# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-25-003385
**Filing Date:** 2025-10
**Character Count:** 86399
**Document Hash:** bebb7cbd6395ab3bd6cec4d75fc26e82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003385.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003385

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 251418379

**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 ARIZONA TAX-FREE INCOME FUND (Series ID: S000006922)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018778 | CLASS A1      | FTAZX           |
| C000018780 | CLASS C       | FAZIX           |
| C000068550 | ADVISOR CLASS | FAZZX           |
| C000194363 | Class R6      | FAZRX           |
| C000205901 | Class A       | FAZQX           |

## 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 Arizona Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006922

- **c. LEI of Series:** 549300L4ECCV9MH8X830

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $634935732.13

**Total Liabilities:** $2359088.97

**Net Assets:** $632576643.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6.68000000 | **1-Year:** -1370.97000000 | **5-Year:** -13266.35000000 | **10-Year:** -205700.74000000 | **30-Year:** -216183.88000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -1424.99000000 | **10-Year:** -14963.64000000 | **30-Year:** -32574.70000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018780 | 0.64%                | -0.70%               | 0.78%                |
| Class ID C000205901 | 0.69%                | -0.68%               | 0.83%                |
| Class ID C000194363 | 0.71%                | -0.65%               | 0.96%                |
| Class ID C000018778 | 0.70%                | -0.66%               | 0.95%                |
| Class ID C000068550 | 0.71%                | -0.65%               | 0.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-858934.97              | $3520029.55                                |
| Month 2  | $-71245.96               | $-6135447.80                               |
| Month 3  | $-472752.35              | $3973097.53                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Salt River Project Agricultural Improvement & Power District          | Salt River Project Agricultural Improvement & Power District, Series 2024 A          | CUSIP: 79574CGL1<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10396033.00  | 1.64%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No. 30 Sahuarita                  | Pima County Unified School District No. 30 Sahuarita, Series 2017                    | CUSIP: 721864ET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2894665.76   | 0.46%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 718846AY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553006.85   | 0.25%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 A                              | CUSIP: 04052BQH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15580000 | PA      | $11997766.94  | 1.90%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District          | Salt River Project Agricultural Improvement & Power District, Series 2023 B          | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2880705.50   | 0.46%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                               | Maricopa County Pollution Control Corp., Series 2010 B                               | CUSIP: 566854EL5<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2090322.24   | 0.33%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                  | Guam Power Authority, Series 2024 A                                                  | CUSIP: 400653LF6<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |    450000 | PA      | $449071.79    | 0.07%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2017 D                               | CUSIP: 71883MMX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16570000 | PA      | $15925716.98  | 2.52%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2005 B                               | CUSIP: 71884WAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2170985.00   | 0.34%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pecan Public Facility Corp.                                           | Pecan Public Facility Corp., Series 2022 A-2                                         | CUSIP: 705125AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2365081.95   | 0.37%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2016                                 | CUSIP: 71883RPN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5046737.00   | 0.80%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                               | Maricopa County Pollution Control Corp., Series 2010 A                               | CUSIP: 566854EK7<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4375093.05   | 0.69%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 C                              | CUSIP: 04052BRA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1218596.94   | 0.19%             | 2031-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Town of Marana AZ Pledged Excise Revenue                              | Town of Marana, Series 2024                                                          | CUSIP: 56574CCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2031803.10   | 0.32%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                | City of Mesa, Series 2018                                                            | CUSIP: 590545D55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1410953.92   | 0.22%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 A                              | CUSIP: 04052BQG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $6481200.80   | 1.02%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2019 A | CUSIP: 71885DEF5<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3120000 | PA      | $2906130.86   | 0.46%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 B                              | CUSIP: 04052BNW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $640360.64    | 0.10%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                                  | City of Dallas, Series 2022 A                                                        | CUSIP: 23529CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1759738.80   | 0.28%             | 2062-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                              | Arizona Board of Regents, Series 2024 A                                              | CUSIP: 040664LL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6225000 | PA      | $6318137.21   | 1.00%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series A                           | CUSIP: 56682HCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9630000 | PA      | $8692318.23   | 1.37%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                             | Town of Queen Creek, Series 2024                                                     | CUSIP: 74823YHC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4425000 | PA      | $4494795.53   | 0.71%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 A                              | CUSIP: 04052BQE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $298515.51    | 0.05%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022 A                              | CUSIP: 04052FDQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1435416.84   | 0.23%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                              | Arizona Board of Regents, Series 2025 A                                              | CUSIP: 040484J32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5034172.50   | 0.80%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2017 A                              | CUSIP: 04052BDZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1529197.89   | 0.24%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yuma Industrial Development Authority                                 | Yuma Industrial Development Authority, Series 2024 A                                 | CUSIP: 988514DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3349590.80   | 0.53%             | 2054-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2021 A                        | CUSIP: 50376FBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114521.79    | 0.02%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                             | Town of Queen Creek, Series 2022                                                     | CUSIP: 74823YFJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1209141.51   | 0.19%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2021 A                        | CUSIP: 50376FBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76390.22     | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2025 A                              | CUSIP: 04052BTJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1205313.46   | 0.19%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coconino County Jail District                                         | Coconino County Jail District, Series 2025                                           | CUSIP: 19185PBN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966391.60    | 0.15%             | 2045-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                            | Capital Trust Agency, Inc., Series 2021 A-1                                          | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    800000 | PA      | $508719.12    | 0.08%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2018 A | CUSIP: 71885DCX8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256136.13    | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022 A                              | CUSIP: 04052BSS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1327235.42   | 0.21%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                              | Development Authority of Rockdale County, Series 2025 A-1                            | CUSIP: 77300QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $1059452.04   | 0.17%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Yuma                                                        | County of Yuma, Series 2022                                                          | CUSIP: 988636BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3104189.73   | 0.49%             | 2042-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department               | State of Oregon Housing & Community Services Department, Series 2022 II-1            | CUSIP: 68608END0<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1410976.42   | 0.22%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022                                | CUSIP: 04052BRF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1690403.00   | 0.27%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2019 A                              | CUSIP: 04052FAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037033.80   | 0.16%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2022 A                                              | CUSIP: 74441XHM4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1442426.70   | 0.23%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2018 A | CUSIP: 71885FGB7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968820.70    | 0.15%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gilbert Water Resource Municipal Property Corp.                       | Gilbert Water Resource Municipal Property Corp., Series 2022                         | CUSIP: 37530ACG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4411006.87   | 0.70%             | 2042-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                             | City of Glendale, Series 2024                                                        | CUSIP: 378352RU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059060.90   | 0.17%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2025 A                              | CUSIP: 04052BTK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1659129.85   | 0.26%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2014 B | CUSIP: 71884SAC4<br>LEI: 549300A62PWFBDWB8332 | Long             | STIV             | MUN               | US        |    600000 | PA      | $600000.00    | 0.09%             | 2052-11-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 A                              | CUSIP: 04052FCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1112650.56   | 0.18%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2017 F                              | CUSIP: 04052BET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3259546.99   | 0.52%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 718846AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2634064.75   | 0.42%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District          | Salt River Project Agricultural Improvement & Power District, Series 2023 A          | CUSIP: 79574CFL2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5106271.50   | 0.81%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Student & Academic Services LLC                                       | Student & Academic Services LLC, Series 2024                                         | CUSIP: 86386TBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1048663.81   | 0.17%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2017 A                               | CUSIP: 71883MLF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12935000 | PA      | $12768415.31  | 2.02%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Scottsdale AZ                                                 | City of Scottsdale, Series 2023                                                      | CUSIP: 810454ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1486394.10   | 0.23%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2017 A                              | CUSIP: 04052BBM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2045000 | PA      | $1972700.46   | 0.31%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 71883MNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8614229.80   | 1.36%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2005 B                               | CUSIP: 71884WBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5875539.50   | 0.93%             | 2036-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                             | Glendale Industrial Development Authority, Series 2020 A                             | CUSIP: 378287AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $389430.24    | 0.06%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2018 A | CUSIP: 71885DCY6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    600000 | PA      | $612184.62    | 0.10%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2021 A                        | CUSIP: 50376FBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82500.69     | 0.01%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                | City of Mesa, Series 2018                                                            | CUSIP: 590545D63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6135000 | PA      | $6008445.99   | 0.95%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 718846BA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4090000 | PA      | $4183668.36   | 0.66%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2023 A                                              | CUSIP: 74441XHQ5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1381392.15   | 0.22%             | 2053-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)       | Industrial Development Authority of the County of Yavapai (The), Series 2016         | CUSIP: 985900EE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1320297.12   | 0.21%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2021 A                      | CUSIP: 56678PBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5600000 | PA      | $3677670.64   | 0.58%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2018                                 | CUSIP: 71883MNV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4935910.50   | 0.78%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                           | Washington State Housing Finance Commission, Series 2021 A                           | CUSIP: 939783H58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1492812.54   | 0.24%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2005 B                               | CUSIP: 71884WBB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $8208308.50   | 1.30%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Pinal AZ                                                    | County of Pinal, Series 2025                                                         | CUSIP: 72205RHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1236354.13   | 0.20%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 718846BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $11089680.00  | 1.75%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2017 A                      | CUSIP: 56681NBV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942532.90    | 0.15%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2019                        | CUSIP: 56681NDJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2249394.88   | 0.36%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2018 A | CUSIP: 71885DDC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2960913.23   | 0.47%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                             | Glendale Industrial Development Authority, Series 2020 A                             | CUSIP: 378287AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921170.30    | 0.15%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goodyear AZ Water & Sewer Revenue                             | City of Goodyear, Series 2020                                                        | CUSIP: 382900FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3125594.85   | 0.49%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2019 A                      | CUSIP: 56678PAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3175000 | PA      | $3251160.31   | 0.51%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 B                              | CUSIP: 04052BNU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225490.79    | 0.04%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2022                                 | CUSIP: 71884AM22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8300000 | PA      | $8479176.25   | 1.34%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gilbert Water Resource Municipal Property Corp.                       | Gilbert Water Resource Municipal Property Corp., Series 2022                         | CUSIP: 37530ACH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9030000 | PA      | $8189960.77   | 1.29%             | 2047-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                             | Town of Queen Creek, Series 2018 A                                                   | CUSIP: 74823YCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5047068.00   | 0.80%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McAllister Academic Village LLC                                       | McAllister Academic Village LLC, Series 2016 A                                       | CUSIP: 579173CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004893.40   | 0.16%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022                                | CUSIP: 04052BRG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $1760029.60   | 0.28%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2020 A                              | CUSIP: 04052FBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7055000 | PA      | $5660193.34   | 0.89%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2021 A                        | CUSIP: 50376FBJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95479.69     | 0.02%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2019 A                      | CUSIP: 56678PAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2161501.44   | 0.34%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                             | Glendale Industrial Development Authority, Series 2020 A                             | CUSIP: 378287BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3662638.20   | 0.58%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2005 B                               | CUSIP: 71884WAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3945000 | PA      | $4169257.47   | 0.66%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 60 Higley                 | Maricopa County Unified School District No. 60 Higley, Series 2023                   | CUSIP: 56756QBH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005147.70   | 0.48%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kingman AZ Excise Tax Revenue                                 | City of Kingman, Series 2025                                                         | CUSIP: 495731BW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962534.70    | 0.15%             | 2044-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                             | Town of Queen Creek, Series 2018 A                                                   | CUSIP: 74823YCU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5014034.50   | 0.79%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                               | Maricopa County Pollution Control Corp., Series 2012 A                               | CUSIP: 566854EA9<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9368929.00   | 1.48%             | 2042-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022 A                              | CUSIP: 04052FDS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2891740.60   | 0.46%             | 2052-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2017 A                               | CUSIP: 71883MLE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2155228.21   | 0.34%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2025 A-1                                            | CUSIP: 74441XJD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2542882.51   | 0.40%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                              | Arizona Board of Regents, Series 2024 A                                              | CUSIP: 040664LM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019876.20   | 0.32%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona State University                                              | Arizona State University, Series 2019 A                                              | CUSIP: 0406636M3<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021996.70   | 0.16%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District          | Salt River Project Agricultural Improvement & Power District, Series 2023 A          | CUSIP: 79574CFM0<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   5265000 | PA      | $5355833.89   | 0.85%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series A                           | CUSIP: 56682HCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  37590000 | PA      | $38084113.03  | 6.02%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Unified School District No. 30 Sahuarita                  | Pima County Unified School District No. 30 Sahuarita, Series 2017                    | CUSIP: 721864ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2758474.34   | 0.44%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                   | Arizona Health Facilities Authority, Series 2015 C                                   | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.19%             | 2046-01-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2018 A                        | CUSIP: 50376FAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990586.80    | 0.16%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022 A                              | CUSIP: 04052BRW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2389837.20   | 0.38%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2025 C                               | CUSIP: 71884AV48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5734724.50   | 0.91%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mohave County Union High School District No. 2 Colorado River         | Mohave County Union High School District No. 2 Colorado River, Series 2017           | CUSIP: 608117EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032906.40   | 0.16%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arizona (The)                                           | Arizona Board of Regents, Series 2016                                                | CUSIP: 040484NZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2792277.68   | 0.44%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2021 A                        | CUSIP: 50376FBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104736.19    | 0.02%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                 | City of Lake Havasu City, Series 2025                                                | CUSIP: 50989RAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1848770.00   | 0.29%             | 2043-07-01      | 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        |   3700000 | PA      | $3697738.19   | 0.58%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| McAllister Academic Village LLC                                       | McAllister Academic Village LLC, Series 2016 A                                       | CUSIP: 579173CM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2111900.99   | 0.33%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)          | Industrial Development Authority of the County of Pima (The), Series 2021 A          | CUSIP: 721901KV7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1234258.75   | 0.20%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2025 C                               | CUSIP: 71884AU98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7090000 | PA      | $8004267.55   | 1.27%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 A                              | CUSIP: 04052BQF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2461379.48   | 0.39%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yuma Industrial Development Authority                                 | Yuma Industrial Development Authority, Series 2024 A                                 | CUSIP: 988514DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3436007.60   | 0.54%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                              | Development Authority of Rockdale County, Series 2025 A-1                            | CUSIP: 77300QAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $542749.63    | 0.09%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                               | Maricopa County Pollution Control Corp., Series 2009 B                               | CUSIP: 566854EF8<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $11727691.65  | 1.85%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2016                        | CUSIP: 56681NAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $2972073.53   | 0.47%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2019 A                              | CUSIP: 04052FAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1262502.96   | 0.20%             | 2036-11-01      | 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        |   1900000 | PA      | $1456687.25   | 0.23%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Arizona (The)                                           | Arizona Board of Regents, Series 2018 A                                              | CUSIP: 040484RX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4561407.00   | 0.72%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2019 A | CUSIP: 71885DEH1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1801939.60   | 0.28%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2019 A                              | CUSIP: 04052FAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008823.00   | 0.16%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District          | Salt River Project Agricultural Improvement & Power District, Series 2019 A          | CUSIP: 79574CEB5<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025211.20   | 0.32%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arizona (The)                                           | Arizona Board of Regents, Series 2016 B                                              | CUSIP: 040484QU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027474.20   | 0.32%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2018 A | CUSIP: 71885DDH2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |  11550000 | PA      | $11229217.23  | 1.78%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2005 B                               | CUSIP: 71884WAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2224508.40   | 0.35%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2021 A                        | CUSIP: 50376FBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $358915.20    | 0.06%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2019 A | CUSIP: 71885DEG3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2437551.04   | 0.39%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 69 Paradise Valley        | Maricopa County Unified School District No. 69 Paradise Valley, Series 2025 A        | CUSIP: 567373T70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7150000 | PA      | $7528195.68   | 1.19%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)          | Industrial Development Authority of the County of Pima (The), Series 2021 A          | CUSIP: 721901KX3<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $7752381.60   | 1.23%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2020 A                              | CUSIP: 04052FBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1836307.44   | 0.29%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 71883MNY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3656460.80   | 0.58%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 A                              | CUSIP: 04052EBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $701384.54    | 0.11%             | 2041-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022                                | CUSIP: 04052BRE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $551677.50    | 0.09%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)       | Industrial Development Authority of the County of Yavapai (The), Series 2016         | CUSIP: 985900EC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4295452.48   | 0.68%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2025 B                              | CUSIP: 04052TDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6899966 | PA      | $5286929.90   | 0.84%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2020 A                              | CUSIP: 04052EAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2087677.82   | 0.33%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                              | Arizona Board of Regents, Series 2015 B                                              | CUSIP: 04048RMN3<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |  14070000 | PA      | $14076625.56  | 2.23%             | 2041-07-01      | 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        |   4906000 | PA      | $4500068.73   | 0.71%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pinal AZ                                                    | County of Pinal, Series 2025                                                         | CUSIP: 72205RHB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1345752.66   | 0.21%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                            | Salt Verde Financial Corp., Series 2007-1                                            | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |  11555000 | PA      | $12477065.89  | 1.97%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                              | Arizona Board of Regents, Series 2017 B                                              | CUSIP: 04048RTD8<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   4005000 | PA      | $4031602.01   | 0.64%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2019 A                              | CUSIP: 04052EAC2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.22%             | 2048-02-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2019 A | CUSIP: 71885DEE8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1903428.80   | 0.30%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                              | Arizona Board of Regents, Series 2024                                                | CUSIP: 04048RXF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2156712.45   | 0.34%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2021 A                        | CUSIP: 50376FBS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $432858.41    | 0.07%             | 2051-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2025 A-2                                            | CUSIP: 74441XJE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10975000 | PA      | $4804746.35   | 0.76%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                             | City of Glendale, Series 2024                                                        | CUSIP: 378352RW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042428.10   | 0.16%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2023 A                              | CUSIP: 04052FEM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5540000 | PA      | $5428948.48   | 0.86%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                              | Arizona Board of Regents, Series 2023 B                                              | CUSIP: 040664KN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4230891.50   | 0.67%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 B                              | CUSIP: 04052BNV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $344995.36    | 0.05%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022 A                              | CUSIP: 04052FDR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5610000 | PA      | $5400200.03   | 0.85%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022                                | CUSIP: 04052BRD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $193434.21    | 0.03%             | 2026-07-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                               | Capital Trust Authority, Series 2024                                                 | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6465000 | PA      | $5394964.92   | 0.85%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2019 A                      | CUSIP: 56678PAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2757538.03   | 0.44%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 A                              | CUSIP: 04052BQA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $695353.23    | 0.11%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                               | Maricopa County Pollution Control Corp., Series 2000 A                               | CUSIP: 566854EM3<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8164595.00   | 1.29%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2020 B                               | CUSIP: 71883RQQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8030000 | PA      | $8177797.77   | 1.29%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District          | Salt River Project Agricultural Improvement & Power District, Series 2017 A          | CUSIP: 79574CCX9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   5435000 | PA      | $5578856.30   | 0.88%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2022 A                              | CUSIP: 04052BSU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2183234.88   | 0.35%             | 2062-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2016                        | CUSIP: 56681NAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1109869.60   | 0.18%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2019 A                              | CUSIP: 04052VAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6006460.00   | 0.95%             | 2058-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gilbert Water Resource Municipal Property Corp.                       | Gilbert Water Resource Municipal Property Corp., Series 2022                         | CUSIP: 37530ACD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9841807.00   | 1.56%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tucson AZ Water System Revenue                                | City of Tucson, Series 2025                                                          | CUSIP: 898797KD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1523492.55   | 0.24%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 718846AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4420000 | PA      | $4542990.48   | 0.72%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2019 F                      | CUSIP: 56682HDB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3487697.00   | 0.55%             | 2049-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)          | Industrial Development Authority of the County of Pima (The), Series 2021 A          | CUSIP: 721901KU9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $956525.02    | 0.15%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2025 A-2                            | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2194432.70   | 0.35%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Yuma Industrial Development Authority                                 | Yuma Industrial Development Authority, Series 2024 A                                 | CUSIP: 988514DE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1761232.38   | 0.28%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2025 A                              | CUSIP: 04052BTH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $864965.88    | 0.14%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2018 A | CUSIP: 71885DCV2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    700000 | PA      | $724030.44    | 0.11%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2021 A                              | CUSIP: 04052BQC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $645753.04    | 0.10%             | 2034-07-01      | 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-1                                    | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1550000 | PA      | $1391943.71   | 0.22%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2017 A                              | CUSIP: 04052BBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $989723.02    | 0.16%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bullhead AZ Excise Taxes Revenue                              | City of Bullhead, Series 2022                                                        | CUSIP: 12022MBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1796412.06   | 0.28%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2018 A                        | CUSIP: 50376FAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893896.10    | 0.14%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2018 A                               | CUSIP: 71883PLJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4995730.50   | 0.79%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2024 A-2                                            | CUSIP: 74441XHX0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5075000 | PA      | $2973118.21   | 0.47%             | 2044-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                | City of Mesa, Series 2022 C                                                          | CUSIP: 590545Y94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5604432.00   | 0.89%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2018 A | CUSIP: 71885DCS9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    425000 | PA      | $436655.41    | 0.07%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2020                        | CUSIP: 56678RAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8450000 | PA      | $6881916.60   | 1.09%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| La Paz County Industrial Development Authority                        | La Paz County Industrial Development Authority, Series 2021 A                        | CUSIP: 50376FBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $272372.64    | 0.04%             | 2046-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp.                                            | Salt Verde Financial Corp., Series 2007-1                                            | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5230633.00   | 0.83%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer