# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-26-008604
**Filing Date:** 2026-4
**Character Count:** 102216
**Document Hash:** cb88d68b69e0d533a0179895a0344c26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-008604.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0002071691-26-008604

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**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:** 26887681

**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 MICHIGAN TAX-FREE INCOME FUND (Series ID: S000006919)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018771 | CLASS A1      | FTTMX           |
| C000018773 | CLASS C       | FRMTX           |
| C000068549 | ADVISOR CLASS | FMTFX           |
| C000194360 | Class R6      | FKTNX           |
| C000205898 | Class A       | FMQTX           |

## 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 Michigan Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006919

- **c. LEI of Series:** 549300HZX1XR2KYICN27

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

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

- **b. Date as of which information is reported:** 2026-02-28

**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:** $665003162.90

**Total Liabilities:** $2115461.91

**Net Assets:** $662887700.99

**Cash Not Reported:** $4438833.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -130.76000000 | **1-Year:** -625.49000000 | **5-Year:** -2679.39000000 | **10-Year:** -125504.90000000 | **30-Year:** -259421.94000000

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

- **3-Month:** -10.13000000 | **1-Year:** -103.49000000 | **5-Year:** -552.29000000 | **10-Year:** -36857.99000000 | **30-Year:** -36915.67000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018771 | 0.01%                | 0.28%                | 1.41%                |
| Class ID C000018773 | -0.14%               | 0.33%                | 1.24%                |
| Class ID C000068549 | 0.02%                | 0.29%                | 1.41%                |
| Class ID C000194360 | 0.02%                | 0.30%                | 1.41%                |
| Class ID C000205898 | -0.01%               | 0.27%                | 1.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12623.31                | $-1992674.96                               |
| Month 2  | $-2364556.84             | $2340441.75                                |
| Month 3  | $0.00                    | $7223034.39                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Albion MI Water Supply System Revenue                | City of Albion, Series 2025                                                 | CUSIP: 013403AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1831929.40   | 0.28%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegan Public School District                               | Allegan Public School District, Series 2025 III                             | CUSIP: 017014PB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5310000 | PA      | $5578236.24   | 0.84%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alma Public Schools/MI                                       | Alma Public Schools, Series 2025 I                                          | CUSIP: 020213MC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2122578.00   | 0.32%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bangor Township School District/MI                           | Bangor Township School District, Series 2023                                | CUSIP: 060257ED0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2092675.80   | 0.32%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Battle Creek School District/MI                              | Battle Creek School District, Series 2022                                   | CUSIP: 071446CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001622.40   | 0.45%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Battle Creek MI Water & Wastewater System Revenue    | City of Battle Creek, Series 2016 A                                         | CUSIP: 071474CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1304859.66   | 0.20%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Belding Area Schools                                         | Belding Area Schools, Series 2022                                           | CUSIP: 077527NF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7330000 | PA      | $7113644.79   | 1.07%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Charter Township of Bloomfield MI                            | Charter Township of Bloomfield, Series 2016                                 | CUSIP: 094149NC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004242.40   | 0.15%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028473.10   | 0.16%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511ML7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1972584.00   | 0.30%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $667047.55    | 0.10%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1515887.93   | 0.23%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1361650.28   | 0.21%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6730000 | PA      | $6797011.28   | 1.03%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                  | Caledonia Community Schools, Series 2023 I                                  | CUSIP: 129271UN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077644.80   | 0.31%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                  | Caledonia Community Schools, Series 2025 II                                 | CUSIP: 129271XB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1686077.06   | 0.25%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                  | Caledonia Community Schools, Series 2025 II                                 | CUSIP: 129271XC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044666.50   | 0.16%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                  | Caledonia Community Schools, Series 2025 II                                 | CUSIP: 129271XD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1266792.78   | 0.19%             | 2055-05-01      | 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        |   2650000 | PA      | $2232965.26   | 0.34%             | 2037-12-01      | Fixed         | 4.25%                 | 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        |   5256000 | PA      | $4840973.10   | 0.73%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                   | Capital Trust Agency, Inc., Series 2021 A-1                                 | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    900000 | PA      | $639359.55    | 0.10%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                      | Capital Trust Authority, Series 2024                                        | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5920000 | PA      | $5071116.99   | 0.77%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Central Michigan University                                  | Central Michigan University, Series 2021                                    | CUSIP: 154123ZZ9<br>LEI: 549300ADPRW1MSPHFS73 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1059229.51   | 0.16%             | 2046-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Comstock Public Schools                                      | Comstock Public Schools, Series 2022 I                                      | CUSIP: 205723NZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2791708.20   | 0.42%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Comstock Park Public Schools                                 | Comstock Park Public Schools, Series 2025 II                                | CUSIP: 205759MK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5395000 | PA      | $5631837.26   | 0.85%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crestwood School District/MI                                 | Crestwood School District, Series 2025 I                                    | CUSIP: 226363JB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3118712.10   | 0.47%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeWitt Public Schools                                        | DeWitt Public Schools, Series 2017                                          | CUSIP: 242109SK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516197.40    | 0.08%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeWitt Public Schools                                        | DeWitt Public Schools, Series 2017                                          | CUSIP: 242109SP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027192.90   | 0.15%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeWitt Public Schools                                        | DeWitt Public Schools, Series 2017                                          | CUSIP: 242109SQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026690.00   | 0.15%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeWitt Public Schools                                        | DeWitt Public Schools, Series 2017                                          | CUSIP: 242109SR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025530.70   | 0.15%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                 | Detroit City School District, Series 2001 A                                 | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6590000 | PA      | $7043727.43   | 1.06%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI Water Supply System Revenue               | City of Detroit, Series 2003 B                                              | CUSIP: 251256CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25056.99     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI Water Supply System Revenue               | City of Detroit, Series 06 A                                                | CUSIP: 251256CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30040.52     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dexter Community Schools                                     | Dexter Community Schools, Series 2025                                       | CUSIP: 252255NB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2971617.30   | 0.45%             | 2055-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Downriver Utility Wastewater Authority                       | Downriver Utility Wastewater Authority, Series 2018                         | CUSIP: 26111PAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $537477.12    | 0.08%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downriver Utility Wastewater Authority                       | Downriver Utility Wastewater Authority, Series 2018                         | CUSIP: 26111PAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1681493.12   | 0.25%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downriver Utility Wastewater Authority                       | Downriver Utility Wastewater Authority, Series 2018                         | CUSIP: 26111PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570103.10   | 0.24%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downriver Utility Wastewater Authority                       | Downriver Utility Wastewater Authority, Series 2018                         | CUSIP: 26111PAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3085459.20   | 0.47%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Grand Rapids Public School District                     | East Grand Rapids Public School District, Series 2024 I                     | CUSIP: 272497SQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $732306.96    | 0.11%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Lansing School District                                 | East Lansing School District, Series 2017 I                                 | CUSIP: 273389JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537771.65   | 0.23%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Lansing School District                                 | East Lansing School District, Series 2017 I                                 | CUSIP: 273389KB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1124638.13   | 0.17%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Lansing School District                                 | East Lansing School District, Series 2017 I                                 | CUSIP: 273389KD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2541807.75   | 0.38%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Michigan University                                  | Eastern Michigan University, Series 2025                                    | CUSIP: 276731F43<br>LEI: 549300K3C21R17LKDU63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2118692.40   | 0.32%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Farmington Public School District                            | Farmington Public School District, Series 2018                              | CUSIP: 311261TY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7225000 | PA      | $7415358.52   | 1.12%             | 2038-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ferris State University                                      | Ferris State University, Series 2025 A                                      | CUSIP: 315361MY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1906492.32   | 0.29%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fitzgerald Public School District                            | Fitzgerald Public School District, Series 2026                              | CUSIP: 338261NS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058303.00   | 0.16%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flat Rock Community School District                          | Flat Rock Community School District, Series 2022 I                          | CUSIP: 338639JE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2107563.57   | 0.32%             | 2052-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Four Lakes Special Assessment District                       | Four Lakes Special Assessment District, Series 2025                         | CUSIP: 35088BAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1545708.15   | 0.23%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI Water Supply System Revenue             | County of Genesee, Series 2024                                              | CUSIP: 371646AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $970056.57    | 0.15%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI Water Supply System Revenue             | County of Genesee, Series 2024                                              | CUSIP: 371646AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $805736.75    | 0.12%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI Water Supply System Revenue             | County of Genesee, Series 2024                                              | CUSIP: 371646AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1313201.45   | 0.20%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gerald R Ford International Airport Authority                | Gerald R Ford International Airport Authority, Series 2021                  | CUSIP: 373695AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2068100.40   | 0.31%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2024                                           | CUSIP: 386226K37<br>LEI: 254900GF6XDJ7XO6OR24 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1798772.13   | 0.27%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2024                                           | CUSIP: 386226K86<br>LEI: 254900GF6XDJ7XO6OR24 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1216802.70   | 0.18%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2024                                           | CUSIP: 386226L51<br>LEI: 254900GF6XDJ7XO6OR24 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1773072.80   | 0.27%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2025                                           | CUSIP: 386226P73<br>LEI: 254900GF6XDJ7XO6OR24 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3129285.30   | 0.47%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue        | City of Grand Rapids, Series 2018                                           | CUSIP: 386289LX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1080963.42   | 0.16%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2018                                           | CUSIP: 386289LZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025495.10   | 0.15%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue        | City of Grand Rapids, Series 2020                                           | CUSIP: 386289MX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088034.40   | 0.31%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Water Supply System Revenue          | City of Grand Rapids, Series 2018                                           | CUSIP: 386316PC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538242.65   | 0.23%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Water Supply System Revenue          | City of Grand Rapids, Series 2020                                           | CUSIP: 386316PU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2558409.36   | 0.39%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Water Supply System Revenue          | City of Grand Rapids, Series 2020                                           | CUSIP: 386316PW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3095896.20   | 0.47%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority             | Grand Traverse County Hospital Finance Authority, Series 2019 A             | CUSIP: 386523GW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1134065.36   | 0.17%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority             | Grand Traverse County Hospital Finance Authority, Series 2019 B             | CUSIP: 386523HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1684147.89   | 0.25%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority             | Grand Traverse County Hospital Finance Authority, Series 2019 C             | CUSIP: 386523HR8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    300000 | PA      | $300000.00    | 0.05%             | 2041-07-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority             | Grand Traverse County Hospital Finance Authority, Series 2021               | CUSIP: 386523JJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7263410.00   | 1.10%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                | Grand Valley State University, Series 2018                                  | CUSIP: 386545MS3<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |    900000 | PA      | $940133.70    | 0.14%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                | Grand Valley State University, Series 2018                                  | CUSIP: 386545MT1<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1855679.40   | 0.28%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority                                  | Great Lakes Water Authority, Series 2022 B                                  | CUSIP: 39081HEM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1592748.90   | 0.24%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority                                  | Great Lakes Water Authority, Series 2022 B                                  | CUSIP: 39081JFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5309163.00   | 0.80%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority                                  | Great Lakes Water Authority, Series 2025 C                                  | CUSIP: 39081JJS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059893.60   | 0.16%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Green Lake Township Economic Development Corp.               | Green Lake Township Economic Development Corp., Series 2004                 | CUSIP: 393096AB8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2700000 | PA      | $2700000.00   | 0.41%             | 2034-06-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Grosse Ile Township School District                          | Grosse Ile Township School District, Series 2025 II                         | CUSIP: 398892LG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091209.40   | 0.32%             | 2052-05-01      | Fixed         | 5.00%                 | 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        |   1750000 | PA      | $1786156.93   | 0.27%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority, Series 2024 A                         | CUSIP: 40065FEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1770000 | PA      | $1833397.15   | 0.28%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority, Series 2025 A                         | CUSIP: 40065FFH2<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1084416.50   | 0.16%             | 2045-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Gull Lake Community School District                          | Gull Lake Community School District, Series 2018 I                          | CUSIP: 402748MB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4089720.80   | 0.62%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gull Lake Community School District                          | Gull Lake Community School District, Series 2018 I                          | CUSIP: 402748MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017283.60   | 0.15%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Haven at Elgin LLC                                           | Haven at Elgin LLC                                                          | CUSIP: 41935HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1904997.55   | 0.29%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| Hemlock Public School District                               | Hemlock Public School District, Series 2024 III                             | CUSIP: 423668NK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1151538.96   | 0.17%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Holly Area School District                                   | Holly Area School District, Series 2025 II                                  | CUSIP: 435866VC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $660906.44    | 0.10%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Holly Area School District                                   | Holly Area School District, Series 2025 II                                  | CUSIP: 435866VG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045604.70   | 0.16%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Howell Public Schools                                        | Howell Public Schools, Series 2025 II                                       | CUSIP: 443114WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540928.35    | 0.08%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudsonville Public Schools                                   | Hudsonville Public Schools, Series 2017                                     | CUSIP: 444240SP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2552454.25   | 0.39%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                            | State of Illinois, Series 2024 C                                            | CUSIP: 452153LZ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1871673.17   | 0.28%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ingham County Building Authority                             | Ingham County Building Authority, Series 2024                               | CUSIP: 457003MH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2660874.79   | 0.40%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jenison Public Schools                                       | Jenison Public Schools, Series 2024 I                                       | CUSIP: 476034UC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $578670.57    | 0.09%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kent MI                                            | County of Kent, Series 2016                                                 | CUSIP: 4902786W3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1313628.14   | 0.20%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kent MI                                            | County of Kent, Series 2016                                                 | CUSIP: 4902786X1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1282982.65   | 0.19%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kent Hospital Finance Authority                              | Kent Hospital Finance Authority, Series 2021 A                              | CUSIP: 490580FP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6010000 | PA      | $4391074.28   | 0.66%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                          | Kentwood Economic Development Corp., Series 2021                            | CUSIP: 491740EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1463989.50   | 0.22%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                          | Kentwood Economic Development Corp., Series 2022                            | CUSIP: 491740FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1775268.05   | 0.27%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                          | Kentwood Economic Development Corp., Series 2022                            | CUSIP: 491740FB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8820000 | PA      | $8161352.39   | 1.23%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentwood Public Schools                                      | Kentwood Public Schools, Series 2016                                        | CUSIP: 491746RT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2933119.27   | 0.44%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                         | Lake Houston Redevelopment Authority, Series 2021                           | CUSIP: 51001QAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $281597.19    | 0.04%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                         | Lake Houston Redevelopment Authority, Series 2021                           | CUSIP: 51001QAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $254812.17    | 0.04%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                 | L'Anse Creuse Public Schools, Series 2025 I                                 | CUSIP: 516228TM5<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2370067.88   | 0.36%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lansing MI                                           | City of Lansing, Series 2023 B                                              | CUSIP: 516372UC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9980000 | PA      | $10469095.85  | 1.58%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lansing MI                                           | City of Lansing, Series 2023                                                | CUSIP: 516372UW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2154174.25   | 0.32%             | 2053-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Lansing Board of Water & Light                               | Lansing Board of Water & Light, Series 2024 A                               | CUSIP: 516391FM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9853487.40   | 1.49%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                      | Lansing School District, Series 2016 I                                      | CUSIP: 516444RP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2134547.41   | 0.32%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                      | Lansing School District, Series 2016 I                                      | CUSIP: 516444RQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2209884.38   | 0.33%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lowell Area Schools                                          | Lowell Area Schools, Series 2024 I                                          | CUSIP: 547694SC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2047903.61   | 0.31%             | 2054-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Ludington Area School District                               | Ludington Area School District, Series 2022 II                              | CUSIP: 549637GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7820000 | PA      | $7340385.32   | 1.11%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Macomb Interceptor Drain Drainage District                   | Macomb Interceptor Drain Drainage District, Series 2017 A                   | CUSIP: 55539PCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4073315.60   | 0.61%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mattawan Consolidated School District/MI                     | Mattawan Consolidated School District, Series 2024 I                        | CUSIP: 577056MR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1775481.70   | 0.27%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Melvindale Northern Allen Park Public Schools                | Melvindale Northern Allen Park Public Schools, Series 2022                  | CUSIP: 585854EV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521657.75   | 0.23%             | 2047-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Melvindale Northern Allen Park Public Schools                | Melvindale Northern Allen Park Public Schools, Series 2024                  | CUSIP: 585854FJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1407339.44   | 0.21%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                        | Metropolitan Transportation Authority, Series 2021 A-1                      | CUSIP: 59261AK63<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   9300000 | PA      | $8357563.11   | 1.26%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2018                                     | CUSIP: 594479EF0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2370243.83   | 0.36%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FJ1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    400000 | PA      | $381148.00    | 0.06%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FK8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    565000 | PA      | $531202.38    | 0.08%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FL6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    640000 | PA      | $596399.49    | 0.09%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FM4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    675000 | PA      | $618795.11    | 0.09%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FN2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    645000 | PA      | $585733.08    | 0.09%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FP7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2261728.77   | 0.34%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2021                                     | CUSIP: 594479GK7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    895000 | PA      | $638980.86    | 0.10%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2021                                     | CUSIP: 594479GL5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1359599.36   | 0.21%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2022                                     | CUSIP: 594479HH3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1385081.39   | 0.21%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2022                                     | CUSIP: 594479HK6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $2924164.80   | 0.44%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2022                                     | CUSIP: 594479HL4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $1750493.52   | 