# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-25-178339
**Filing Date:** 2025-7
**Character Count:** 105346
**Document Hash:** 05eace6251d6b6f9cca178a47591d5f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-178339.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-178339

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 251150171

**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 NORTH CAROLINA TAX-FREE INCOME FUND (Series ID: S000006924)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018784 | CLASS A1      | FXNCX           |
| C000018785 | CLASS C       | FNCIX           |
| C000079639 | ADVISOR CLASS | FNCZX           |
| C000194365 | Class R6      | FNCQX           |
| C000205903 | Class A       | FQNCX           |

## 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 North Carolina Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006924

- **c. LEI of Series:** 549300QZWHCXM9J5TR59

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $579232363.68

**Total Liabilities:** $11488606.49

**Net Assets:** $567743757.19

**Delayed Delivery Securities:** $9519711.10

**Cash Not Reported:** $8352198.48

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -50.12000000 | **1-Year:** -455.07000000 | **5-Year:** -13253.71000000 | **10-Year:** -174872.69000000 | **30-Year:** -176789.36000000

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

- **3-Month:** 0.00000000 | **1-Year:** -16.19000000 | **5-Year:** -556.98000000 | **10-Year:** -15265.33000000 | **30-Year:** -23253.87000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018784 | -2.14%               | -0.72%               | -0.51%               |
| Class ID C000079639 | -2.14%               | -0.71%               | -0.41%               |
| Class ID C000194365 | -2.13%               | -0.80%               | -0.40%               |
| Class ID C000205903 | -2.15%               | -0.73%               | -0.43%               |
| Class ID C000018785 | -2.24%               | -0.85%               | -0.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-24345.47               | $-14375648.71                              |
| Month 2  | $-727528.78              | $-5381282.11                               |
| Month 3  | $-573432.41              | $-3450593.14                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    920000 | PA      | $796214.00    | 0.14%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 41                                                                       | CUSIP: 658207XJ9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   6395000 | PA      | $5179861.75   | 0.91%             | 2049-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                                                    | CUSIP: 837031C84<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1339598.08   | 0.24%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                        | County of Mecklenburg, Series 2025 B                                                                                   | CUSIP: 584002C31<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4760746.00   | 0.84%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                     | North Carolina Municipal Power Agency No. 1, Series 2015 A                                                             | CUSIP: 658203X66<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4231183.32   | 0.75%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAV0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085922.40   | 0.37%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNY1<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    550000 | PA      | $572670.45    | 0.10%             | 2029-10-01      | 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        |   2800000 | PA      | $2052452.36   | 0.36%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 41                                                                       | CUSIP: 658207XH3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4175000 | PA      | $3497152.01   | 0.62%             | 2044-07-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2017                                                                         | CUSIP: 65830RBK4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024016.10   | 0.18%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                  | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 A                                                          | CUSIP: 160853UF2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5221618.50   | 0.92%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | Antonio B Won Pat International Airport Authority, Series 2023 A                                                       | CUSIP: 40064RFD6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    265000 | PA      | $277820.54    | 0.05%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                              | City of Raleigh, Series 2023 A                                                                                         | CUSIP: 751091UG2<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1896721.87   | 0.33%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAQ1<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1880284.53   | 0.33%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2021 A                                                                                       | CUSIP: 161036RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4899015.50   | 0.86%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2019 B                                                                                       | CUSIP: 161036QX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5515000 | PA      | $4935503.65   | 0.87%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2019 BB                                                         | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2893123.81   | 0.51%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                     | City of Greensboro, Series 2020 A                                                                                      | CUSIP: 395468MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4271053.50   | 0.75%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | Metropolitan Transportation Authority, Series 2021 A-2                                                                 | CUSIP: 59261AK97<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2717865.00   | 0.48%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2016 B                                                        | CUSIP: 65819GLB2<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   5085000 | PA      | $4627217.79   | 0.82%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | Cape Fear Public Utility Authority, Series 2025                                                                        | CUSIP: 139391FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $301661.03    | 0.05%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2018 A                                                                       | CUSIP: 65830VAG5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5103066.28   | 0.90%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                            | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $190769.10    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | Cape Fear Public Utility Authority, Series 2025                                                                        | CUSIP: 139391FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $353227.58    | 0.06%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                             | County of Durham, Series 2019                                                                                          | CUSIP: 266705R61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $449965.80    | 0.08%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPC7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1723999.62   | 0.30%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1076469.89   | 0.19%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                     | Western Carolina University, Series 2020 B                                                                             | CUSIP: 957897LX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908395.60    | 0.16%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                      | Capital Trust Agency, Inc., Series 2021 A-1                                                                            | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $978403.05    | 0.17%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1801860.48   | 0.32%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     25431 | PA      | $26658.18     | 0.00%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | City of Charlotte, Series 2018                                                                                         | CUSIP: 161045PA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4115925.60   | 0.72%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024 A                                                                  | CUSIP: 65820YSW7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $740024.55    | 0.13%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021 A                                                                  | CUSIP: 65820YSR8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $879568.44    | 0.15%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Haven at Elgin LLC                                                              | Haven at Elgin LLC                                                                                                     | CUSIP: 41935HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1604309.50   | 0.28%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| State of Illinois                                                               | State of Illinois, Series 2016                                                                                         | CUSIP: 452152M99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1111939.95   | 0.20%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365669.22    | 0.06%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                  | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 G                                                          | CUSIP: 160853UL9<br>LEI: 549300XOH4JU704GMZ32 | Long             | STIV             | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.51%             | 2048-01-15      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65821DWG2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044997.50   | 0.18%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXR7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2352234.19   | 0.41%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2023 A                                                                                       | CUSIP: 161036VM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4610667.60   | 0.81%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | Metropolitan Transportation Authority, Series 2021 A-1                                                                 | CUSIP: 59261AK63<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5325000 | PA      | $4474665.66   | 0.79%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAT5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580944.20   | 0.28%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65820YQG4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4848114.00   | 0.85%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                | Raleigh Durham Airport Authority, Series 2020 A                                                                        | CUSIP: 751073ME4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2663129.15   | 0.47%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024                                                                    | CUSIP: 65820YTD8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    340000 | PA      | $347975.41    | 0.06%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                                                    | CUSIP: 837031D26<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1339598.08   | 0.24%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | City of Charlotte, Series 2019 A                                                                                       | CUSIP: 161037Y91<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   8250000 | PA      | $8372177.55   | 1.47%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                        | Town of Holly Springs, Series 2024                                                                                     | CUSIP: 436084AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2252322.00   | 0.40%             | 2049-11-01      | 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        |   2500000 | PA      | $1992588.00   | 0.35%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | City of Charlotte, Series 2023 B                                                                                       | CUSIP: 161035NJ5<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3110112.43   | 0.55%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                         | State of North Carolina, Series 2025                                                                                   | CUSIP: 658268FM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1606711.05   | 0.28%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                           | City of Raleigh, Series 2023                                                                                           | CUSIP: 751100NP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9305000 | PA      | $8412522.09   | 1.48%             | 2053-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2016 B                                                        | CUSIP: 65819GLD8<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2518777.00   | 0.44%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                        | County of New Hanover, Series 2017                                                                                     | CUSIP: 644804FM3<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5234060.00   | 0.92%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021 A                                                                  | CUSIP: 65820YSS6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3510000 | PA      | $2649828.87   | 0.47%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65820YSD9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2282386.50   | 0.40%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2016 D                                                                  | CUSIP: 65821DVK4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6537710.90   | 1.15%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65820YQC3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2092297.65   | 0.37%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | County of Wake, Series 2019 A                                                                                          | CUSIP: 930864BH5<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   7870000 | PA      | $8376669.03   | 1.48%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXS5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1334240.60   | 0.24%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 46 A                                                                     | CUSIP: 658207F59<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    975000 | PA      | $852945.70    | 0.15%             | 2031-01-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021                                                          | CUSIP: 65818PNN5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009769.60   | 0.35%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | City of Charlotte, Series 2023 B                                                                                       | CUSIP: 161035NK2<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2434023.07   | 0.43%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | County of Dare, Series 2021 A                                                                                          | CUSIP: 23720EDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $359241.57    | 0.06%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                        | County of New Hanover, Series 2017                                                                                     | CUSIP: 644804FL5<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |  13565000 | PA      | $14200004.78  | 2.50%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 42                                                                       | CUSIP: 65821FHR0<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2313532.24   | 0.41%             | 2039-07-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | Antonio B Won Pat International Airport Authority, Series 2023 A                                                       | CUSIP: 40064REZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    750000 | PA      | $788239.58    | 0.14%             | 2030-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                                            | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     96418 | PA      | $57971.55     | 0.01%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 43                                                                       | CUSIP: 658207YN9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4715000 | PA      | $3665962.48   | 0.65%             | 2040-01-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2019                                                                         | CUSIP: 65830RCT4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001924.60   | 0.35%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | Cape Fear Public Utility Authority, Series 2025                                                                        | CUSIP: 139391FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $304431.60    | 0.05%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                         | City of Fayetteville, Series 2018                                                                                      | CUSIP: 312805LF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4015000 | PA      | $3899684.38   | 0.69%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2016 C                                                                  | CUSIP: 65821DVM0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5048971.00   | 0.89%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2018                                                          | CUSIP: 65818PNA3<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8889550.00   | 1.57%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65821DWM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   6640000 | PA      | $5620218.84   | 0.99%             | 2052-11-01      | 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        |   1600000 | PA      | $1320092.48   | 0.23%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAP3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1407102.84   | 0.25%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Brunswick NC                                                          | County of Brunswick, Series 2022                                                                                       | CUSIP: 117061XS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1531799.75   | 0.27%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2018 A                                                                       | CUSIP: 65830VAA8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4671502.99   | 0.82%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPB9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040396.70   | 0.18%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNW5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410622.36    | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | City of Charlotte, Series 2020                                                                                         | CUSIP: 161045QW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $336415.25    | 0.06%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2023 A                                                                                       | CUSIP: 161036VN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6155000 | PA      | $6261001.41   | 1.10%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 42                                                                       | CUSIP: 65821FHS8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $1940988.17   | 0.34%             | 2043-01-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| County of Lincoln NC Enterprise System Revenue                                  | County of Lincoln, Series 2020                                                                                         | CUSIP: 53334CBU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $382628.11    | 0.07%             | 2041-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2016                                                          | CUSIP: 65818PKU2<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2470205.50   | 0.44%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1271022.64   | 0.22%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                           | County of Guilford, Series 2025                                                                                        | CUSIP: 401784X73<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4760072.50   | 0.84%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | City of Durham, Series 2024                                                                                            | CUSIP: 266818DR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3074388.46   | 0.54%             | 2053-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2018                                                          | CUSIP: 65818PMZ9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13640918.40  | 2.40%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Catawba NC                                                            | County of Catawba, Series 2023                                                                                         | CUSIP: 149063DK2<br>LEI: 549300EWQJNN6JBILN37 | Long             | DBT              | MUN               | US        |    400000 | PA      | $379235.44    | 0.07%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                  | Charlotte-Mecklenburg Hospital Authority (The), Series 2022 A                                                          | CUSIP: 160853VS3<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1857373.00   | 0.33%             | 2043-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021 A                                                                  | CUSIP: 65820YSQ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    960000 | PA      | $745723.01    | 0.13%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | County of Wake, Series 2021                                                                                            | CUSIP: 930876FH5<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   5535000 | PA      | $5107490.44   | 0.90%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Water and Sewer Authority of Cabarrus County                                    | Water and Sewer Authority of Cabarrus County, Series 2024                                                              | CUSIP: 12677TAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2421548.87   | 0.43%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                        | County of New Hanover, Series 2021                                                                                     | CUSIP: 64480PEA3<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3711862.46   | 0.65%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2019 A                                                                  | CUSIP: 65821DWK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $1825155.11   | 0.32%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | Greater Asheville Regional Airport Authority, Series 2023                                                              | CUSIP: 39160CBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2535981.00   | 0.45%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2013 A                                                                  | CUSIP: 65821DRK9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $19788994.00  | 3.49%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2025 A                                                                                       | CUSIP: 161036XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3120339.30   | 0.55%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | County of Wake, Series 2021                                                                                            | CUSIP: 930876FJ1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5440501.20   | 0.96%             | 2036-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAS7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1324356.75   | 0.23%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Wilmington                                      | University of North Carolina at Wilmington, Series 2015                                                                | CUSIP: 91472TAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001320.00   | 0.53%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2021 A                                                                                       | CUSIP: 161036RU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2309958.25   | 0.41%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                     | City of Greensboro, Series 2024 B                                                                                      | CUSIP: 395468PJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3619889.70   | 0.64%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | Antonio B Won Pat International Airport Authority, Series 2024 A                                                       | CUSIP: 40064RFR5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    625000 | PA      | $658167.44    | 0.12%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                  | Charlotte-Mecklenburg Hospital Authority (The), Series 2016 A                                                          | CUSIP: 160853SX6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14048399.40  | 2.47%             | 2040-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 45                                                                       | CUSIP: 658207C94<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1271258.61   | 0.22%             | 2040-07-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021                                                          | CUSIP: 65818PNP0<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3203667.63   | 0.56%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2015 B                                                        | CUSIP: 65819GKW7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |  13585000 | PA      | $13678516.42  | 2.41%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 43                                                                       | CUSIP: 658207YP4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2170000 | PA      | $1581793.72   | 0.28%             | 2043-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021                                                          | CUSIP: 65818PNR6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2242691.67   | 0.40%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 44                                                                       | CUSIP: 658207ZV0<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2003241.13   | 0.35%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $462480.80    | 0.08%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     21054 | PA      | $19888.74     | 0.00%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | City of Durham, Series 2024                                                                                            | CUSIP: 266818DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3960000 | PA      | $3634236.54   | 0.64%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2024 A                                                                       | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2969673.00   | 0.52%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515980.60    | 0.09%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPA1<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1941818.82   | 0.34%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                     | City of Greensboro, Series 2024 B                                                                                      | CUSIP: 395468PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562287.50   | 0.28%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2016 A                                                                       | CUSIP: 65830UAE2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2475311.10   | 0.44%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois, Series 2021 A                                                                                       | CUSIP: 452153AM1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2123416.40   | 0.37%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2025 A                                                                  | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3889380.00   | 0.69%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Leon County Housing Finance Authority                                           | Leon County Housing Finance Authority, Series 2022 A                                                                   | CUSIP: 52643TAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3378750.00   | 0.60%             | 2057-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                              | County of Johnston, Series 2023                                                                                        | CUSIP: 479357BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1014232.73   | 0.18%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority, Series VV                                                                        | CUSIP: 74526Q2Q4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1500000 | PA      | $1481511.30   | 0.26%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2019                                                                         | CUSIP: 65830RCR8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4103004.00   | 0.72%             | 2055-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                        | North Carolina Agricultural & Technical State University, Series 2023                                                  | CUSIP: 658187JT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030898.60   | 0.18%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lincoln NC Enterprise System Revenue                                  | County of Lincoln, Series 2020                                                                                         | CUSIP: 53334CBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $342307.60    | 0.06%             | 2038-08-01      | 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        |   4680000 | PA      | $3993342.91   | 0.70%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNU9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1705283.09   | 0.30%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3616241.60   | 0.64%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                       | New Jersey Economic Development Authority, Series 2021 QQQ                                                             | CUSIP: 64577XCS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906971.10    | 0.16%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Forsyth NC                                                            | County of Forsyth, Series 2023 A                                                                                       | CUSIP: 346623LJ8<br>LEI: 549300QZDXNB40E8SI64 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963791.10    | 0.17%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2016 A                                                                       | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4510000 | PA      | $4452582.74   | 0.78%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte (The)                                 | University of North Carolina at Charlotte (The), Series 2017                                                           | CUSIP: 914716H73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5049863.00   | 0.89%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2020 AA                                                         | CUSIP: 64613CFF0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    280000 | PA      | $309567.69    | 0.05%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                            | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193187.56    | 0.03%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                            | Guam Government Waterworks Authority, Series 2020 A                                                                    | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   3205000 | PA      | $3069485.55   | 0.54%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2016                                                          | CUSIP: 65818PKT5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5497773.05   | 0.97%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2025 A                                                     | CUSIP: 658262HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1273065.38   | 0.22%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2022, Class B-1                                                                       | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1245740.00   | 0.22%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | Antonio B Won Pat International Airport Authority, Series 2023 A                                                       | CUSIP: 40064RFC8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    390000 | PA      | $407342.83    | 0.07%             | 2034-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                            | County of Iredell, Series 2025                                                                                         | CUSIP: 462668MD3<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |   4195000 | PA      | $3982493.89   | 0.70%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021 A                                                                  | CUSIP: 65820YSP2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2935000 | PA      | $2385880.87   | 0.42%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAU2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1331883.93   | 0.23%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                           | County of Guilford, Series 2025                                                                                        | CUSIP: 401784W90<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3299116.80   | 0.58%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2022 A-1                                                                | CUSIP: 130483EV8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1924512.12   | 0.34%             | 2037-12-01      | Fixed         | 4.25%                 | 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        |    209296 | NS      | $167437.14    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2020 AA                                                         | CUSIP: 6461367N5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $350278.65    | 0.06%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     25850 | PA      | $26535.65     | 0.00%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                           | County of Guilford, Series 2025                                                                                        | CUSIP: 401784X57<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2880423.30   | 0.51%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                               | North Carolina Central University, Series 2019                                                                         | CUSIP: 65819PDW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1593526.88   | 0.28%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                        | Metropolitan Pier & Exposition Authority, Series 2020 A                                                                | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485404.45    | 0.09%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFX1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    220000 | PA      | $188835.59    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | Metropolitan Transportation Authority, Series 2020 E                                                                   | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1374625.23   | 0.24%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSJ6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    185000 | PA      | $177121.41    | 0.03%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     18070 | PA      | $16702.00     | 0.00%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC Water & Sewer System Revenue                           | City of Winston-Salem, Series 2017                                                                                     | CUSIP: 975700NW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9284690.00   | 1.64%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | University of North Carolina at Chapel Hill, Series 2019                                                               | CUSIP: 914714CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6920000 | PA      | $7310804.23   | 1.29%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2020 A                                                                  | CUSIP: 65821DXQ9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $836635.50    | 0.15%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     24568 | PA      | $21064.98     | 0.00%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp., Series A-2                                                                      | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1867629.60   | 0.33%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.02%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                           | County of Guilford, Series 2024                                                                                        | CUSIP: 401784V42<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4800705.50   | 0.85%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                | Raleigh Durham Airport Authority, Series 2015 A                                                                        | CUSIP: 751073JY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550459.97    | 0.10%             | 2030-05-01      | 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        |  12890000 | PA      | $12110871.68  | 2.13%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNX3<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517610.00    | 0.09%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                 | Greenville Utilities Commission, Series 2025                                                                           | CUSIP: 396321FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2542462.40   | 0.45%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                             | Town of Fuquay-Varina, Series 2024 C                                                                                   | CUSIP: 36106QDD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2471903.39   | 0.44%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNZ8<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1943677.12   | 0.34%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     30143 | PA      | $20431.33     | 0.00%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFP8<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    440000 | PA      | $457395.22    | 0.08%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                         | Capital Trust Authority, Series 2024                                                                                   | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $4444914.42   | 0.78%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024 A                                                                  | CUSIP: 65820YSX5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $725001.90    | 0.13%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSH0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    180000 | PA      | $174054.62    | 0.03%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | County of Dare, Series 2021 A                                                                                          | CUSIP: 23720EDM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $322050.49    | 0.06%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                               | North Carolina Central University, Series 2019                                                                         | CUSIP: 65819PDT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $843322.50    | 0.15%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 46 A                                                                     | CUSIP: 658207F34<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1887710.79   | 0.33%             | 2030-01-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                             | County of Durham, Series 2019                                                                                          | CUSIP: 266705R87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $691687.78    | 0.12%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPD5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    740000 | PA      | $705758.94    | 0.12%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2024                                                                    | CUSIP: 65820YTC0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |  10765000 | PA      | $10213394.94  | 1.80%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                           | County of Johnston, Series 2025                                                                                        | CUSIP: 479340YZ8<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5490038.50   | 0.97%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | University of North Carolina at Chapel Hill, Series 2021 B                                                             | CUSIP: 914713S37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2361055.98   | 0.42%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | County of Dare, Series 2021 A                                                                                          | CUSIP: 23720EDN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $492510.21    | 0.09%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2016 B                                                        | CUSIP: 65819GLE6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13072581.60  | 2.30%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PPE3<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    360000 | PA      | $339499.91    | 0.06%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | North Carolina Medical Care Commission, Series 2021                                                                    | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1343557.43   | 0.24%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     23423 | PA      | $22535.64     | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | County of Dare, Series 2021 A                                                                                          | CUSIP: 23720EDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $204342.10    | 0.04%             | 2040-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                             | University of North Carolina System, Series 2008 A                                                                     | CUSIP: 9147208R1<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160035.34    | 0.03%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304292.01    | 0.05%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte (The)                                 | University of North Carolina at Charlotte (The), Series 2017 A                                                         | CUSIP: 914716L29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2103952.73   | 0.37%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | North Carolina Turnpike Authority, Series 2021                                                                         | CUSIP: 65830WAR9<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1889893.25   | 0.33%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2024 A-2                                                                              | CUSIP: 74441XHX0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7965000 | PA      | $4647689.01   | 0.82%             | 2044-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Town of Cary NC Combined Utility Systems Revenue                                | Town of Cary, Series 2017 B                                                                                            | CUSIP: 147056HC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7685540.80   | 1.35%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2020 AA                                                         | CUSIP: 64613CFK9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1010972.53   | 0.18%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     25551 | PA      | $21015.34     | 0.00%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | City of Charlotte, Series 2021 A                                                                                       | CUSIP: 161036RT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9030000 | PA      | $8774198.16   | 1.55%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | North Carolina Housing Finance Agency, Series 42                                                                       | CUSIP: 65821FHQ2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    750000 | PA      | $638580.23    | 0.11%             | 2034-07-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico, Series 2022 A-1                                                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     24701 | PA      | $26445.82     | 0.00%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                     | Western Carolina University, Series 2020 B                                                                             | CUSIP: 957897ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4356341.50   | 0.77%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer