# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-25-003384
**Filing Date:** 2025-10
**Character Count:** 103858
**Document Hash:** b600df8e565b583d00923d045ad9e344
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003384.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003384

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN TAX FREE TRUST
- **CENTRAL INDEX KEY:** 0000757010

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 251418378

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

## Series and Classes Contracts Data

### FRANKLIN NORTH CAROLINA TAX-FREE INCOME FUND (Series ID: S000006924)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018784 | CLASS A1      | FXNCX           |
| C000018785 | CLASS C       | FNCIX           |
| C000079639 | ADVISOR CLASS | FNCZX           |
| C000194365 | Class R6      | FNCQX           |
| C000205903 | Class A       | FQNCX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Franklin Tax Free Trust

- **b. Investment Company Act file number:** 811-04149

- **c. CIK number of Registrant:** 0000757010

- **d. LEI of Registrant:** 549300C12HCE48FV1C70

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

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

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

- **a. Name of Series:** Franklin North Carolina Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006924

- **c. LEI of Series:** 549300QZWHCXM9J5TR59

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $554400883.14

**Total Liabilities:** $4474040.56

**Net Assets:** $549926842.58

**Delayed Delivery Securities:** $2600684.00

**Cash Not Reported:** $107201.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -21.55000000 | **1-Year:** -544.20000000 | **5-Year:** -12627.85000000 | **10-Year:** -165437.66000000 | **30-Year:** -183926.50000000

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

- **3-Month:** 0.00000000 | **1-Year:** -5.13000000 | **5-Year:** -568.09000000 | **10-Year:** -20239.69000000 | **30-Year:** -23740.63000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018784 | 0.64%                | -0.73%               | 0.77%                |
| Class ID C000079639 | 0.55%                | -0.72%               | 0.78%                |
| Class ID C000194365 | 0.65%                | -0.81%               | 0.78%                |
| Class ID C000205903 | 0.63%                | -0.84%               | 0.76%                |
| Class ID C000018785 | 0.59%                | -0.86%               | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-611952.62              | $2726177.51                                |
| Month 2  | $-1031011.37             | $-4904437.84                               |
| Month 3  | $-159458.06              | $2955436.93                                |

