# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-25-178345
**Filing Date:** 2025-7
**Character Count:** 78108
**Document Hash:** bb8095337ded76ac52fed2c9d4bbd51a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-178345.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-178345

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**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:** 251150181

**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 VIRGINIA TAX-FREE INCOME FUND (Series ID: S000006928)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018794 | CLASS A1      | FRVAX           |
| C000018795 | CLASS C       | FVAIX           |
| C000079642 | ADVISOR CLASS | FRVZX           |
| C000194369 | Class R6      | FRVRX           |
| C000205907 | Class A       | FVAQX           |

## 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 Virginia Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006928

- **c. LEI of Series:** 54930067KGTNTPDY2Z09

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

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

- **b. Date as of which information is reported:** 2025-05-31

**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:** $448423689.83

**Total Liabilities:** $4412073.03

**Net Assets:** $444011616.80

**Delayed Delivery Securities:** $2879654.00

**Cash Not Reported:** $1717197.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -630.29000000 | **5-Year:** -8794.63000000 | **10-Year:** -109552.50000000 | **30-Year:** -178458.66000000

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

- **3-Month:** -132.32000000 | **1-Year:** -50.88000000 | **5-Year:** -591.06000000 | **10-Year:** -11255.41000000 | **30-Year:** -11455.90000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018795 | -2.07%               | -0.89%               | -0.80%               |
| Class ID C000205907 | -1.97%               | -0.77%               | -0.77%               |
| Class ID C000079642 | -1.95%               | -0.85%               | -0.75%               |
| Class ID C000018794 | -1.96%               | -0.86%               | -0.76%               |
| Class ID C000194369 | -1.95%               | -0.85%               | -0.75%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-67644.22               | $-9946814.27                               |
| Month 2  | $-254544.88              | $-4594381.71                               |
| Month 3  | $0.00                    | $-4673450.20                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Henrico County Economic Development Authority                                   | Henrico County Economic Development Authority, Series 2020                                                             | CUSIP: 42605QGX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479127.55    | 0.11%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                                                    | CUSIP: 837031C84<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1004698.56   | 0.23%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                 | Albemarle County Economic Development Authority, Series 2022 A                                                         | CUSIP: 01266TAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1270201.72   | 0.29%             | 2033-06-01      | Fixed         | 4.00%                 | 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        |   2100000 | PA      | $1539339.27   | 0.35%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                | Virginia Public School Authority, Series 2018 B                                                                        | CUSIP: 92818HLV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5280000 | PA      | $5606828.30   | 1.26%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Sanitation Authority                                                 | Alexandria Sanitation Authority, Series 2024                                                                           | CUSIP: 015343AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1133065.89   | 0.26%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Airport Authority                                                       | Norfolk Airport Authority, Series 2019                                                                                 | CUSIP: 655857EH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $822200.72    | 0.19%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chesapeake VA Chesapeake Expressway Toll Road Revenue                   | City of Chesapeake, Series 2024                                                                                        | CUSIP: 16532RBW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2230264.00   | 0.50%             | 2047-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFT0<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    200000 | PA      | $184183.44    | 0.04%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                            | Virginia Beach Development Authority, Series 2018                                                                      | CUSIP: 92774NAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2095891.70   | 0.47%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                          | Hampton Roads Transportation Accountability Commission, Series 2020 A                                                  | CUSIP: 409328AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4885000 | PA      | $4910155.31   | 1.11%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | Washington Metropolitan Area Transit Authority, Series 2024 A                                                          | CUSIP: 93878YDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3238342.08   | 0.73%             | 2049-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                   | Fairfax County Economic Development Authority, Series 2017                                                             | CUSIP: 30384AAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5085000 | PA      | $5112663.42   | 1.15%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                              | Virginia Public Building Authority, Series 2019 A                                                                      | CUSIP: 9281723T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1257732.88   | 0.28%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prince Edward County Industrial Development Authority                           | Prince Edward County Industrial Development Authority, Series 2018                                                     | CUSIP: 741654AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2006477.27   | 0.45%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | Washington Metropolitan Area Transit Authority, Series 2023 A                                                          | CUSIP: 93878YCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1774139.54   | 0.40%             | 2047-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2020                                                               | CUSIP: 928105BW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1892268.00   | 0.43%             | 2038-11-01      | Fixed         | 4.00%                 | 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        |   1100000 | PA      | $717495.57    | 0.16%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                      | Virginia Commonwealth Transportation Board, Series 2022                                                                | CUSIP: 927793Q28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5079718.00   | 1.14%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                   | Henrico County Economic Development Authority, Series 2022 A                                                           | CUSIP: 42605QHN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4993239.00   | 1.12%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | Washington Metropolitan Area Transit Authority, Series 2024 A                                                          | CUSIP: 93878YDX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013959.20   | 0.45%             | 2056-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                 | Albemarle County Economic Development Authority, Series 2018 B                                                         | CUSIP: 012663AM2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  14300000 | PA      | $14300000.00  | 3.22%             | 2048-10-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104NW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3820000 | PA      | $3561280.19   | 0.80%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104PX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5784706.20   | 1.30%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                | Virginia Public School Authority, Series 2018                                                                          | CUSIP: 92817TJC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5795000 | PA      | $5890423.37   | 1.33%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                   | Henrico County Economic Development Authority, Series 2020                                                             | CUSIP: 42605QGZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1291604.25   | 0.29%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | Metropolitan Transportation Authority, Series 2021 A-1                                                                 | CUSIP: 59261AK48<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1150977.74   | 0.26%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2022 A                                                                                | CUSIP: 74441XHM4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983086.70    | 0.22%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Riverside Regional Jail Authority                                               | Riverside Regional Jail Authority, Series 2015                                                                         | CUSIP: 769312EP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6215000 | PA      | $6223768.74   | 1.40%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2025 A-1                                                           | CUSIP: 928105CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1266185.25   | 0.29%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                     | Metropolitan Washington Airports Authority, Series 2024 A                                                              | CUSIP: 592647NF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031509.80   | 0.46%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                   | Chesapeake Hospital Authority, Series 2019                                                                             | CUSIP: 16532VBQ6<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936119.20    | 0.21%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                                        | Commonwealth of Virginia, Series 2024 A                                                                                | CUSIP: 928110BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3180000 | PA      | $3128841.11   | 0.70%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2024 A                                                             | CUSIP: 928103AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4035696.40   | 0.91%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6018330.75   | 1.36%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                                                    | CUSIP: 837031D26<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1004698.56   | 0.23%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                   | Chesapeake Hospital Authority, Series 2019                                                                             | CUSIP: 16532VBR4<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3589444.40   | 0.81%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                    | South Carolina State Housing Finance & Development Authority, Series 2021 A                                            | CUSIP: 83712EHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1594070.40   | 0.36%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                        | Lynchburg Economic Development Authority, Series 2021                                                                  | CUSIP: 55123TBS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6305000 | PA      | $5044829.11   | 1.14%             | 2055-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2016 A                                                                     | CUSIP: 92778WNA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3925000 | PA      | $4016200.52   | 0.90%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                 | Albemarle County Economic Development Authority, Series 2022 A                                                         | CUSIP: 01266TAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1131850.38   | 0.25%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Williamsburg Economic Development Authority                                     | Williamsburg Economic Development Authority, Series 2023 A                                                             | CUSIP: 969671AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1761204.40   | 0.40%             | 2058-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                              | Virginia Public Building Authority, Series 2025 A                                                                      | CUSIP: 928173EJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5295000 | PA      | $5565131.31   | 1.25%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                 | Albemarle County Economic Development Authority, Series 2022 A                                                         | CUSIP: 01266TAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1116248.57   | 0.25%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                   | Henrico County Economic Development Authority, Series 2022 A                                                           | CUSIP: 42605QHK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1151783.10   | 0.26%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2021 A                                                                     | CUSIP: 92778FJM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1152872.18   | 0.26%             | 2051-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2021 A                                                                     | CUSIP: 92778FJK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $395917.30    | 0.09%             | 2041-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                        | Lynchburg Economic Development Authority, Series 2021                                                                  | CUSIP: 55123TBQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2017769.93   | 0.45%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA Water Revenue                                                | City of Norfolk, Series 2018                                                                                           | CUSIP: 656009NN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6920000 | PA      | $7015184.60   | 1.58%             | 2043-11-01      | 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        |   1200000 | PA      | $990069.36    | 0.22%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2021 A                                                                     | CUSIP: 92778FJL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $782341.67    | 0.18%             | 2046-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                        | Lynchburg Economic Development Authority, Series 2021                                                                  | CUSIP: 55123TBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1360606.40   | 0.31%             | 2051-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                          | Hampton Roads Transportation Accountability Commission, Series 2018 A                                                  | CUSIP: 40934TAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5505000 | PA      | $5802739.03   | 1.31%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Farmville Industrial Development Authority                                      | Farmville Industrial Development Authority, Series 2021                                                                | CUSIP: 311617BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5120634.00   | 1.15%             | 2053-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2018 A                                                          | CUSIP: 6461364D0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3609662.99   | 0.81%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                      | Lexington Industrial Development Authority, Series 2018 A                                                              | CUSIP: 52976TBG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510575.90   | 0.34%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2020 A                                                             | CUSIP: 928105BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4221829.00   | 0.95%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                    | Virginia Resources Authority                                                                                           | CUSIP: 92818NZ35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3195000 | PA      | $3220248.17   | 0.73%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                  | Fairfax County Water Authority, Series 2017                                                                            | CUSIP: 303891D85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5042382.50   | 1.14%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                  | Washington Metropolitan Area Transit Authority, Series 2020 A                                                          | CUSIP: 93878YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3176049.33   | 0.72%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                       | Winchester Economic Development Authority, Series 2015                                                                 | CUSIP: 973121BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4909234.50   | 1.11%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104QL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5827515.00   | 1.31%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                          | Virginia Housing Development Authority, Series 2024 A                                                                  | CUSIP: 92812WNU4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2909588.70   | 0.66%             | 2044-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Northern Virginia Transportation Commission                                     | Northern Virginia Transportation Commission, Series 2022                                                               | CUSIP: 66604PAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7090000 | PA      | $7292756.98   | 1.64%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFK9<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    425000 | PA      | $441200.11    | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                   | Loudoun County Economic Development Authority, Series 2022 A                                                           | CUSIP: 54601TAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8945000 | PA      | $8021394.76   | 1.81%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                     | Metropolitan Washington Airports Authority, Series 2021 A                                                              | CUSIP: 592647KM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4986663.00   | 1.12%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2020                                                               | CUSIP: 928105BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3865071.20   | 0.87%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Airport Authority                                                       | Norfolk Airport Authority, Series 2019                                                                                 | CUSIP: 655857EJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2702051.47   | 0.61%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                      | Virginia Commonwealth Transportation Board, Series 2016                                                                | CUSIP: 92778UBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2309593.21   | 0.52%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Isle of Wight County Economic Development Authority                             | Isle of Wight County Economic Development Authority, Series 2023                                                       | CUSIP: 464637AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2325350.16   | 0.52%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Hopewell VA Sewer System Revenue                                        | City of Hopewell, Series 2011 A                                                                                        | CUSIP: 439733BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4586679.44   | 1.03%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2016 A                                                                     | CUSIP: 92778VCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7022435.00   | 1.58%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                                        | Commonwealth of Virginia, Series 2022 A                                                                                | CUSIP: 928110BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2523803.08   | 0.57%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stafford County & Staunton Industrial Development Authority                     | Stafford County & Staunton Industrial Development Authority, Series 2007 E                                             | CUSIP: 8524122F1<br>LEI: 549300XNO7LXB6ARJ698 | Long             | DBT              | MUN               | US        |    960000 | PA      | $960645.41    | 0.22%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | Washington Metropolitan Area Transit Authority, Series 2021 A                                                          | CUSIP: 93878YBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2605666.99   | 0.59%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                     | Metropolitan Washington Airports Authority, Series 2023 A                                                              | CUSIP: 592647MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4045502.00   | 0.91%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                 | Albemarle County Economic Development Authority, Series 2022 A                                                         | CUSIP: 01266TAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1177097.71   | 0.27%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington County Industrial Development Authority                               | Arlington County Industrial Development Authority, Series 2020                                                         | CUSIP: 041438HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1775226.80   | 0.40%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                      | Virginia Commonwealth Transportation Board, Series 2016                                                                | CUSIP: 92778UBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4082697.60   | 0.92%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2017                                                               | CUSIP: 928097AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4774240.50   | 1.08%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2021                                                                       | CUSIP: 92778FKP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $3618414.24   | 0.81%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                 | Albemarle County Economic Development Authority, Series 2022 A                                                         | CUSIP: 01266TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2395364.72   | 0.54%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                               | Hampton Roads Sanitation District, Series 2016 A                                                                       | CUSIP: 409327HR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5121196.00   | 1.15%             | 2043-08-01      | 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        |   1000000 | PA      | $917452.60    | 0.21%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2016 A                                                                     | CUSIP: 92778WMR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76905.19     | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Economic Development Authority                                | Montgomery County Economic Development Authority, Series 2019 A                                                        | CUSIP: 613741KJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1664162.15   | 0.37%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | Washington Metropolitan Area Transit Authority, Series 2021 A                                                          | CUSIP: 93878YBU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020268.40   | 0.46%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority, Series VV                                                                        | CUSIP: 74526Q2Q4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1700000 | PA      | $1679046.14   | 0.38%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA Sewer Revenue                                              | County of Fairfax, Series 2024 A                                                                                       | CUSIP: 303867NH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3070000 | PA      | $3205769.22   | 0.72%             | 2049-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3680000 | PA      | $3324732.80   | 0.75%             | 2040-01-01      | Fixed         | 4.00%                 | 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        |   3456000 | PA      | $2948930.15   | 0.66%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                   | Henrico County Economic Development Authority, Series 2020                                                             | CUSIP: 42605QGY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1280596.34   | 0.29%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA Water Revenue                                                | City of Norfolk, Series 2018                                                                                           | CUSIP: 656009NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6925000 | PA      | $7012171.90   | 1.58%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2020 A                                                             | CUSIP: 928104NC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1803677.85   | 0.41%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                            | County of Fairfax, Series 2025 A                                                                                       | CUSIP: 30382APR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2378518.65   | 0.54%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                        | Lynchburg Economic Development Authority, Series 2017 A                                                                | CUSIP: 55123TAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4431845.25   | 1.00%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2022, Class B-1                                                                       | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $934305.00    | 0.21%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                 | Albemarle County Economic Development Authority, Series 2022 A                                                         | CUSIP: 01266TAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2499591.00   | 0.56%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                              | Isle Wight County Industrial Development Authority, Series 2023                                                        | CUSIP: 464637AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4680000 | PA      | $4738010.94   | 1.07%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                  | Fairfax County Water Authority, Series 2017                                                                            | CUSIP: 303891D44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3510000 | PA      | $3553102.10   | 0.80%             | 2043-04-01      | 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        |   1000000 | PA      | $836744.40    | 0.19%             | 2037-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                            | Salem Economic Development Authority, Series 2025                                                                      | CUSIP: 794565BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $714832.58    | 0.16%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois, Series 2017 D                                                                                       | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024448.60   | 0.23%             | 2026-11-01      | Fixed         | 5.00%                 | 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        |    149352 | NS      | $119481.84    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Lexington Industrial Development Authority                                      | Lexington Industrial Development Authority, Series 2018 A                                                              | CUSIP: 52976TBD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1147100.17   | 0.26%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                            | Virginia Beach Development Authority, Series 2018                                                                      | CUSIP: 92774NAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1717311.58   | 0.39%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2020 A                                                             | CUSIP: 928104MX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2633513.85   | 0.59%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                     | Metropolitan Washington Airports Authority, Series 2024 A                                                              | CUSIP: 592647NG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031443.10   | 0.23%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2235038.25   | 0.50%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                        | Metropolitan Pier & Exposition Authority, Series 2020 A                                                                | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1456213.35   | 0.33%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2021                                                                       | CUSIP: 92778FKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3062512.85   | 0.69%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                            | Salem Economic Development Authority, Series 2025                                                                      | CUSIP: 794565BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $308022.84    | 0.07%             | 2050-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                           | City of Alexandria, Series 2023                                                                                        | CUSIP: 015303DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5260532.20   | 1.18%             | 2043-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Industrial Development Authority                                     | Alexandria Industrial Development Authority, Series 2021 C                                                             | CUSIP: 015304FV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2158298.35   | 0.49%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                 | Fairfax County Industrial Development Authority, Series 2022                                                           | CUSIP: 30382VAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2732069.40   | 0.62%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                    | Virginia Resources Authority, Series 2018 C                                                                            | CUSIP: 92818MN22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7655000 | PA      | $7740481.85   | 1.74%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richmond Economic Development Authority                                         | Richmond Economic Development Authority, Series 2024                                                                   | CUSIP: 76541FAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $1776765.33   | 0.40%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                      | Lexington Industrial Development Authority, Series 2022                                                                | CUSIP: 52976BCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $985885.04    | 0.22%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2021 A                                                                     | CUSIP: 92778FJH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $658200.85    | 0.15%             | 2039-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Farmville Industrial Development Authority                                      | Farmville Industrial Development Authority, Series 2018 A                                                              | CUSIP: 311617AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4528250.00   | 1.02%             | 2048-01-01      | 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        |    500000 | PA      | $469777.80    | 0.11%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                          | Roanoke Economic Development Authority, Series 2020 A                                                                  | CUSIP: 770082CA1<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3443456.00   | 0.78%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                            | County of Fairfax, Series 2025 A                                                                                       | CUSIP: 30382APS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4395000 | PA      | $4220011.76   | 0.95%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                 | Fairfax County Industrial Development Authority, Series 2024                                                           | CUSIP: 30382VAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4265038.00   | 0.96%             | 2054-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956571.80    | 0.22%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | Washington Metropolitan Area Transit Authority, Series 2023 A                                                          | CUSIP: 93878YDS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5062592.50   | 1.14%             | 2048-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                         | Capital Trust Authority, Series 2024                                                                                   | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4025000 | PA      | $3313107.51   | 0.75%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                                        | Commonwealth of Virginia, Series 2020 A                                                                                | CUSIP: 9281093Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2817687.27   | 0.63%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                      | City of Richmond, Series 2016 A                                                                                        | CUSIP: 765433KL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10126642.00  | 2.28%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                      | Virginia Commonwealth Transportation Board, Series 2023                                                                | CUSIP: 927793X38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1838729.60   | 0.41%             | 2045-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                            | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $231111.74    | 0.05%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA Sewer Revenue                                              | County of Fairfax, Series 2024 A                                                                                       | CUSIP: 303867NJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4665830.40   | 1.05%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                 | Albemarle County Economic Development Authority, Series 2022 B                                                         | CUSIP: 01266TAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5215000 | PA      | $4288426.44   | 0.97%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                            | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257804.08    | 0.06%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2021                                                                       | CUSIP: 92778FKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2591907.73   | 0.58%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Virginia Transportation Commission                                     | Northern Virginia Transportation Commission, Series 2022                                                               | CUSIP: 66604PAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1811962.43   | 0.41%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Industrial Development Authority                                     | Alexandria Industrial Development Authority, Series 2015                                                               | CUSIP: 015317AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $980740.22    | 0.22%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                      | Lexington Industrial Development Authority, Series 2022                                                                | CUSIP: 52976BCD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $614839.85    | 0.14%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp., Series A-1                                                                      | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   6400000 | PA      | $5861087.36   | 1.32%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                | Washington Metropolitan Area Transit Authority, Series 2023 A                                                          | CUSIP: 93878YCR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2586991.75   | 0.58%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                            | County of Fairfax, Series 2024 A                                                                                       | CUSIP: 30382ANV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4810098.00   | 1.08%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                      | Lexington Industrial Development Authority, Series 2022                                                                | CUSIP: 52976BCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2315000 | PA      | $1892082.84   | 0.43%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                            | Salem Economic Development Authority, Series 2020                                                                      | CUSIP: 794565AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $843875.84    | 0.19%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                | Virginia Public School Authority, Series 2024                                                                          | CUSIP: 92817TPU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5595000 | PA      | $5494507.09   | 1.24%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                     | Virginia Small Business Financing Authority, Series 2017                                                               | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7600000 | PA      | $7095406.36   | 1.60%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Sanitation Authority                                                 | Alexandria Sanitation Authority, Series 2024                                                                           | CUSIP: 015343AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2933627.81   | 0.66%             | 2049-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                             | Virginia College Building Authority, Series 2021 A                                                                     | CUSIP: 92778FJJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $309105.23    | 0.07%             | 2040-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer