combined Utility System Water Revenue VRDO
2.290%
  9/3/2026
 43,000
43,000
2
Houston TX Combined Utility System Water Revenue VRDO
2.290%
  9/3/2026
 19,175
19,175
 
Houston TX GO
5.000%
  3/1/2027
  1,910
1,933
1,2,11
Lamar Consolidated Independent School District GO TOB VRDO
2.310%
  9/3/2026
  1,780
1,780
1,2
Lower Colorado River Authority Intergovernmental Agreement Revenue TOB VRDO
2.310%
  9/3/2026
  1,265
1,265
11
McKinney Independent School District GO
5.000%
 2/15/2027
  7,500
7,580
1,2,11
Princeton Independent School District GO TOB VRDO
2.310%
  9/3/2026
  1,840
1,840
 
Red River Education Finance Corp. College & University Revenue (Texas Christian University Project) VRDO
2.450%
  9/2/2026
 17,450
17,450
11
Richardson Independent School District GO
5.000%
 2/15/2027
  1,315
1,330
9
San Antonio TX GO
5.000%
  2/1/2027
  1,870
1,887
2
Tarrant County Cultural Education Facilities Finance Corp. Health, Hospital, Nursing Home Revenue VRDO
3.000%
  9/1/2026
 16,300
16,300
1,2,11
Taylor TX Independent School District GO TOB VRDO
2.310%
  9/3/2026
  1,190
1,190
 
Texas GO
5.000%
 10/1/2026
  4,020
4,028
 
Texas GO VRDO
2.270%
  9/2/2026
 10,350
10,350
 
Texas GO VRDO
2.350%
  9/2/2026
 19,845
19,845
 
Texas GO VRDO
2.350%
  9/2/2026
 14,085
14,085
2
Texas GO VRDO
2.350%
  9/2/2026
 24,945
24,945
 
Texas GO VRDO
2.420%
  9/2/2026
 38,765
38,765
 
Texas GO VRDO
2.420%
  9/2/2026
  7,385
7,385
 
Texas GO VRDO
2.420%
  9/2/2026
 13,235
13,235
 
Texas GO VRDO
2.450%
  9/2/2026
  1,000
1,000
 
Texas GO VRDO
2.450%
  9/2/2026
 58,820
58,820
 
Texas State University System College & University Revenue
5.000%
 3/15/2027
  3,010
3,047
 
Texas Transportation Commission GO
5.000%
  4/1/2027
  2,775
2,816
1,2
Travis County TX Strategic Housing Finance Corp. Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  8,343
8,343
    
 
      
          
       
555,350
Utah (0.2%)
 
Utah County UT Health, Hospital, Nursing Home Revenue VRDO
2.450%
  9/2/2026
  1,040
1,040
1,2
Utah Housing Corp. Multifamily Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  1,237
1,237
1,2
Utah Housing Corp. Multifamily Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  6,270
6,270
    
 
      
          
       
8,547
Vermont (0.1%)
2
Vermont Educational & Health Buildings Financing Agency Health, Hospital, Nursing Home Revenue VRDO
2.370%
  9/2/2026
  3,100
3,100
Virginia (0.9%)
 
Fairfax County VA GO
4.000%
 10/1/2026
  3,500
3,504
 
Loudoun County VA GO
5.000%
 12/1/2026
  6,160
6,197
1,2
Public Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.340%
  9/3/2026
 16,650
16,650
 
Richmond VA Public Utility Natural Gas Revenue
5.000%
 1/15/2027
  2,750
2,776
1
Richmond VA Public Utility Natural Gas Revenue TOB VRDO
2.360%
  9/3/2026
  1,230
1,230
2
Roanoke Economic Development Authority Health, Hospital, Nursing Home Revenue VRDO
2.280%
  9/3/2026
  9,865
9,865
2
Virginia Commonwealth University Health System Authority Health, Hospital, Nursing Home Revenue VRDO
2.900%
  9/1/2026
  4,900
4,900
2
Virginia Small Business Financing Authority Health, Hospital, Nursing Home Revenue VRDO
2.900%
  9/1/2026
  1,540
1,540
    
 
      
          
       
46,662
6
Municipal Low Duration Fund
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
Washington (3.1%)
1,2
King County Public Hospital District No. 2 GO TOB VRDO
2.310%
  9/3/2026
  2,940
2,940
1,2
King County Public Hospital District No. 2 GO TOB VRDO
2.310%
  9/3/2026
  2,680
2,680
 
King County WA Sewer Revenue VRDO
3.000%
  9/1/2026
 65,950
65,950
1,2
Washington State Health Care Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO
2.310%
  9/3/2026
 19,000
19,000
1,2
Washington State Housing Finance Commission Local or Guaranteed Housing Revenue (Parklane
Apartments Project) TOB VRDO
2.330%
  9/3/2026
  2,869
2,869
1,2
Washington State Housing Finance Commission Local or Guaranteed Housing Revenue TOB VRDO
2.330%
  9/3/2026
  2,214
2,214
 
Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO
2.300%
  9/3/2026
 15,100
15,100
2
Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO
2.310%
  9/3/2026
 14,820
14,820
2
Washington State Housing Finance Commission Local or Guaranteed Housing Revenue VRDO
2.310%
  9/3/2026
  6,200
6,200
1,2
Washington State Housing Finance Commission Multifamily Local or Guaranteed Housing Revenue TOB
VRDO
2.330%
  9/3/2026
  9,973
9,973
1,2
Washington State Housing Finance Commission Multifamily Local or Guaranteed Housing Revenue TOB
VRDO
2.330%
  9/3/2026
  2,892
2,892
1,2
Washington State Housing Finance Commission Multifamily Local or Guaranteed Housing Revenue TOB
VRDO
2.330%
  9/3/2026
  3,325
3,325
1,2
Washington State Housing Finance Commission Multifamily Local or Guaranteed Housing Revenue TOB
VRDO
2.330%
  9/3/2026
  3,904
3,904
1,2
Washington State Housing Finance Commission Multifamily Local or Guaranteed Housing Revenue TOB
VRDO
2.330%
  9/3/2026
  2,734
2,734
1,2
Washington State Housing Finance Commission Multifamily Local or Guaranteed Housing Revenue TOB
VRDO
2.330%
  9/3/2026
  2,673
2,673
1,2
Washington State Housing Finance Commission Multifamily Local or Guaranteed Housing Revenue TOB
VRDO
2.380%
  9/3/2026
  7,728
7,728
    
 
      
          
       
165,002
Wisconsin (0.8%)
1
Public Finance Authority Local or Guaranteed Housing Revenue (Clipper Cove Apartments Projects) TOB
VRDO
2.310%
  9/3/2026
  4,250
4,250
1,2
Public Finance Authority WI Local or Guaranteed Housing Revenue TOB VRDO
3.150%
  9/1/2026
 14,215
14,215
 
Wisconsin GO
5.000%
 11/1/2026
  2,365
2,374
 
Wisconsin GO
5.000%
  5/1/2027
  1,470
1,495
 
Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing
Revenue VRDO
2.300%
  9/3/2026
  9,395
9,395
 
Wisconsin Housing & Economic Development Authority Home Ownership Local or Guaranteed Housing
Revenue VRDO
2.300%
  9/3/2026
  1,765
1,765
 
Wisconsin Housing & Economic Development Authority Local or Guaranteed Housing Revenue VRDO
2.300%
  9/3/2026
  7,395
7,395
    
 
      
          
       
40,889
Wyoming (0.4%)
 
Lincoln County WY Resource Recovery Revenue VRDO
3.000%
  9/1/2026
  7,400
7,400
1
Wyoming Community Development Authority Local or Guaranteed Housing Revenue TOB VRDO
2.310%
  9/3/2026
  6,400
6,400
7
Municipal Low Duration Fund
 
 
Coupon
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Wyoming Community Development Authority Local or Guaranteed Housing Revenue VRDO
2.300%
  9/3/2026
  9,000
9,000
    
 
      
          
       
22,800
Total Tax-Exempt Municipal Bonds (Cost $5,008,156)
5,008,136
Total Investments (93.5%) (Cost $5,008,156)
5,008,136
Other Assets and Liabilities—Net (6.5%)
347,589
Net Assets (100%)
5,355,725
Cost is in $000.
 
•
See Note A in Notes to Financial Statements.
1
Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2026, the
aggregate value was $2,126,196, representing 39.7% of net assets.
2
Scheduled principal and interest payments are guaranteed by bank letter of credit.
3
Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
4
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.
5
Scheduled principal and interest payments are guaranteed by Federal Housing Authority.
6
Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund.
7
Scheduled principal and interest payments are guaranteed by Assured Guaranty Inc.
8
Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp.
9
Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of August 31, 2026.
10
Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market
conditions.
11
Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund.
 
BAN—Bond Anticipation Note.
 
COP—Certificate of Participation.
 
GO—General Obligation Bond.
 
IDA—Industrial Development Authority Bond.
 
PUT—Put Option Obligation.
 
TAN—Tax Anticipation Note.
 
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
$553,710,000
JPMorgan Chase Bank NA
441,659,000
Royal Bank of Canada
195,620,000
Toronto-Dominion Bank NA
171,315,000
Barclays Bank plc
140,840,000
PNC Bank NA
136,785,000
Sumitomo Mitsui Banking Corp.
133,450,000
Citibank NA
115,694,000
US Bank NA
97,625,000
Landesbank Hessen-Thueringen
57,000,000
Other
133,323,000
Total
2,177,021,000
 
See accompanying Notes, which are an integral part of the Financial Statements.
8
Municipal Low Duration Fund
Statement of Assets and Liabilities
As of August 31, 2026
 
 
($000s, except shares and per-share amounts)
Amount
Assets
Investments in Securities, at Value—Unaffiliated Issuers (Cost $5,008,156)
5,008,136
Receivables for Investment Securities Sold
407,829
Receivables for Accrued Income
18,096
Total Assets
5,434,061
Liabilities
Due to Custodian
259
Payables for Investment Securities Purchased
78,052
Payables to Vanguard
25
Total Liabilities
78,336
Net Assets
5,355,725
At August 31, 2026, net assets consisted of:
 
Paid-in Capital
5,355,708
Total Distributable Earnings (Loss)
17
Net Assets
5,355,725
 
Net Assets
Applicable to 535,529,330 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
5,355,725
Net Asset Value Per Share
$10.00
 
See accompanying Notes, which are an integral part of the Financial Statements.
9
Municipal Low Duration Fund
Statement of Operations
 
 
 
Year Ended
August 31, 2026
 
($000)
Investment Income
Income
Interest
132,807
Total Income
132,807
Expenses
The Vanguard Group—Note C
Management and Administrative
542
Custodian Fees
85
Total Expenses
627
Expenses Paid Indirectly
(85
)
Net Expenses
542
Net Investment Income
132,265
Realized Net Gain (Loss) on Investment Securities Sold
60
Change in Unrealized Appreciation (Depreciation) of Investment Securities
(207
)
Net Increase (Decrease) in Net Assets Resulting from Operations
132,118
 
See accompanying Notes, which are an integral part of the Financial Statements.
10
Municipal Low Duration Fund
Statement of Changes in Net Assets
 
 
 
Year Ended August 31,
 
2026
($000)
2025
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income
132,265
104,004
Realized Net Gain (Loss)
60
(48
)
Change in Unrealized Appreciation (Depreciation)
(207
)
(107
)
Net Increase (Decrease) in Net Assets Resulting from Operations
132,118
103,849
Distributions
Total Distributions
(132,267
)
(103,992
)
Capital Share Transactions
Issued
22,300,332
20,519,150
Issued in Lieu of Cash Distributions
132,267
103,992
Redeemed
(21,330,986
)
(18,787,128
)
Net Increase (Decrease) from Capital Share Transactions
1,101,613
1,836,014
Total Increase (Decrease)
1,101,464
1,835,871
Net Assets
Beginning of Period
4,254,261
2,418,390
End of Period
5,355,725
4,254,261
 
See accompanying Notes, which are an integral part of the Financial Statements.
11
Municipal Low Duration Fund
Financial Highlights
 
  
For a Share Outstanding
Throughout Each Period
Year Ended August 31,
2026
2025
20241
20231
20221
Net Asset Value, Beginning of Period
$10.00
$10.00
$10.00
$10.00
$10.00
Investment Operations
Net Investment Income
.2442
.2762
.3372
.275
.040
Net Realized and Unrealized Gain (Loss) on Investments
.001
.004
.001
—
(.000)3
Total from Investment Operations
.245
.280
.338
.275
.040
Distributions
Dividends from Net Investment Income
(.245)
(.280)
(.338)
(.275)
(.040)
Distributions from Realized Capital Gains
—
—
(.000)4
—
(.000)4
Total Distributions
(.245)
(.280)
(.338)
(.275)
(.040)
Net Asset Value, End of Period
$10.00
$10.00
$10.00
$10.00
$10.00
Total Return
2.48%
2.83%
3.43%
2.78%
0.39%
Ratios/Supplemental Data
 
 
 
 
 
Net Assets, End of Period (Millions)
$5,356
$4,254
$2,418
$3,340
$4,791
Ratio of Total Expenses to Average Net Assets
0.01%5
0.01%5
0.01%5
0.01%5
0.01%5
Ratio of Net Investment Income to Average Net Assets
2.44%
2.76%
3.37%
2.69%
0.35%
Portfolio Turnover Rate
37%
0%
0%
N/A%6
N/A%6
 
1
Adjusted to reflect a 10-for-1 share split as of the close of business on June 5, 2024.
2
Calculated based on average shares outstanding.
3
Amount was less than $0.001 per share.
4
Distribution was less than $0.001 per share.
5
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.01%.
6
Not applicable. Portfolio Turnover Rate was not required due to formerly money market fund status.
 
See accompanying Notes, which are an integral part of the Financial Statements.
12
Municipal Low Duration Fund
Notes to Financial Statements
Vanguard Municipal Low Duration Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund has been established by Vanguard as a cash management vehicle solely available for investment by the Vanguard funds and certain trusts and accounts managed by Vanguard or its affiliates.
A.
The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund
consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the tax year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B.
Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.
C.
In accordance with the terms of a services agreement, Vanguard provides to the fund investment advisory, administrative and shareholder services
and pays for all other operating expenses (except taxes) for a fee calculated at an annual percentage rate of the average net assets of the fund. The
fund’s trustees and officers are also directors and employees, respectively, of Vanguard. All expenses payable to Vanguard are generally settled twice
a month.
From time to time, Vanguard and/or a fund’s board of trustees may adjust a fund’s fees and expenses and/or reduce, refund, reimburse, waive, or otherwise return to the fund and its shareholders a portion of prior fees and expenses (collectively, “expense adjustments”). The fund is not obligated to repay these amounts, and Vanguard is not obligated to continue or otherwise repeat these voluntary expense adjustments. Expense adjustments are generally calculated at, and returned to, each share class, as applicable.
D.
The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For
the year ended August 31, 2026, custodian fee offset arrangements reduced the fund’s expenses by $85,000 (an annual rate of less than 0.01% of average net assets).
E.
Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial
statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in
those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
13
Municipal Low Duration Fund
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 August 31, 2026, 100% of the market value of the fund’s investments was determined based on Level 2 inputs.
F.
Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial
statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent
differences include, but are not limited to, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary difference include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, the recognition of gain or loss from foreign currency hedges, and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows: 
 
Amount
($000)
Undistributed Tax-Exempt Income
37
Undistributed Ordinary Income
—
Undistributed Long-Term Gains
—
Net Unrealized Gains (Losses)
(20)
Capital Loss Carryforwards
—
Qualified Late-Year Losses
—
Other Temporary Differences
—
Total
17
The tax character of distributions paid was as follows: 
 
Year Ended August 31,
 
2026
Amount
($000)
2025
Amount
($000)
Tax-Exempt Income
132,267
103,992
Ordinary Income*
—
—
Long-Term Capital Gains
—
—
Total
132,267
103,992
 
*
Includes short-term capital gains, if any.
As of August 31, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: 
 
Amount
($000)
Tax Cost
5,008,156
Gross Unrealized Appreciation
65
Gross Unrealized Depreciation
(85)
Net Unrealized Appreciation (Depreciation)
(20)
G.
During the year ended August 31, 2026, the fund purchased $145,034,000 of investment securities and sold $34,535,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2026, such purchases were $545,995,000 and sales were $139,300,000, resulting in net realized gain (loss) of $0.
14
Municipal Low Duration Fund
H.
Capital shares issued and redeemed were:
 
 
Year Ended August 31,
 
2026
Shares
(000)
2025
Shares
(000)
Issued
2,230,033
2,051,915
Issued in Lieu of Cash Distributions
13,227
10,399
Redeemed
(2,133,099)
(1,878,713)
Net Increase (Decrease) in Shares Outstanding
110,161
183,601
I.
Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory
conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse
impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
J.
Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their
operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief
executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer
collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s
daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its
prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment
resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the
information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying
financial statements.
K.
Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would
require recognition or disclosure in these financial statements.
15
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard CMT Funds and Shareholders of Vanguard Municipal Low Duration Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Municipal Low Duration Fund (one of the funds constituting Vanguard CMT Funds, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 21, 2026
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
16
The fund designates 100% of its income dividends as exempt-interest dividends.
Q11430 102026
17
 
Financial Statements
For the year ended August 31, 2026
Vanguard Market Liquidity Fund
 
Contents 
Market Liquidity Fund
Financial Statements
Schedule of Investments
As of August 31, 2026
The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the “Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov. 
 
 
Yield1
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
U.S. Government Agency Debt (32.6%)
2
Fannie Mae Discount Notes
       3.732%
  9/2/2026
  162,000
161,984
2
Fannie Mae Discount Notes
3.722%–3.732%
  9/9/2026
  188,000
187,848
2
Fannie Mae Discount Notes
3.622%–3.707%
 9/30/2026
1,750,000
1,744,816
3
Federal Farm Credit Banks Funding Corp., SOFR + 0.025%
       3.675%
  9/1/2026
    9,000
9,000
3
Federal Farm Credit Banks Funding Corp., SOFR + 0.030%
       3.680%
  9/1/2026
   56,352
56,349
3
Federal Farm Credit Banks Funding Corp., SOFR + 0.030%
       3.680%
  9/1/2026
   28,516
28,515
3
Federal Farm Credit Banks Funding Corp., SOFR + 0.045%
       3.695%
  9/1/2026
    7,000
7,000
3
Federal Farm Credit Banks Funding Corp., SOFR + 0.050%
       3.700%
  9/1/2026
    9,000
9,000
3
Federal Farm Credit Banks Funding Corp., SOFR + 0.140%
       3.790%
  9/1/2026
   40,000
40,002
3
Federal Farm Credit Banks Funding Corp., SOFR + 0.140%
       3.790%
  9/1/2026
   26,000
26,007
3
Federal Farm Credit Banks Funding Corp., SOFR + 0.140%
       3.790%
  9/1/2026
    8,000
8,002
 
Federal Farm Credit Discount Notes
       3.726%
  9/2/2026
   23,922
23,920
 
Federal Farm Credit Discount Notes
       3.734%
 9/10/2026
   49,000
48,955
 
Federal Farm Credit Discount Notes
       3.769%
 9/23/2026
   49,000
48,889
 
Federal Farm Credit Discount Notes
3.714%–3.776%
 9/30/2026
   98,948
98,652
 
Federal Home Loan Banks
       3.743%
  9/2/2026
  235,455
235,452
 
Federal Home Loan Banks
       3.735%
  9/4/2026
  824,880
824,851
 
Federal Home Loan Banks Discount Notes
3.672%–3.689%
  9/2/2026
  360,508
360,472
 
Federal Home Loan Banks Discount Notes
3.650%–3.751%
  9/4/2026
  392,704
392,586
 
Federal Home Loan Banks Discount Notes
3.650%–3.732%
  9/9/2026
  479,190
478,803
 
Federal Home Loan Banks Discount Notes
3.667%–3.741%
 9/11/2026
  420,900
420,474
 
Federal Home Loan Banks Discount Notes
3.694%–3.714%
 9/16/2026
  619,328
618,383
 
Federal Home Loan Banks Discount Notes
3.745%–3.752%
 9/21/2026
  175,000
174,643
 
Federal Home Loan Banks Discount Notes
3.697%–3.737%
 9/23/2026
  597,500
596,160
 
Federal Home Loan Banks Discount Notes
       3.746%
 9/24/2026
   68,000
67,841
 
Federal Home Loan Banks Discount Notes
3.690%–3.763%
 9/25/2026
  660,693
659,076
 
Federal Home Loan Banks Discount Notes
       3.760%
 9/29/2026
   63,000
62,820
 
Federal Home Loan Banks Discount Notes
3.574%–3.767%
 9/30/2026
4,606,905
4,593,259
 
Federal Home Loan Banks Discount Notes
3.742%–3.763%
 10/2/2026
   55,604
55,428
 
Federal Home Loan Banks Discount Notes
3.809%–3.835%
10/16/2026
  154,884
154,169
 
Federal Home Loan Banks Discount Notes
       3.717%
10/19/2026
  187,500
186,576
 
Federal Home Loan Banks Discount Notes
3.697%–3.707%
10/23/2026
  163,060
162,188
 
Federal Home Loan Banks Discount Notes
       3.708%
10/28/2026
  472,122
469,352
 
Federal Home Loan Banks Discount Notes
       3.798%
 11/2/2026
  500,000
496,805
 
Federal Home Loan Banks Discount Notes
3.718%–3.744%
 11/6/2026
   62,552
62,126
 
Federal Home Loan Banks Discount Notes
3.754%–3.760%
11/12/2026
   32,532
32,290
 
Federal Home Loan Banks Discount Notes
3.734%–3.760%
11/13/2026
   36,534
36,258
 
Federal Home Loan Banks Discount Notes
3.743%–3.749%
11/18/2026
  164,369
163,042
 
Federal Home Loan Banks Discount Notes
3.869%–3.898%
11/20/2026
  269,035
266,806
 
Federal Home Loan Banks Discount Notes
3.796%–3.900%
11/25/2026
  405,850
402,272
 
Federal Home Loan Banks Discount Notes
       3.742%
11/27/2026
  186,877
185,190
 
Federal Home Loan Banks Discount Notes
       3.760%
 12/2/2026
   65,463
64,837
 
Federal Home Loan Banks Discount Notes
       3.807%
12/16/2026
   25,419
25,137
3
Federal Home Loan Banks, SOFR + 0.010%
       3.660%
  9/1/2026
  119,400
119,400
3
Federal Home Loan Banks, SOFR + 0.010%
       3.660%
  9/1/2026
   58,260
58,259
3
Federal Home Loan Banks, SOFR + 0.010%
       3.660%
  9/1/2026
   19,000
19,000
3
Federal Home Loan Banks, SOFR + 0.015%
       3.665%
  9/1/2026
   91,845
91,843
3
Federal Home Loan Banks, SOFR + 0.015%
       3.665%
  9/1/2026
   71,985
71,984
3
Federal Home Loan Banks, SOFR + 0.020%
       3.670%
  9/1/2026
  252,890
252,884
3
Federal Home Loan Banks, SOFR + 0.020%
       3.670%
  9/1/2026
  252,890
252,884
3
Federal Home Loan Banks, SOFR + 0.020%
       3.670%
  9/1/2026
  105,230
105,227
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
  253,045
253,038
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
  251,000
250,994
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
  208,000
207,996
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
  197,255
197,251
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
  185,515
185,510
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
  180,000
179,996
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
  171,000
170,997
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
  139,000
138,997
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
   69,000
68,998
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
   49,315
49,314
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
   37,000
36,999
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
   35,000
34,999
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
   33,000
32,999
3
Federal Home Loan Banks, SOFR + 0.025%
       3.675%
  9/1/2026
   27,000
26,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  792,000
791,988
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  508,035
508,028
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  402,000
401,994
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  350,000
349,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  300,000
299,996
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  244,590
244,585
1
Market Liquidity Fund
 
 
Yield1
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
3,4
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  235,000
235,000
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  222,200
222,199
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  220,885
220,885
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  220,090
220,089
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  212,000
211,997
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  207,125
207,121
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  201,960
201,957
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  201,955
201,953
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  198,000
197,998
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  183,475
183,471
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  174,000
173,997
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  169,000
168,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  159,000
158,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  154,000
153,997
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  151,000
150,998
3,4
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  143,000
143,000
3,4
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  143,000
143,000
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  143,000
142,998
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  143,000
142,997
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  139,000
138,998
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  131,000
130,998
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  122,000
121,998
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  121,000
120,998
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  106,500
106,497
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
  100,000
99,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   95,000
94,998
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   88,000
87,998
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   85,000
84,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   81,000
80,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   69,000
68,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   55,000
54,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   54,000
53,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   53,000
53,000
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   52,000
51,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   50,490
50,489
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   50,000
49,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   45,000
44,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   38,600
38,599
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   37,000
36,999
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   34,740
34,739
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   32,000
32,000
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   29,000
29,000
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   27,100
27,100
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   26,000
26,000
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
   14,000
14,000
3
Federal Home Loan Banks, SOFR + 0.030%
       3.680%
  9/1/2026
    6,800
6,800
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  457,265
457,264
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  400,000
400,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  350,000
349,999
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  300,000
299,992
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  252,400
252,397
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  250,000
249,999
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  250,000
249,997
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  250,000
249,994
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  239,000
238,998
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  201,920
201,918
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  200,000
199,998
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  200,000
199,995
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  158,000
158,001
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  145,000
145,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  135,000
134,999
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  127,000
126,999
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  122,060
122,061
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  115,000
115,001
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  103,000
103,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
  103,000
103,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   89,000
89,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   86,000
86,001
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   86,000
86,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   78,960
78,959
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   72,000
72,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   71,000
71,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   70,000
70,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   51,000
51,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   50,490
50,489
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   50,000
50,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   47,000
47,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   47,000
47,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   37,000
37,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   35,470
35,469
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   29,000
29,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   28,000
28,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   28,000
28,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   28,000
28,000
2
Market Liquidity Fund
 
 
Yield1
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   19,000
19,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   15,000
15,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   14,000
14,000
3
Federal Home Loan Banks, SOFR + 0.035%
       3.685%
  9/1/2026
   14,000
14,000
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  500,000
499,933
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  375,000
374,919
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  304,840
304,841
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  283,000
282,998
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  200,000
200,001
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  200,000
199,993
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  193,000
193,003
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  170,325
170,326
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  156,255
156,256
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  150,000
150,001
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  141,000
140,987
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  125,000
124,999
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  120,000
119,987
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  111,000
110,988
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  103,000
103,001
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
  101,615
101,615
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   91,000
91,001
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   91,000
90,992
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   87,000
87,001
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   78,125
78,126
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   70,310
70,311
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   58,000
58,001
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   57,000
57,001
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   57,000
57,001
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   46,875
46,875
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   41,000
41,000
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   34,000
34,000
3
Federal Home Loan Banks, SOFR + 0.040%
       3.690%
  9/1/2026
   15,000
15,000
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
  500,000
499,991
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
  234,375
234,379
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
  207,295
207,295
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
  200,000
199,997
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
  168,000
167,999
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
  122,000
121,998
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
  111,000
111,000
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
  111,000
110,998
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
  110,000
110,003
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   84,000
83,975
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   82,000
82,000
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   78,125
78,126
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   75,000
75,000
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   57,000
57,001
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   57,000
57,001
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   57,000
56,994
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   57,000
56,994
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   56,000
55,994
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   38,000
38,001
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   34,000
34,000
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   32,000
32,000
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   29,000
29,000
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   28,000
28,000
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   25,000
25,001
3
Federal Home Loan Banks, SOFR + 0.045%
       3.695%
  9/1/2026
   14,000
14,000
3
Federal Home Loan Banks, SOFR + 0.050%
       3.700%
  9/1/2026
  100,000
99,991
3
Federal Home Loan Banks, SOFR + 0.050%
       3.700%
  9/1/2026
   48,000
48,001
3
Federal Home Loan Banks, SOFR + 0.050%
       3.700%
  9/1/2026
   48,000
47,991
3
Federal Home Loan Banks, SOFR + 0.050%
       3.700%
  9/1/2026
   32,000
32,001
3
Federal Home Loan Banks, SOFR + 0.055%
       3.705%
  9/1/2026
   39,060
39,062
3
Federal Home Loan Banks, SOFR + 0.140%
       3.790%
  9/1/2026
   70,000
70,011
2,3
Federal National Mortgage Association, SOFR + 0.140%
       3.790%
  9/1/2026
   29,000
29,004
2
Freddie Mac Discount Notes
       3.721%
 9/18/2026
   20,296
20,261
Total U.S. Government Agency Debt (Cost $37,691,756)
37,691,006
U.S. Treasury Debt (32.2%)
 
United States Treasury Bill
       3.536%
  9/1/2026
1,347,095
1,346,960
 
United States Treasury Bill
       3.403%
  9/8/2026
1,205,674
1,204,825
 
United States Treasury Bill
       3.596%
 9/10/2026
1,743,534
1,741,949
 
United States Treasury Bill
3.417%–3.536%
 9/15/2026
3,693,466
3,688,281
 
United States Treasury Bill
       3.567%
 9/24/2026
1,000,000
997,665
 
United States Treasury Bill
       3.551%
 10/6/2026
1,271,000
1,266,434
 
United States Treasury Bill
       3.548%
 10/8/2026
1,159,977
1,155,542
 
United States Treasury Bill
       3.581%
10/13/2026
  500,000
497,842
 
United States Treasury Bill
       3.696%
10/22/2026
1,167,015
1,160,857
 
United States Treasury Bill
       3.710%
 11/3/2026
1,275,873
1,267,523
 
United States Treasury Bill
       3.705%
11/10/2026
2,614,350
2,595,414
 
United States Treasury Bill
       3.701%
11/12/2026
  500,000
496,265
 
United States Treasury Bill
       3.660%
11/17/2026
  600,000
595,207
 
United States Treasury Bill
       3.673%
11/19/2026
  491,816
487,785
 
United States Treasury Bill
       3.730%
11/27/2026
  500,000
495,481
3
Market Liquidity Fund
 
 
Yield1
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
United States Treasury Bill
       3.789%
 12/1/2026
1,258,835
1,246,981
 
United States Treasury Bill
       3.736%
 12/3/2026
  574,000
568,424
 
United States Treasury Bill
       3.700%
 12/8/2026
1,741,031
1,723,210
 
United States Treasury Bill
3.745%–3.751%
12/10/2026
1,000,421
989,972
 
United States Treasury Bill
       3.670%
12/15/2026
  166,742
164,911
 
United States Treasury Bill
       3.740%
12/17/2026
1,258,314
1,244,233
 
United States Treasury Bill
3.663%–3.665%
12/22/2026
1,315,605
1,300,073
 
United States Treasury Bill
       3.665%
12/29/2026
1,219,000
1,203,607
 
United States Treasury Bill
       3.842%
12/31/2026
1,000,000
987,177
3
United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.098%
       3.904%
  9/1/2026
  129,526
129,558
3
United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.159%
       3.965%
  9/1/2026
  550,874
551,490
3
United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.160%
       3.966%
  9/1/2026
   41,675
41,716
3
United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.205%
       4.011%
  9/1/2026
1,425,692
1,425,825
 
United States Treasury Note/Bond
       0.875%
 9/30/2026
2,373,922
2,368,451
 
United States Treasury Note/Bond
       1.625%
 9/30/2026
  399,766
399,079
 
United States Treasury Note/Bond
       3.500%
 9/30/2026
2,350,161
2,349,426
 
United States Treasury Note/Bond
       1.250%
11/30/2026
  450,000
447,100
 
United States Treasury Note/Bond
       1.250%
12/31/2026
1,100,000
1,090,418
Total U.S. Treasury Debt (Cost $37,229,908)
37,229,681
U.S. Treasury Repurchase Agreements (36.3%)
 
Banco Bilbao Vizcaya Argentaria SA
(Dated 8/31/2026, Repurchase Value $842,086, collateralized by U.S. Treasury Obligations 0.875%–4.875%,
9/30/2026–5/15/2035, with a value of $858,840)
       3.670%
  9/1/2026
  842,000
842,000
 
Banco Bilbao Vizcaya Argentaria SA
(Dated 8/31/2026, Repurchase Value $702,072, collateralized by U.S. Treasury Obligations 0.125%–4.625%,
9/30/2026–2/15/2055, with a value of $716,040)
       3.670%
  9/1/2026
  702,000
702,000
 
Banco Santander SA
(Dated 8/31/2026, Repurchase Value $561,057, collateralized by U.S. Treasury Obligations 0.125%–4.625%,
5/31/2027–2/15/2053, with a value of $572,220)
       3.670%
  9/1/2026
  561,000
561,000
 
Bank of Montreal
(Dated 8/31/2026, Repurchase Value $281,029, collateralized by U.S. Treasury Obligations 1.625%–4.000%,
12/15/2027–6/30/2032, with a value of $286,620)
       3.670%
  9/1/2026
  281,000
281,000
 
Bank of Nova Scotia
(Dated 8/31/2026, Repurchase Value $561,057, collateralized by U.S. Treasury Obligations 0.125%–4.875%,
10/15/2026–2/15/2054, with a value of $572,220)
       3.670%
  9/1/2026
  561,000
561,000
 
Barclays Bank plc
(Dated 8/31/2026, Repurchase Value $421,043, collateralized by U.S. Treasury Obligations 0.625%–4.250%,
11/15/2026–8/15/2054, with a value of $429,420)
       3.670%
  9/1/2026
  421,000
421,000
 
Barclays Bank plc
(Dated 8/31/2026, Repurchase Value $239,024, collateralized by U.S. Treasury Obligations 2.250%–4.250%,
11/30/2027–8/15/2054, with a value of $243,780)
       3.570%
  9/1/2026
  239,000
239,000
 
Barclays Bank plc
(Dated 8/17/2026, Repurchase Value $401,257, collateralized by U.S. Treasury Obligations 0.000%–4.750%,
11/19/2026–2/15/2037, with a value of $408,000)
       3.650%
 9/17/2026
  400,000
400,000
 
BNP Paribas Securities Corp.
(Dated 8/31/2026, Repurchase Value $1,122,114, collateralized by U.S. Treasury Obligations
3.875%–4.250%, 8/15/2029–3/31/2031, with a value of $1,144,440)
       3.670%
  9/1/2026
1,122,000
1,122,000
 
BNP Paribas Securities Corp.
(Dated 8/3/2026, Repurchase Value $189,593, collateralized by U.S. Treasury Obligations 2.625%–4.375%,
7/31/2029–6/30/2030, with a value of $192,780)
       3.645%
  9/3/2026
  189,000
189,000
 
BNP Paribas Securities Corp.
(Dated 7/13/2026, Repurchase Value $1,012,523, collateralized by U.S. Treasury Obligations
0.000%–4.625%, 9/3/2026–5/15/2054, with a value of $1,026,120)
       3.705%
 9/14/2026
1,006,000
1,006,000
 
BNP Paribas Securities Corp.
(Dated 7/27/2026, Repurchase Value $1,538,081, collateralized by U.S. Treasury Obligations
0.750%–4.750%, 9/30/2026–2/15/2052, with a value of $1,558,560)
       3.770%
 9/28/2026
1,528,000
1,528,000
 
BNP Paribas Securities Corp.
(Dated 8/31/2026, Repurchase Value $759,347, collateralized by U.S. Treasury Obligations 2.125%–4.625%,
11/15/2033–2/15/2040, with a value of $772,140)
       3.720%
 9/30/2026
  757,000
757,000
 
BNP Paribas Securities Corp.
(Dated 8/17/2026, Repurchase Value $562,600, collateralized by U.S. Treasury Obligations 0.125%–4.625%,
9/30/2026–2/15/2044, with a value of $570,180)
       3.680%
10/19/2026
  559,000
559,000
 
BofA Securities Inc.
(Dated 8/31/2026, Repurchase Value $140,014, collateralized by U.S. Treasury Obligations 3.875%–5.250%,
6/15/2028–2/15/2029, with a value of $142,800)
       3.670%
  9/1/2026
  140,000
140,000
 
Canadian Imperial Bank of Commerce
(Dated 8/18/2026, Repurchase Value $29,041, collateralized by U.S. Treasury Obligations 0.000%–5.000%,
9/10/2026–11/15/2055, with a value of $29,580)
       3.640%
  9/1/2026
   29,000
29,000
 
Canadian Imperial Bank of Commerce
(Dated 8/20/2026, Repurchase Value $145,205, collateralized by U.S. Treasury Obligations 0.125%–4.625%,
12/31/2026–5/15/2054, with a value of $147,900)
       3.640%
  9/3/2026
  145,000
145,000
 
Canadian Imperial Bank of Commerce
(Dated 8/27/2026, Repurchase Value $70,099, collateralized by U.S. Treasury Obligations 0.125%–4.625%,
12/31/2026–11/15/2055, with a value of $71,400)
       3.650%
 9/10/2026
   70,000
70,000
 
Canadian Imperial Bank of Commerce
(Dated 7/30/2026, Repurchase Value $1,232,116, collateralized by U.S. Treasury Obligations
0.125%–5.000%, 1/15/2027–2/15/2056, with a value of $1,250,520)
       3.665%
 9/17/2026
1,226,000
1,226,000
 
Canadian Imperial Bank of Commerce
(Dated 8/20/2026, Repurchase Value $290,941, collateralized by U.S. Treasury Obligations 0.250%–4.625%,
2/28/2027–11/15/2054, with a value of $295,800)
       3.650%
 9/21/2026
  290,000
290,000
 
Citigroup Global Markets Ltd.
(Dated 8/31/2026, Repurchase Value $1,263,129, collateralized by U.S. Treasury Obligations
0.500%–3.625%, 1/15/2028–8/15/2028, with a value of $1,288,260)
       3.670%
  9/1/2026
1,263,000
1,263,000
 
Citigroup Global Markets Ltd.
(Dated 8/31/2026, Repurchase Value $982,100, collateralized by U.S. Treasury Obligations 0.125%–4.011%,
9/30/2026–4/15/2031, with a value of $1,001,640)
       3.670%
  9/1/2026
  982,000
982,000
4
Market Liquidity Fund
 
 
Yield1
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Citigroup Global Markets Ltd.
(Dated 8/27/2026, Repurchase Value $1,817,289, collateralized by U.S. Treasury Obligations
0.375%–3.375%, 1/15/2027–9/15/2027, with a value of $1,852,320)
       3.650%
  9/3/2026
1,816,000
1,816,000
 
Credit Agricole Corporate & Investment Bank SA
(Dated 8/31/2026, Repurchase Value $2,245,229, collateralized by U.S. Treasury Obligations
0.375%–4.875%, 9/15/2026–5/15/2035, with a value of $2,289,900)
       3.670%
  9/1/2026
2,245,000
2,245,000
 
Credit Agricole Corporate & Investment Bank SA
(Dated 8/31/2026, Repurchase Value $200,020, collateralized by U.S. Treasury Obligations 4.125%–4.500%,
10/31/2027–5/31/2029, with a value of $204,000)
       3.600%
  9/1/2026
  200,000
200,000
 
Credit Agricole Corporate & Investment Bank SA
(Dated 8/25/2026, Repurchase Value $47,033, collateralized by U.S. Treasury Obligations 0.125%–4.000%,
10/15/2026–2/15/2048, with a value of $47,940)
       3.640%
  9/1/2026
   47,000
47,000
 
Credit Agricole Corporate & Investment Bank SA
(Dated 8/31/2026, Repurchase Value $42,004, collateralized by U.S. Treasury Obligations 0.125%–4.875%,
9/30/2026–2/15/2051, with a value of $42,840)
       3.670%
  9/1/2026
   42,000
42,000
 
Credit Agricole Corporate & Investment Bank SA
(Dated 8/27/2026, Repurchase Value $200,142, collateralized by U.S. Treasury Obligations 0.125%–5.125%,
10/15/2026–11/15/2055, with a value of $204,000)
       3.650%
  9/3/2026
  200,000
200,000
 
Deutsche Bank AG
(Dated 8/25/2026, Repurchase Value $802,569, collateralized by U.S. Treasury Obligations 1.375%–4.125%,
11/30/2027–8/15/2032, with a value of $818,621)
       3.650%
  9/1/2026
  802,000
802,000
 
Deutsche Bank AG
(Dated 8/31/2026, Repurchase Value $561,057, collateralized by U.S. Treasury Obligations 1.875%–4.375%,
2/15/2032–5/15/2034, with a value of $572,278)
       3.670%
  9/1/2026
  561,000
561,000
 
Deutsche Bank AG
(Dated 8/31/2026, Repurchase Value $547,055, collateralized by U.S. Treasury Obligations 3.875%–4.875%,
10/31/2028–5/15/2034, with a value of $557,996)
       3.630%
  9/1/2026
  547,000
547,000
 
Deutsche Bank AG
(Dated 8/31/2026, Repurchase Value $364,986, collateralized by U.S. Treasury Obligations 2.750%–6.125%,
2/15/2029–2/15/2056, with a value of $372,286)
       3.670%
  9/1/2026
  364,949
364,949
 
DNB Bank ASA
(Dated 8/27/2026, Repurchase Value $160,114, collateralized by U.S. Treasury Obligations 0.125%–4.000%,
3/31/2027–7/15/2031, with a value of $163,200)
       3.650%
  9/3/2026
  160,000
160,000
 
Fixed Income Clearing Corp. - Northern Trust
(Dated 8/31/2026, Repurchase Value $2,806,286, collateralized by U.S. Treasury Obligations
3.250%–4.375%, 6/15/2029–12/31/2029, with a value of $2,862,120)
       3.670%
  9/1/2026
2,806,000
2,806,000
 
Fixed Income Clearing Corp. - State Street Bank and Trust Co.
(Dated 8/31/2026, Repurchase Value $2,245,229, collateralized by U.S. Treasury Obligations
4.000%–4.625%, 8/15/2035–8/15/2036, with a value of $2,292,145)
       3.670%
  9/1/2026
2,245,000
2,245,000
 
Fixed Income Clearing Corp. - The Bank of New York Mellon
(Dated 8/31/2026, Repurchase Value $2,245,229, collateralized by U.S. Treasury Obligations
0.000%–4.625%, 9/15/2026–5/31/2032, with a value of $2,289,900)
       3.670%
  9/1/2026
2,245,000
2,245,000
 
Goldman Sachs & Co.
(Dated 8/31/2026, Repurchase Value $1,684,172, collateralized by U.S. Treasury Obligations
0.375%–6.375%, 10/31/2026–2/15/2031, with a value of $1,717,680)
       3.670%
  9/1/2026
1,684,000
1,684,000
 
Goldman Sachs & Co.
(Dated 8/25/2026, Repurchase Value $535,380, collateralized by U.S. Treasury Obligations 1.375%–3.750%,
8/31/2031–5/15/2042, with a value of $545,700)
       3.650%
  9/1/2026
  535,000
535,000
 
HSBC Securities USA Inc.
(Dated 8/31/2026, Repurchase Value $70,007, collateralized by U.S. Treasury Obligations 0.125%–4.625%,
10/15/2026–11/15/2047, with a value of $71,400)
       3.670%
  9/1/2026
   70,000
70,000
 
JP Morgan Securities, LLC
(Dated 8/25/2026, Repurchase Value $955,676, collateralized by U.S. Treasury Obligations 3.625%–4.000%,
4/15/2028–5/31/2028, with a value of $974,100)
       3.640%
  9/1/2026
  955,000
955,000
 
JP Morgan Securities, LLC
(Dated 8/31/2026, Repurchase Value $842,086, collateralized by U.S. Treasury Obligations 3.500%–4.375%,
1/15/2029–7/31/2031, with a value of $858,840)
       3.660%
  9/1/2026
  842,000
842,000
 
Mizuho Securities USA LLC
(Dated 8/31/2026, Repurchase Value $140,014, collateralized by U.S. Treasury Obligations 1.375%–4.625%,
7/31/2029–11/15/2031, with a value of $142,800)
       3.670%
  9/1/2026
  140,000
140,000
 
MUFG Securities Canada Ltd.
(Dated 8/31/2026, Repurchase Value $421,043, collateralized by U.S. Treasury Obligations 0.125%–4.750%,
3/31/2027–2/15/2055, with a value of $429,464)
       3.670%
  9/1/2026
  421,000
421,000
 
Natixis SA
(Dated 8/31/2026, Repurchase Value $842,086, collateralized by U.S. Treasury Obligations 0.125%–4.375%,
4/15/2028–11/15/2051, with a value of $858,928)
       3.670%
  9/1/2026
  842,000
842,000
 
Nomura Securities International Inc.
(Dated 8/31/2026, Repurchase Value $702,072, collateralized by U.S. Treasury Obligations 1.125%–5.250%,
10/31/2026–2/15/2055, with a value of $716,040)
       3.670%
  9/1/2026
  702,000
702,000
 
RBC Dominion Securities Inc.
(Dated 8/31/2026, Repurchase Value $323,033, collateralized by U.S. Treasury Obligations 0.000%–5.000%,
7/8/2027–8/15/2053, with a value of $329,460)
       3.670%
  9/1/2026
  323,000
323,000
 
Royal Bank of Canada
(Dated 7/27/2026, Repurchase Value $432,195, collateralized by U.S. Treasury Obligations 3.375%–3.875%,
11/30/2027–12/31/2030, with a value of $438,600)
       3.750%
 9/14/2026
  430,000
430,000
 
Royal Bank of Canada
(Dated 8/17/2026, Repurchase Value $140,557, collateralized by U.S. Treasury Obligations 3.500%–4.125%,
1/31/2028–11/30/2029, with a value of $142,800)
       3.670%
 9/25/2026
  140,000
140,000
 
Royal Bank of Canada
(Dated 8/14/2026, Repurchase Value $506,797, collateralized by U.S. Treasury Obligations 1.500%–4.625%,
1/31/2027–5/31/2031, with a value of $514,080)
       3.700%
 10/7/2026
  504,000
504,000
 
Royal Bank of Canada
(Dated 8/24/2026, Repurchase Value $747,441, collateralized by U.S. Treasury Obligations 0.125%–4.625%,
1/15/2027–2/15/2056, with a value of $758,880)
       3.700%
 10/8/2026
  744,000
744,000
 
Royal Bank of Canada
(Dated 8/26/2026, Repurchase Value $284,280, collateralized by U.S. Treasury Obligations 2.250%–4.625%,
7/31/2027–2/15/2052, with a value of $288,660)
       3.700%
 10/9/2026
  283,000
283,000
5
Market Liquidity Fund
 
 
Yield1
Maturity
Date
Face
Amount
($000)
Market
Value•
($000)
 
Smbc Nikko Securities America
(Dated 8/31/2026, Repurchase Value $421,043, collateralized by U.S. Treasury Obligations 0.500%–4.625%,
9/15/2026–5/15/2035, with a value of $429,420)
       3.670%
  9/1/2026
  421,000
421,000
 
Societe Generale SA
(Dated 8/25/2026, Repurchase Value $401,285, collateralized by U.S. Treasury Obligations 3.750%–4.250%,
8/15/2041–2/15/2054, with a value of $409,020)
       3.650%
  9/1/2026
  401,000
401,000
 
Societe Generale SA
(Dated 8/26/2026, Repurchase Value $396,281, collateralized by U.S. Treasury Obligations 3.875%–4.250%,
2/15/2043–8/15/2054, with a value of $403,920)
       3.650%
  9/2/2026
  396,000
396,000
 
Societe Generale SA
(Dated 8/27/2026, Repurchase Value $299,212, collateralized by U.S. Treasury Obligations 4.625%,
11/15/2044, with a value of $304,980)
       3.650%
  9/3/2026
  299,000
299,000
 
Societe Generale SA
(Dated 8/28/2026, Repurchase Value $205,145, collateralized by U.S. Treasury Obligations 4.750%,
2/15/2045, with a value of $209,100)
       3.650%
  9/4/2026
  205,000
205,000
 
Societe Generale SA
(Dated 8/31/2026, Repurchase Value $189,077, collateralized by U.S. Treasury Obligations 5.000%,
5/15/2045, with a value of $192,780)
       3.660%
  9/4/2026
  189,000
189,000
 
Standard Chartered Bank
(Dated 8/31/2026, Repurchase Value $702,072, collateralized by U.S. Treasury Obligations 0.125%–4.625%,
4/15/2027–2/15/2050, with a value of $716,113)
       3.670%
  9/1/2026
  702,000
702,000
 
Sumitomo Mitsui Banking Corp.
(Dated 8/31/2026, Repurchase Value $2,105,215, collateralized by U.S. Treasury Obligations
0.375%–4.375%, 11/30/2026–5/15/2032, with a value of $2,147,100)
       3.670%
  9/1/2026
2,105,000
2,105,000
 
TD Securities (USA) LLC
(Dated 8/26/2026, Repurchase Value $99,070, collateralized by U.S. Treasury Obligations 2.875%–4.125%,
6/15/2029–5/15/2032, with a value of $100,980)
       3.650%
  9/2/2026
   99,000
99,000
 
U.S. Bancorp Investments Inc.
(Dated 8/31/2026, Repurchase Value $42,004, collateralized by U.S. Treasury Obligations 1.250%–4.500%,
4/30/2028–3/31/2031, with a value of $42,844)
       3.670%
  9/1/2026
   42,000
42,000
 
Wells Fargo Securities LLC
(Dated 8/31/2026, Repurchase Value $561,057, collateralized by U.S. Treasury Obligations 1.375%–4.625%,
5/15/2039–11/15/2055, with a value of $572,278)
       3.670%
  9/1/2026
  561,000
561,000
 
Wells Fargo Securities LLC
(Dated 8/26/2026, Repurchase Value $396,281, collateralized by U.S. Treasury Obligations 2.750%–5.000%,
2/15/2039–11/15/2054, with a value of $404,207)
       3.650%
  9/2/2026
  396,000
396,000
Total U.S. Treasury Repurchase Agreements (Cost $42,024,949)
42,024,949
Total Investments (101.1%) (Cost $116,946,613)
116,945,636
Other Assets and Liabilities—Net (-1.1%)
(1,254,009
)
Net Assets (100%)
115,691,627
Cost is in $000.
 
•
See Note A in Notes to Financial Statements.
1
Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities.
2
The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury,
as needed to maintain a positive net worth, in exchange for senior preferred stock.
3
Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market
conditions.
4
Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of August 31, 2026.
 
3M—3-month.
 
SOFR—Secured Overnight Financing Rate.
 
See accompanying Notes, which are an integral part of the Financial Statements.
6
Market Liquidity Fund
Statement of Assets and Liabilities
As of August 31, 2026
 
 
($000s, except shares and per-share amounts)
Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $74,921,664)
74,920,687
Repurchase Agreements (Cost $42,024,949)
42,024,949
Total Investments in Securities
116,945,636
Cash
1,851,398
Receivables for Accrued Income
185,302
Total Assets
118,982,336
Liabilities
Payables for Investment Securities Purchased
3,290,443
Payables to Vanguard
266
Total Liabilities
3,290,709
Net Assets
115,691,627
At August 31, 2026, net assets consisted of:
 
Paid-in Capital
115,689,778
Total Distributable Earnings (Loss)
1,849
Net Assets
115,691,627
 
Net Assets
Applicable to 1,156,984,292 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
115,691,627
Net Asset Value Per Share
$99.99
 
See accompanying Notes, which are an integral part of the Financial Statements.
7
Market Liquidity Fund
Statement of Operations
 
 
 
Year Ended
August 31, 2026
 
($000)
Investment Income
Income
Interest
4,307,445
Total Income
4,307,445
Expenses
The Vanguard Group—Note C
Management and Administrative
5,664
Total Expenses
5,664
Net Investment Income
4,301,781
Realized Net Gain (Loss) on Investment Securities Sold
1,808
Change in Unrealized Appreciation (Depreciation) of Investment Securities
(7,373
)
Net Increase (Decrease) in Net Assets Resulting from Operations
4,296,216
 
See accompanying Notes, which are an integral part of the Financial Statements.
8
Market Liquidity Fund
Statement of Changes in Net Assets
 
 
 
Year Ended August 31,
 
2026
($000)
2025
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income
4,301,781
3,611,664
Realized Net Gain (Loss)
1,808
168
Change in Unrealized Appreciation (Depreciation)
(7,373
)
(3,144
)
Net Increase (Decrease) in Net Assets Resulting from Operations
4,296,216
3,608,688
Distributions
Total Distributions
(4,301,790
)
(3,611,321
)
Capital Share Transactions
Issued
1,124,035,075
920,626,909
Issued in Lieu of Cash Distributions
4,299,613
3,610,927
Redeemed
(1,114,602,019
)
(903,648,756
)
Net Increase (Decrease) from Capital Share Transactions
13,732,669
20,589,080
Total Increase (Decrease)
13,727,095
20,586,447
Net Assets
Beginning of Period
101,964,532
81,378,085
End of Period
115,691,627
101,964,532
 
See accompanying Notes, which are an integral part of the Financial Statements.
9
Market Liquidity Fund
Financial Highlights
 
  
For a Share Outstanding
Throughout Each Period
Year Ended August 31,
2026
2025
2024
2023
2022
Net Asset Value, Beginning of Period
$100.00
$100.00
$99.99
$99.97
$100.00
Investment Operations
Net Investment Income
3.816
4.512
5.409
4.393
.580
Net Realized and Unrealized Gain (Loss) on Investments
(.010)
(.000)
.011
.020
(.028)
Total from Investment Operations
3.806
4.512
5.420
4.413
.552
Distributions
Dividends from Net Investment Income
(3.816)
(4.512)
(5.409)
(4.393)
(.580)
Distributions from Realized Capital Gains
—
—
(.001)
(.000)1
(.002)
Total Distributions
(3.816)
(4.512)
(5.410)
(4.393)
(.582)
Net Asset Value, End of Period
$99.99
$100.00
$100.00
$99.99
$99.97
Total Return
3.87%
4.61%
5.56%
4.50%
0.55%
Ratios/Supplemental Data
 
 
 
 
 
Net Assets, End of Period (Millions)
$115,692
$101,965
$81,378
$78,190
$89,850
Ratio of Total Expenses to Average Net Assets
0.005%
0.005%
0.005%2
0.005%
0.005%
Ratio of Net Investment Income to Average Net Assets
3.80%
4.50%
5.41%
4.40%
0.53%
 
1
Distribution was less than $0.001 per share.
2
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.005%.
 
See accompanying Notes, which are an integral part of the Financial Statements.
10
Market Liquidity Fund
Notes to Financial Statements
Vanguard Market Liquidity Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund has been established by Vanguard as a cash management vehicle solely available for investment by the Vanguard funds and certain trusts and accounts managed by Vanguard or its affiliates.
A.
The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund
consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the tax year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B.
Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.
C.
In accordance with the terms of a services agreement, Vanguard provides to the fund investment advisory, administrative and shareholder services
and pays for all other operating expenses (except taxes) for a fee calculated at an annual percentage rate of the average net assets of the fund. The
fund’s trustees and officers are also directors and employees, respectively, of Vanguard. All expenses payable to Vanguard are generally settled twice
a month.
From time to time, Vanguard and/or a fund’s board of trustees may adjust a fund’s fees and expenses and/or reduce, refund, reimburse, waive, or otherwise return to the fund and its shareholders a portion of prior fees and expenses (collectively, “expense adjustments”). The fund is not obligated to repay these amounts, and Vanguard is not obligated to continue or otherwise repeat these voluntary expense adjustments. Expense adjustments are generally calculated at, and returned to, each share class, as applicable.
11
Market Liquidity Fund
D.
Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial
statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in
those securities.
Level 1—Quoted prices in active markets for identical securities.
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 August 31, 2026, 100% of the market value of the fund’s investments was determined based on Level 2 inputs.
E.
Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial
statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows: 
 
Amount
($000)
Undistributed Ordinary Income
2,826
Undistributed Long-Term Gains
—
Net Unrealized Gains (Losses)
(977)
Capital Loss Carryforwards
—
Qualified Late-Year Losses
—
Other Temporary Differences
—
Total
1,849
The tax character of distributions paid was as follows: 
 
Year Ended August 31,
 
2026
Amount
($000)
2025
Amount
($000)
Ordinary Income*
4,301,790
3,611,321
Long-Term Capital Gains
—
—
Total
4,301,790
3,611,321
 
*
Includes short-term capital gains, if any.
As of August 31, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: 
 
Amount
($000)
Tax Cost
116,946,613
Gross Unrealized Appreciation
2,259
Gross Unrealized Depreciation
(3,236)
Net Unrealized Appreciation (Depreciation)
(977)
F.
Capital shares issued and redeemed were:
 
 
Year Ended August 31,
 
2026
Shares
(000)
2025
Shares
(000)
Issued
11,240,956
9,206,913
Issued in Lieu of Cash Distributions
42,999
36,112
Redeemed
(11,146,653)
(9,037,102)
Net Increase (Decrease) in Shares Outstanding
137,302
205,923
G.
Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory
conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse
impact on the value of the fund’s investments and fund performance.
12
Market Liquidity Fund
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
H.
Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their
operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief
executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer
collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s
daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its
prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment
resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the
information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying
financial statements.
I.
Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would
require recognition or disclosure in these financial statements.
13
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard CMT Funds and Shareholders of Vanguard Market Liquidity Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Market Liquidity Fund (one of the funds constituting Vanguard CMT Funds, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 21, 2026
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
14
The fund hereby designates for the fiscal year $2,251,774,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
The fund hereby designates 100%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder for the fiscal year.
The fund hereby designates 100%, or if subsequently determined to be different, the maximum percentage allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.
Q11420 102026
15

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

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

 

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

 

Trustees Approve Advisory Arrangement - CMT Funds

 

A majority of independent trustees of the board of Vanguard Market Liquidity Fund and Vanguard Municipal Low Duration Fund (Trustees) have renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), which provides investment advisory services to the fund through its subsidiary, Vanguard Capital Management LLC (VCM). The Trustees determined that continuing the advisory arrangement was in the best interests of the fund and its shareholders.

 

The Trustees based their decision upon an evaluation of VCM’s investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard’s Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management

 

The Oversight and Manager Search team met regularly with the advisor and made presentations to the Trustees during the fiscal year that directed the Trustees’ focus to relevant information and topics.

 

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

 

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

 

 

 

 

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee’s decisions.

 

Nature, extent, and quality of services

 

The Trustees considered the quality of the fund’s investment management services over both the short and long term and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group, now within VCM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Fixed Income Group emphasizes a disciplined and repeatable approach to risk-taking and security selection, with the objective of delivering tight tracking error and consistent, risk-adjusted alpha.

 

The Trustees concluded that VCM’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

 

Investment performance

 

The Trustees considered the fund’s short- and long-term performance, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The Trustees concluded the performance was such that the advisory arrangement should continue.

 

Cost

 

The Trustees concluded that the fund’s expense ratio was below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also below the peer-group average.

 

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

 

The benefit of economies of scale

 

The Trustees concluded that the fund’s arrangement with Vanguard, and services rendered through VCM, ensure that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

 

The Trustees will consider whether to renew the advisory arrangement again within a one-year period.

  

 

 

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

Item 16: Controls and Procedures.

 

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

 

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

 

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

 

Not applicable.

 

Item 18: Recovery of Erroneously Awarded Compensation

 

Not applicable.

 

Item 19: Exhibits.

 

(a)(1) Code of Ethics filed herewith.
(a)(2) Certifications filed herewith.
(a)(2) Certifications filed herewith.

 

 

 

 

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

 

  VANGUARD CMT FUNDS  
   
BY: /s/ SALIM RAMJI*  
  SALIM RAMJI  
  CHIEF EXECUTIVE OFFICER  

 

Date: October 23, 2026

 

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

 

  VANGUARD CMT FUNDS  
   
BY: /s/ SALIM RAMJI*  
  SALIM RAMJI  
  CHIEF EXECUTIVE OFFICER  

 

Date: October 23, 2026

 

  VANGUARD CMT FUNDS  
   
BY: /s/ CHRISTINE BUCHANAN*  
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: October 23, 2026

 

* By:

/s/ Natalie Lamarque

  

 

Natalie Lamarque, pursuant to a Power of Attorney  filed on December 19, 2025 (see File Number 33-49023), and to a Power of Attorney  filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

  

 

 

ATTACHMENTS / EXHIBITS

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