### Schedule of Portfolio Investments

| Name                                                                            | Title                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    920000 | PA      | $790757.57    | 0.14%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 41                                                                       | CUSIP: 658207XJ9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   6395000 | PA      | $5211714.60   | 0.95%             | 2049-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                        | County of Mecklenburg, Series 2025 B                                                                                   | CUSIP: 584002C31<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4672620.50   | 0.85%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAV0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076221.20   | 0.38%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNY1<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    550000 | PA      | $582503.19    | 0.11%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pecan Public Facility Corp.                                                     | Pecan Public Facility Corp., Series 2022 A-2                                                                           | CUSIP: 705125AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2006736.20   | 0.36%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 41                                                                       | CUSIP: 658207XH3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $3503293.44   | 0.64%             | 2044-07-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2017                                                                         | CUSIP: 65830RBK4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025711.50   | 0.19%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                  | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 A                                                          | CUSIP: 160853UF2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5223158.50   | 0.95%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | Antonio B Won Pat International Airport Authority, Series 2023 A                                                       | CUSIP: 40064RFD6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    265000 | PA      | $279483.26    | 0.05%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                              | City of Raleigh, Series 2023 A                                                                                         | CUSIP: 751091UG2<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1878849.39   | 0.34%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAQ1<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1888341.70   | 0.34%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2019 B                                                                                       | CUSIP: 161036QX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5515000 | PA      | $4883066.48   | 0.89%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2019 BB                                                         | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2910598.63   | 0.53%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                     | City of Greensboro, Series 2020 A                                                                                      | CUSIP: 395468MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4202094.15   | 0.76%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | Metropolitan Transportation Authority, Series 2021 A-2                                                                 | CUSIP: 59261AK97<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2700422.10   | 0.49%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2016 B                                                        | CUSIP: 65819GLB2<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   5085000 | PA      | $4588122.78   | 0.83%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | Cape Fear Public Utility Authority, Series 2025                                                                        | CUSIP: 139391FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $302571.78    | 0.06%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2018 A                                                                       | CUSIP: 65830VAG5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2954894.10   | 0.54%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                            | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $194343.78    | 0.04%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | Cape Fear Public Utility Authority, Series 2025                                                                        | CUSIP: 139391FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $353428.60    | 0.06%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPC7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1741444.94   | 0.32%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1061837.37   | 0.19%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2025 A                                                                  | CUSIP: 65821DZU8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032662.90   | 0.19%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                     | Western Carolina University, Series 2020 B                                                                             | CUSIP: 957897LX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920691.10    | 0.17%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                      | Capital Trust Agency, Inc., Series 2021 A-1                                                                            | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $953848.35    | 0.17%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800861.48   | 0.33%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     25431 | PA      | $27103.50     | 0.00%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | City of Charlotte, Series 2018                                                                                         | CUSIP: 161045PA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4137808.96   | 0.75%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024 A                                                                  | CUSIP: 65820YSW7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $729602.33    | 0.13%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                        | Development Authority of Rockdale County, Series 2025 A-1                                                              | CUSIP: 77300QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $919359.21    | 0.17%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021 A                                                                  | CUSIP: 65820YSR8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $897522.38    | 0.16%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Haven at Elgin LLC                                                              | Haven at Elgin LLC                                                                                                     | CUSIP: 41935HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1604787.81   | 0.29%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $371326.17    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                  | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 G                                                          | CUSIP: 160853UL9<br>LEI: 549300XOH4JU704GMZ32 | Long             | STIV             | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.42%             | 2048-01-15      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65821DWG2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048042.90   | 0.19%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXR7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2325198.19   | 0.42%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2023 A                                                                                       | CUSIP: 161036VM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4579892.55   | 0.83%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | Metropolitan Transportation Authority, Series 2021 A-1                                                                 | CUSIP: 59261AK63<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5325000 | PA      | $4425903.04   | 0.80%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nash Health Care Systems                                                        | Nash Health Care Systems, Series 2025                                                                                  | CUSIP: 631163BQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5410719.60   | 0.98%             | 2055-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAT5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1582343.25   | 0.29%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65820YQG4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4740195.00   | 0.86%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                | Raleigh Durham Airport Authority, Series 2020 A                                                                        | CUSIP: 751073ME4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2677111.72   | 0.49%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024                                                                    | CUSIP: 65820YTD8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    340000 | PA      | $338900.03    | 0.06%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | City of Charlotte, Series 2019 A                                                                                       | CUSIP: 161037Y91<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   8250000 | PA      | $8378444.25   | 1.52%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                        | Town of Holly Springs, Series 2024                                                                                     | CUSIP: 436084AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2192878.50   | 0.40%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                    | South Carolina State Housing Finance & Development Authority, Series 2021 A                                            | CUSIP: 83712EHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1991385.00   | 0.36%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | City of Charlotte, Series 2023 B                                                                                       | CUSIP: 161035NJ5<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3073657.57   | 0.56%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                         | State of North Carolina, Series 2025                                                                                   | CUSIP: 658268FM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1599445.20   | 0.29%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                           | City of Raleigh, Series 2023                                                                                           | CUSIP: 751100NP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2658405.90   | 0.48%             | 2053-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2016 B                                                        | CUSIP: 65819GLD8<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2529071.00   | 0.46%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                        | County of New Hanover, Series 2017                                                                                     | CUSIP: 644804FM3<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5277688.00   | 0.96%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021 A                                                                  | CUSIP: 65820YSS6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3510000 | PA      | $2705108.21   | 0.49%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65820YSD9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2268313.20   | 0.41%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2016 D                                                                  | CUSIP: 65821DVK4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6536871.60   | 1.19%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65820YQC3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2095445.84   | 0.38%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | County of Wake, Series 2019 A                                                                                          | CUSIP: 930864BH5<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   7870000 | PA      | $8455724.75   | 1.54%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXS5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1315622.14   | 0.24%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 46 A                                                                     | CUSIP: 658207F59<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    975000 | PA      | $883000.17    | 0.16%             | 2031-01-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021                                                          | CUSIP: 65818PNN5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038824.80   | 0.37%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | City of Charlotte, Series 2023 B                                                                                       | CUSIP: 161035NK2<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2403154.54   | 0.44%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | County of Dare, Series 2021 A                                                                                          | CUSIP: 23720EDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $357806.70    | 0.07%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                        | County of New Hanover, Series 2017                                                                                     | CUSIP: 644804FL5<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |  13565000 | PA      | $14318367.54  | 2.60%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 42                                                                       | CUSIP: 65821FHR0<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2470787.13   | 0.45%             | 2039-07-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | Antonio B Won Pat International Airport Authority, Series 2023 A                                                       | CUSIP: 40064REZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    750000 | PA      | $802354.50    | 0.15%             | 2030-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority   | Columbus County Industrial Facilities & Pollution Control Financing Authority, Series 2020 A                           | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2523412.75   | 0.46%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                                            | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     96418 | PA      | $60623.06     | 0.01%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 43                                                                       | CUSIP: 658207YN9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4715000 | PA      | $3664995.90   | 0.67%             | 2040-01-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2019                                                                         | CUSIP: 65830RCT4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002172.80   | 0.36%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | Cape Fear Public Utility Authority, Series 2025                                                                        | CUSIP: 139391FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $305969.40    | 0.06%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                         | City of Fayetteville, Series 2018                                                                                      | CUSIP: 312805LF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4015000 | PA      | $3838582.51   | 0.70%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2016 C                                                                  | CUSIP: 65821DVM0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5057838.00   | 0.92%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2018                                                          | CUSIP: 65818PNA3<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8603529.00   | 1.56%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65821DWM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   6640000 | PA      | $5462463.06   | 0.99%             | 2052-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                     | Washington State Housing Finance Commission, Series 2021 A                                                             | CUSIP: 939783H58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1326944.48   | 0.24%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAP3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1413626.89   | 0.26%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Brunswick NC                                                          | County of Brunswick, Series 2022                                                                                       | CUSIP: 117061XS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1535942.43   | 0.28%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPB9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053614.20   | 0.19%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNW5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    400000 | PA      | $413621.88    | 0.08%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | City of Charlotte, Series 2020                                                                                         | CUSIP: 161045QW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $338214.20    | 0.06%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2023 A                                                                                       | CUSIP: 161036VN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6155000 | PA      | $6226703.90   | 1.13%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 42                                                                       | CUSIP: 65821FHS8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $1953479.00   | 0.36%             | 2043-01-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| County of Lincoln NC Enterprise System Revenue                                  | County of Lincoln, Series 2020                                                                                         | CUSIP: 53334CBU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $381109.58    | 0.07%             | 2041-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1256842.00   | 0.23%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                           | County of Guilford, Series 2025                                                                                        | CUSIP: 401784X73<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4671891.00   | 0.85%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | City of Durham, Series 2024                                                                                            | CUSIP: 266818DR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3003712.66   | 0.55%             | 2053-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2018                                                          | CUSIP: 65818PMZ9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13530322.35  | 2.46%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Catawba NC                                                            | County of Catawba, Series 2023                                                                                         | CUSIP: 149063DK2<br>LEI: 549300EWQJNN6JBILN37 | Long             | DBT              | MUN               | US        |    400000 | PA      | $370904.52    | 0.07%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                  | Charlotte-Mecklenburg Hospital Authority (The), Series 2022 A                                                          | CUSIP: 160853VS3<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1853033.00   | 0.34%             | 2043-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021 A                                                                  | CUSIP: 65820YSQ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    960000 | PA      | $730878.43    | 0.13%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | County of Wake, Series 2021                                                                                            | CUSIP: 930876FH5<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   5535000 | PA      | $5201233.41   | 0.95%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Water and Sewer Authority of Cabarrus County                                    | Water and Sewer Authority of Cabarrus County, Series 2024                                                              | CUSIP: 12677TAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2361611.89   | 0.43%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                        | County of New Hanover, Series 2021                                                                                     | CUSIP: 64480PEA3<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3756234.26   | 0.68%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65821DWK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $1787560.56   | 0.33%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | Greater Asheville Regional Airport Authority, Series 2023                                                              | CUSIP: 39160CBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7479173.25   | 1.36%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2013 A                                                                  | CUSIP: 65821DRK9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19998698.00  | 3.64%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2025 A                                                                                       | CUSIP: 161036XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3114152.40   | 0.57%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | County of Wake, Series 2021                                                                                            | CUSIP: 930876FJ1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5512257.00   | 1.00%             | 2036-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAS7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1327112.38   | 0.24%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Wilmington                                      | University of North Carolina at Wilmington, Series 2015                                                                | CUSIP: 91472TAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004567.80   | 0.55%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2021 A                                                                                       | CUSIP: 161036RU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2294467.01   | 0.42%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                     | City of Greensboro, Series 2024 B                                                                                      | CUSIP: 395468PJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3579531.55   | 0.65%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | Antonio B Won Pat International Airport Authority, Series 2024 A                                                       | CUSIP: 40064RFR5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    625000 | PA      | $662606.81    | 0.12%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                  | Charlotte-Mecklenburg Hospital Authority (The), Series 2016 A                                                          | CUSIP: 160853SX6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14035344.40  | 2.55%             | 2040-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 45                                                                       | CUSIP: 658207C94<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1261111.08   | 0.23%             | 2040-07-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021                                                          | CUSIP: 65818PNP0<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3243254.00   | 0.59%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2015 B                                                        | CUSIP: 65819GKW7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |  13585000 | PA      | $13611968.94  | 2.48%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 43                                                                       | CUSIP: 658207YP4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $1628259.28   | 0.30%             | 2043-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021                                                          | CUSIP: 65818PNR6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2272951.00   | 0.41%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 44                                                                       | CUSIP: 658207ZV0<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $1998836.58   | 0.36%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $464700.96    | 0.08%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2025 A-1                                                                              | CUSIP: 74441XJD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1165906.60   | 0.21%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                            | Guam Government Waterworks Authority, Series 2025 A                                                                    | CUSIP: 40065FFK5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   3200000 | PA      | $3261001.92   | 0.59%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     21054 | PA      | $20188.14     | 0.00%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | City of Durham, Series 2024                                                                                            | CUSIP: 266818DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3960000 | PA      | $3558994.96   | 0.65%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2024 A                                                                       | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   6740000 | PA      | $6643878.84   | 1.21%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521484.45    | 0.09%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPA1<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1972372.53   | 0.36%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                     | City of Greensboro, Series 2024 B                                                                                      | CUSIP: 395468PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542701.10   | 0.28%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2016 A                                                                       | CUSIP: 65830UAE2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2491432.96   | 0.45%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois, Series 2021 A                                                                                       | CUSIP: 452153AM1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158544.20   | 0.39%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2025 A                                                                  | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3797501.20   | 0.69%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                              | County of Johnston, Series 2023                                                                                        | CUSIP: 479357BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $989862.16    | 0.18%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority, Series VV                                                                        | CUSIP: 74526Q2Q4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1500000 | PA      | $1499083.05   | 0.27%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2019                                                                         | CUSIP: 65830RCR8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4069645.00   | 0.74%             | 2055-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                        | North Carolina Agricultural & Technical State University, Series 2023                                                  | CUSIP: 658187JT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029800.20   | 0.19%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lincoln NC Enterprise System Revenue                                  | County of Lincoln, Series 2020                                                                                         | CUSIP: 53334CBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $343696.40    | 0.06%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                      | Capital Trust Agency, Inc., Series 2021 A-1                                                                            | CUSIP: 14052TDU5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   4680000 | PA      | $4012540.74   | 0.73%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNU9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1701991.89   | 0.31%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3678492.80   | 0.67%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | New Jersey Economic Development Authority, Series 2021 QQQ                                                             | CUSIP: 64577XCS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903408.50    | 0.16%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2016 A                                                                       | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4510000 | PA      | $4481287.54   | 0.81%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte (The)                                 | University of North Carolina at Charlotte (The), Series 2017                                                           | CUSIP: 914716H73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5036156.00   | 0.92%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2020 AA                                                         | CUSIP: 64613CFF0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    280000 | PA      | $314807.16    | 0.06%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                        | Development Authority of Rockdale County, Series 2025 A-1                                                              | CUSIP: 77300QAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251272.98    | 0.05%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                            | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197060.08    | 0.04%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp., Series A-2                                                                      | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1190000 | PA      | $1051276.82   | 0.19%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                            | Guam Government Waterworks Authority, Series 2020 A                                                                    | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   3205000 | PA      | $3058229.91   | 0.56%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nash Health Care Systems                                                        | Nash Health Care Systems, Series 2025                                                                                  | CUSIP: 631163BP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1303153.88   | 0.24%             | 2050-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2025 A                                                     | CUSIP: 658262HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1286441.88   | 0.23%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2022, Class B-1                                                                       | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1226684.00   | 0.22%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | Antonio B Won Pat International Airport Authority, Series 2023 A                                                       | CUSIP: 40064RFC8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    390000 | PA      | $411379.61    | 0.07%             | 2034-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                            | County of Iredell, Series 2025                                                                                         | CUSIP: 462668MD3<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |   4195000 | PA      | $3918858.25   | 0.71%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021 A                                                                  | CUSIP: 65820YSP2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2935000 | PA      | $2339545.73   | 0.43%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAU2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1330801.63   | 0.24%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                           | County of Guilford, Series 2025                                                                                        | CUSIP: 401784W90<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3273003.90   | 0.60%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2022 A-1                                                                | CUSIP: 130483EV8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1927639.66   | 0.35%             | 2037-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority, Escrow Account                                                                   | CUSIP: N/A<br>LEI: 5493003BRB67HF8ST418       | Long             | EC               | CORP              | PR        |    209296 | NS      | $52324.11     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2020 AA                                                         | CUSIP: 6461367N5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $345902.05    | 0.06%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     25850 | PA      | $26735.11     | 0.00%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                           | County of Guilford, Series 2025                                                                                        | CUSIP: 401784X57<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2865932.70   | 0.52%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                               | North Carolina Central University, Series 2019                                                                         | CUSIP: 65819PDW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1588519.64   | 0.29%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                        | Metropolitan Pier & Exposition Authority, Series 2020 A                                                                | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $479198.05    | 0.09%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFX1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    220000 | PA      | $186986.12    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | Metropolitan Transportation Authority, Series 2020 E                                                                   | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1354236.66   | 0.25%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSJ6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    185000 | PA      | $181052.38    | 0.03%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     18070 | PA      | $16784.39     | 0.00%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC Water & Sewer System Revenue                           | City of Winston-Salem, Series 2017                                                                                     | CUSIP: 975700NW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9054980.00   | 1.65%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | University of North Carolina at Chapel Hill, Series 2019                                                               | CUSIP: 914714CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6920000 | PA      | $7132796.23   | 1.30%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXQ9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $827545.00    | 0.15%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     24568 | PA      | $21391.17     | 0.00%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp., Series A-2                                                                      | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1854884.60   | 0.34%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                           | County of Guilford, Series 2024                                                                                        | CUSIP: 401784V42<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4776554.50   | 0.87%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                | Raleigh Durham Airport Authority, Series 2015 A                                                                        | CUSIP: 751073JY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550646.14    | 0.10%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp., Series A-1                                                                      | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  11700000 | PA      | $10731920.94  | 1.95%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNX3<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524156.20    | 0.10%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                 | Greenville Utilities Commission, Series 2025                                                                           | CUSIP: 396321FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2510451.89   | 0.46%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2025 A-2                                                                              | CUSIP: 74441XJE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9545000 | PA      | $4178706.50   | 0.76%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                             | Town of Fuquay-Varina, Series 2024 C                                                                                   | CUSIP: 36106QDD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2445180.70   | 0.44%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNZ8<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1979363.45   | 0.36%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     30143 | PA      | $21108.62     | 0.00%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFP8<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    440000 | PA      | $461747.26    | 0.08%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                         | Capital Trust Authority, Series 2024                                                                                   | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5300000 | PA      | $4422786.40   | 0.80%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024 A                                                                  | CUSIP: 65820YSX5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $710575.80    | 0.13%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSH0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    355000 | PA      | $351317.34    | 0.06%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | County of Dare, Series 2021 A                                                                                          | CUSIP: 23720EDM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $323877.79    | 0.06%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                               | North Carolina Central University, Series 2019                                                                         | CUSIP: 65819PDT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823000.70    | 0.15%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 46 A                                                                     | CUSIP: 658207F34<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1955700.39   | 0.36%             | 2030-01-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPD5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    740000 | PA      | $715805.03    | 0.13%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024                                                                    | CUSIP: 65820YTC0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |  10765000 | PA      | $9960222.59   | 1.81%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                           | County of Johnston, Series 2025                                                                                        | CUSIP: 479340YZ8<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5488705.00   | 1.00%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | University of North Carolina at Chapel Hill, Series 2021 B                                                             | CUSIP: 914713S37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2362577.83   | 0.43%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | County of Dare, Series 2021 A                                                                                          | CUSIP: 23720EDN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $492548.36    | 0.09%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2016 B                                                        | CUSIP: 65819GLE6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13130560.30  | 2.39%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPE3<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    360000 | PA      | $343409.65    | 0.06%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1318228.45   | 0.24%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     23423 | PA      | $22917.14     | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | County of Dare, Series 2021 A                                                                                          | CUSIP: 23720EDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $204419.10    | 0.04%             | 2040-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                             | University of North Carolina System, Series 2008 A                                                                     | CUSIP: 9147208R1<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160099.79    | 0.03%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304326.75    | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                            | Guam Government Waterworks Authority, Series 2025 A                                                                    | CUSIP: 40065FFJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   2500000 | PA      | $2513294.75   | 0.46%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAR9<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1895735.31   | 0.34%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2024 A-2                                                                              | CUSIP: 74441XHX0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7965000 | PA      | $4666184.54   | 0.85%             | 2044-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC Combined Utility Systems Revenue                                | Town of Cary, Series 2017 B                                                                                            | CUSIP: 147056HC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4765640.00   | 0.87%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2020 AA                                                         | CUSIP: 64613CFK9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1010699.93   | 0.18%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     25551 | PA      | $21117.68     | 0.00%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2021 A                                                                                       | CUSIP: 161036RT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9030000 | PA      | $8678891.03   | 1.58%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 42                                                                       | CUSIP: 65821FHQ2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    750000 | PA      | $646999.13    | 0.12%             | 2034-07-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     24701 | PA      | $27107.33     | 0.00%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                     | Western Carolina University, Series 2020 B                                                                             | CUSIP: 957897ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4324683.50   | 0.79%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Franklin Tax Free Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer