# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-26-001233
**Filing Date:** 2026-1
**Character Count:** 111739
**Document Hash:** 73e603568a15547365d3bdd04e3eda46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001233.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0002071691-26-001233

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**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:** 26562800

**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:** 2025-11-30

**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:** $588433339.21

**Total Liabilities:** $14847767.38

**Net Assets:** $573585571.83

**Delayed Delivery Securities:** $13104805.00

**Cash Not Reported:** $7817751.15

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -9.93000000 | **1-Year:** -729.08000000 | **5-Year:** -12161.26000000 | **10-Year:** -159340.09000000 | **30-Year:** -191884.08000000

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

- **3-Month:** 0.00000000 | **1-Year:** -5.07000000 | **5-Year:** -602.98000000 | **10-Year:** -20963.96000000 | **30-Year:** -22852.99000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018784 | 3.01%                | 1.43%                | 0.32%                |
| Class ID C000018785 | 3.02%                | 1.45%                | 0.27%                |
| Class ID C000079639 | 3.02%                | 1.53%                | 0.33%                |
| Class ID C000194365 | 3.13%                | 1.44%                | 0.34%                |
| Class ID C000205903 | 3.00%                | 1.51%                | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-91515.54               | $15501353.27                               |
| Month 2  | $-127181.82              | $6829226.92                                |
| Month 3  | $-953632.03              | $1442216.21                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Brunswick NC                                                                                    | County of Brunswick, Series 2022                                                                                       | CUSIP: 117061XS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1601829.52   | 0.28%             | 2039-08-01      | Fixed         | 4.00%                 | 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      | $2599178.54   | 0.45%             | 2049-06-01      | Fixed         | 4.00%                 | 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      | $1932930.35   | 0.34%             | 2037-12-01      | Fixed         | 4.25%                 | 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      | $318527.55    | 0.06%             | 2037-04-01      | Fixed         | 5.00%                 | 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      | $315877.65    | 0.06%             | 2038-04-01      | Fixed         | 5.00%                 | 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      | $370589.73    | 0.06%             | 2039-04-01      | Fixed         | 5.00%                 | 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      | $4167279.32   | 0.73%             | 2036-12-01      | Fixed         | 3.75%                 | 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      | $1013975.40   | 0.18%             | 2057-01-01      | Fixed         | 3.68%                 | 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      | $4479325.74   | 0.78%             | 2029-03-01      | 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      | $5017792.00   | 0.87%             | 2042-12-01      | Fixed         | 4.00%                 | 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      | $396797.16    | 0.07%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The), Series 2007 C                                                          | CUSIP: 160853MS3<br>LEI: 549300XOH4JU704GMZ32 | Long             | STIV             | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.51%             | 2037-01-15      | Variable      | 2.85%                 | 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      | $14021830.20  | 2.44%             | 2040-01-15      | 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      | $5296733.00   | 0.92%             | 2036-01-15      | 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        |   2200000 | PA      | $2200000.00   | 0.38%             | 2048-01-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 H                                                          | CUSIP: 160853UN5<br>LEI: 549300XOH4JU704GMZ32 | Long             | STIV             | MUN               | US        |  11630000 | PA      | $11630000.00  | 2.03%             | 2048-01-15      | Variable      | 2.85%                 | 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      | $1982909.80   | 0.35%             | 2043-01-15      | Fixed         | 4.00%                 | 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      | $3195877.23   | 0.56%             | 2042-07-01      | Fixed         | 5.00%                 | 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      | $2492201.11   | 0.43%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte, Series 2025 B                                                                                       | CUSIP: 161035QK9<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1882671.32   | 0.33%             | 2042-07-01      | 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      | $5165639.64   | 0.90%             | 2044-07-01      | 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      | $9130368.45   | 1.59%             | 2040-07-01      | Fixed         | 4.00%                 | 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      | $2428383.72   | 0.42%             | 2041-07-01      | Fixed         | 4.00%                 | 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      | $4731442.65   | 0.82%             | 2048-07-01      | Fixed         | 5.00%                 | 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      | $6419394.80   | 1.12%             | 2053-07-01      | 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      | $3236674.20   | 0.56%             | 2055-07-01      | 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      | $8515150.88   | 1.48%             | 2044-06-01      | Fixed         | 5.00%                 | 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      | $4217735.06   | 0.74%             | 2038-07-01      | Fixed         | 4.00%                 | 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      | $368592.65    | 0.06%             | 2041-07-01      | Fixed         | 2.00%                 | 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      | $2586016.50   | 0.45%             | 2034-05-01      | Fixed         | 4.20%                 | 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      | $348033.71    | 0.06%             | 2038-06-01      | Fixed         | 3.00%                 | 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      | $533776.70    | 0.09%             | 2039-06-01      | Fixed         | 3.00%                 | 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      | $221380.50    | 0.04%             | 2040-06-01      | Fixed         | 3.00%                 | 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      | $388253.12    | 0.07%             | 2041-06-01      | Fixed         | 3.00%                 | 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      | $3838488.19   | 0.67%             | 2049-08-01      | 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      | $3252257.42   | 0.57%             | 2053-08-01      | Fixed         | 4.00%                 | 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      | $4031425.77   | 0.70%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                                                   | City of Fayetteville, Series 2023                                                                                      | CUSIP: 312805NS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2297855.12   | 0.40%             | 2053-03-01      | Fixed         | 5.00%                 | 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      | $2553111.05   | 0.45%             | 2041-06-01      | Fixed         | 5.00%                 | 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      | $7698262.50   | 1.34%             | 2053-07-01      | Fixed         | 5.25%                 | 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      | $4485651.30   | 0.78%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro, Series 2024 B                                                                                      | CUSIP: 395468PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1598767.50   | 0.28%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro, Series 2024 B                                                                                      | CUSIP: 395468PJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3703774.90   | 0.65%             | 2054-06-01      | 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      | $2606740.23   | 0.45%             | 2049-09-01      | 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: 40064REZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    750000 | PA      | $804465.45    | 0.14%             | 2030-10-01      | Fixed         | 5.25%                 | 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      | $423913.70    | 0.07%             | 2034-10-01      | Fixed         | 5.12%                 | 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      | $292364.51    | 0.05%             | 2035-10-01      | Fixed         | 5.25%                 | 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      | $696520.69    | 0.12%             | 2035-10-01      | Fixed         | 5.25%                 | 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      | $3232439.61   | 0.56%             | 2050-01-01      | 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      | $2588322.25   | 0.45%             | 2050-07-01      | Fixed         | 5.25%                 | 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      | $3359005.76   | 0.59%             | 2055-07-01      | Fixed         | 5.50%                 | 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      | $5033179.00   | 0.88%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                                                     | County of Guilford, Series 2025                                                                                        | CUSIP: 401784W82<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   4085000 | PA      | $4729603.20   | 0.82%             | 2038-03-01      | 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      | $3447875.40   | 0.60%             | 2039-03-01      | Fixed         | 5.00%                 | 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      | $3021931.50   | 0.53%             | 2043-03-01      | 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      | $5005987.50   | 0.87%             | 2045-03-01      | 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      | $1689545.41   | 0.29%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                                       | CUSIP: 424898GM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $703685.94    | 0.12%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                                       | CUSIP: 424898GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $640316.78    | 0.11%             | 2041-10-01      | 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      | $2419192.50   | 0.42%             | 2049-11-01      | Fixed         | 4.00%                 | 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      | $2185136.80   | 0.38%             | 2033-03-01      | Fixed         | 5.00%                 | 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      | $4181514.33   | 0.73%             | 2045-04-01      | 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      | $5743742.00   | 1.00%             | 2039-02-01      | Fixed         | 5.00%                 | 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      | $1091448.33   | 0.19%             | 2053-04-01      | Fixed         | 4.00%                 | 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      | $200967.92    | 0.04%             | 2032-09-01      | 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      | $199846.32    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | 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      | $370127.08    | 0.06%             | 2038-08-01      | Fixed         | 3.00%                 | 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      | $413706.14    | 0.07%             | 2041-08-01      | Fixed         | 3.00%                 | 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      | $4984017.00   | 0.87%             | 2045-02-01      | Fixed         | 4.00%                 | 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      | $497944.80    | 0.09%             | 2050-06-15      | Fixed         | 5.00%                 | 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      | $1468415.22   | 0.26%             | 2045-11-15      | Fixed         | 4.00%                 | 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      | $4827096.53   | 0.84%             | 2048-11-15      | 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      | $2928528.00   | 0.51%             | 2041-11-15      | Fixed         | 4.00%                 | 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      | $1356521.75   | 0.24%             | 2050-02-01      | Fixed         | 5.75%                 | 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      | $5714844.85   | 1.00%             | 2055-02-01      | Fixed         | 5.25%                 | 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      | $14155780.17  | 2.47%             | 2047-10-01      | 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      | $5217759.00   | 0.91%             | 2042-10-01      | Fixed         | 5.00%                 | 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      | $3747610.46   | 0.65%             | 2030-08-01      | Fixed         | 5.00%                 | 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      | $996955.10    | 0.17%             | 2041-06-15      | 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      | $2967084.54   | 0.52%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | 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      | $377969.95    | 0.07%             | 2050-06-15      | Fixed         | 3.00%                 | 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      | $313639.06    | 0.05%             | 2050-06-15      | Fixed         | 5.00%                 | 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      | $1035560.88   | 0.18%             | 2050-06-15      | Fixed         | 5.00%                 | 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      | $1069254.90   | 0.19%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2018                                                          | CUSIP: 65818PMZ9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13713633.45  | 2.39%             | 2048-01-01      | Fixed         | 5.00%                 | 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      | $2063676.80   | 0.36%             | 2032-05-01      | Fixed         | 4.00%                 | 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      | $3298977.35   | 0.58%             | 2033-05-01      | Fixed         | 4.00%                 | 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      | $2324888.15   | 0.41%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNW5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410249.60    | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNX3<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519271.45    | 0.09%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNY1<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    550000 | PA      | $577742.39    | 0.10%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNZ8<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1974928.84   | 0.34%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPA1<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1984602.17   | 0.35%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPB9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064904.90   | 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: 65818PPC7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1766939.16   | 0.31%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPD5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    740000 | PA      | $737221.67    | 0.13%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPE3<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    360000 | PA      | $356256.61    | 0.06%             | 2035-10-01      | 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      | $2523810.25   | 0.44%             | 2040-10-01      | Fixed         | 5.00%                 | 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        |   7000000 | PA      | $7042049.70   | 1.23%             | 2044-10-01      | Fixed         | 5.00%                 | 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      | $905038.90    | 0.16%             | 2049-04-01      | 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      | $1622975.45   | 0.28%             | 2044-04-01      | 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      | $1394869.34   | 0.24%             | 2040-07-01      | Fixed         | 2.20%                 | 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      | $1950957.33   | 0.34%             | 2030-01-01      | Fixed         | 1.55%                 | 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      | $890148.29    | 0.16%             | 2031-01-01      | Fixed         | 1.75%                 | 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      | $3778475.20   | 0.66%             | 2044-07-01      | Fixed         | 3.55%                 | 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      | $5636559.40   | 0.98%             | 2049-07-01      | Fixed         | 3.62%                 | 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      | $4027885.88   | 0.70%             | 2040-01-01      | Fixed         | 2.80%                 | 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      | $1765972.47   | 0.31%             | 2043-07-01      | Fixed         | 2.95%                 | 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      | $2171795.51   | 0.38%             | 2046-07-01      | Fixed         | 3.00%                 | 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      | $2099733.21   | 0.37%             | 2034-01-01      | 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      | $4950637.00   | 0.86%             | 2049-01-01      | Fixed         | 5.00%                 | 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      | $2454451.50   | 0.43%             | 2050-09-01      | Fixed         | 4.00%                 | 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      | $356278.46    | 0.06%             | 2033-09-01      | 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      | $185056.92    | 0.03%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    920000 | PA      | $841372.66    | 0.15%             | 2041-09-01      | 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      | $1397541.56   | 0.24%             | 2046-09-01      | Fixed         | 4.00%                 | 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      | $1337949.73   | 0.23%             | 2051-09-01      | 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      | $2484019.35   | 0.43%             | 2047-09-01      | 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      | $778243.01    | 0.14%             | 2051-09-01      | Fixed         | 4.00%                 | 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      | $953773.44    | 0.17%             | 2041-01-01      | Fixed         | 4.00%                 | 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      | $2881751.07   | 0.50%             | 2052-01-01      | 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      | $759448.43    | 0.13%             | 2044-10-01      | Fixed         | 5.00%                 | 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      | $750261.90    | 0.13%             | 2049-10-01      | Fixed         | 5.00%                 | 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      | $10502196.21  | 1.83%             | 2039-12-01      | Fixed         | 4.00%                 | 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      | $350394.85    | 0.06%             | 2044-12-01      | Fixed         | 5.25%                 | 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      | $4017002.80   | 0.70%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025                                                                    | CUSIP: 65820YVB9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3070505.40   | 0.54%             | 2055-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025 A                                                                  | CUSIP: 65820YVF0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005704.80   | 0.52%             | 2056-10-01      | Fixed         | 5.12%                 | 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      | $20008260.00  | 3.49%             | 2046-11-01      | Fixed         | 5.00%                 | 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      | $7000995.40   | 1.22%             | 2042-06-01      | 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      | $5052683.50   | 0.88%             | 2031-10-01      | Fixed         | 5.00%                 | 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      | $1057835.20   | 0.18%             | 2033-12-01      | 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      | $1913644.17   | 0.33%             | 2049-11-01      | 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      | $5906875.61   | 1.03%             | 2052-11-01      | Fixed         | 4.00%                 | 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      | $3863759.20   | 0.67%             | 2049-07-01      | Fixed         | 4.00%                 | 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      | $1842771.42   | 0.32%             | 2040-10-01      | 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      | $872333.70    | 0.15%             | 2045-10-01      | Fixed         | 4.00%                 | 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      | $2427688.10   | 0.42%             | 2045-10-01      | 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      | $1390218.48   | 0.24%             | 2050-10-01      | 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      | $1125587.07   | 0.20%             | 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      | $1081389.20   | 0.19%             | 2042-06-01      | Fixed         | 5.00%                 | 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      | $674098.35    | 0.12%             | 2034-07-01      | Fixed         | 2.45%                 | 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      | $2641176.58   | 0.46%             | 2039-07-01      | Fixed         | 2.62%                 | 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      | $2143389.70   | 0.37%             | 2043-01-01      | Fixed         | 2.85%                 | 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      | $302592.18    | 0.05%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $461044.58    | 0.08%             | 2027-06-01      | 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      | $516827.40    | 0.09%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $367968.86    | 0.06%             | 2029-06-01      | Fixed         | 5.00%                 | 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      | $1328299.50   | 0.23%             | 2035-06-01      | 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      | $1684375.05   | 0.29%             | 2040-03-01      | Fixed         | 5.00%                 | 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      | $1021637.40   | 0.18%             | 2031-01-01      | Fixed         | 5.00%                 | 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      | $4470423.50   | 0.78%             | 2055-01-01      | Fixed         | 4.00%                 | 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      | $2040161.60   | 0.36%             | 2049-01-01      | Fixed         | 5.00%                 | 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        |  11980000 | PA      | $12349585.40  | 2.15%             | 2058-01-01      | Fixed         | 5.00%                 | 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      | $4521259.22   | 0.79%             | 2047-07-01      | 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      | $2565154.56   | 0.45%             | 2054-07-01      | 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      | $3027776.40   | 0.53%             | 2039-01-01      | Fixed         | 4.00%                 | 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      | $1929275.25   | 0.34%             | 2036-07-01      | Fixed         | 5.00%                 | 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      | $1940442.86   | 0.34%             | 2037-07-01      | Fixed         | 5.00%                 | 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      | $1363213.75   | 0.24%             | 2038-07-01      | Fixed         | 5.00%                 | 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      | $1628480.10   | 0.28%             | 2039-07-01      | Fixed         | 5.00%                 | 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      | $1368035.36   | 0.24%             | 2040-07-01      | Fixed         | 5.00%                 | 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      | $2138717.20   | 0.37%             | 2041-07-01      | 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      | $2119548.76   | 0.37%             | 2052-12-01      | 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      | $5092966.76   | 0.89%             | 2044-12-01      | None          | 0.00%                 | 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      | $1204324.18   | 0.21%             | 2036-12-01      | Fixed         | 5.38%                 | 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      | $4539192.52   | 0.79%             | 2045-12-01      | 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        |   1600000 | PA      | $1290324.48   | 0.22%             | 2044-12-28      | Fixed         | 4.00%                 | 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      | $26444.64     | 0.00%             | 2027-07-01      | Fixed         | 5.62%                 | 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      | $27001.22     | 0.00%             | 2029-07-01      | Fixed         | 5.62%                 | 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      | $27210.29     | 0.00%             | 2031-07-01      | Fixed         | 5.75%                 | 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      | $23408.68     | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | 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      | $20914.31     | 0.00%             | 2035-07-01      | 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      | $17372.91     | 0.00%             | 2037-07-01      | 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      | $22718.09     | 0.00%             | 2041-07-01      | Fixed         | 4.00%                 | 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      | $22734.92     | 0.00%             | 2046-07-01      | Fixed         | 4.00%                 | 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      | $21732.25     | 0.00%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                                            | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     89769 | PA      | $57564.27     | 0.01%             | 2043-11-01      | Variable      | 0.00%                 | 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      | $1519994.70   | 0.26%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFP8<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    440000 | PA      | $469342.68    | 0.08%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFX1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    220000 | PA      | $199789.83    | 0.03%             | 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-1                                                                      | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  11700000 | PA      | $11407099.86  | 1.99%             | 2058-07-01      | 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-2                                                                      | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1950762.60   | 0.34%             | 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-2                                                                      | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1190000 | PA      | $1123442.94   | 0.20%             | 2058-07-01      | Fixed         | 4.78%                 | 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      | $550644.99    | 0.10%             | 2030-05-01      | 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      | $2747413.62   | 0.48%             | 2036-05-01      | Fixed         | 5.00%                 | 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      | $1951071.30   | 0.34%             | 2041-04-01      | 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      | $2936341.50   | 0.51%             | 2053-09-01      | 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        |    250000 | PA      | $259768.08    | 0.05%             | 2036-12-01      | Fixed         | 5.38%                 | 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      | $995307.18    | 0.17%             | 2045-12-01      | None          | 0.00%                 | 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      | $2218567.50   | 0.39%             | 2039-12-01      | Fixed         | 4.20%                 | 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      | $2418421.15   | 0.42%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill, Series 2025 A                                                             | CUSIP: 914713W81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5348768.50   | 0.93%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill, Series 2025 A                                                             | CUSIP: 914713W99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4779847.80   | 0.83%             | 2055-12-01      | Fixed         | 5.00%                 | 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      | $7750262.98   | 1.35%             | 2049-02-01      | 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      | $5092824.00   | 0.89%             | 2047-10-01      | Fixed         | 5.00%                 | 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      | $160076.64    | 0.03%             | 2033-10-01      | 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      | $3005942.10   | 0.52%             | 2037-06-01      | 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        |   5000000 | PA      | $5390805.50   | 0.94%             | 2032-03-01      | Fixed         | 5.00%                 | 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      | $5439285.46   | 0.95%             | 2035-03-01      | Fixed         | 3.00%                 | 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      | $5775355.80   | 1.01%             | 2036-03-01      | Fixed         | 3.00%                 | 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      | $1378196.48   | 0.24%             | 2037-01-01      | Fixed         | 3.65%                 | 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      | $962963.80    | 0.17%             | 2036-04-01      | Fixed         | 3.00%                 | 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      | $4716921.00   | 0.82%             | 2050-04-01      | 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      | $9781619.00   | 1.71%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer