# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-25-003399
**Filing Date:** 2025-10
**Character Count:** 105380
**Document Hash:** 95a7fb83c222211794e525ad7e7601f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003399.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003399

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 251418393

**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 PENNSYLVANIA TAX-FREE INCOME FUND (Series ID: S000006927)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018791 | CLASS A1      | FRPAX           |
| C000018793 | CLASS C       | FRPTX           |
| C000079641 | ADVISOR CLASS | FPFZX           |
| C000194368 | Class R6      | FRPRX           |
| C000205906 | Class A       | FPAQX           |

## 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 Pennsylvania Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006927

- **c. LEI of Series:** 549300R0TTPG7IDXZS18

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $690286393.13

**Total Liabilities:** $30915792.18

**Net Assets:** $659370600.95

**Delayed Delivery Securities:** $28507208.50

**Cash Not Reported:** $83224.51

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -8.55000000 | **1-Year:** -957.55000000 | **5-Year:** -8425.00000000 | **10-Year:** -186248.96000000 | **30-Year:** -291971.44000000

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

- **3-Month:** 0.00000000 | **1-Year:** -1524.84000000 | **5-Year:** -795.94000000 | **10-Year:** -18754.52000000 | **30-Year:** -21476.99000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018791 | 0.63%                | -0.88%               | 0.79%                |
| Class ID C000194368 | 0.64%                | -0.87%               | 0.80%                |
| Class ID C000205906 | 0.62%                | -0.77%               | 0.65%                |
| Class ID C000018793 | 0.58%                | -0.91%               | 0.73%                |
| Class ID C000079641 | 0.64%                | -0.87%               | 0.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-685653.36              | $3206353.52                                |
| Month 2  | $0.00                    | $-7717511.31                               |
| Month 3  | $-9621.03                | $2877050.96                                |

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Jefferson PA                                                       | County of Jefferson, Series 2021                                                | CUSIP: 473450FQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $686838.54    | 0.10%             | 2037-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                       | Lancaster County Hospital Authority, Series 2025 A                              | CUSIP: 514045Z22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1377659.18   | 0.21%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2017 A            | CUSIP: 70870JAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4451518.00   | 0.68%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Regional Water Quality Control Authority                     | Delaware County Regional Water Quality Control Authority, Series 2016           | CUSIP: 246045NE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2009208.90   | 0.30%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2021 A                               | CUSIP: 01728LFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3367691.25   | 0.51%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                    | Erie City Water Authority, Series 2016                                          | CUSIP: 295542MW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6187573.20   | 0.94%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                           | Montgomery County Industrial Development Authority, Series 2020 C               | CUSIP: 61360PCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1904049.52   | 0.29%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2021 A            | CUSIP: 70870JDF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1097029.08   | 0.17%             | 2040-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                   | Philadelphia Gas Works Co., Series 15th                                         | CUSIP: 71783MAZ8<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $10860789.50  | 1.65%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Higher Education Authority                                         | Lancaster Higher Education Authority, Series 2022 A                             | CUSIP: 514273AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4335034.00   | 0.66%             | 2051-10-01      | 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        |   3300000 | PA      | $2365081.95   | 0.36%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2025 B                                 | CUSIP: 709225QR0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  11100000 | PA      | $11444707.17  | 1.74%             | 2055-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2025 A             | CUSIP: 70917TTD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2121729.90   | 0.32%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Merion Area School District                                            | Upper Merion Area School District, Series 2021 A                                | CUSIP: 915899RF7<br>LEI: 549300VSHSYXQGHRSD87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866033.70    | 0.13%             | 2039-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2017 A             | CUSIP: 70917SD59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7003422.30   | 1.06%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority, Series 2022 B                    | CUSIP: 118618AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2063398.00   | 0.31%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                          | Geisinger Authority, Series 2017 A-1                                            | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5555000 | PA      | $5557686.95   | 0.84%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2025 A                               | CUSIP: 01728LKY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4140442.40   | 0.63%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Latrobe Industrial Development Authority                                     | Latrobe Industrial Development Authority, Series 2021                           | CUSIP: 518324AV0<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    800000 | PA      | $589354.32    | 0.09%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                               | Adams County General Authority, Series 2024 A                                   | CUSIP: 006114AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2787931.37   | 0.42%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County Authority                                                      | Lehigh County Authority, Series 2024                                            | CUSIP: 524803CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5751086.90   | 0.87%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Governor Mifflin School District                                             | Governor Mifflin School District, Series 2021                                   | CUSIP: 383770KS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $875075.30    | 0.13%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority, Series 2020                                          | CUSIP: 263804CJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2533319.95   | 0.38%             | 2050-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2017 A                | CUSIP: 71781XCQ4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2310761.52   | 0.35%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scranton School District                                                     | Scranton School District, Series 2020                                           | CUSIP: 810827ZD0<br>LEI: 549300SDNGI3OKNOUW62 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1440439.70   | 0.22%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority, Series 2022      | CUSIP: 018444BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8875000 | PA      | $8941750.65   | 1.36%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State College Area School District                                           | State College Area School District, Series 2018                                 | CUSIP: 856706ZD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3559470.60   | 0.54%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2023 B-2          | CUSIP: 70869PPF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2333602.97   | 0.35%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority, Series VV                                 | CUSIP: 74526Q2U5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $993369.50    | 0.15%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2020 A                | CUSIP: 71780CAK6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2354139.09   | 0.36%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2020              | CUSIP: 70870FAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512817.15    | 0.08%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority, Series 2022      | CUSIP: 018444BV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1934690.76   | 0.29%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia, Series 2017 B                                             | CUSIP: 717817UM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9768230.00   | 1.48%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2021 A             | CUSIP: 70917TEB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11030000 | PA      | $8270781.53   | 1.25%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2023 A                               | CUSIP: 01728LHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5093547.00   | 0.77%             | 2053-01-01      | Fixed         | 5.50%                 | 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        |   1000000 | PA      | $635898.90    | 0.10%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2012               | CUSIP: 70917R7J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4870466.50   | 0.74%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                           | Montgomery County Industrial Development Authority, Series 2021 A               | CUSIP: 613609L46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $1950799.03   | 0.30%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                    | Delaware County Authority, Series 2017                                          | CUSIP: 245913MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1074482.97   | 0.16%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                   | Lancaster Industrial Development Authority, Series 2019                         | CUSIP: 514349CW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1736376.15   | 0.26%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colonial School District                                                     | Colonial School District, Series 2021 A                                         | CUSIP: 195864VP5<br>LEI: 549300JW2ZL0JCXB3113 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1399553.27   | 0.21%             | 2040-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                     | Development Authority of Rockdale County, Series 2025 A-1                       | CUSIP: 77300QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $330531.53    | 0.05%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Haven at Elgin LLC                                                           | Haven at Elgin LLC                                                              | CUSIP: 41935HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2005984.76   | 0.30%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| Northampton County General Purpose Authority                                 | Northampton County General Purpose Authority, Series 2024 A-1                   | CUSIP: 66353RDG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5089846.50   | 0.77%             | 2053-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allentown Commercial and Industrial Development Authority                    | Allentown Commercial and Industrial Development Authority, Series 2023          | CUSIP: 01843AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $604398.00    | 0.09%             | 2043-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority, Series 2022 UU-2       | CUSIP: 613603J75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3488034.77   | 0.53%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                        | Metropolitan Transportation Authority, Series 2021 A-1                          | CUSIP: 59261AK48<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6050000 | PA      | $5087146.13   | 0.77%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson PA                                                       | County of Jefferson, Series 2021                                                | CUSIP: 473450FR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $446207.27    | 0.07%             | 2039-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority, Series 2022               | CUSIP: 01728RPW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1089365.62   | 0.17%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2022                  | CUSIP: 71780TBM4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   8410000 | PA      | $8523548.46   | 1.29%             | 2060-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                    | Delaware County Authority, Series 2017 A                                        | CUSIP: 246003NJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5865000 | PA      | $5841759.94   | 0.89%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Merion Area School District                                            | Upper Merion Area School District, Series 2021 A                                | CUSIP: 915899RH3<br>LEI: 549300VSHSYXQGHRSD87 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1061558.12   | 0.16%             | 2041-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority                         | Westmoreland County Industrial Development Authority, Series 2020 A             | CUSIP: 960875AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1449341.63   | 0.22%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Kensington Municipal Sanitary Authority                                  | New Kensington Municipal Sanitary Authority, Series 2021 A                      | CUSIP: 646309KW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $436633.15    | 0.07%             | 2038-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                 | South Carolina State Housing Finance & Development Authority, Series 2021 A     | CUSIP: 83712EHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $796554.00    | 0.12%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Philadelphia Housing Authority                                               | Philadelphia Housing Authority Development Corp., Series 2025 A                 | CUSIP: 71783TAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2526171.00   | 0.38%             | 2045-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                    | Delaware County Authority, Series 2017                                          | CUSIP: 245913NA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1621843.72   | 0.25%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                | Berks County Industrial Development Authority, Series 2017 A                    | CUSIP: 08452RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965782.50    | 0.15%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2020-132 A                          | CUSIP: 70879QHX4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  11280000 | PA      | $8322830.69   | 1.26%             | 2041-10-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2025 B            | CUSIP: 70870JHW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2953023.00   | 0.45%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia, Series 2021                                               | CUSIP: 717817XZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4858397.00   | 0.74%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster School District                                                    | Lancaster School District, Series 2025 B                                        | CUSIP: 514383YG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058931.20   | 0.31%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                        | Montgomery County Industrial Development Authority, Series 2025 A               | CUSIP: 61360PCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9525000 | PA      | $8897313.93   | 1.35%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bethlehem Redevelopment Authority                                            | Bethlehem Redevelopment Authority, Series 2024                                  | CUSIP: 087470BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1052275.46   | 0.16%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                          | Pennsylvania State University (The), Series 2015 A                              | CUSIP: 709235VL6<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |  10490000 | PA      | $10490000.00  | 1.59%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scranton-Lackawanna Health and Welfare Authority                             | Scranton-Lackawanna Health and Welfare Authority, Series 2025 A                 | CUSIP: 810694N47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $1895962.03   | 0.29%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority, Series 2021                                          | CUSIP: 263804DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $828985.90    | 0.13%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                             | Commonwealth Financing Authority, Series 2015 A                                 | CUSIP: 20281PJQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10007001.00  | 1.52%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                           | Pittsburgh Water & Sewer Authority, Series 2022 A                               | CUSIP: 725304WY1<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1762901.25   | 0.27%             | 2041-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allentown Commercial and Industrial Development Authority                    | Allentown Commercial and Industrial Development Authority, Series 2023          | CUSIP: 01843AAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $612396.60    | 0.09%             | 2038-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2025 A                                 | CUSIP: 709225NY8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5149601.50   | 0.78%             | 2055-12-01      | Fixed         | 5.25%                 | 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        |   1900000 | PA      | $1575746.57   | 0.24%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                          | Pennsylvania State University (The), Series 2024                                | CUSIP: 7092353J2<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5163035.00   | 0.78%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                          | Pennsylvania State University (The), Series 2016 A                              | CUSIP: 709235XF7<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10086171.00  | 1.53%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2025 B            | CUSIP: 70870JHT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1862805.70   | 0.28%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                           | Pittsburgh Water & Sewer Authority, Series 2022 A                               | CUSIP: 725304XB0<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   2640000 | PA      | $2657363.81   | 0.40%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority                         | Westmoreland County Industrial Development Authority, Series 2020 A             | CUSIP: 960875AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1296613.64   | 0.20%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                      | City of Philadelphia, Series 2019 B                                             | CUSIP: 717813XN4<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   4055000 | PA      | $4229166.71   | 0.64%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                | Lancaster Municipal Authority, Series 2024 B                                    | CUSIP: 514350AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $488779.36    | 0.07%             | 2059-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                | Lancaster Municipal Authority, Series 2024 A                                    | CUSIP: 514350AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1177921.68   | 0.18%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scranton-Lackawanna Health and Welfare Authority                             | Scranton-Lackawanna Health and Welfare Authority, Series 2016                   | CUSIP: 810694K73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4020672.80   | 0.61%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                | Lancaster Municipal Authority, Series 2025 A                                    | CUSIP: 514350AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1136110.75   | 0.17%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                           | Montgomery County Industrial Development Authority, Series 2019                 | CUSIP: 613609K62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1851672.80   | 0.28%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                   | Lancaster Industrial Development Authority, Series 2021                         | CUSIP: 51434NAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2110222.38   | 0.32%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2021 A                               | CUSIP: 01728LEW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4345000 | PA      | $4641962.07   | 0.70%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster School District                                                    | Lancaster School District, Series 2025 B                                        | CUSIP: 514383YF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070428.60   | 0.31%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Temple University-of Commonwealth System of Higher Education (The)           | Temple University-of Commonwealth System of Higher Education (The), Series 2025 | CUSIP: 880178DC9<br>LEI: 549300SCHVPNNFRR3L71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031345.70   | 0.16%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2010 A                | CUSIP: 7178185C8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3070000.00   | 0.47%             | 2042-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                        | Montgomery County Industrial Development Authority, Series 2023 A               | CUSIP: 61360PCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444180.50   | 0.22%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                       | County of Allegheny, Series C-80                                                | CUSIP: 01728VWU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3025253.10   | 0.46%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2024              | CUSIP: 70869PQC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4247350.00   | 0.64%             | 2054-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                   | Philadelphia Gas Works Co., Series 14th                                         | CUSIP: 7178238K7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022076.40   | 0.16%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority, Series 2018 A          | CUSIP: 613603YY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8250000 | PA      | $7949634.00   | 1.21%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2020 A            | CUSIP: 70870JCJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4342250.00   | 0.66%             | 2045-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                       | County of Allegheny, Series C-77                                                | CUSIP: 01728VUF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5030000 | PA      | $5095855.78   | 0.77%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                | Berks County Industrial Development Authority, Series 2017 A                    | CUSIP: 08452RAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $547620.12    | 0.08%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                               | Adams County General Authority, Series 2024 A                                   | CUSIP: 006114AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1333492.16   | 0.20%             | 2059-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                          | Pennsylvania State University (The), Series 2023                                | CUSIP: 7092352K0<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3115977.90   | 0.47%             | 2048-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2021 B                                 | CUSIP: 709225DY9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  10950000 | PA      | $9373644.57   | 1.42%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority, Series 2021                      | CUSIP: 11861MAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $7619938.80   | 1.16%             | 2053-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                   | Lancaster Industrial Development Authority, Series 2021                         | CUSIP: 51434NAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $382146.49    | 0.06%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority, Series 2008 A             | CUSIP: 01728RES4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.23%             | 2037-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                      | Lehigh County General Purpose Authority, Series 2021 A                          | CUSIP: 52480RFT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4345000 | PA      | $3608728.89   | 0.55%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                           | Pittsburgh Water & Sewer Authority, Series 2022 A                               | CUSIP: 725304WX3<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1460590.40   | 0.22%             | 2040-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Upper Merion Area School District                                            | Upper Merion Area School District, Series 2021 A                                | CUSIP: 915899RG5<br>LEI: 549300VSHSYXQGHRSD87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1271099.70   | 0.19%             | 2040-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                          | Geisinger Authority, Series 2017 A-2                                            | CUSIP: 368497JM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13155000 | PA      | $13185223.61  | 2.00%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairview School District                                                     | Fairview School District, Series 2021                                           | CUSIP: 305879JA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $848544.50    | 0.13%             | 2038-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority, Series 2018 A          | CUSIP: 613603YW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3740000 | PA      | $3251903.82   | 0.49%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority, Series 2017               | CUSIP: 01728RMT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1365224.25   | 0.21%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                        | Montgomery County Industrial Development Authority, Series 2023 VV-1            | CUSIP: 613609M86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996025.20   | 0.30%             | 2048-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Governor Mifflin School District                                             | Governor Mifflin School District, Series 2021                                   | CUSIP: 383770KQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $573606.38    | 0.09%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2022              | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8176546.95   | 1.24%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue | Pennsylvania Economic Development Financing Authority, Series 2024 A            | CUSIP: 70870EER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $960512.77    | 0.15%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                        | Metropolitan Transportation Authority, Series 2021 A-1                          | CUSIP: 59261AK22<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6700000 | PA      | $5748672.36   | 0.87%             | 2044-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                      | Lehigh County General Purpose Authority, Series 2022                            | CUSIP: 52480EAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3747094.00   | 0.57%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority                                          | Lancaster County Hospital Authority, Series 2016 B                              | CUSIP: 514045M75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4165000 | PA      | $4165165.35   | 0.63%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Higher Education Authority                                         | Lancaster Higher Education Authority, Series 2022 A                             | CUSIP: 514273AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4468822.00   | 0.68%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2024 B-1              | CUSIP: 717901CC4<br>LEI: 549300DIY68KQZEW7M79 | Long             | STIV             | MUN               | US        |   9500000 | PA      | $9500000.00   | 1.44%             | 2054-07-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025 A-1                                       | CUSIP: 74441XJD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1422205.04   | 0.22%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority, Series 2021 TT-1              | CUSIP: 295435CT6<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2189568.51   | 0.33%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Huntingdon County General Authority                                          | Huntingdon County General Authority, Series 2021 TT-3                           | CUSIP: 44586SBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2233131.52   | 0.34%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2021 A            | CUSIP: 70870JDG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1178669.44   | 0.18%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority, Series 2022 UU-2       | CUSIP: 613603J67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2727703.72   | 0.41%             | 2037-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority, Series VV                                 | CUSIP: 74526Q2Q4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1100000 | PA      | $1099327.57   | 0.17%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                              | Chester County Industrial Development Authority, Series 2013 A                  | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1324575.15   | 0.20%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2025 A             | CUSIP: 70917TTC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15695000 | PA      | $13991259.10  | 2.12%             | 2055-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                      | City of Philadelphia, Series 2019 B                                             | CUSIP: 717813XM6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2096893.40   | 0.32%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                   | Capital Trust Agency, Inc., Series 2021 A-1                                     | CUSIP: 14052TDU5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   5688000 | PA      | $4876780.28   | 0.74%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                      | Lehigh County General Purpose Authority, Series 2022                            | CUSIP: 52480EAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14390000 | PA      | $12074394.30  | 1.83%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown Commercial and Industrial Development Authority                    | Allentown Commercial and Industrial Development Authority, Series 2024          | CUSIP: 01843AAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1799646.00   | 0.27%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Governor Mifflin School District                                             | Governor Mifflin School District, Series 2021                                   | CUSIP: 383770KT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $868680.44    | 0.13%             | 2039-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2021 B                                 | CUSIP: 709225DS2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1488782.85   | 0.23%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia, Series 2022 C                                             | CUSIP: 717893Z79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5238138.50   | 0.79%             | 2047-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                      | City of Philadelphia, Series 2019 B                                             | CUSIP: 717813XP9<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3679174.56   | 0.56%             | 2039-02-01      | 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        |    305000 | PA      | $306553.03    | 0.05%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority, Series 2022      | CUSIP: 018444BW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1651937.61   | 0.25%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Northampton PA                                                   | Township of Northampton, Series 2021                                            | CUSIP: 663730LL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1456212.23   | 0.22%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                           | Montgomery County Industrial Development Authority, Series 2018 A               | CUSIP: 613609F84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507162.75   | 0.38%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cheltenham Township Industrial Development Authority                         | Cheltenham Township Industrial Development Authority, Series 2024               | CUSIP: 163492AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921348.80    | 0.14%             | 2054-04-01      | Fixed         | 5.75%                 | 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        |   1900000 | PA      | $1456687.25   | 0.22%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northeastern School District                                                 | Northeastern School District, Series 2021 A                                     | CUSIP: 664714HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $732287.16    | 0.11%             | 2038-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority, Series 2018                                          | CUSIP: 263804BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3064960.51   | 0.46%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority                         | Westmoreland County Industrial Development Authority, Series 2020 A             | CUSIP: 960875AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $763280.94    | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority, Series 2021 TT-1              | CUSIP: 295435CR0<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    400000 | PA      | $373078.56    | 0.06%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority, Series 2022               | CUSIP: 01728RPV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $704873.12    | 0.11%             | 2033-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority, Series 2021 A             | CUSIP: 01728RNW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $1924031.79   | 0.29%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                      | Lehigh County General Purpose Authority, Series 2024                            | CUSIP: 52480RGN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1525225.92   | 0.23%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fairview School District                                                     | Fairview School District, Series 2021                                           | CUSIP: 305879HZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1048038.78   | 0.16%             | 2037-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2024 C                                 | CUSIP: 709225KY1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4632695.55   | 0.70%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2022              | CUSIP: 70868YAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027751.00   | 0.31%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Erie County Industrial Development Authority                                 | Erie County Industrial Development Authority, Series 2024 A                     | CUSIP: 295207AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4681751.50   | 0.71%             | 2061-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority, Series 2025 XX-1              | CUSIP: 295435DY4<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    635000 | PA      | $648660.18    | 0.10%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2020              | CUSIP: 70870FAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1330690.53   | 0.20%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority, Escrow Account                            | CUSIP: N/A<br>LEI: 5493003BRB67HF8ST418       | Long             | EC               | CORP              | PR        |    262891 | NS      | $65722.63     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                           | Pittsburgh Water & Sewer Authority, Series 2022 A                               | CUSIP: 725304WW5<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1616361.69   | 0.25%             | 2039-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority, Series 2021 TT-1              | CUSIP: 295435CS8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $834149.80    | 0.13%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                                   | Lancaster Industrial Development Authority, Series 2019                         | CUSIP: 514349CY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2100890.61   | 0.32%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2017 A                | CUSIP: 71781XCP6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3460331.70   | 0.52%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Governor Mifflin School District                                             | Governor Mifflin School District, Series 2021                                   | CUSIP: 383770KR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898799.90    | 0.14%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                           | Southeastern Pennsylvania Transportation Authority, Series 2022                 | CUSIP: 842039FR5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5091224.50   | 0.77%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Latrobe Industrial Development Authority                                     | Latrobe Industrial Development Authority, Series 2021                           | CUSIP: 518324AU2<br>LEI: 5493008FA05J2R0XCZ14 | Long             | DBT              | MUN               | US        |    750000 | PA      | $574730.40    | 0.09%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                               | General Authority of Southcentral Pennsylvania, Series 2019 E                   | CUSIP: 84129NML0<br>LEI: 549300QBNU5LBV4QX812 | Long             | STIV             | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.24%             | 2035-06-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                   | Northeastern Pennsylvania Hospital and Education Authority, Series 2019         | CUSIP: 664551CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906112.80    | 0.14%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scranton-Lackawanna Health and Welfare Authority                             | Scranton-Lackawanna Health and Welfare Authority, Series 2025 A                 | CUSIP: 810694N39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1856349.99   | 0.28%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scranton-Lackawanna Health and Welfare Authority                             | Scranton-Lackawanna Health and Welfare Authority, Series 2025 A                 | CUSIP: 810694N54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2245000 | PA      | $1942871.49   | 0.29%             | 2043-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia, Series 2024 C                                             | CUSIP: 7178933X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5151960.00   | 0.78%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                              | Chester County Industrial Development Authority, Series 2013 A                  | CUSIP: 16559PAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492398.50    | 0.07%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority, Series 2022 B          | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4763313.50   | 0.72%             | 2057-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp., Series A-1                               | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4000000 | PA      | $3669032.80   | 0.56%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Temple University-of Commonwealth System of Higher Education (The)           | Temple University-of Commonwealth System of Higher Education (The), Series 2025 | CUSIP: 880178DD7<br>LEI: 549300SCHVPNNFRR3L71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $770110.50    | 0.12%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2021 A            | CUSIP: 70870JDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1215917.65   | 0.18%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairview School District                                                     | Fairview School District, Series 2021                                           | CUSIP: 305879JB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $841978.40    | 0.13%             | 2039-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Finance Authority                                               | Wilkes-Barre Finance Authority, Series 2021                                     | CUSIP: 968254CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1992136.25   | 0.30%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Centre County Hospital Authority                                             | Centre County Hospital Authority, Series 2018 A                                 | CUSIP: 156273HE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1565867.60   | 0.24%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2020 A                | CUSIP: 71780CAJ9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    300000 | PA      | $295701.42    | 0.04%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2019               | CUSIP: 70917S6Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5917005.50   | 0.90%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority, Series 2017               | CUSIP: 01728RMS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050172.50   | 0.16%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muhlenberg School District                                                   | Muhlenberg School District, Series 2024                                         | CUSIP: 624805RS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005588.80   | 0.30%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority, Series 2019                      | CUSIP: 11861MAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1291324.95   | 0.20%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2021 A                               | CUSIP: 01728LEY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8155000 | PA      | $8575148.86   | 1.30%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025 A-2                                       | CUSIP: 74441XJE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3435000 | PA      | $1503808.99   | 0.23%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority, Series 2021                                          | CUSIP: 263804DD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2867400.80   | 0.43%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lycoming County Authority                                                    | Lycoming County Authority, Series 2013 MM-1                                     | CUSIP: 550809AF4<br>LEI: 549300TCAO8EBJY0O782 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1402824.50   | 0.21%             | 2038-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia, Series 2020 A                                             | CUSIP: 717893Q46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6304995.90   | 0.96%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia, Series 2020 C                                             | CUSIP: 717817WV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5225000 | PA      | $4454893.52   | 0.68%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bethlehem Redevelopment Authority                                            | Bethlehem Redevelopment Authority, Series 2024                                  | CUSIP: 087470BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $738876.75    | 0.11%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Housing Authority                                               | Philadelphia Housing Authority, Series 2025 A                                   | CUSIP: 71783TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3446372.14   | 0.52%             | 2043-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                      | Capital Trust Authority, Series 2024                                            | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6700000 | PA      | $5591069.60   | 0.85%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cheltenham Township Industrial Development Authority                         | Cheltenham Township Industrial Development Authority, Series 2024               | CUSIP: 163492AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2036980.80   | 0.31%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Lebanon School District                                             | Northern Lebanon School District, Series 2021                                   | CUSIP: 665337NN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1691901.48   | 0.26%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority, Series 2021 A             | CUSIP: 01728RNX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5380412.40   | 0.82%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northeastern School District                                                 | Northeastern School District, Series 2021 A                                     | CUSIP: 664714HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $636257.95    | 0.10%             | 2041-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2023 B-1          | CUSIP: 70869PPB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1916979.40   | 0.29%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority, Series 2022 B                    | CUSIP: 118618AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $953553.92    | 0.14%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                   | Philadelphia Gas Works Co., Series 17th A                                       | CUSIP: 71783MDF9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035720.40   | 0.31%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The), Series 2021 A                            | CUSIP: 717883YL0<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   3845000 | PA      | $3862473.22   | 0.59%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority, Series 2025 XX-1              | CUSIP: 295435DZ1<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    775000 | PA      | $719867.97    | 0.11%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority, Series 2025 XX-1              | CUSIP: 295435DX6<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    375000 | PA      | $394004.59    | 0.06%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                           | Pittsburgh Water & Sewer Authority, Series 2022 A                               | CUSIP: 725304WZ8<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1784981.16   | 0.27%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                   | Pennsylvania Turnpike Commission, Series 2025 A                                 | CUSIP: 709230AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7650000 | PA      | $7863864.93   | 1.19%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lycoming County Authority                                                    | Lycoming County Authority, Series 2013 MM-1                                     | CUSIP: 550809AG2<br>LEI: 549300TCAO8EBJY0O782 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1498073.57   | 0.23%             | 2043-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas Area Municipal Authority                                              | Dallas Area Municipal Authority, Series 2014                                    | CUSIP: 235171AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2390833.25   | 0.36%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                       | State Public School Building Authority, Series 2016 A                           | CUSIP: 85732GUG3<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   7095000 | PA      | $7250063.35   | 1.10%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                 | Northampton County General Purpose Authority, Series 2018 A                     | CUSIP: 66353RCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2409103.50   | 0.37%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2017, Class III       | CUSIP: 717908AM9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10336088.00  | 1.57%             | 2058-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority, Series 2022 B                    | CUSIP: 118618AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960266.70    | 0.15%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                      | City of Philadelphia, Series 2021 A                                             | CUSIP: 717813YY9<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   4435000 | PA      | $4394689.40   | 0.67%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2020 A                | CUSIP: 71780CAH3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    155000 | PA      | $161105.87    | 0.02%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2024 A                | CUSIP: 717901CA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2114591.25   | 0.32%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Centre County Hospital Authority                                             | Centre County Hospital Authority, Series 2018 A                                 | CUSIP: 156273HD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1215335.58   | 0.18%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                       | State Public School Building Authority, Series 2016 A                           | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3060391.50   | 0.46%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority, Series 2022 B          | CUSIP: 613603G52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3233822.00   | 0.49%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2019-129                            | CUSIP: 70879QDW0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4564581.60   | 0.69%             | 2049-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025-150A                           | CUSIP: 70879QZ30<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6033540.00   | 0.92%             | 2040-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority, Series 2022      | CUSIP: 018444BU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1690819.42   | 0.26%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                | Berks County Industrial Development Authority, Series 2017 C                    | CUSIP: 08452RAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1249448.51   | 0.19%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Bradford Progress Authority                                          | Central Bradford Progress Authority, Series 2021 B                              | CUSIP: 152691AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4135266.50   | 0.63%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Hospital Authority                                             | Butler County Hospital Authority, Series 2015 A                                 | CUSIP: 123592DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1835346.46   | 0.28%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2025               | CUSIP: 70917TTT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3066899.40   | 0.47%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                           | Montgomery County Industrial Development Authority, Series 2020 C               | CUSIP: 61360PCL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $516792.06    | 0.08%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority, Series 2022      | CUSIP: 018444BX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1478477.28   | 0.22%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bristol Township School District                                             | Bristol Township School District, Series 2021 C                                 | CUSIP: 110290PX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1108962.13   | 0.17%             | 2037-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer