# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-25-003401
**Filing Date:** 2025-10
**Character Count:** 91227
**Document Hash:** 5e8029780bf846e00361112c5e91094f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003401.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003401

**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:** 251418395

**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 MINNESOTA TAX-FREE INCOME FUND (Series ID: S000006920)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018774 | CLASS A1      | FMINX           |
| C000018775 | CLASS C       | FMNIX           |
| C000079637 | ADVISOR CLASS | FMNZX           |
| C000194361 | Class R6      | FKTDX           |
| C000205899 | Class A       | FMNQX           |

## 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 Minnesota Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006920

- **c. LEI of Series:** 549300O8GXDN7BOGD980

**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:** $617186583.37

**Total Liabilities:** $2164409.68

**Net Assets:** $615022173.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -212.91000000 | **1-Year:** -4436.36000000 | **5-Year:** -14995.95000000 | **10-Year:** -206721.73000000 | **30-Year:** -154366.78000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -192.00000000 | **10-Year:** -27257.96000000 | **30-Year:** -14150.97000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000079637 | 0.92%                | -0.35%               | 0.94%                |
| Class ID C000194361 | 0.92%                | -0.44%               | 1.04%                |
| Class ID C000205899 | 0.90%                | -0.37%               | 0.92%                |
| Class ID C000018774 | 0.91%                | -0.45%               | 1.03%                |
| Class ID C000018775 | 0.86%                | -0.40%               | 0.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-486906.00              | $4352702.99                                |
| Month 2  | $0.00                    | $-4223540.23                               |
| Month 3  | $0.00                    | $4333559.39                                |

### Schedule of Portfolio Investments

| Name                                                                    | Title                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of St Paul MN Water Revenue                                        | City of St. Paul, Series 2023 A                                                        | CUSIP: 793073JG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13340000 | PA      | $12108223.09  | 1.97%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2015 B                              | CUSIP: 264471KV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2840000 | PA      | $2838503.32   | 0.46%             | 2026-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2019 A                                                 | CUSIP: 914460SQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3148823.33   | 0.51%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243232.10    | 0.04%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $146447.85    | 0.02%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2021                                                       | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6236844.08   | 1.01%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing & Redevelopment Authority                              | Virginia Housing & Redevelopment Authority, Series 2025 A                              | CUSIP: 92787NBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $867555.15    | 0.14%             | 2055-04-01      | 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        |   4000000 | PA      | $2866766.00   | 0.47%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Robbinsdale Independent School District No. 281                         | Robbinsdale Independent School District No. 281, Series 2024 A                         | CUSIP: 770265LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $385758.73    | 0.06%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                      | State of Minnesota, Series 2023 B                                                      | CUSIP: 60412AE82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4745000 | PA      | $4413228.18   | 0.72%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2020 A                                                 | CUSIP: 914460UV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1266260.03   | 0.21%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                    | Metropolitan Council, Series 2022 C                                                    | CUSIP: 5918523C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $3272428.80   | 0.53%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                     | City of St. Cloud, Series 2016 A                                                       | CUSIP: 78916VDR8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2628290.67   | 0.43%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $535564.59    | 0.09%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 1994 A                               | CUSIP: 843375QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5395000 | PA      | $5338074.66   | 0.87%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Corcoran MN                                                     | City of Corcoran, Series 2023 A                                                        | CUSIP: 218388HE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3093661.39   | 0.50%             | 2053-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hennepin County Regional Railroad Authority                             | Hennepin County Regional Railroad Authority, Series 2019 A                             | CUSIP: 425533CR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3965000 | PA      | $4103892.76   | 0.67%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moorhead Independent School District No. 152                            | Moorhead Independent School District No. 152, Series 2020 A                            | CUSIP: 616157TC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3127185.12   | 0.51%             | 2037-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2016 B                                                       | CUSIP: 771902HB2<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   9425000 | PA      | $10733556.63  | 1.75%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2020                                                       | CUSIP: 603767PE8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   7274277 | PA      | $5683465.25   | 0.92%             | 2038-02-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Sartell-St. Stephen Independent School District No. 748                 | Sartell-St. Stephen Independent School District No. 748, Series 2016 B                 | CUSIP: 803820LG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5220000 | PA      | $2839695.66   | 0.46%             | 2038-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $819446.11    | 0.13%             | 2032-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $120491.09    | 0.02%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2020 A                                                 | CUSIP: 914460US7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085474.20   | 0.34%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2017 A                                                 | CUSIP: 914460QJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1258123.22   | 0.20%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2016 B                                                       | CUSIP: 771902HC0<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   5235000 | PA      | $5971646.69   | 0.97%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia MN                                                     | City of Virginia, Series 2024 A                                                        | CUSIP: 9278724V0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1609068.84   | 0.26%             | 2037-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prior Lake-Savage Independent School District No. 719                   | Prior Lake-Savage Independent School District No. 719, Series 2018 B                   | CUSIP: 742633VZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9010000 | PA      | $7813647.70   | 1.27%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C                   | CUSIP: 603827YZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20730000 | PA      | $20846782.46  | 3.39%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2023                         | CUSIP: 60416JGV6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $694520.40    | 0.11%             | 2048-10-01      | Fixed         | 5.12%                 | 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        |   2100000 | PA      | $1335387.69   | 0.22%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| St Francis Independent School District No. 15                           | St. Francis Independent School District No. 15, Series 2018 A                          | CUSIP: 789466SS9<br>LEI: 549300BB7QRM8G4EBA90 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2923752.37   | 0.48%             | 2041-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1641354.91   | 0.27%             | 2029-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rosemount-Apple Valley-Eagan Independent School District No. 196        | Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A        | CUSIP: 777594ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1837832.40   | 0.30%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C                   | CUSIP: 603827ZA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14475000 | PA      | $14474785.77  | 2.35%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                | Western Minnesota Municipal Power Agency, Series 2018 A                                | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5016193.00   | 0.82%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2025 D                                                       | CUSIP: 771902HS5<br>LEI: 549300006EX3INSHXA95 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.16%             | 2064-11-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 1994 A                               | CUSIP: 843375RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6325127.82   | 1.03%             | 2027-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dakota County Community Development Agency                              | Dakota County Community Development Agency, Series 2024                                | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907420.50    | 0.15%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                                    | Minnesota Office of Higher Education, Series 2023                                      | CUSIP: 60416MCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2082111.98   | 0.34%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2019 A                                                 | CUSIP: 914460ST8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029002.00   | 0.33%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                         | Northern Municipal Power Agency, Series 2017                                           | CUSIP: 665444KZ7<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    800000 | PA      | $805152.96    | 0.13%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                                  | City of Center City, Series 2019                                                       | CUSIP: 151452CD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890240.70    | 0.14%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2022                                                         | CUSIP: 771902HL0<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3364680.80   | 0.55%             | 2041-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2018                                                       | CUSIP: 60375BFC5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3261506.50   | 0.53%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority            | South Carolina State Housing Finance & Development Authority, Series 2021 A            | CUSIP: 83712EHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2787939.00   | 0.45%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Robbinsdale Independent School District No. 281                         | Robbinsdale Independent School District No. 281, Series 2024 A                         | CUSIP: 770265LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $422074.71    | 0.07%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2017 A                                                 | CUSIP: 914460QK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3037219.80   | 0.49%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mounds View                                                     | City of Mounds View, Series 2024                                                       | CUSIP: 620646AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4531034.25   | 0.74%             | 2046-03-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Watertown-Mayer Independent School District No. 111                     | Watertown-Mayer Independent School District No. 111, Series 2020 A                     | CUSIP: 942078PD2<br>LEI: 54930063VDFCOT0H1836 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $1732518.02   | 0.28%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2022 A                                        | CUSIP: 60416TPH5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $1982424.32   | 0.32%             | 2042-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2021 A                                   | CUSIP: 26444CJN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $662278.52    | 0.11%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia MN                                                     | City of Virginia, Series 2024 A                                                        | CUSIP: 9278724U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009026.10   | 0.16%             | 2034-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2018 A                                   | CUSIP: 26444CHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15830000 | PA      | $15408184.32  | 2.51%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia MN                                                     | City of Virginia, Series 2025 A                                                        | CUSIP: 9278725H0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1011016.88   | 0.16%             | 2044-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Waconia Independent School District No. 110                             | Waconia Independent School District No. 110, Series 2025 A                             | CUSIP: 930047QX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1228770.21   | 0.20%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nashwauk Keewatin Independent School District No. 319                   | Nashwauk Keewatin Independent School District No. 319, Series 2022 A                   | CUSIP: 631500DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3626904.40   | 0.59%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St. Stephen Independent School District No. 748                 | Sartell-St. Stephen Independent School District No. 748, Series 2016 B                 | CUSIP: 803820LH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $1533367.55   | 0.25%             | 2039-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2021                           | CUSIP: 60416JEG1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    255000 | PA      | $261597.84    | 0.04%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                | Western Minnesota Municipal Power Agency, Series 2015 A                                | CUSIP: 958697KD5<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3022489.80   | 0.49%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                          | Minnesota Municipal Gas Agency, Series 2022 A                                          | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |  11550000 | PA      | $11743894.47  | 1.91%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2021 A                                   | CUSIP: 26444CJL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148781.66    | 0.02%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Watertown-Mayer Independent School District No. 111                     | Watertown-Mayer Independent School District No. 111, Series 2020 A                     | CUSIP: 942078PG5<br>LEI: 54930063VDFCOT0H1836 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $1446213.65   | 0.24%             | 2037-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404426.32    | 0.07%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                    | Metropolitan Council, Series 2022 C                                                    | CUSIP: 5918523D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3360834.96   | 0.55%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                             | Washington State Housing Finance Commission, Series 2021 A                             | CUSIP: 939783H58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1741614.63   | 0.28%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $433171.31    | 0.07%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2021 A                                   | CUSIP: 26444CJM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $151087.66    | 0.02%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2018 A                                                     | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4362261.40   | 0.71%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gibbon Independent School District No. 2365/MN                          | Gibbon Independent School District No. 2365, Series 2023 A                             | CUSIP: 374627DG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1873217.32   | 0.30%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St. Stephen Independent School District No. 748                 | Sartell-St. Stephen Independent School District No. 748, Series 2016 B                 | CUSIP: 803820LF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $1640135.69   | 0.27%             | 2037-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Red Rock Central Independent School District No. 2884                   | Red Rock Central Independent School District No. 2884, Series 2022 A                   | CUSIP: 75700RBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1863747.60   | 0.30%             | 2047-02-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CJY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $553037.40    | 0.09%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brainerd Independent School District No. 181                            | Brainerd Independent School District No. 181, Series 2018 A                            | CUSIP: 105007NJ3<br>LEI: 549300P1U3THZTOHA392 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1776333.94   | 0.29%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2021                         | CUSIP: 60416JEH9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    240000 | PA      | $244666.06    | 0.04%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Independent School District No. 206                          | Alexandria Independent School District No. 206, Series 2017 A                          | CUSIP: 015131NP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  29905000 | PA      | $27458343.36  | 4.46%             | 2037-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $255457.77    | 0.04%             | 2035-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Jordan Independent School District No. 717                              | Jordan Independent School District No. 717, Series 2023 A                              | CUSIP: 480718LJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1225073.33   | 0.20%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2011                                          | CUSIP: 60415N6N7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2229434.87   | 0.36%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anoka-Hennepin Independent School District No. 11                       | Anoka-Hennepin Independent School District No. 11, Series 2018 A                       | CUSIP: 0363033N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8905000 | PA      | $8916520.40   | 1.45%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing & Redevelopment Authority                              | Virginia Housing & Redevelopment Authority, Series 2025 A                              | CUSIP: 92787NBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $664073.52    | 0.11%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gibbon Independent School District No. 2365/MN                          | Gibbon Independent School District No. 2365, Series 2023 A                             | CUSIP: 374627DH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2039216.63   | 0.33%             | 2052-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hastings Independent School District No. 200                            | Hastings Independent School District No. 200, Series 2018 A                            | CUSIP: 418542QA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4685000 | PA      | $2464311.87   | 0.40%             | 2039-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 2015 A                               | CUSIP: 843375C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7260000 | PA      | $7295863.67   | 1.19%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CJW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $466111.78    | 0.08%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2025 A                                                       | CUSIP: 771902HP1<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2745362.40   | 0.45%             | 2050-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North St. Paul-Maplewood-Oakdale Independent School District No. 622    | North St. Paul-Maplewood-Oakdale Independent School District No. 622, Series 2019 A    | CUSIP: 662152FF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22965000 | PA      | $17853131.09  | 2.90%             | 2046-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2018                                                           | CUSIP: 358413AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9159663 | PA      | $8973349.50   | 1.46%             | 2034-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Wadena MN                                                       | City of Wadena, Series 2024 A                                                          | CUSIP: 930256AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900332.12   | 0.31%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2016 B                                                       | CUSIP: 771902HE6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   8400000 | PA      | $9530154.48   | 1.55%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2023                         | CUSIP: 60416JGU8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $561443.52    | 0.09%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2021                           | CUSIP: 60416JEJ5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    355000 | PA      | $359671.87    | 0.06%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Anoka-Hennepin Independent School District No. 11                       | Anoka-Hennepin Independent School District No. 11, Series 2018 A                       | CUSIP: 0363033L7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5355000 | PA      | $4877698.14   | 0.79%             | 2037-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2021 B                                        | CUSIP: 60416TDX3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    950000 | PA      | $750768.09    | 0.12%             | 2036-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Prior Lake-Savage Independent School District No. 719                   | Prior Lake-Savage Independent School District No. 719, Series 2018 B                   | CUSIP: 742633VX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13055000 | PA      | $12241048.17  | 1.99%             | 2028-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Stearns County Housing & Redevelopment Authority                        | Stearns County Housing & Redevelopment Authority, Series 2021 A                        | CUSIP: 85789TBH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $723048.68    | 0.12%             | 2061-02-01      | Fixed         | 3.00%                 | 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        |   6192000 | PA      | $5308900.06   | 0.86%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C                   | CUSIP: 603827YV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1910513.36   | 0.31%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sauk Centre Public Utilities Commission Electric Revenue                | Sauk Centre Public Utilities Commission, Series 2024 A                                 | CUSIP: 804283AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $305976.07    | 0.05%             | 2053-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2015 A                                                     | CUSIP: 60374VDV2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1283347.43   | 0.21%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2020 E                                        | CUSIP: 60416S6Q8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1359856.97   | 0.22%             | 2040-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1071584.97   | 0.17%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hennepin County Regional Railroad Authority                             | Hennepin County Regional Railroad Authority, Series 2019 A                             | CUSIP: 425533CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040071.50   | 0.17%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                     | City of St. Cloud, Series 2019                                                         | CUSIP: 78916VDV9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9783353.00   | 1.59%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Norman MN                                                     | County of Norman, Series 2022 A                                                        | CUSIP: 656134MA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3115000 | PA      | $2251179.66   | 0.37%             | 2052-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Dawson-Boyd Independent School District No. 378                         | Dawson-Boyd Independent School District No. 378, Series 2019 A                         | CUSIP: 239230EC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2547869.86   | 0.41%             | 2040-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Watertown-Mayer Independent School District No. 111                     | Watertown-Mayer Independent School District No. 111, Series 2020 A                     | CUSIP: 942078PC4<br>LEI: 54930063VDFCOT0H1836 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $1829910.37   | 0.30%             | 2033-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hastings Independent School District No. 200                            | Hastings Independent School District No. 200, Series 2018 A                            | CUSIP: 418542QB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4685000 | PA      | $2277168.61   | 0.37%             | 2040-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2022, Class B-1                                       | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1610022.75   | 0.26%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prior Lake-Savage Independent School District No. 719                   | Prior Lake-Savage Independent School District No. 719, Series 2018 B                   | CUSIP: 742633WA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5310000 | PA      | $4396108.64   | 0.71%             | 2031-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CJZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $654642.96    | 0.11%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                                  | St. Paul Port Authority, Series 2021-1                                                 | CUSIP: 79308GAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $278116.65    | 0.05%             | 2034-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2019 A                                                 | CUSIP: 914460SR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2166378.78   | 0.35%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1059913.74   | 0.17%             | 2031-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2023 D                                        | CUSIP: 60416TH84<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    965000 | PA      | $911629.61    | 0.15%             | 2045-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                                  | City of Center City, Series 2025                                                       | CUSIP: 151452CQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1164881.86   | 0.19%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2024 A                         | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3993125.20   | 0.65%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN Electric Utility Revenue                           | City of Rochester, Series 2017 A                                                       | CUSIP: 77158PGE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1424112.53   | 0.23%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2022 A                                                         | CUSIP: 358370Q56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353142.86    | 0.06%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN Electric Utility Revenue                           | City of Rochester, Series 2017 A                                                       | CUSIP: 77158PGF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9815000 | PA      | $9970432.30   | 1.62%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hopkins Independent School District No. 270                             | Hopkins Independent School District No. 270, Series 2019 A                             | CUSIP: 439881NC3<br>LEI: 5493008IBV0MJ885RP85 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2339686.79   | 0.38%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 2017 A                               | CUSIP: 843375F76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1310932.97   | 0.21%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2021                         | CUSIP: 60416JDS6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126672.24    | 0.02%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2022 A                   | CUSIP: 603827H74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2664399.47   | 0.43%             | 2052-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2022 A                                                         | CUSIP: 358370Q64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $737999.61    | 0.12%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Coon Rapids MN                                                  | City of Coon Rapids, Series 2023                                                       | CUSIP: 21659AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3722555 | PA      | $3972647.18   | 0.65%             | 2039-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2018 C                                                     | CUSIP: 60374VEJ8<br>LEI: 54930069TEI1INHRHS55 | Long             | STIV             | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.37%             | 2048-11-15      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| County of Rice MN                                                       | County of Rice, Series 2022 A                                                          | CUSIP: 762698LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5200000 | PA      | $4610525.92   | 0.75%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Redwood Area Schools Independent School District No. 2897               | Redwood Area Schools Independent School District No. 2897, Series 2024 A               | CUSIP: 757763DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1846866.00   | 0.30%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roseville Independent School District No. 623                           | Roseville Independent School District No. 623, Series 2018 A                           | CUSIP: 778102V34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4937080.26   | 0.80%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing & Redevelopment Authority                              | Virginia Housing & Redevelopment Authority, Series 2025 A                              | CUSIP: 92787NBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1099164.90   | 0.18%             | 2060-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia MN                                                     | City of Virginia, Series 2024 A                                                        | CUSIP: 9278724W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $826509.09    | 0.13%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781BB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $531343.30    | 0.09%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West St. Paul-Mendota Heights-Eagan Independent School District No. 197 | West St. Paul-Mendota Heights-Eagan Independent School District No. 197, Series 2018 A | CUSIP: 955686TB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2683409.03   | 0.44%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C                   | CUSIP: 603827YW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4025000 | PA      | $4096862.35   | 0.67%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2020 D                                        | CUSIP: 60416S8N3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1701577.38   | 0.28%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2022                                                         | CUSIP: 771902HM8<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002928.30   | 0.16%             | 2057-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2021                         | CUSIP: 60416JEN6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $210140.35    | 0.03%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $376091.36    | 0.06%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2009                                          | CUSIP: 60415N4J8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1365394.62   | 0.22%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $352060.96    | 0.06%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dakota County Community Development Agency                              | Dakota County Community Development Agency, Series 2011 A                              | CUSIP: 23410BCF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330059.30    | 0.05%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sauk Centre Public Utilities Commission Electric Revenue                | Sauk Centre Public Utilities Commission, Series 2024 A                                 | CUSIP: 804283AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $367209.50    | 0.06%             | 2044-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                                  | St. Paul Port Authority, Series 2023-3                                                 | CUSIP: 79308GAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956154.00    | 0.16%             | 2043-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Anoka-Hennepin Independent School District No. 11                       | Anoka-Hennepin Independent School District No. 11, Series 2018 A                       | CUSIP: 0363033S2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4020000 | PA      | $3427813.00   | 0.56%             | 2043-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 2015 A                               | CUSIP: 843375C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2098550.21   | 0.34%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2021                         | CUSIP: 60416JCZ1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $788931.60    | 0.13%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                                  | City of Center City, Series 2025                                                       | CUSIP: 151452CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974745.00    | 0.16%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Agricultural & Economic Development Board                     | Minnesota Agricultural & Economic Development Board, Series 2024                       | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4990633.00   | 0.81%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                     | City of St. Cloud, Series 2024                                                         | CUSIP: 78916VEU0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984080.30    | 0.16%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prior Lake-Savage Independent School District No. 719                   | Prior Lake-Savage Independent School District No. 719, Series 2018 B                   | CUSIP: 742633VW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8545000 | PA      | $8227183.25   | 1.34%             | 2027-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| St Cloud Independent School District No. 742                            | St. Cloud Independent School District No. 742, Series 2017 A                           | CUSIP: 789182CH3<br>LEI: 549300777B7XVMYHUU90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979919.40    | 0.16%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Becker Independent School District No. 726                              | Becker Independent School District No. 726, Series 2022 A                              | CUSIP: 075671MS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $471762.90    | 0.08%             | 2041-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                                  | St. Paul Port Authority, Series 2023-4                                                 | CUSIP: 79308GAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991307.90    | 0.16%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                | Western Minnesota Municipal Power Agency, Series 2015 A                                | CUSIP: 958697KE3<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2049916.96   | 0.33%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia MN                                                     | City of Virginia, Series 2025 A                                                        | CUSIP: 9278725J6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1191450.31   | 0.19%             | 2047-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Osseo Independent School District No. 279                               | Osseo Independent School District No. 279, Series 2024 A                               | CUSIP: 6884432M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $4600826.81   | 0.75%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2018 A                                                     | CUSIP: 60374VEP4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5767566.00   | 0.94%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2022 A                       | CUSIP: 60416JFL9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9869892.00   | 1.60%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2019                                                       | CUSIP: 60375BHH2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1665617.00   | 0.27%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Forest Lake Independent School District No. 831                         | Forest Lake Independent School District No. 831, Series 2023 A                         | CUSIP: 345874VR9<br>LEI: 549300Z4NGDI34KH2446 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014018.00   | 0.33%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2015 A                                                     | CUSIP: 60374VEN9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9930977.00   | 1.61%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2017 A                         | CUSIP: 60416H8F4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $751507.13    | 0.12%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mankato Independent School District No. 77                              | Mankato Independent School District No. 77, Series 2022 A                              | CUSIP: 563674AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2095581.58   | 0.34%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North St. Paul-Maplewood-Oakdale Independent School District No. 622    | North St. Paul-Maplewood-Oakdale Independent School District No. 622, Series 2019 A    | CUSIP: 662152FB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4975000 | PA      | $3988627.65   | 0.65%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2022 A                                                         | CUSIP: 358370Q72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800950.56    | 0.13%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2025 A                                                       | CUSIP: 771902HQ9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1605026.68   | 0.26%             | 2053-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2023 A                                                         | CUSIP: 358413AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $15874334.40  | 2.58%             | 2041-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                    | Metropolitan Council, Series 2020 B                                                    | CUSIP: 591852S82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2842838.60   | 0.46%             | 2036-03-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 B                                   | CUSIP: 26444CKL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8096047.20   | 1.32%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Cold Spring MN                                                  | City of Cold Spring, Series 2024 A                                                     | CUSIP: 193000XS0<br>LEI: 549300K8BX4APZ76AV52 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $886553.96    | 0.14%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St. Stephen Independent School District No. 748                 | Sartell-St. Stephen Independent School District No. 748, Series 2016 B                 | CUSIP: 803820LE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1857654.30   | 0.30%             | 2036-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2018 A                                   | CUSIP: 26444CHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13105000 | PA      | $13080328.53  | 2.13%             | 2053-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hastings Independent School District No. 200                            | Hastings Independent School District No. 200, Series 2018 A                            | CUSIP: 418542PZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4685000 | PA      | $2655902.61   | 0.43%             | 2038-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2023 D                                        | CUSIP: 60416TH76<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    970000 | PA      | $940384.25    | 0.15%             | 2043-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2017                         | CUSIP: 60416H6E9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1444732.82   | 0.23%             | 2033-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $771387.86    | 0.13%             | 2033-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2023                         | CUSIP: 60416JGW4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2678610.00   | 0.44%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Robbinsdale Independent School District No. 281                         | Robbinsdale Independent School District No. 281, Series 2024 A                         | CUSIP: 770265LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $473087.10    | 0.08%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2021 H                                        | CUSIP: 60416TLR7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $2603750.34   | 0.42%             | 2046-01-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                     | City of St. Cloud, Series 2016 A                                                       | CUSIP: 78916VDU1<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   7310000 | PA      | $7054783.05   | 1.15%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2019 A                                                 | CUSIP: 914460SS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6045000 | PA      | $6183014.00   | 1.01%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roseville Independent School District No. 623                           | Roseville Independent School District No. 623, Series 2018 A                           | CUSIP: 778102V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5015607.50   | 0.82%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2018                                                         | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3503796.40   | 0.57%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Health & Education Facilities Authority, Series 2018 A                       | CUSIP: 60416JBJ8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1918978.05   | 0.31%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197420.40    | 0.03%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scott County Community Development Agency                               | Scott County Community Development Agency, Series 2022 A                               | CUSIP: 80955PAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7807797.60   | 1.27%             | 2037-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                    | Metropolitan Council, Series 2020 B                                                    | CUSIP: 591852T24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3036526.00   | 0.49%             | 2038-03-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CJV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $433474.32    | 0.07%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $395964.96    | 0.06%             | 2038-06-15      | Fixed         | 4.00%                 | 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