Vanguard CMT Funds 提交年度报告，披露旗下两只基金截至2026年8月31日的财务信息
VANGUARD CMT FUNDS (0001273878) (Filer)
Vanguard CMT Funds提交的年度报告涵盖截至2026年8月31日的财年，节选提供Municipal Low Duration Fund和Market Liquidity Fund的投资、费用及财务信息。
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
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)
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
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
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)
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)
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.
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
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)
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)
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)
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
|
1 | |
|
16 | |
|
17 | |
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 |
|
|
|
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
|
1 | |
|
14 | |
|
15 | |
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.
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