# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-25-003371
**Filing Date:** 2025-10
**Character Count:** 83801
**Document Hash:** 454cba20a2e0b1b9963ec2bf764c8e39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003371.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003371

**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:** 251418365

**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 OREGON TAX-FREE INCOME FUND (Series ID: S000006926)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018789 | CLASS A1      | FRORX           |
| C000018790 | CLASS C       | FORIX           |
| C000079640 | ADVISOR CLASS | FOFZX           |
| C000194367 | Class R6      | FOFRX           |
| C000205905 | Class A       | FOFQX           |

## 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 Oregon Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006926

- **c. LEI of Series:** 549300OAFBSSULD06N68

**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:** $795100638.21

**Total Liabilities:** $7406810.12

**Net Assets:** $787693828.09

**Delayed Delivery Securities:** $4443887.00

**Cash Not Reported:** $1026267.07

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -13.61000000 | **1-Year:** -1773.73000000 | **5-Year:** -16114.29000000 | **10-Year:** -223588.71000000 | **30-Year:** -259458.62000000

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

- **3-Month:** 0.00000000 | **1-Year:** -522.15000000 | **5-Year:** -753.59000000 | **10-Year:** -46318.73000000 | **30-Year:** -43766.75000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194367 | 0.79%                | -0.87%               | 0.83%                |
| Class ID C000018790 | 0.72%                | -0.91%               | 0.85%                |
| Class ID C000079640 | 0.69%                | -0.87%               | 0.92%                |
| Class ID C000205905 | 0.77%                | -0.89%               | 0.80%                |
| Class ID C000018789 | 0.78%                | -0.88%               | 0.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-408550.79              | $4017854.20                                |
| Month 2  | $-225106.13              | $-9403167.42                               |
| Month 3  | $-525960.06              | $4891457.88                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Medford Hospital Facilities Authority                                   | Medford Hospital Facilities Authority, Series 2020 A                                  | CUSIP: 584283HE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4348934.55   | 0.55%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No. 48J Beaverton       | Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D      | CUSIP: 938429U88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15050000 | PA      | $15485649.34  | 1.97%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                         | State of Oregon, Series 2007 A                                                        | CUSIP: 68608KDE5<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $2846534.50   | 0.36%             | 2042-08-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 12 North Clackamas                 | Clackamas County School District No. 12 North Clackamas, Series 2017 A                | CUSIP: 179093LE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3505000 | PA      | $1699997.90   | 0.22%             | 2042-06-15      | None          | 0.00%                 | 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        |   4200000 | PA      | $3010104.30   | 0.38%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deschutes County Hospital Facilities Authority                          | Deschutes County Hospital Facilities Authority, Series 2016 A                         | CUSIP: 250336DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13890000 | PA      | $13631850.18  | 1.73%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah-Clackamas Counties Centennial School District No. 28JT/OR     | Multnomah-Clackamas Counties Centennial School District No. 28JT, Series 2020         | CUSIP: 625485DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3030572.70   | 0.38%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No. 48J Beaverton       | Washington & Multnomah Counties School District No. 48J Beaverton, Series 2022 B      | CUSIP: 9384292B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19145000 | PA      | $19354844.52  | 2.46%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Astoria Hospital Facilities Authority                                   | Astoria Hospital Facilities Authority, Series 2016                                    | CUSIP: 046279BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4254254.68   | 0.54%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 12 North Clackamas                 | Clackamas County School District No. 12 North Clackamas, Series 2018                  | CUSIP: 179093KL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1776935.65   | 0.23%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Oregon                                                    | University of Oregon, Series 2018 A                                                   | CUSIP: 914767AC2<br>LEI: 549300FHOP2K4GYRPY40 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10034625.00  | 1.27%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                     | Port of Portland, Series 27 A                                                         | CUSIP: 735240W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1725809.50   | 0.22%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. 6 Central Point                      | Jackson County School District No. 6 Central Point, Series 2019 A                     | CUSIP: 467754HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2881521.12   | 0.37%             | 2031-06-15      | Fixed         | 5.00%                 | 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        |   2250000 | PA      | $2258223.08   | 0.29%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                     | Port of Portland, Series 25 B                                                         | CUSIP: 735240Q89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6145323.66   | 0.78%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2018                                        | CUSIP: 794458EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3347156.90   | 0.42%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Yamhill OR                                                    | County of Yamhill, Series 2021                                                        | CUSIP: 98464TAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2047503.81   | 0.26%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Astoria Hospital Facilities Authority                                   | Astoria Hospital Facilities Authority, Series 2024                                    | CUSIP: 046279CU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6176188.85   | 0.78%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                      | Oregon Health & Science University, Series 2021 A                                     | CUSIP: 685869HF9<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |  26580000 | PA      | $23074262.80  | 2.93%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Yamhill OR                                                    | County of Yamhill, Series 2020 A                                                      | CUSIP: 98464TAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9285000 | PA      | $8390278.83   | 1.07%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series A                                           | CUSIP: 68608JUU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $661999.99    | 0.08%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. 6 Central Point                      | Jackson County School District No. 6 Central Point, Series 2019 B                     | CUSIP: 467754HX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $254338.89    | 0.03%             | 2042-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Yamhill OR                                                    | County of Yamhill, Series 2021                                                        | CUSIP: 98464TAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2585000 | PA      | $2588305.44   | 0.33%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No. 24J                                    | Salem-Keizer School District No. 24J, Series 2009 B                                   | CUSIP: 794173FG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $7390451.65   | 0.94%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority, Series VV                                       | CUSIP: 74526Q2U5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $993369.50    | 0.13%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                   | Children's Trust Fund, Series 2002                                                    | CUSIP: 16876QBG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   6000000 | PA      | $6094102.80   | 0.77%             | 2043-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                 | Multnomah County School District No. 40, Series 2012 B                                | CUSIP: 625693HD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2030000 | PA      | $1679394.84   | 0.21%             | 2031-06-15      | None          | 0.00%                 | 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    | 0.12%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2016 A                                      | CUSIP: 68608JWH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7800000 | PA      | $7528958.58   | 0.96%             | 2041-10-01      | 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        |   4520000 | PA      | $1978811.25   | 0.25%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2022                                        | CUSIP: 794458GH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $370629.78    | 0.05%             | 2032-05-15      | 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        |   2500000 | PA      | $2507480.95   | 0.32%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| City of Forest Grove OR                                                 | City of Forest Grove, Series 2022 A                                                   | CUSIP: 345648DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $337796.58    | 0.04%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                 | State of Oregon Housing & Community Services Department, Series 2022 II-1             | CUSIP: 68608END0<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20156806.00  | 2.56%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington County School District No. 15 Forest Grove                   | Washington County School District No. 15 Forest Grove, Series 2012 B                  | CUSIP: 938361NE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3140000 | PA      | $2594729.27   | 0.33%             | 2031-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | New Jersey Transportation Trust Fund Authority, Series 2022 A                         | CUSIP: 64613CAA6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2069602.74   | 0.26%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                 | Multnomah County School District No. 40, Series 2012 B                                | CUSIP: 625693GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2526777.57   | 0.32%             | 2027-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series A                                           | CUSIP: 68608JUW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3424652.80   | 0.43%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon               | Tri-County Metropolitan Transportation District of Oregon, Series 2018 A              | CUSIP: 89546RPS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5294952.55   | 0.67%             | 2031-10-01      | Fixed         | 5.00%                 | 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        |   3000000 | PA      | $2389662.00   | 0.30%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                | Union County Hospital Facility Authority, Series 2022                                 | CUSIP: 906420CH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2144134.58   | 0.27%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                     | Port of Portland, Series 29                                                           | CUSIP: 7352403K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13818976.65  | 1.75%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Clackamas & Yamhill Counties School District No. 88J         | Washington Clackamas & Yamhill Counties School District No. 88J, Series 2018 A        | CUSIP: 937440FB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $1677718.97   | 0.21%             | 2039-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Medford Hospital Facilities Authority                                   | Medford Hospital Facilities Authority, Series 2020 A                                  | CUSIP: 584283HD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11235000 | PA      | $9142807.07   | 1.16%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Grove OR                                                 | City of Forest Grove, Series 2015 A                                                   | CUSIP: 345648DQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6575000 | PA      | $6574961.21   | 0.83%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warm Springs Reservation Confederated Tribe                             | Warm Springs Reservation Confederated Tribe, Series 2019 B                            | CUSIP: 934312AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $317461.08    | 0.04%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2025 A                                      | CUSIP: 68608JZQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $467831.70    | 0.06%             | 2045-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                         | State of Oregon, Series 2019 G                                                        | CUSIP: 68609B7U5<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2021561.05   | 0.26%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                     | Port of Portland, Series 25 B                                                         | CUSIP: 735240Q71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4830000 | PA      | $4805521.08   | 0.61%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                         | State of Oregon, Series L                                                             | CUSIP: 68609BX69<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   3270000 | PA      | $3301786.69   | 0.42%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rockwood Water People's Utility District                                | Rockwood Water People's Utility District, Series 2024                                 | CUSIP: 774459DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $966788.46    | 0.12%             | 2047-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority, Series 2021 A-1                                | CUSIP: 59261AK55<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $4592294.30   | 0.58%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 12 North Clackamas                 | Clackamas County School District No. 12 North Clackamas, Series 2017 A                | CUSIP: 179093LK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  29265000 | PA      | $11673255.39  | 1.48%             | 2042-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington & Clackamas Counties School District No. 23J Tigard-Tualatin | Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017  | CUSIP: 938395SZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5040000 | PA      | $5150680.92   | 0.65%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Grove OR                                                 | City of Forest Grove, Series 2017                                                     | CUSIP: 345651AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3140710.65   | 0.40%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2025 A                                      | CUSIP: 68608JA68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9876981.00   | 1.25%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Umatilla Hospital District No. 1                                        | Umatilla Hospital District No. 1, Series 2023                                         | CUSIP: 904190AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $731697.75    | 0.09%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metro/OR                                                                | Metro Oregon - Clackamas, Multnomah, and Washington Counties, Series 2025             | CUSIP: 59163PMR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11585000 | PA      | $11036259.10  | 1.40%             | 2045-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tillamook & Yamhill Counties School District No. 101 Nestucca Valley    | Tillamook & Yamhill Counties School District No. 101 Nestucca Valley, Series 2018 B   | CUSIP: 886791CN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362949.27    | 0.05%             | 2036-06-15      | Fixed         | 5.00%                 | 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        |   2400000 | PA      | $1990416.72   | 0.25%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 12 North Clackamas                 | Clackamas County School District No. 12 North Clackamas, Series 2017 A                | CUSIP: 179093LH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8940000 | PA      | $4104625.78   | 0.52%             | 2040-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2016 A                                      | CUSIP: 68608JVR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25945000 | PA      | $25590702.86  | 3.25%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Grove OR                                                 | City of Forest Grove, Series 2022 A                                                   | CUSIP: 345648EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1537451.65   | 0.20%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                         | State of Oregon, Series 2025 A                                                        | CUSIP: 68609UPR0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3446495.91   | 0.44%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. 6 Central Point                      | Jackson County School District No. 6 Central Point, Series 2019 B                     | CUSIP: 467754HZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $409670.74    | 0.05%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Medford Hospital Facilities Authority                                   | Medford Hospital Facilities Authority, Series 2020 A                                  | CUSIP: 584283HA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8245000 | PA      | $8114649.85   | 1.03%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah-Clackamas Counties Centennial School District No. 28JT        | Multnomah-Clackamas Counties Centennial School District No. 28JT, Series 2020         | CUSIP: 625485DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24655000 | PA      | $24686033.25  | 3.13%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2022                                        | CUSIP: 794458GG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403642.24    | 0.05%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Beaverton OR Water Revenue                                      | City of Beaverton, Series 2020                                                        | CUSIP: 07556MFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094794.30   | 0.14%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warm Springs Reservation Confederated Tribe                             | Warm Springs Reservation Confederated Tribe, Series 2019 B                            | CUSIP: 934312AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265864.38    | 0.03%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2018 A                                      | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9800000 | PA      | $9800000.00   | 1.24%             | 2034-08-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Astoria Hospital Facilities Authority                                   | Astoria Hospital Facilities Authority, Series 2016                                    | CUSIP: 046279CB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1482723.55   | 0.19%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2018                                        | CUSIP: 794458EV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501294.00    | 0.06%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2018                                        | CUSIP: 794458EU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $557152.96    | 0.07%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Grove OR                                                 | City of Forest Grove, Series 2022 A                                                   | CUSIP: 345648EK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1729944.79   | 0.22%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2022                                        | CUSIP: 794458GB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136299.87    | 0.02%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2015 C                                      | CUSIP: 68608JTS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3943650.40   | 0.50%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Benton OR                                                     | County of Benton, Series 2023                                                         | CUSIP: 082805EQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1805481.10   | 0.23%             | 2053-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Eugene OR Electric Utility System Revenue                       | City of Eugene, Series 2017                                                           | CUSIP: 298191Q59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3580000 | PA      | $3591347.53   | 0.46%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Grove OR                                                 | City of Forest Grove, Series 2022 A                                                   | CUSIP: 345648EL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3960000 | PA      | $3529944.79   | 0.45%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                      | Oregon Health & Science University, Series 2016 B                                     | CUSIP: 685869EY1<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1730181.40   | 0.22%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                | Union County Hospital Facility Authority, Series 2022                                 | CUSIP: 906420CJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3463563.74   | 0.44%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2020 A                                      | CUSIP: 68608JYJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11025000 | PA      | $11049884.53  | 1.40%             | 2040-10-01      | 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        |   4500000 | PA      | $4522913.55   | 0.57%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Metro/OR                                                                | Metro Oregon - Clackamas, Multnomah, and Washington Counties, Series 2025             | CUSIP: 59163PMQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10790000 | PA      | $10197583.68  | 1.29%             | 2044-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2022 A                                      | CUSIP: 68608JZA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2459052.00   | 0.31%             | 2052-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2016 A                                      | CUSIP: 68608JYL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $225835.17    | 0.03%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2016 B                                      | CUSIP: 68608JTY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1913834.52   | 0.24%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                      | Oregon Health & Science University, Series 2017 A                                     | CUSIP: 685869FF1<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9967779.00   | 1.27%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 46 Oregon Trail                    | Clackamas County School District No. 46 Oregon Trail                                  | CUSIP: 179126DF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12495000 | PA      | $7151908.09   | 0.91%             | 2038-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                | City of Portland, Series 2025 A                                                       | CUSIP: 736742K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5660000 | PA      | $5720135.24   | 0.73%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County School District No. 8 Dayton                             | Yamhill County School District No. 8 Dayton, Series 2019                              | CUSIP: 984644DB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1156365.61   | 0.15%             | 2033-06-15      | Fixed         | 5.00%                 | 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        |   1300000 | PA      | $1299205.31   | 0.16%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 35 Molalla River                   | Clackamas County School District No. 35 Molalla River, Series 2024                    | CUSIP: 608479BN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2643945.90   | 0.34%             | 2049-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2018 B                                      | CUSIP: 68608JXF3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.51%             | 2034-08-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                     | Port of Portland, Series 27 A                                                         | CUSIP: 735240X40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5136427.00   | 0.65%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2022                                        | CUSIP: 794458GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $266204.12    | 0.03%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No. 48J Beaverton       | Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D      | CUSIP: 938429U96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5127229.00   | 0.65%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yachats Rural Fire Protection District                                  | Yachats Rural Fire Protection District, Series 2017                                   | CUSIP: 984273AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1601558.88   | 0.20%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                | Metropolitan Pier & Exposition Authority, Series 2022 A                               | CUSIP: 592250FC3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $820287.30    | 0.10%             | 2052-06-15      | Fixed         | 4.00%                 | 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        |    965000 | PA      | $969913.68    | 0.12%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Medford OR Sewer Revenue                                        | City of Medford, Series 2024                                                          | CUSIP: 584295AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2070337.81   | 0.26%             | 2047-06-01      | 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        |   1820000 | PA      | $1607835.14   | 0.20%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Columbia County School District No. 502                                 | Columbia County School District No. 502, Series 2017                                  | CUSIP: 197558EP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017106.80   | 0.13%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2022                                        | CUSIP: 794458GL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2001313.05   | 0.25%             | 2057-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 46 Oregon Trail                    | Clackamas County School District No. 46 Oregon Trail                                  | CUSIP: 179126DE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12130000 | PA      | $7414935.57   | 0.94%             | 2037-06-15      | None          | 0.00%                 | 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        |   2400000 | PA      | $1840026.00   | 0.23%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. 6 Central Point                      | Jackson County School District No. 6 Central Point, Series 2019 B                     | CUSIP: 467754JA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $340616.25    | 0.04%             | 2045-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                 | Multnomah County School District No. 40, Series 2023 A                                | CUSIP: 625693HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $366745.51    | 0.05%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 86 Canby                           | Clackamas County School District No. 86 Canby, Series 2020 A                          | CUSIP: 179198JD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3353333.05   | 0.43%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington County School District No. 15 Forest Grove                   | Washington County School District No. 15 Forest Grove, Series 2012 B                  | CUSIP: 938361ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2490000 | PA      | $2146672.82   | 0.27%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series A                                           | CUSIP: 68608JUV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1562185.97   | 0.20%             | 2036-10-01      | 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        |   3500000 | PA      | $2933364.70   | 0.37%             | 2037-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                 | Multnomah County School District No. 40, Series 2012 B                                | CUSIP: 625693HC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1626624.18   | 0.21%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                     | Port of Portland, Series 24 B                                                         | CUSIP: 735240M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7645000 | PA      | $7610140.33   | 0.97%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County School District No. 8 Dayton                             | Yamhill County School District No. 8 Dayton, Series 2019                              | CUSIP: 984644DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1125322.98   | 0.14%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2022                                        | CUSIP: 794458GE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $522809.10    | 0.07%             | 2029-05-15      | Fixed         | 4.00%                 | 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        |    357633 | NS      | $89408.18     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| State of Oregon Department of Transportation                            | State of Oregon, Series 2019 A                                                        | CUSIP: 68607DUM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23175000 | PA      | $23906924.44  | 3.04%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 1 Portland/OR                      | Multnomah County School District No. 1J Portland, Series 2023                         | CUSIP: 625517PE1<br>LEI: 5493002CTP8R8T4OPS64 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9297346.00   | 1.18%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2022                                        | CUSIP: 794458GD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $321689.36    | 0.04%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. 6 Central Point                      | Jackson County School District No. 6 Central Point, Series 2019 B                     | CUSIP: 467754HW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $317973.71    | 0.04%             | 2041-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oregon State University                                                 | Oregon State University, Series 2024 A                                                | CUSIP: 68608WAZ5<br>LEI: 549300UBMR6O3SFCEV73 | Long             | DBT              | MUN               | US        |   3610000 | PA      | $3280373.07   | 0.42%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                    | Lake Houston Redevelopment Authority, Series 2021                                     | CUSIP: 51001QAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263414.30    | 0.03%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon City School District No. 62                                      | Oregon City School District No. 62, Series 2018 B                                     | CUSIP: 179162HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2365749.50   | 0.30%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2021 A                                      | CUSIP: 68608JYY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  47505000 | PA      | $36307330.42  | 4.61%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                      | Oregon Health & Science University, Series 2021 A                                     | CUSIP: 685869HE2<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |  12645000 | PA      | $11576923.64  | 1.47%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2018                                        | CUSIP: 794458EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2126038.95   | 0.27%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. 6 Central Point                      | Jackson County School District No. 6 Central Point, Series 2019 B                     | CUSIP: 467754HY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $320731.85    | 0.04%             | 2043-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2022                                        | CUSIP: 794458GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1361354.46   | 0.17%             | 2040-05-15      | 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        |   3000000 | PA      | $2782326.90   | 0.35%             | 2040-07-01      | Fixed         | 4.33%                 | 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        |  17925000 | PA      | $16441853.24  | 2.09%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Clackamas Counties School District No. 23J Tigard-Tualatin | Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017  | CUSIP: 938395RU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9400000 | PA      | $9630987.14   | 1.22%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                         | State of Oregon, Series 2019 G                                                        | CUSIP: 68609B7T8<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3213083.10   | 0.41%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                     | Port of Portland, Series 28                                                           | CUSIP: 7352402L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2365222.75   | 0.30%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Benton & Polk School District No. 17J                                   | Benton & Polk School District No. 17J, Series 2010 B                                  | CUSIP: 718781CJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $825406.80    | 0.10%             | 2031-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                            | State of Oregon, Series 2019 A                                                        | CUSIP: 68607DUP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3107311.68   | 0.39%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Redmond OR                                                      | City of Redmond, Series 2025 A                                                        | CUSIP: 757657ZS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1545763.35   | 0.20%             | 2052-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Yamhill OR                                                    | County of Yamhill, Series 2020 A                                                      | CUSIP: 98464TAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7010000 | PA      | $6654762.64   | 0.84%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metro                                                                   | Metro, Series 2017                                                                    | CUSIP: 59165CAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10950000 | PA      | $10981699.16  | 1.39%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Klamath Falls Intercommunity Hospital Authority                         | Klamath Falls Intercommunity Hospital Authority, Series 2016                          | CUSIP: 498413FR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987718.80    | 0.13%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2025 A                                      | CUSIP: 68608JZP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $403585.98    | 0.05%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2025 A                                      | CUSIP: 68608JZR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1381169.70   | 0.18%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2025 A-2                                             | CUSIP: 74441XJE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  20520000 | PA      | $8983452.85   | 1.14%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Warm Springs Reservation Confederated Tribe                             | Warm Springs Reservation Confederated Tribe, Series 2019 B                            | CUSIP: 934312AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2269655.08   | 0.29%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                 | Multnomah County School District No. 40, Series 2012 B                                | CUSIP: 625693HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2306585.33   | 0.29%             | 2028-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                 | Capital Trust Authority, Series 2024                                                  | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8400000 | PA      | $7009699.20   | 0.89%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Keizer OR                                                       | City of Keizer, Series 2008                                                           | CUSIP: 487595AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $848364.11    | 0.11%             | 2031-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. 6 Central Point                      | Jackson County School District No. 6 Central Point, Series 2019 B                     | CUSIP: 467754HV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $338778.23    | 0.04%             | 2040-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington County School District No. 15 Forest Grove                   | Washington County School District No. 15 Forest Grove, Series 2012 B                  | CUSIP: 938361NC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2276997.76   | 0.29%             | 2029-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                | Metropolitan Pier & Exposition Authority, Series 2022 A                               | CUSIP: 592250FA7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2276615.12   | 0.29%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                 | Multnomah County School District No. 40, Series 2012 B                                | CUSIP: 625693HB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2323465.43   | 0.29%             | 2029-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Grove OR                                                 | City of Forest Grove, Series 2022 A                                                   | CUSIP: 345648EG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $461712.06    | 0.06%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2016 A                                      | CUSIP: 794458EJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17105000 | PA      | $16983125.16  | 2.16%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Clackamas & Yamhill Counties School District No. 88J         | Washington Clackamas & Yamhill Counties School District No. 88J, Series 2018 A        | CUSIP: 937440FA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $1284308.14   | 0.16%             | 2038-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                     | Port of Portland, Series 24 A                                                         | CUSIP: 735240K36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4701595.65   | 0.60%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                | Hospital Facilities Authority of Multnomah County Oregon, Series 2012                 | CUSIP: 62551PCA3<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |   2760000 | PA      | $2761108.69   | 0.35%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                       | Oregon State Facilities Authority, Series 2016 A                                      | CUSIP: 68608JYM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3074727.76   | 0.39%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Molalla OR                                                      | City of Molalla, Series 2024 A                                                        | CUSIP: 608472CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3115000 | PA      | $2770677.25   | 0.35%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                    | Lake Houston Redevelopment Authority, Series 2021                                     | CUSIP: 51001QAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263059.10    | 0.03%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                       | Salem Hospital Facility Authority, Series 2022                                        | CUSIP: 794458GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $390560.71    | 0.05%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Medford Hospital Facilities Authority                                   | Medford Hospital Facilities Authority, Series 2020 A                                  | CUSIP: 584283HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5620000 | PA      | $4917233.05   | 0.62%             | 2045-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clackamas Community College District                                    | Clackamas Community College District, Series 2017 A                                   | CUSIP: 179390NN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2288490.30   | 0.29%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Grove OR                                                 | City of Forest Grove, Series 2022 A                                                   | CUSIP: 345648EB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1454248.20   | 0.18%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                     | Port of Portland, Series 27 A                                                         | CUSIP: 735240X81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10670000 | PA      | $10564045.83  | 1.34%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No. 24J                                    | Salem-Keizer School District No. 24J, Series 2020 C                                   | CUSIP: 569203PM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5933589.60   | 0.75%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. 5 Ashland                            | Jackson County School District No. 5 Ashland, Series 2019                             | CUSIP: 467736DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060137.20   | 0.13%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Clackamas Counties School District No. 23J Tigard-Tualatin | Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, Series 2017  | CUSIP: 938395SY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1003132.13   | 0.13%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Astoria Hospital Facilities Authority                                   | Astoria Hospital Facilities Authority, Series 2024                                    | CUSIP: 046279CT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5282689.50   | 0.67%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 40                                 | Multnomah County School District No. 40, Series 2012 B                                | CUSIP: 625693HE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1581991.60   | 0.20%             | 2032-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow  | Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 A | CUSIP: 625482HD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7885000 | PA      | $8062272.94   | 1.02%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Medford OR Sewer Revenue                                        | City of Medford, Series 2024                                                          | CUSIP: 584295AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1513713.02   | 0.19%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2024 A-2                                             | CUSIP: 74441XHX0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  11650000 | PA      | $6824990.57   | 0.87%             | 2044-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 12 North Clackamas                 | Clackamas County School District No. 12 North Clackamas, Series 2017 A                | CUSIP: 179093LC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $564070.20    | 0.07%             | 2040-06-15      | None          | 0.00%                 | 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