Each N-PORT filing of VCRM compared with the one before: positions added and dropped, the largest weight changes, turnover. Computed by Mulden from the filings; dated by filing period and SEC receipt.https://themulden.com/enhttps://themulden.com/funds/vcrm/https://themulden.com/funds/vcrm/1,825 positions became 2,127: 447 added (30.23% of the fund), 145 dropped (10.07%). Turnover proxy 32.8%. Largest increases: Triborough Bridge & Tunnel Authority Sales Tax Revenue 0.32% to 0.63%; North Texas Tollway Authority 0.09% to 0.3%; Pennsylvania Turnpike Commission 0.26% to 0.47%; Southeast Energy Authority A Cooperative District 0.11% to 0.29%; California Community Choice Financing Authority 0.11% to 0.28%; Maricopa County Industrial Development Authority 0.07% to 0.24%. Largest decreases: Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund 3.16% to 2.45%; California Community Choice Financing Authority 0.3% to 0.06%; Great Lakes Water Authority Water Supply System Revenue 0.86% to 0.64%; Southern California Public Power Authority 0.27% to 0.08%; Texas Municipal Gas Acquisition & Supply Corp IV 0.71% to 0.52%; State of Illinois Sales Tax Revenue 0.34% to 0.16%. New: Commonwealth of Massachusetts Transportation Fund Revenue (0.77%), Public Finance Authority (0.61%), University of California (0.58%), Grand Parkway Transportation Corp (0.5%), MARYLAND CMNTY DEV ADMIN HSG & (0.49%), New York State Environmental Facilities Corp (0.48%). Gone: North Texas Tollway Authority (0.62%), New York State Dormitory Authority (0.53%), New Mexico Mortgage Finance Authority (0.45%), Oklahoma Water Resources Board (0.45%), Washington Metropolitan Area Transit Authority Dedicated Rev (0.43%), Colorado Health Facilities Authority (0.36%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Fri, 26 Jun 2026 12:00:00 GMThttps://themulden.com/funds/vcrm/https://themulden.com/funds/vcrm/1,507 positions became 1,825: 452 added (31.94% of the fund), 134 dropped (9.18%). Turnover proxy 37.7%. Largest increases: Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund 0.82% to 3.16%; Texas Municipal Gas Acquisition & Supply Corp IV 0.16% to 0.71%; Illinois State Toll Highway Authority 0.03% to 0.37%; New York State Dormitory Authority 0.32% to 0.53%; California Public Finance Authority 0.33% to 0.51%; California Community Choice Financing Authority 0.19% to 0.36%. Largest decreases: City of New York NY 0.6% to 0.12%; Energy Southeast A Cooperative District 0.8% to 0.54%; Southeast Energy Authority A Cooperative District 0.89% to 0.63%; City of New York NY 0.69% to 0.46%; Washington Metropolitan Area Transit Authority Dedicated Rev 0.65% to 0.43%; Indiana University 0.62% to 0.41%. New: Great Lakes Water Authority Water Supply System Revenue (0.86%), North Texas Tollway Authority (0.62%), New York City Municipal Water Finance Authority (0.54%), New York State Dormitory Authority (0.52%), New Mexico Mortgage Finance Authority (0.45%), Oklahoma Water Resources Board (0.45%). Gone: City of Austin TX (0.41%), City of Austin TX (0.41%), San Francisco City & County Public Utilities Commission (0.4%), Chicago Board of Education (0.34%), City of Grand Rapids MI (0.32%), Miami-Dade County Housing Finance Authority (0.27%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Tue, 31 Mar 2026 12:00:00 GMThttps://themulden.com/funds/vcrm/https://themulden.com/funds/vcrm/1,192 positions became 1,507: 383 added (41.67% of the fund), 68 dropped (4.96%). Turnover proxy 45.7%. Largest increases: Southeast Energy Authority A Cooperative District 0.04% to 0.89%; City of New York NY 0.1% to 0.69%; City of Tallahassee FL 0.03% to 0.48%; Tarrant County Cultural Education Facilities Finance Corp 0.05% to 0.37%; Black Belt Energy Gas District 0.03% to 0.33%; Chicago Board of Education 0.05% to 0.34%. Largest decreases: Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund 3.86% to 0.82%; Washington Metropolitan Area Transit Authority Dedicated Rev 0.7% to 0.4%; Massachusetts Development Finance Agency 0.57% to 0.31%; City of Grand Rapids MI 0.57% to 0.32%; Black Belt Energy Gas District 0.47% to 0.26%; Los Angeles Department of Water & Power 0.46% to 0.25%. New: Energy Southeast A Cooperative District (0.8%), Washington Metropolitan Area Transit Authority Dedicated Rev (0.65%), Indiana University (0.62%), City of New York NY (0.6%), Hudson Yards Infrastructure Corp (0.54%), New York City Transitional Finance Authority Building Aid Re (0.53%). Gone: California Infrastructure & Economic Development Bank (0.37%), State of New Jersey (0.35%), State of Washington (0.17%), County of Harnett NC (0.16%), Massachusetts Development Finance Agency (0.16%), Hurst-Euless-Bedford Independent School District (0.13%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Tue, 23 Dec 2025 12:00:00 GMThttps://themulden.com/funds/vcrm/https://themulden.com/funds/vcrm/967 positions became 1,192: 271 added (36.35% of the fund), 46 dropped (6.55%). Turnover proxy 39.6%. Largest increases: Main Street Natural Gas Inc 0.07% to 0.39%; Kentucky Public Energy Authority 0.1% to 0.36%; New Mexico Municipal Energy Acquisition Authority 0.11% to 0.37%; California Community Choice Financing Authority 0.1% to 0.35%; California Community Choice Financing Authority 0.1% to 0.34%; Round Rock Independent School District 0.05% to 0.26%. Largest decreases: Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund 4.26% to 3.86%; Black Belt Energy Gas District 0.76% to 0.47%; California Community Choice Financing Authority 0.59% to 0.36%; County of Chambers TX 0.47% to 0.27%; State of Illinois 0.48% to 0.29%; Public Finance Authority 0.45% to 0.26%. New: Washington Metropolitan Area Transit Authority Dedicated Rev (0.7%), City of Grand Rapids MI (0.57%), Massachusetts Development Finance Agency (0.57%), Northern Michigan University (0.48%), University of North Texas System (0.47%), Los Angeles Department of Water & Power (0.46%). Gone: City of Quincy MA (0.45%), Puerto Rico Commonwealth Aqueduct & Sewer Authority (0.45%), Oregon State Lottery (0.38%), Massachusetts Development Finance Agency (0.36%), City of New York NY (0.25%), Forest Hills Public Schools/MI (0.24%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Thu, 25 Sep 2025 12:00:00 GMThttps://themulden.com/funds/vcrm/https://themulden.com/funds/vcrm/563 positions became 967: 411 added (54.98% of the fund), 7 dropped (2.41%). Turnover proxy 57.8%. Largest increases: Commonwealth of Puerto Rico 0.09% to 0.5%; Public Finance Authority 0.12% to 0.45%; Kentucky Public Energy Authority 0.09% to 0.4%; Black Belt Energy Gas District 0.13% to 0.4%; California Community Choice Financing Authority 0.26% to 0.48%; New York State Dormitory Authority 0.07% to 0.28%. Largest decreases: Massachusetts Development Finance Agency 0.7% to 0.26%; New York City Housing Development Corp 0.65% to 0.22%; Metropolitan Transportation Authority 0.59% to 0.22%; City of New York NY 0.58% to 0.25%; South Carolina Jobs-Economic Development Authority 0.53% to 0.19%; Grayson County Junior College District/TX 0.51% to 0.18%. New: Black Belt Energy Gas District (0.76%), Metropolitan Transportation Authority (0.47%), County of Chambers TX (0.47%), Tennessee Energy Acquisition Corp (0.46%), City of Quincy MA (0.45%), Puerto Rico Commonwealth Aqueduct & Sewer Authority (0.45%). Gone: South Carolina Public Service Authority (0.61%), Metropolitan Pier & Exposition Authority (0.36%), City of Philadelphia PA Water & Wastewater Revenue (0.36%), JEA Water & Sewer System Revenue (0.33%), Metropolitan Transportation Authority Dedicated Tax Fund (0.31%), Sarasota County Public Hospital District (0.26%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Mon, 30 Jun 2025 12:00:00 GMT