0.26%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2022                                     | CUSIP: 594479HP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    745000 | PA      | $666132.14    | 0.10%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2023                                     | CUSIP: 594479JP3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040383.80   | 0.31%             | 2048-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2023                                     | CUSIP: 594479JQ1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2321768.69   | 0.35%             | 2052-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024                                     | CUSIP: 59447NBC9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1589472.00   | 0.24%             | 2049-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024                                     | CUSIP: 59447NBD7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1795421.16   | 0.27%             | 2054-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024                                     | CUSIP: 59447NBE5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1823352.13   | 0.28%             | 2057-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024 B                                   | CUSIP: 59447T6Q1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1554785.83   | 0.23%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024 B                                   | CUSIP: 59447T6T5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1765651.70   | 0.27%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024 B                                   | CUSIP: 59447T6X6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2751468.84   | 0.42%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024 B                                   | CUSIP: 59447T7C1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3820000 | PA      | $3962801.91   | 0.60%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020 A-2                                 | CUSIP: 59447TG80<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041093.20   | 0.16%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016 A                                   | CUSIP: 59447THF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12008204.40  | 1.81%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020 A, Class 1                          | CUSIP: 59447TL76<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4170000 | PA      | $3647139.13   | 0.55%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016                                     | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7072300.20   | 1.07%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016 B                                   | CUSIP: 59447TPA5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2774478.30   | 0.42%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 59447TQ22<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3674172.80   | 0.55%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2018 B                                   | CUSIP: 59447TTJ2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   8055000 | PA      | $8492720.78   | 1.28%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2018 B                                   | CUSIP: 59447TTK9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6317201.40   | 0.95%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2019 A                                   | CUSIP: 59447TWP4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11058927.00  | 1.67%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016 MI                                  | CUSIP: 59447TYF4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    290000 | PA      | $291898.89    | 0.04%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2025 A                                   | CUSIP: 59447UAY6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542635.30    | 0.08%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016 MI                                  | CUSIP: 59447UBD1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110720.27    | 0.02%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016 MI                                  | CUSIP: 59447UBE9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2105964.84   | 0.32%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2016 I                            | CUSIP: 594615FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9910000 | PA      | $9972974.09   | 1.50%             | 2046-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2016 I                            | CUSIP: 594615FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004497.60   | 0.15%             | 2051-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2016 I                            | CUSIP: 594615FY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12138138.00  | 1.83%             | 2041-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2019 I                            | CUSIP: 594615HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1860800.20   | 0.28%             | 2054-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2022 I                            | CUSIP: 594615KN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3940215.38   | 0.59%             | 2052-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2025 A                 | CUSIP: 594654C86<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5074179.00   | 0.77%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2019 B                 | CUSIP: 594654GB5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  10500000 | PA      | $9232584.90   | 1.39%             | 2044-12-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2020 A                 | CUSIP: 594654JH9<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $3496611.78   | 0.53%             | 2045-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2020 A                 | CUSIP: 594654JJ5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   4150000 | PA      | $3157910.55   | 0.48%             | 2050-06-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2025 C                 | CUSIP: 594654K20<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3047631.90   | 0.46%             | 2056-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2022 A                 | CUSIP: 594654RF4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5053671.50   | 0.76%             | 2043-06-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                    | Michigan State Hospital Finance Authority, Series 2010 F-7                  | CUSIP: 59465HTY2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10193420.00  | 1.54%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                    | Michigan State Hospital Finance Authority, Series 1999 B-3                  | CUSIP: 59465HUY0<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   5370000 | PA      | $5578177.18   | 0.84%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                    | Michigan State Hospital Finance Authority, Series 2010 F-8                  | CUSIP: 59465HWN2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2599322.10   | 0.39%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                    | Michigan State Hospital Finance Authority, Series 2025 A                    | CUSIP: 59465HXD3<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059797.20   | 0.16%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2021 A                 | CUSIP: 59465PAZ1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2594442.40   | 0.39%             | 2056-10-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2021 A                 | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3174978.50   | 0.48%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                         | State of Michigan, Series 2023                                              | CUSIP: 5946954Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2141948.40   | 0.32%             | 2049-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                      | Michigan Strategic Fund, Series 2018                                        | CUSIP: 594698QP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2296610.80   | 0.35%             | 2033-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                      | Michigan Strategic Fund, Series 2018                                        | CUSIP: 594698QV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7005680.50   | 1.06%             | 2048-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                    | Michigan State University, Series 2025 A                                    | CUSIP: 594712C74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5266148.00   | 0.79%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Technological University                            | Michigan Technological University, Series 2015 A                            | CUSIP: 594746PE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2401869.12   | 0.36%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Technological University                            | Michigan Technological University, Series 2023 A                            | CUSIP: 594746QT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3636927.62   | 0.55%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Technological University                            | Michigan Technological University, Series 2023 A                            | CUSIP: 594746QU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039779.70   | 0.16%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Technological University                            | Michigan Technological University, Series 2023 C                            | CUSIP: 594746SF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105934.40   | 0.32%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monroe Public Schools                                        | Monroe Public Schools, Series 2020 I                                        | CUSIP: 611116BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2570608.49   | 0.39%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Muskegon MI                                        | County of Muskegon, Series 2015                                             | CUSIP: 6276786W0<br>LEI: 549300F2TUG80GVLH358 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1361547.00   | 0.21%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2019 BB              | CUSIP: 6461365Q0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $465872.60    | 0.07%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2020 AA              | CUSIP: 6461367N5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    600000 | PA      | $458767.68    | 0.07%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oakland University                                           | Oakland University, Series 2016                                             | CUSIP: 673588HE2<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5001444.00   | 0.75%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland University                                           | Oakland University, Series 2019                                             | CUSIP: 673588JD2<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2269940.86   | 0.34%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Okemos Public Schools                                        | Okemos Public Schools, Series 2024 II                                       | CUSIP: 678467PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2427282.24   | 0.37%             | 2054-05-01      | 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        |   3500000 | PA      | $2696830.50   | 0.41%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plainwell Community Schools                                  | Plainwell Community Schools, Series 2022 II                                 | CUSIP: 726889MV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6607041.00   | 1.00%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Portage Public Schools                                       | Portage Public Schools, Series 2025                                         | CUSIP: 735779PZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1974787.60   | 0.30%             | 2047-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2024 A-2                                   | CUSIP: 74441XHX0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $8064762.00   | 1.22%             | 2044-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2025 A-1                                   | CUSIP: 74441XJD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1395242.32   | 0.21%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2025 A-2                                   | CUSIP: 74441XJE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  20050000 | PA      | $10083207.16  | 1.52%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2022, Class B-1                            | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1511853.66   | 0.23%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp., Series A-1                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  12900000 | PA      | $12661717.65  | 1.91%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rochester Community School District                          | Rochester Community School District, Series 2016 I                          | CUSIP: 771537VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2812580.12   | 0.42%             | 2036-05-01      | 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        |    280000 | PA      | $299608.23    | 0.05%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                     | Development Authority of Rockdale County, Series 2025 A-1                   | CUSIP: 77300QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4415000 | PA      | $2212939.28   | 0.33%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Saginaw Valley State University                              | Saginaw Valley State University, Series 2016 A                              | CUSIP: 78689HKU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2188141.85   | 0.33%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saginaw Valley State University                              | Saginaw Valley State University, Series 2016 A                              | CUSIP: 78689HKW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1250114.93   | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saline Area Schools                                          | Saline Area Schools, Series 2016                                            | CUSIP: 795200JB1<br>LEI: 549300COVKKGR0VUE860 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2957066.43   | 0.45%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority | South Carolina State Housing Finance & Development Authority, Series 2021 A | CUSIP: 83712EHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922397.10    | 0.14%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| South Redford School District                                | South Redford School District, Series 2024                                  | CUSIP: 839635KR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528303.65    | 0.08%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Redford School District                                | South Redford School District, Series 2024                                  | CUSIP: 839635KS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $314236.47    | 0.05%             | 2051-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southfield Public Schools                                    | Southfield Public Schools, Series 2025                                      | CUSIP: 844215SP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3235000 | PA      | $3459061.28   | 0.52%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southfield Public Schools                                    | Southfield Public Schools, Series 2025                                      | CUSIP: 844215SQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7694345.25   | 1.16%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sparta Area Schools                                          | Sparta Area Schools, Series 2019 II                                         | CUSIP: 846625NB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5856537.73   | 0.88%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Lake Public Schools                                   | Spring Lake Public Schools, Series 2025 II                                  | CUSIP: 849765JB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $811392.53    | 0.12%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Swartz Creek Community Schools                               | Swartz Creek Community Schools, Series 2025 I                               | CUSIP: 870040CW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3162416.70   | 0.48%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trenton Public Schools School District                       | Trenton Public Schools School District, Series 2018                         | CUSIP: 895028JF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $5093236.15   | 0.77%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trenton Public Schools School District                       | Trenton Public Schools School District, Series 2018                         | CUSIP: 895028JJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11480000 | PA      | $11739894.57  | 1.77%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Universal Academy                                            | Universal Academy, Series 2021                                              | CUSIP: 913359AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $103844.22    | 0.02%             | 2026-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Universal Academy                                            | Universal Academy, Series 2021                                              | CUSIP: 913359AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1050626.22   | 0.16%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Universal Academy                                            | Universal Academy, Series 2021                                              | CUSIP: 913359AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1054407.20   | 0.16%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                       | University of Michigan, Series 2015                                         | CUSIP: 914455QB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004484.80   | 0.30%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                       | University of Michigan, Series 2017 A                                       | CUSIP: 914455QY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2781963.63   | 0.42%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                       | University of Michigan, Series 2017 A                                       | CUSIP: 914455QZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5635000 | PA      | $5806061.13   | 0.88%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                       | University of Michigan, Series 2017 A                                       | CUSIP: 914455RA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5151784.50   | 0.78%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Walled Lake Consolidated School District                     | Walled Lake Consolidated School District, Series 2024                       | CUSIP: 932423XV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1881180.72   | 0.28%             | 2054-05-01      | 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        |   1800000 | PA      | $1604912.76   | 0.24%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority, Series 2021 A                               | CUSIP: 944514C48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3622811.23   | 0.55%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority, Series 2021 A                               | CUSIP: 944514C63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3670000 | PA      | $3833222.52   | 0.58%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority, Series 2021 B                               | CUSIP: 944514E79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1801224.65   | 0.27%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority, Series 2018 A                               | CUSIP: 944514ZH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $8047496.93   | 1.21%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                       | Wayne State University, Series 2018 A                                       | CUSIP: 946303ZT4<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4668655.05   | 0.70%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                       | Wayne State University, Series 2018 A                                       | CUSIP: 946303ZU1<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9343727.00   | 1.41%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne-Westland Community Schools                             | Wayne-Westland Community Schools, Series 2022                               | CUSIP: 946498JW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2311140.44   | 0.35%             | 2044-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Western Michigan University                                  | Western Michigan University, Series 2019 A                                  | CUSIP: 958638WN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2403850.39   | 0.36%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western School District                                      | Western School District, Series 2022                                        | CUSIP: 959452NA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103840.20   | 0.32%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Charter Township of White Lake MI                            | Charter Township of White Lake, Series 2025                                 | CUSIP: 964009GA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $759780.91    | 0.11%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charter Township of White Lake MI                            | Charter Township of White Lake, Series 2025                                 | CUSIP: 964009GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2850175.28   | 0.43%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Charter Township of White Lake MI                            | Charter Township of White Lake, Series 2025                                 | CUSIP: 964009GC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2766118.30   | 0.42%             | 2054-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Williamston Community Schools School District                | Williamston Community Schools School District, Series 2024                  | CUSIP: 970294EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105659.60   | 0.32%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodhaven-Brownstown School District                         | Woodhaven-Brownstown School District, Series 2025 III                       | CUSIP: 97942NHP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $547451.10    | 0.08%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodhaven-Brownstown School District                         | Woodhaven-Brownstown School District, Series 2025 III                       | CUSIP: 97942NHQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5738493.20   | 0.87%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Zeeland Public Schools                                       | Zeeland Public Schools, Series 2025 III                                     | CUSIP: 989258RP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $332274.28    | 0.05%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer