# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-25-178321
**Filing Date:** 2025-7
**Character Count:** 89443
**Document Hash:** adf4dacd46935d1de5e16088c3de83dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-178321.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-178321

**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:** 251150161

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Tax Free Trust

- **b. Investment Company Act file number:** 811-04149

- **c. CIK number of Registrant:** 0000757010

- **d. LEI of Registrant:** 549300C12HCE48FV1C70

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Minnesota Tax-Free Income Fund

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

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

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

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

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

**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:** $619978146.49

**Total Liabilities:** $2224154.85

**Net Assets:** $617753991.64

**Cash Not Reported:** $3173222.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -245.26000000 | **1-Year:** -4517.49000000 | **5-Year:** -14690.73000000 | **10-Year:** -205238.65000000 | **30-Year:** -155442.85000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -163.82000000 | **10-Year:** -28555.59000000 | **30-Year:** -13935.91000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000079637 | -2.05%               | -0.81%               | -0.44%               |
| Class ID C000194361 | -2.13%               | -0.81%               | -0.34%               |
| Class ID C000205899 | -2.07%               | -0.84%               | -0.46%               |
| Class ID C000018774 | -2.06%               | -0.82%               | -0.44%               |
| Class ID C000018775 | -2.17%               | -0.86%               | -0.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-15491164.37                              |
| Month 2  | $-468134.56              | $-6857058.06                               |
| Month 3  | $-356699.57              | $-3981610.26                               |

### Schedule of Portfolio Investments

| Name                                                                    | Title                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of St Paul MN Water Revenue                                        | City of St. Paul, Series 2023 A                                                        | CUSIP: 793073JG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13340000 | PA      | $12289632.41  | 1.99%             | 2046-12-01      | Fixed         | 4.00%                 | 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        |   2100000 | PA      | $1758222.48   | 0.28%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2015 B                              | CUSIP: 264471KV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2840000 | PA      | $2821260.26   | 0.46%             | 2026-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2019 A                                                 | CUSIP: 914460SQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3055000 | PA      | $3157848.41   | 0.51%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239965.00    | 0.04%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $143996.46    | 0.02%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2021                                                       | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6252597.90   | 1.01%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pecan Public Facility Corp.                                             | Pecan Public Facility Corp., Series 2022 A-2                                           | CUSIP: 705125AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2932074.80   | 0.47%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Robbinsdale Independent School District No. 281                         | Robbinsdale Independent School District No. 281, Series 2024 A                         | CUSIP: 770265LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $391963.14    | 0.06%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                      | State of Minnesota, Series 2023 B                                                      | CUSIP: 60412AE82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4745000 | PA      | $4553192.87   | 0.74%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2020 A                                                 | CUSIP: 914460UV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1271008.82   | 0.21%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                    | Metropolitan Council, Series 2022 C                                                    | CUSIP: 5918523C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $3234236.73   | 0.52%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                     | City of St. Cloud, Series 2016 A                                                       | CUSIP: 78916VDR8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2583999.90   | 0.42%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $527787.62    | 0.09%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 1994 A                               | CUSIP: 843375QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5395000 | PA      | $5279676.48   | 0.85%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Corcoran MN                                                     | City of Corcoran, Series 2023 A                                                        | CUSIP: 218388HE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3125542.93   | 0.51%             | 2053-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hennepin County Regional Railroad Authority                             | Hennepin County Regional Railroad Authority, Series 2019 A                             | CUSIP: 425533CR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3965000 | PA      | $4103968.89   | 0.66%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moorhead Independent School District No. 152                            | Moorhead Independent School District No. 152, Series 2020 A                            | CUSIP: 616157TC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3795000 | PA      | $3087678.03   | 0.50%             | 2037-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2016 B                                                       | CUSIP: 771902HB2<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   9425000 | PA      | $10613387.88  | 1.72%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2020                                                       | CUSIP: 603767PE8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   7301796 | PA      | $5633887.26   | 0.91%             | 2038-02-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Sartell-St. Stephen Independent School District No. 748                 | Sartell-St. Stephen Independent School District No. 748, Series 2016 B                 | CUSIP: 803820LG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5220000 | PA      | $2785197.29   | 0.45%             | 2038-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $786973.00    | 0.13%             | 2032-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $118661.25    | 0.02%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2020 A                                                 | CUSIP: 914460US7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088921.20   | 0.34%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2017 A                                                 | CUSIP: 914460QJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1260970.63   | 0.20%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2016 B                                                       | CUSIP: 771902HC0<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   5235000 | PA      | $5912463.44   | 0.96%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia MN                                                     | City of Virginia, Series 2024 A                                                        | CUSIP: 9278724V0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1600778.05   | 0.26%             | 2037-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prior Lake-Savage Independent School District No. 719                   | Prior Lake-Savage Independent School District No. 719, Series 2018 B                   | CUSIP: 742633VZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9010000 | PA      | $7502929.74   | 1.21%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C                   | CUSIP: 603827YZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20730000 | PA      | $20841168.77  | 3.37%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2023                           | CUSIP: 60416JGV6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $696393.08    | 0.11%             | 2048-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                              | Capital Trust Agency, Inc., Series 2021 A-1                                            | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1369764.27   | 0.22%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| St Francis Independent School District No. 15                           | St. Francis Independent School District No. 15, Series 2018 A                          | CUSIP: 789466SS9<br>LEI: 549300BB7QRM8G4EBA90 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2859678.93   | 0.46%             | 2041-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1590260.90   | 0.26%             | 2029-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rosemount-Apple Valley-Eagan Independent School District No. 196        | Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A        | CUSIP: 777594ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1862191.20   | 0.30%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C                   | CUSIP: 603827ZA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14475000 | PA      | $14496169.69  | 2.35%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                | Western Minnesota Municipal Power Agency, Series 2018 A                                | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5039595.50   | 0.82%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2025 D                                                       | CUSIP: 771902HS5<br>LEI: 549300006EX3INSHXA95 | Long             | STIV             | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.45%             | 2064-11-15      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 1994 A                               | CUSIP: 843375RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6226344.30   | 1.01%             | 2027-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dakota County Community Development Agency                              | Dakota County Community Development Agency, Series 2024                                | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908944.70    | 0.15%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                                    | Minnesota Office of Higher Education, Series 2023                                      | CUSIP: 60416MCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2006630.33   | 0.32%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2019 A                                                 | CUSIP: 914460ST8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036162.60   | 0.33%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                         | Northern Municipal Power Agency, Series 2017                                           | CUSIP: 665444KZ7<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    800000 | PA      | $803124.48    | 0.13%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                                  | City of Center City, Series 2019                                                       | CUSIP: 151452CD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899466.20    | 0.15%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2022                                                         | CUSIP: 771902HL0<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3347546.40   | 0.54%             | 2041-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2018                                                       | CUSIP: 60375BFC5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3271699.20   | 0.53%             | 2046-12-01      | Fixed         | 4.00%                 | 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        |   2100000 | PA      | $1758222.48   | 0.28%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority            | South Carolina State Housing Finance & Development Authority, Series 2021 A            | CUSIP: 83712EHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2789623.20   | 0.45%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Robbinsdale Independent School District No. 281                         | Robbinsdale Independent School District No. 281, Series 2024 A                         | CUSIP: 770265LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $427144.64    | 0.07%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2017 A                                                 | CUSIP: 914460QK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3044190.30   | 0.49%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mounds View                                                     | City of Mounds View, Series 2024                                                       | CUSIP: 620646AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4503423.60   | 0.73%             | 2046-03-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Watertown-Mayer Independent School District No. 111                     | Watertown-Mayer Independent School District No. 111, Series 2020 A                     | CUSIP: 942078PD2<br>LEI: 54930063VDFCOT0H1836 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $1685609.02   | 0.27%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2022 A                                        | CUSIP: 60416TPH5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2000686.55   | 0.32%             | 2042-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2021 A                                   | CUSIP: 26444CJN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $660256.80    | 0.11%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia MN                                                     | City of Virginia, Series 2024 A                                                        | CUSIP: 9278724U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996606.50    | 0.16%             | 2034-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2018 A                                   | CUSIP: 26444CHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15830000 | PA      | $15389679.05  | 2.49%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waconia Independent School District No. 110                             | Waconia Independent School District No. 110, Series 2025 A                             | CUSIP: 930047QX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1221219.05   | 0.20%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nashwauk Keewatin Independent School District No. 319                   | Nashwauk Keewatin Independent School District No. 319, Series 2022 A                   | CUSIP: 631500DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3632318.40   | 0.59%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St. Stephen Independent School District No. 748                 | Sartell-St. Stephen Independent School District No. 748, Series 2016 B                 | CUSIP: 803820LH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $1509683.20   | 0.24%             | 2039-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2021                           | CUSIP: 60416JEG1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    255000 | PA      | $258608.63    | 0.04%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                | Western Minnesota Municipal Power Agency, Series 2015 A                                | CUSIP: 958697KD5<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3030261.60   | 0.49%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                          | Minnesota Municipal Gas Agency, Series 2022 A                                          | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |  11550000 | PA      | $11539477.95  | 1.87%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2021 A                                   | CUSIP: 26444CJL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $146608.71    | 0.02%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Watertown-Mayer Independent School District No. 111                     | Watertown-Mayer Independent School District No. 111, Series 2020 A                     | CUSIP: 942078PG5<br>LEI: 54930063VDFCOT0H1836 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $1416887.34   | 0.23%             | 2037-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399985.92    | 0.06%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                    | Metropolitan Council, Series 2022 C                                                    | CUSIP: 5918523D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3332589.25   | 0.54%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                             | Washington State Housing Finance Commission, Series 2021 A                             | CUSIP: 939783H58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1732621.38   | 0.28%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $428094.13    | 0.07%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2021 A                                   | CUSIP: 26444CJM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $149250.79    | 0.02%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2018 A                                                     | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4431500.42   | 0.72%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gibbon Independent School District No. 2365/MN                          | Gibbon Independent School District No. 2365, Series 2023 A                             | CUSIP: 374627DG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1894480.48   | 0.31%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St. Stephen Independent School District No. 748                 | Sartell-St. Stephen Independent School District No. 748, Series 2016 B                 | CUSIP: 803820LF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $1606645.65   | 0.26%             | 2037-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Red Rock Central Independent School District No. 2884                   | Red Rock Central Independent School District No. 2884, Series 2022 A                   | CUSIP: 75700RBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1893898.50   | 0.31%             | 2047-02-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CJY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545543.25    | 0.09%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brainerd Independent School District No. 181                            | Brainerd Independent School District No. 181, Series 2018 A                            | CUSIP: 105007NJ3<br>LEI: 549300P1U3THZTOHA392 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1765736.50   | 0.29%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2021                           | CUSIP: 60416JEH9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    240000 | PA      | $242346.91    | 0.04%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Independent School District No. 206                          | Alexandria Independent School District No. 206, Series 2017 A                          | CUSIP: 015131NP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  29905000 | PA      | $26707318.16  | 4.32%             | 2037-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $250664.05    | 0.04%             | 2035-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Jordan Independent School District No. 717                              | Jordan Independent School District No. 717, Series 2023 A                              | CUSIP: 480718LJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1218678.63   | 0.20%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2011                                          | CUSIP: 60415N6N7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2228648.33   | 0.36%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anoka-Hennepin Independent School District No. 11                       | Anoka-Hennepin Independent School District No. 11, Series 2018 A                       | CUSIP: 0363033N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8905000 | PA      | $8892892.76   | 1.44%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gibbon Independent School District No. 2365/MN                          | Gibbon Independent School District No. 2365, Series 2023 A                             | CUSIP: 374627DH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2045163.15   | 0.33%             | 2052-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hastings Independent School District No. 200                            | Hastings Independent School District No. 200, Series 2018 A                            | CUSIP: 418542QA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4685000 | PA      | $2427837.28   | 0.39%             | 2039-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 2015 A                               | CUSIP: 843375C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7260000 | PA      | $7301949.73   | 1.18%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CJW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $458313.29    | 0.07%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2025 A                                                       | CUSIP: 771902HP1<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2755370.10   | 0.45%             | 2050-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North St. Paul-Maplewood-Oakdale Independent School District No. 622    | North St. Paul-Maplewood-Oakdale Independent School District No. 622, Series 2019 A    | CUSIP: 662152FF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22965000 | PA      | $17404429.43  | 2.82%             | 2046-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2018                                                           | CUSIP: 358413AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9196486 | PA      | $8900164.22   | 1.44%             | 2034-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Wadena MN                                                       | City of Wadena, Series 2024 A                                                          | CUSIP: 930256AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1908547.72   | 0.31%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2016 B                                                       | CUSIP: 771902HE6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   8400000 | PA      | $9472250.76   | 1.53%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2023                           | CUSIP: 60416JGU8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $562716.24    | 0.09%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2021                           | CUSIP: 60416JEJ5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    355000 | PA      | $356720.05    | 0.06%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Anoka-Hennepin Independent School District No. 11                       | Anoka-Hennepin Independent School District No. 11, Series 2018 A                       | CUSIP: 0363033L7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5355000 | PA      | $4806011.83   | 0.78%             | 2037-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2021 B                                        | CUSIP: 60416TDX3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    950000 | PA      | $729068.29    | 0.12%             | 2036-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Prior Lake-Savage Independent School District No. 719                   | Prior Lake-Savage Independent School District No. 719, Series 2018 B                   | CUSIP: 742633VX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13055000 | PA      | $11921409.55  | 1.93%             | 2028-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Stearns County Housing & Redevelopment Authority                        | Stearns County Housing & Redevelopment Authority, Series 2021 A                        | CUSIP: 85789TBH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $717744.24    | 0.12%             | 2061-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                              | Capital Trust Agency, Inc., Series 2021 A-1                                            | CUSIP: 14052TDU5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6192000 | PA      | $5283499.85   | 0.86%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C                   | CUSIP: 603827YV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1910648.00   | 0.31%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sauk Centre Public Utilities Commission Electric Revenue                | Sauk Centre Public Utilities Commission, Series 2024 A                                 | CUSIP: 804283AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $310118.51    | 0.05%             | 2053-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2015 A                                                     | CUSIP: 60374VDV2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1299095.46   | 0.21%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2020 E                                        | CUSIP: 60416S6Q8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1359697.81   | 0.22%             | 2040-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1032039.57   | 0.17%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hennepin County Regional Railroad Authority                             | Hennepin County Regional Railroad Authority, Series 2019 A                             | CUSIP: 425533CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039381.00   | 0.17%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                     | City of St. Cloud, Series 2019                                                         | CUSIP: 78916VDV9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9786055.00   | 1.58%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Norman MN                                                     | County of Norman, Series 2022 A                                                        | CUSIP: 656134MA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3115000 | PA      | $2301436.45   | 0.37%             | 2052-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Dawson-Boyd Independent School District No. 378                         | Dawson-Boyd Independent School District No. 378, Series 2019 A                         | CUSIP: 239230EC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2499350.31   | 0.40%             | 2040-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Watertown-Mayer Independent School District No. 111                     | Watertown-Mayer Independent School District No. 111, Series 2020 A                     | CUSIP: 942078PC4<br>LEI: 54930063VDFCOT0H1836 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $1778030.49   | 0.29%             | 2033-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hastings Independent School District No. 200                            | Hastings Independent School District No. 200, Series 2018 A                            | CUSIP: 418542QB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4685000 | PA      | $2255964.30   | 0.37%             | 2040-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority, Series 2022, Class B-1                                       | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1635033.75   | 0.26%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prior Lake-Savage Independent School District No. 719                   | Prior Lake-Savage Independent School District No. 719, Series 2018 B                   | CUSIP: 742633WA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5310000 | PA      | $4223781.09   | 0.68%             | 2031-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CJZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $648231.66    | 0.10%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                                  | St. Paul Port Authority, Series 2021-1                                                 | CUSIP: 79308GAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $272316.39    | 0.04%             | 2034-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2019 A                                                 | CUSIP: 914460SR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2172354.93   | 0.35%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1019119.25   | 0.16%             | 2031-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2023 D                                        | CUSIP: 60416TH84<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    985000 | PA      | $963048.19    | 0.16%             | 2045-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                                  | City of Center City, Series 2025                                                       | CUSIP: 151452CQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1177969.44   | 0.19%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2024 A                         | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3888100.00   | 0.63%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN Electric Utility Revenue                           | City of Rochester, Series 2017 A                                                       | CUSIP: 77158PGE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1419381.81   | 0.23%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2022 A                                                         | CUSIP: 358370Q56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $349640.52    | 0.06%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN Electric Utility Revenue                           | City of Rochester, Series 2017 A                                                       | CUSIP: 77158PGF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9815000 | PA      | $9956527.39   | 1.61%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hopkins Independent School District No. 270                             | Hopkins Independent School District No. 270, Series 2019 A                             | CUSIP: 439881NC3<br>LEI: 5493008IBV0MJ885RP85 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2276038.98   | 0.37%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 2017 A                               | CUSIP: 843375F76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1320453.57   | 0.21%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2021                           | CUSIP: 60416JDS6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126066.83    | 0.02%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2022 A                   | CUSIP: 603827H74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2699235.96   | 0.44%             | 2052-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2022 A                                                         | CUSIP: 358370Q64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $729643.25    | 0.12%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Coon Rapids MN                                                  | City of Coon Rapids, Series 2023                                                       | CUSIP: 21659AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3727260 | PA      | $3974525.52   | 0.64%             | 2039-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2018 C                                                     | CUSIP: 60374VEJ8<br>LEI: 54930069TEI1INHRHS55 | Long             | STIV             | MUN               | US        |   4600000 | PA      | $4600000.00   | 0.74%             | 2048-11-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Rice MN                                                       | County of Rice, Series 2022 A                                                          | CUSIP: 762698LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5200000 | PA      | $4727789.56   | 0.77%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Redwood Area Schools Independent School District No. 2897               | Redwood Area Schools Independent School District No. 2897, Series 2024 A               | CUSIP: 757763DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1859445.20   | 0.30%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roseville Independent School District No. 623                           | Roseville Independent School District No. 623, Series 2018 A                           | CUSIP: 778102V34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4924605.84   | 0.80%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Virginia MN                                                     | City of Virginia, Series 2024 A                                                        | CUSIP: 9278724W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $823455.27    | 0.13%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781BB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $533346.53    | 0.09%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West St. Paul-Mendota Heights-Eagan Independent School District No. 197 | West St. Paul-Mendota Heights-Eagan Independent School District No. 197, Series 2018 A | CUSIP: 955686TB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2675639.17   | 0.43%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                    | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C                   | CUSIP: 603827YW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4025000 | PA      | $4100059.81   | 0.66%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2020 D                                        | CUSIP: 60416S8N3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1697711.98   | 0.27%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2022                                                         | CUSIP: 771902HM8<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016554.40   | 0.16%             | 2057-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2021                           | CUSIP: 60416JEN6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $208907.25    | 0.03%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $370507.76    | 0.06%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2009                                          | CUSIP: 60415N4J8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1664458.89   | 0.27%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $349558.52    | 0.06%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dakota County Community Development Agency                              | Dakota County Community Development Agency, Series 2011 A                              | CUSIP: 23410BCF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $335045.69    | 0.05%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sauk Centre Public Utilities Commission Electric Revenue                | Sauk Centre Public Utilities Commission, Series 2024 A                                 | CUSIP: 804283AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $369057.35    | 0.06%             | 2044-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                                  | St. Paul Port Authority, Series 2023-3                                                 | CUSIP: 79308GAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960573.60    | 0.16%             | 2043-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Anoka-Hennepin Independent School District No. 11                       | Anoka-Hennepin Independent School District No. 11, Series 2018 A                       | CUSIP: 0363033S2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4020000 | PA      | $3224499.49   | 0.52%             | 2043-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                               | Southern Minnesota Municipal Power Agency, Series 2015 A                               | CUSIP: 843375C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2100393.35   | 0.34%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2021                           | CUSIP: 60416JCZ1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $785125.20    | 0.13%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Center City MN                                                  | City of Center City, Series 2025                                                       | CUSIP: 151452CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005420.70   | 0.16%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Agricultural & Economic Development Board                     | Minnesota Agricultural & Economic Development Board, Series 2024                       | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5019852.00   | 0.81%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                     | City of St. Cloud, Series 2024                                                         | CUSIP: 78916VEU0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980177.50    | 0.16%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prior Lake-Savage Independent School District No. 719                   | Prior Lake-Savage Independent School District No. 719, Series 2018 B                   | CUSIP: 742633VW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8545000 | PA      | $8067136.26   | 1.31%             | 2027-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| St Cloud Independent School District No. 742                            | St. Cloud Independent School District No. 742, Series 2017 A                           | CUSIP: 789182CH3<br>LEI: 549300777B7XVMYHUU90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977666.90    | 0.16%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Becker Independent School District No. 726                              | Becker Independent School District No. 726, Series 2022 A                              | CUSIP: 075671MS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $465501.50    | 0.08%             | 2041-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                                  | St. Paul Port Authority, Series 2023-4                                                 | CUSIP: 79308GAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992036.80    | 0.16%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                | Western Minnesota Municipal Power Agency, Series 2015 A                                | CUSIP: 958697KE3<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2054940.56   | 0.33%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Osseo Independent School District No. 279                               | Osseo Independent School District No. 279, Series 2024 A                               | CUSIP: 6884432M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $4652810.05   | 0.75%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2018 A                                                     | CUSIP: 60374VEP4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5898435.00   | 0.95%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2022 A                         | CUSIP: 60416JFL9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9662296.00   | 1.56%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2019                                                       | CUSIP: 60375BHH2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1634290.20   | 0.26%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Forest Lake Independent School District No. 831                         | Forest Lake Independent School District No. 831, Series 2023 A                         | CUSIP: 345874VR9<br>LEI: 549300Z4NGDI34KH2446 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991543.20   | 0.32%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                  | City of Minneapolis, Series 2015 A                                                     | CUSIP: 60374VEN9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9876412.00   | 1.60%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2017 A                         | CUSIP: 60416H8F4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $749967.38    | 0.12%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mankato Independent School District No. 77                              | Mankato Independent School District No. 77, Series 2022 A                              | CUSIP: 563674AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2096617.61   | 0.34%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North St. Paul-Maplewood-Oakdale Independent School District No. 622    | North St. Paul-Maplewood-Oakdale Independent School District No. 622, Series 2019 A    | CUSIP: 662152FB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4975000 | PA      | $3904083.49   | 0.63%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2022 A                                                         | CUSIP: 358370Q72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $790433.52    | 0.13%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2025 A                                                       | CUSIP: 771902HQ9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1611975.23   | 0.26%             | 2053-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Fridley MN                                                      | City of Fridley, Series 2023 A                                                         | CUSIP: 358413AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $15963659.20  | 2.58%             | 2041-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                    | Metropolitan Council, Series 2020 B                                                    | CUSIP: 591852S82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2791509.00   | 0.45%             | 2036-03-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 B                                   | CUSIP: 26444CKL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8108154.40   | 1.31%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Cold Spring MN                                                  | City of Cold Spring, Series 2024 A                                                     | CUSIP: 193000XS0<br>LEI: 549300K8BX4APZ76AV52 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $908123.69    | 0.15%             | 2054-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St. Stephen Independent School District No. 748                 | Sartell-St. Stephen Independent School District No. 748, Series 2016 B                 | CUSIP: 803820LE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1815063.60   | 0.29%             | 2036-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2018 A                                   | CUSIP: 26444CHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13105000 | PA      | $12823270.02  | 2.08%             | 2053-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hastings Independent School District No. 200                            | Hastings Independent School District No. 200, Series 2018 A                            | CUSIP: 418542PZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4685000 | PA      | $2607063.36   | 0.42%             | 2038-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2023 D                                        | CUSIP: 60416TH76<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    990000 | PA      | $965033.49    | 0.16%             | 2043-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2017                           | CUSIP: 60416H6E9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1417809.67   | 0.23%             | 2033-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                              | Duluth Independent School District No. 709, Series 2021 C                              | CUSIP: 264471LN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $739278.25    | 0.12%             | 2033-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                         | Minnesota Higher Education Facilities Authority, Series 2023                           | CUSIP: 60416JGW4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2680720.20   | 0.43%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Robbinsdale Independent School District No. 281                         | Robbinsdale Independent School District No. 281, Series 2024 A                         | CUSIP: 770265LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477588.30    | 0.08%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                        | Minnesota Housing Finance Agency, Series 2021 H                                        | CUSIP: 60416TLR7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $2616289.22   | 0.42%             | 2046-01-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                     | City of St. Cloud, Series 2016 A                                                       | CUSIP: 78916VDU1<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   7310000 | PA      | $7022494.05   | 1.14%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                 | University of Minnesota, Series 2019 A                                                 | CUSIP: 914460SS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6045000 | PA      | $6199192.23   | 1.00%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roseville Independent School District No. 623                           | Roseville Independent School District No. 623, Series 2018 A                           | CUSIP: 778102V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5007610.00   | 0.81%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                    | City of Rochester, Series 2018                                                         | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3535834.00   | 0.57%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Zumbro Education District                                               | Zumbro Education District, Series 2021 A                                               | CUSIP: 989781AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193876.68    | 0.03%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scott County Community Development Agency                               | Scott County Community Development Agency, Series 2022 A                               | CUSIP: 80955PAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7825145.60   | 1.27%             | 2037-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                    | Metropolitan Council, Series 2020 B                                                    | CUSIP: 591852T24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2977650.00   | 0.48%             | 2038-03-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CJV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $427284.72    | 0.07%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                   | Duluth Economic Development Authority, Series 2022 A                                   | CUSIP: 26444CKE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $389781.84    | 0.06%             | 2038-06-15      | 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