# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-25-003353
**Filing Date:** 2025-10
**Character Count:** 95286
**Document Hash:** 65b8c6c144f7b7733ac07cf34c73eda8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003353.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003353

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 251418347

**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 NEW JERSEY TAX-FREE INCOME FUND (Series ID: S000006923)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018781 | CLASS A1      | FRNJX           |
| C000018783 | CLASS C       | FNIIX           |
| C000068551 | ADVISOR CLASS | FNJZX           |
| C000194364 | Class R6      | FNJRX           |
| C000205902 | Class A       | FNJQX           |

## 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 New Jersey Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006923

- **c. LEI of Series:** 5493002I0DFST576NS47

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $827179596.97

**Total Liabilities:** $7992735.15

**Net Assets:** $819186861.82

**Delayed Delivery Securities:** $5166730.00

**Cash Not Reported:** $17002310.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -2157.52000000 | **5-Year:** -16144.86000000 | **10-Year:** -239705.59000000 | **30-Year:** -297572.01000000

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

- **3-Month:** 0.00000000 | **1-Year:** -1.36000000 | **5-Year:** -514.98000000 | **10-Year:** -20999.20000000 | **30-Year:** -27531.49000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194364 | 0.87%                | -0.62%               | 0.81%                |
| Class ID C000018781 | 0.86%                | -0.63%               | 0.80%                |
| Class ID C000205902 | 0.75%                | -0.54%               | 0.68%                |
| Class ID C000068551 | 0.87%                | -0.62%               | 0.80%                |
| Class ID C000018783 | 0.81%                | -0.67%               | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-314806.54              | $4552877.74                                |
| Month 2  | $-97602.65               | $-6993120.34                               |
| Month 3  | $-271373.83              | $3919339.51                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| South Jersey Transportation Authority                        | South Jersey Transportation Authority, Series 2025 A                        | CUSIP: 838536NP1<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2235759.84   | 0.27%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                   | Passaic County Improvement Authority (The), Series 2023                     | CUSIP: 70275QAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $672352.30    | 0.08%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                | Gloucester County Improvement Authority (The), Series 2024                  | CUSIP: 37970PLW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5040318.50   | 0.62%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Monmouth NJ                                        | County of Monmouth, Series 2025 ABCE                                        | CUSIP: 609561PX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3580000 | PA      | $3974162.65   | 0.49%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2017 A                  | CUSIP: 646066J35<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3955000 | PA      | $4053898.73   | 0.49%             | 2035-07-01      | 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        |   2700000 | PA      | $1935067.05   | 0.24%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2019          | CUSIP: 645790NA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $10451713.20  | 1.28%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2022 BB              | CUSIP: 64613CBM9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7325000 | PA      | $6272509.57   | 0.77%             | 2046-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                | Gloucester County Improvement Authority (The), Series 2025                  | CUSIP: 37970PNJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1438249.96   | 0.18%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2022 BB              | CUSIP: 64613CBL1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2156147.76   | 0.26%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Improvement Authority (The)                | Cumberland County Improvement Authority (The), Series 2019                  | CUSIP: 230563CN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5725000 | PA      | $5767616.33   | 0.70%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2010 A               | CUSIP: 646136XQ9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $2328628.13   | 0.28%             | 2040-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                          | Hudson County Improvement Authority, Series 2016                            | CUSIP: 443730MH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6008257.20   | 0.73%             | 2051-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                         | City of Dallas, Series 2022 A                                               | CUSIP: 23529CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1759738.80   | 0.21%             | 2062-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Improvement Authority (The)                | Cumberland County Improvement Authority (The), Series 2019                  | CUSIP: 230563CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026441.90   | 0.13%             | 2037-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2017 A                    | CUSIP: 64577BG40<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1343636.70   | 0.16%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2019                      | CUSIP: 645780FJ1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7245000 | PA      | $7209552.39   | 0.88%             | 2059-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                    | Newark Board of Education, Series 2021                                      | CUSIP: 650370DV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $598372.35    | 0.07%             | 2040-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2024 A                  | CUSIP: 646067JM1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026960.80   | 0.13%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2009 C        | CUSIP: 64579FYK3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  16885000 | PA      | $16885000.00  | 2.06%             | 2043-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                            | Territory of Guam, Series 2025 G                                            | CUSIP: 40065NDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    500000 | PA      | $525269.20    | 0.06%             | 2039-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2020 E                 | CUSIP: 64613ACT7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   4005000 | PA      | $3240985.37   | 0.40%             | 2035-10-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                           | Tobacco Settlement Financing Corp., Series 2018 A                           | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $16850107.60  | 2.06%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2023 A               | CUSIP: 64613CCV8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2621110.50   | 0.32%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                        | South Jersey Transportation Authority, Series 2022 A                        | CUSIP: 838536MP2<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5607189.00   | 0.68%             | 2047-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                      | Port Authority of New York & New Jersey, Series 244                         | CUSIP: 73358XMG4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7601837.25   | 0.93%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Joint Toll Bridge Commission                  | Delaware River Joint Toll Bridge Commission, Series 2017                    | CUSIP: 246343LJ4<br>LEI: 549300N6IGAQMI0JLE23 | Long             | DBT              | MUN               | US        |  19500000 | PA      | $19595193.15  | 2.39%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                    | Camden County Improvement Authority (The), Series 2022                      | CUSIP: 13281PAC1<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2149538.16   | 0.26%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2025 M                 | CUSIP: 64613ALR1<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514695.75   | 0.31%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| New Jersey Infrastructure Bank                               | New Jersey Infrastructure Bank, Series 2022 A-2                             | CUSIP: 64580CNN3<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |   6070000 | PA      | $6225592.31   | 0.76%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River & Bay Authority                               | Delaware River & Bay Authority, Series 2019                                 | CUSIP: 246317GV7<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $11311948.75  | 1.38%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2020 AA              | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3670000 | PA      | $3126857.98   | 0.38%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2009 A               | CUSIP: 646136WS6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $313591.15    | 0.04%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.              | Casino Reinvestment Development Authority, Inc., Series 2024 A              | CUSIP: 14760RBS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1182668.99   | 0.14%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                          | State of New Jersey, Series 2020 A                                          | CUSIP: 646039YR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3369307.86   | 0.41%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                   | Capital Trust Agency, Inc., Series 2021 A-1                                 | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    850000 | PA      | $540514.07    | 0.07%             | 2057-01-01      | Fixed         | 3.68%                 | 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        |   2525000 | PA      | $1105420.00   | 0.13%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2019                      | CUSIP: 645780FK8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   6200000 | PA      | $4916878.38   | 0.60%             | 2059-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                | Delaware River Port Authority, Series 2025                                  | CUSIP: 246352JJ8<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2167735.20   | 0.26%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2017 D                  | CUSIP: 6460663G3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1127320.74   | 0.14%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Haven at Elgin LLC                                           | Haven at Elgin LLC                                                          | CUSIP: 41935HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1604787.81   | 0.20%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2018 A                 | CUSIP: 646108YC8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $984965.30    | 0.12%             | 2043-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                        | South Jersey Transportation Authority, Series 2022 A                        | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   5540000 | PA      | $5633868.10   | 0.69%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2017 A                  | CUSIP: 646066L73<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1629048.48   | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department      | State of Oregon Housing & Community Services Department, Series 2022 II-1   | CUSIP: 68608END0<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015680.60   | 0.25%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2022 A                                     | CUSIP: 74441XHM4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1923235.60   | 0.23%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2023 A                  | CUSIP: 646067FV5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1917928.80   | 0.23%             | 2048-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                | Gloucester County Improvement Authority (The), Series 2019                  | CUSIP: 37970PJY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4925000 | PA      | $4996405.11   | 0.61%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2023 BB              | CUSIP: 64613CEH7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041137.60   | 0.25%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority     | New Jersey Higher Education Student Assistance Authority, Series 2019 B     | CUSIP: 646080UN9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1718876.22   | 0.21%             | 2039-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2017 A                  | CUSIP: 646066L99<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   9430000 | PA      | $9453880.53   | 1.15%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                | Gloucester County Improvement Authority (The), Series 2019                  | CUSIP: 37970PJZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4673830.88   | 0.57%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.              | Casino Reinvestment Development Authority, Inc., Series 2024 B              | CUSIP: 14760RCM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $842097.55    | 0.10%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2019 A                 | CUSIP: 646108D31<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    510000 | PA      | $389728.13    | 0.05%             | 2044-11-01      | Fixed         | 3.00%                 | 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        |    950000 | PA      | $756726.30    | 0.09%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series A                         | CUSIP: 64577BHW7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6201594.00   | 0.76%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                | Delaware River Port Authority, Series 2018 A                                | CUSIP: 246352HC5<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3757478.27   | 0.46%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2019 C                 | CUSIP: 64613ABR2<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3955000 | PA      | $3571731.63   | 0.44%             | 2044-10-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                      | Port Authority of New York & New Jersey, Series 242                         | CUSIP: 73358XKP6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6185490.00   | 0.76%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2017 A                  | CUSIP: 646066M23<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   4085000 | PA      | $3995547.49   | 0.49%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority     | New Jersey Higher Education Student Assistance Authority, Series 2025 1-C   | CUSIP: 646080YY1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2917914.30   | 0.36%             | 2055-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2016 A        | CUSIP: 645790FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000746.00  | 1.22%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2017                      | CUSIP: 64577B4L5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5965969.20   | 0.73%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2005 N-1                  | CUSIP: 6459165H6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   8660000 | PA      | $9171606.82   | 1.12%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware River & Bay Authority                               | Delaware River & Bay Authority, Series 2021                                 | CUSIP: 246317HN4<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1555473.15   | 0.19%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2019 BB              | CUSIP: 6461365M9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5243687.40   | 0.64%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2017 G                                | CUSIP: 646140CT8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4572567.50   | 0.56%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ Mass Transit Access Tax Revenue            | City of Newark, Series 2022                                                 | CUSIP: 650360AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048529.90   | 0.13%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                  | Washington State Housing Finance Commission, Series 2021 A                  | CUSIP: 939783H58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1161076.42   | 0.14%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2015 C                  | CUSIP: 646066MC1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300198.38   | 0.16%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority     | New Jersey Higher Education Student Assistance Authority, Series 2024 C     | CUSIP: 646080YC9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1891591.80   | 0.23%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp.                                      | South Jersey Port Corp., Series 2017 B                                      | CUSIP: 838530RH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4441944.35   | 0.54%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2017 D                  | CUSIP: 646066V49<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3945000 | PA      | $3891792.60   | 0.48%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2024 A-2                | CUSIP: 646067HP6<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2331707.69   | 0.28%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2016          | CUSIP: 645790FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9274640.00   | 1.13%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Newark Housing Authority                                     | Newark Housing Authority, Series 2017                                       | CUSIP: 65037RCU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19245000 | PA      | $19031800.04  | 2.32%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                | Gloucester County Improvement Authority (The), Series 2019                  | CUSIP: 37970PJX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601079.64    | 0.07%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                      | Port Authority of New York & New Jersey, Series 250                         | CUSIP: 73358XQW5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2558115.25   | 0.31%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                          | State of New Jersey, Series 2020 A                                          | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4802843.70   | 0.59%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                           | Essex County Improvement Authority, Series 2021                             | CUSIP: 29681CBG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2227099.59   | 0.27%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                | Gloucester County Improvement Authority (The), Series 2019                  | CUSIP: 37970PJV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $759114.68    | 0.09%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                           | Essex County Improvement Authority, Series 2024 A                           | CUSIP: 29681CBK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464723.40    | 0.06%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2017                      | CUSIP: 64578CCF6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  19175000 | PA      | $18167257.88  | 2.22%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middlesex County Improvement Authority                       | Middlesex County Improvement Authority, Series 2023 A                       | CUSIP: 596564RX4<br>LEI: 549300QDGS1CLXDHV188 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1070077.79   | 0.13%             | 2053-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp.                                      | South Jersey Port Corp., Series 2017 B                                      | CUSIP: 838530RC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $639929.00    | 0.08%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                            | Territory of Guam, Series 2025 G                                            | CUSIP: 40065NDG9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1042760.30   | 0.13%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2024 CC              | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1082180.25   | 0.13%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2017 A        | CUSIP: 645790LQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8700000 | PA      | $7496710.83   | 0.92%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2010 A               | CUSIP: 646136XG1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4410049.50   | 0.54%             | 2029-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2024 A                  | CUSIP: 646067JJ8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059459.70   | 0.13%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2021          | CUSIP: 645790PD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $734691.40    | 0.09%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp.                                      | South Jersey Port Corp., Series 2017 B                                      | CUSIP: 838530RD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1793308.35   | 0.22%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                    | Camden County Improvement Authority (The), Series 2022                      | CUSIP: 13281PAB3<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1748722.85   | 0.21%             | 2047-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                | Gloucester County Improvement Authority (The), Series 2025                  | CUSIP: 37970PNH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1240039.56   | 0.15%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority     | New Jersey Higher Education Student Assistance Authority, Series 2020 A     | CUSIP: 646080UX7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3338574.35   | 0.41%             | 2039-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2009 B        | CUSIP: 64579FYJ6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4285000 | PA      | $4285000.00   | 0.52%             | 2043-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.              | Casino Reinvestment Development Authority, Inc., Series 2024 B              | CUSIP: 14760RCL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1230083.40   | 0.15%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                          | State of New Jersey, Series 2020 A                                          | CUSIP: 646039YS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10669940.00  | 1.30%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Union County Improvement Authority                           | Union County Improvement Authority, Series 2024                             | CUSIP: 906347YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $4807837.10   | 0.59%             | 2054-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Cumberland County Improvement Authority (The)                | Cumberland County Improvement Authority (The), Series 2019                  | CUSIP: 230563CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1089066.54   | 0.13%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                   | Passaic County Improvement Authority (The), Series 2023                     | CUSIP: 70275QAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000412.80   | 0.12%             | 2058-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2009 A               | CUSIP: 646136WP2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7767168.00   | 0.95%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2024 A        | CUSIP: 645790UQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6123769.20   | 0.75%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2025 A                                | CUSIP: 646140JF1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10380508.00  | 1.27%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                | Delaware River Port Authority, Series 2018 A                                | CUSIP: 246352HD3<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   9565000 | PA      | $9824904.01   | 1.20%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority            | Antonio B Won Pat International Airport Authority, Series 2024 A            | CUSIP: 40064RFZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1005307.10   | 0.12%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                   | Passaic County Improvement Authority (The), Series 2023                     | CUSIP: 70275QAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $177461.10    | 0.02%             | 2033-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2006 C               | CUSIP: 646136EW7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7457043.00   | 0.91%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 1998-1                  | CUSIP: 646065LW0<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260777.53    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                           | Essex County Improvement Authority, Series 2024 A                           | CUSIP: 29681CBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375230.78    | 0.05%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Infrastructure Bank                               | New Jersey Infrastructure Bank, Series 2024 A-W1                            | CUSIP: 64580CQC4<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070319.00   | 0.25%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2020 E                 | CUSIP: 64613ACU4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   8020000 | PA      | $5683547.03   | 0.69%             | 2040-10-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2025 A-1                                   | CUSIP: 74441XJD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2025260.18   | 0.25%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority, Series 2025 A                         | CUSIP: 40065FFK5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   6300000 | PA      | $6420097.53   | 0.78%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Brunswick Parking Authority                              | New Brunswick Parking Authority, Series 2016 A                              | CUSIP: 642835PD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5039850.00   | 0.62%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2022 A               | CUSIP: 64613CAD0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1827449.60   | 0.22%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2022 CC              | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1471697.63   | 0.18%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2024 B                                | CUSIP: 646140FZ1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067687.00   | 0.25%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Monmouth NJ                                        | County of Monmouth, Series 2025 ABCE                                        | CUSIP: 609561PW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6780000 | PA      | $7614827.50   | 0.93%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                    | Camden County Improvement Authority (The), Series 2022                      | CUSIP: 13281UAD8<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2771665.20   | 0.34%             | 2052-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                  | Atlantic County Improvement Authority (The), Series 2021 A                  | CUSIP: 048501JQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1302850.35   | 0.16%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2015 H                  | CUSIP: 646066NN6<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2207344.58   | 0.27%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority, Series VV                             | CUSIP: 74526Q2Q4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1200000 | PA      | $1199266.44   | 0.15%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2017 B                                | CUSIP: 6461397M1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1371667.58   | 0.17%             | 2040-01-01      | 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        |   4536000 | PA      | $3889077.95   | 0.47%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cumberland County Improvement Authority (The)                | Cumberland County Improvement Authority (The), Series 2019                  | CUSIP: 230563CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $984392.61    | 0.12%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                    | Newark Board of Education, Series 2021                                      | CUSIP: 650370DU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $568774.92    | 0.07%             | 2039-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority     | New Jersey Higher Education Student Assistance Authority, Series 2021 B     | CUSIP: 646080VW8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $3001113.12   | 0.37%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                     | Development Authority of Rockdale County, Series 2025 A-1                   | CUSIP: 77300QAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $432189.52    | 0.05%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2024 A        | CUSIP: 645790TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5115000 | PA      | $5279598.65   | 0.64%             | 2054-07-01      | Fixed         | 5.25%                 | 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        |    850000 | PA      | $750912.02    | 0.09%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority, Series 2020 A                         | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    850000 | PA      | $811075.02    | 0.10%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2015 H                  | CUSIP: 646066NP1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004852.50   | 0.61%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2022 B                                | CUSIP: 646140ET6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4793076.50   | 0.59%             | 2048-01-01      | Fixed         | 4.50%                 | 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        |   1500000 | PA      | $1150016.25   | 0.14%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2021 QQQ                  | CUSIP: 64577XCQ7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2337591.25   | 0.29%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2024 D-1               | CUSIP: 6461087G9<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005568.00   | 0.37%             | 2045-11-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority     | New Jersey Higher Education Student Assistance Authority, Series 2023 C     | CUSIP: 646080XL0<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $2834398.13   | 0.35%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority     | New Jersey Higher Education Student Assistance Authority, Series 2025 1-A   | CUSIP: 646080YM7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559600.10   | 0.19%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                       | California Municipal Finance Authority, Series 2022 A-1                     | CUSIP: 130483EV8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1089535.46   | 0.13%             | 2037-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2024 C                                | CUSIP: 646140GA5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  13900000 | PA      | $14528264.71  | 1.77%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                          | Hudson County Improvement Authority, Series 2019                            | CUSIP: 443731CW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971592.20    | 0.12%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority, Escrow Account                        | CUSIP: N/A<br>LEI: 5493003BRB67HF8ST418       | Long             | EC               | CORP              | PR        |    200660 | NS      | $50165.10     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2020 AA              | CUSIP: 6461367K1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   8435000 | PA      | $8470249.87   | 1.03%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                   | Passaic County Improvement Authority (The), Series 2025                     | CUSIP: 70275QAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $601245.50    | 0.07%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                   | Passaic County Improvement Authority (The), Series 2025                     | CUSIP: 70275QAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954237.10    | 0.12%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                   | Passaic County Improvement Authority (The), Series 2023                     | CUSIP: 70275QAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990851.30    | 0.12%             | 2053-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2024          | CUSIP: 64579XEN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100620.20   | 0.26%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                        | South Jersey Transportation Authority, Series 2020 A                        | CUSIP: 838536LM0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5756783.85   | 0.70%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2017 A        | CUSIP: 645790LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6948575.90   | 0.85%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2021 QQQ                  | CUSIP: 64577XCT1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1073262.00   | 0.13%             | 2046-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ Mass Transit Access Tax Revenue            | City of Newark, Series 2022                                                 | CUSIP: 650360AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084297.50   | 0.13%             | 2062-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2021          | CUSIP: 645790NX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752835.75    | 0.09%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                | Gloucester County Improvement Authority (The), Series 2015 C                | CUSIP: 37970PGR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3508215.90   | 0.43%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2020 A                  | CUSIP: 6460666J4<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3990009.20   | 0.49%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2022 A                    | CUSIP: 64577XEE2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5007161.50   | 0.61%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp., Series A-1                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  10000000 | PA      | $9172582.00   | 1.12%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                           | Essex County Improvement Authority, Series 2021                             | CUSIP: 29681CBH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4925000 | PA      | $3964413.72   | 0.48%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                    | Jersey City Municipal Utilities Authority, Series 2024 C                    | CUSIP: 476624DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543775.25   | 0.19%             | 2054-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority (The)                | Gloucester County Improvement Authority (The), Series 2019                  | CUSIP: 37970PJW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $704403.42    | 0.09%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2015 C                  | CUSIP: 646066MA5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400198.60    | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority     | New Jersey Higher Education Student Assistance Authority, Series 2020 C     | CUSIP: 646080VG3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1434041.35   | 0.18%             | 2050-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2025 A-2                                   | CUSIP: 74441XJE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  11450000 | PA      | $5012696.65   | 0.61%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2009 A               | CUSIP: 6461362S9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $5289120.00   | 0.65%             | 2039-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2025 A                 | CUSIP: 646127FS4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4216458.58   | 0.51%             | 2041-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Cumberland County Improvement Authority (The)                | Cumberland County Improvement Authority (The), Series 2019                  | CUSIP: 230563CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1042363.70   | 0.13%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology/NJ                        | New Jersey Institute of Technology, Series 2025 A                           | CUSIP: 64579REC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5517063.62   | 0.67%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                    | Jersey City Municipal Utilities Authority, Series 2025 E                    | CUSIP: 476623DY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1464175.58   | 0.18%             | 2055-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2024 B                  | CUSIP: 646067GY8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $14107485.15  | 1.72%             | 2054-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                      | Capital Trust Authority, Series 2024                                        | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5450000 | PA      | $4547959.60   | 0.56%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                      | Port Authority of New York & New Jersey, Series 250                         | CUSIP: 73358XQX3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6651027.20   | 0.81%             | 2051-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2019 A                                | CUSIP: 646140DD2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  15500000 | PA      | $15582101.95  | 1.90%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                    | Newark Board of Education, Series 2021                                      | CUSIP: 650370DW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $587533.05    | 0.07%             | 2041-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2024 B                                | CUSIP: 646140FY4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1302535.50   | 0.16%             | 2054-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2019          | CUSIP: 645790MV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990287.50    | 0.12%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2024 CC              | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   9555000 | PA      | $9742063.97   | 1.19%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2017 A                    | CUSIP: 64577BG24<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    640000 | PA      | $643642.30    | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River & Bay Authority                               | Delaware River & Bay Authority, Series 2024 A                               | CUSIP: 246317KC4<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1368407.71   | 0.17%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ Mass Transit Access Tax Revenue            | City of Newark, Series 2022                                                 | CUSIP: 650360AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576101.30   | 0.19%             | 2052-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority, Inc.              | Casino Reinvestment Development Authority, Inc., Series 2024 B              | CUSIP: 14760RCN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $966612.56    | 0.12%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2023 A               | CUSIP: 64613CCT3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4230762.00   | 0.52%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                           | Essex County Improvement Authority, Series 2021                             | CUSIP: 29681CBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1557671.89   | 0.19%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2019          | CUSIP: 645790MY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2100274.88   | 0.26%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2019          | CUSIP: 645790MX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3817911.61   | 0.47%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2017 A        | CUSIP: 645790KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11202841.10  | 1.37%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2020 E                 | CUSIP: 64613ACV2<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   3205000 | PA      | $2101838.68   | 0.26%             | 2045-10-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2020 C                  | CUSIP: 6460667A2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $882126.25    | 0.11%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                | Delaware River Port Authority, Series 2013                                  | CUSIP: 246352GK8<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10018473.00  | 1.22%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2024 B                  | CUSIP: 646067GX0<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4443688.00   | 0.54%             | 2053-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2020 A                  | CUSIP: 6460666K1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |  11640000 | PA      | $9643102.13   | 1.18%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                    | Newark Board of Education, Series 2021                                      | CUSIP: 650370DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $538954.50    | 0.07%             | 2042-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                  | Monmouth County Improvement Authority (The), Series 2022 C                  | CUSIP: 60956PF56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1125566.26   | 0.14%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                 | New Jersey Housing & Mortgage Finance Agency, Series 2020 E                 | CUSIP: 64613ACW0<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $1519970.88   | 0.19%             | 2050-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2020 C                  | CUSIP: 6460667B0<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1613601.08   | 0.20%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2024 C                                | CUSIP: 646140GB3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   7360000 | PA      | $7644093.79   | 0.93%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                   | Passaic County Improvement Authority (The), Series 2025                     | CUSIP: 70275QAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $720016.08    | 0.09%             | 2033-07-01      | Fixed         | 4.12%                 | 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        |   5700000 | PA      | $5730312.03   | 0.70%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                | Delaware River Port Authority, Series 2018 A                                | CUSIP: 246352HB7<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   7010000 | PA      | $7239409.96   | 0.88%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology/NJ                        | New Jersey Institute of Technology, Series 2025 A                           | CUSIP: 64579REF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1812651.58   | 0.22%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                    | New Jersey Economic Development Authority, Series 2017 A                    | CUSIP: 64577BG32<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    600000 | PA      | $584574.48    | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2024 A-2                                   | CUSIP: 74441XHX0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3225000 | PA      | $1889321.42   | 0.23%             | 2044-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2016 A        | CUSIP: 645790AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18500000 | PA      | $18475206.30  | 2.26%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                | Delaware River Port Authority, Series 2025                                  | CUSIP: 246352JK5<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5378532.50   | 0.66%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                    | Camden County Improvement Authority (The), Series 2022                      | CUSIP: 13281UAB2<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262793.08    | 0.03%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2016          | CUSIP: 645790CA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5850000 | PA      | $5734347.26   | 0.70%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                  | New Jersey Educational Facilities Authority, Series 2023 A                  | CUSIP: 646067FW3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029858.40   | 0.25%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                | New Jersey Turnpike Authority, Series 2021 A                                | CUSIP: 646140DK6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   4010000 | PA      | $3459811.96   | 0.42%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority        | New Jersey Health Care Facilities Financing Authority, Series 2008 A        | CUSIP: 645790ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85092.03     | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                         | Guam Power Authority, Series 2024 A                                         | CUSIP: 400653LA7<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |    500000 | PA      | $522777.65    | 0.06%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer