# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-26-008609
**Filing Date:** 2026-4
**Character Count:** 76063
**Document Hash:** c7b652b09bc700d35ad652702ff610c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-008609.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0002071691-26-008609

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**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:** 26887687

**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:** 2026-02-28

**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:** $612251738.19

**Total Liabilities:** $2040765.94

**Net Assets:** $610210972.25

**Cash Not Reported:** $5247533.65

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -5.70000000 | **1-Year:** -1169.90000000 | **5-Year:** -6671.35000000 | **10-Year:** -168323.69000000 | **30-Year:** -194859.26000000

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

- **3-Month:** 0.00000000 | **1-Year:** -112.98000000 | **5-Year:** -1691.01000000 | **10-Year:** -16411.21000000 | **30-Year:** -32547.70000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018778 | -0.02%               | 0.60%                | 1.38%                |
| Class ID C000018780 | -0.06%               | 0.54%                | 1.42%                |
| Class ID C000068550 | -0.01%               | 0.60%                | 1.39%                |
| Class ID C000194363 | -0.00%               | 0.61%                | 1.39%                |
| Class ID C000205901 | 0.07%                | 0.58%                | 1.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1805262.58             | $139569.45                                 |
| Month 2  | $0.00                    | $1676132.39                                |
| Month 3  | $-3396053.27             | $10487834.28                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Arizona Board of Regents                                              | Arizona Board of Regents, Series 2025 A                                              | CUSIP: 040484J32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5241757.00   | 0.86%             | 2055-06-01      | 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      | $2768695.88   | 0.45%             | 2039-06-01      | 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      | $2013597.00   | 0.33%             | 2042-06-01      | Fixed         | 5.00%                 | 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      | $4652891.55   | 0.76%             | 2043-06-01      | 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      | $2270715.82   | 0.37%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                              | Arizona Board of Regents, Series 2026 A                                              | CUSIP: 04048RYG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9438854.40   | 1.55%             | 2056-08-01      | 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        |   1100000 | PA      | $1100000.00   | 0.18%             | 2046-01-01      | Variable      | 1.90%                 | 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      | $2057670.41   | 0.34%             | 2042-07-01      | Fixed         | 5.00%                 | 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      | $1057113.18   | 0.17%             | 2051-07-01      | 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      | $1563535.71   | 0.26%             | 2048-03-01      | Fixed         | 5.00%                 | 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      | $3364065.31   | 0.55%             | 2047-07-01      | Fixed         | 5.00%                 | 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        |      5000 | PA      | $4733.71      | 0.00%             | 2041-07-01      | Fixed         | 4.00%                 | 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      | $702463.48    | 0.12%             | 2032-07-01      | 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      | $661396.30    | 0.11%             | 2034-07-01      | Fixed         | 4.00%                 | 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      | $313047.28    | 0.05%             | 2036-07-01      | 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      | $6705663.20   | 1.10%             | 2051-07-01      | Fixed         | 4.00%                 | 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      | $1249973.10   | 0.20%             | 2031-07-01      | Fixed         | 3.25%                 | 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      | $194484.81    | 0.03%             | 2026-07-01      | Fixed         | 2.65%                 | 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      | $559322.89    | 0.09%             | 2031-07-01      | Fixed         | 4.00%                 | 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      | $1895612.20   | 0.31%             | 2041-07-01      | Fixed         | 4.00%                 | 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      | $1938303.90   | 0.32%             | 2051-07-01      | Fixed         | 4.00%                 | 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      | $2520755.40   | 0.41%             | 2054-07-01      | Fixed         | 4.50%                 | 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      | $1410965.78   | 0.23%             | 2047-07-01      | 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      | $2371871.76   | 0.39%             | 2062-07-01      | Fixed         | 5.00%                 | 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      | $916686.81    | 0.15%             | 2045-07-01      | 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      | $1286255.75   | 0.21%             | 2050-07-01      | 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      | $1762757.33   | 0.29%             | 2055-07-01      | Fixed         | 5.25%                 | 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      | $2238338.68   | 0.37%             | 2050-02-01      | 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      | $788756.52    | 0.13%             | 2041-02-01      | Fixed         | 3.00%                 | 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      | $1058411.90   | 0.17%             | 2033-11-01      | 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      | $1295624.67   | 0.21%             | 2036-11-01      | 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      | $1041390.00   | 0.17%             | 2039-11-01      | Fixed         | 5.00%                 | 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      | $2071864.08   | 0.34%             | 2045-11-01      | 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      | $6313647.20   | 1.03%             | 2050-11-01      | Fixed         | 4.00%                 | 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      | $1243196.64   | 0.20%             | 2051-11-01      | 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      | $1632086.45   | 0.27%             | 2042-11-01      | 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      | $5806903.15   | 0.95%             | 2047-11-01      | Fixed         | 5.00%                 | 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      | $3217215.75   | 0.53%             | 2052-11-01      | Fixed         | 4.25%                 | 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      | $5727725.67   | 0.94%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2026 A                              | CUSIP: 04052FFZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065454.90   | 0.17%             | 2056-11-01      | Fixed         | 5.50%                 | 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      | $2287317.23   | 0.37%             | 2059-01-01      | Fixed         | 5.12%                 | 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      | $5258350.24   | 0.86%             | 2059-01-01      | Fixed         | 5.12%                 | 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      | $6292218.75   | 1.03%             | 2058-06-01      | 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      | $1063471.80   | 0.17%             | 2040-07-01      | Fixed         | 5.00%                 | 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      | $4621620.00   | 0.76%             | 2053-07-01      | Fixed         | 4.00%                 | 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      | $6581730.47   | 1.08%             | 2050-07-01      | Fixed         | 5.00%                 | 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      | $2102840.20   | 0.34%             | 2054-07-01      | 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      | $2002374.75   | 0.33%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                            | Capital Trust Agency, Inc., Series 2021 A-1                                          | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    800000 | PA      | $568319.60    | 0.09%             | 2057-01-01      | Fixed         | 3.68%                 | 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      | $5537968.13   | 0.91%             | 2029-03-01      | None          | 0.00%                 | 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      | $1036514.90   | 0.17%             | 2045-07-01      | Fixed         | 4.50%                 | 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      | $1916888.80   | 0.31%             | 2062-12-01      | Fixed         | 6.00%                 | 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      | $10423267.00  | 1.71%             | 2039-07-15      | Fixed         | 4.00%                 | 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      | $4802281.40   | 0.79%             | 2042-07-15      | Fixed         | 4.00%                 | 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      | $9075564.48   | 1.49%             | 2047-07-15      | Fixed         | 4.00%                 | 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      | $397785.28    | 0.07%             | 2031-05-15      | Fixed         | 4.00%                 | 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      | $1004099.50   | 0.16%             | 2041-05-15      | 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      | $3937128.30   | 0.65%             | 2056-05-15      | Fixed         | 5.00%                 | 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      | $1133210.00   | 0.19%             | 2041-07-01      | Fixed         | 5.00%                 | 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      | $1111753.60   | 0.18%             | 2043-07-01      | 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      | $3504176.20   | 0.57%             | 2045-07-01      | Fixed         | 4.00%                 | 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      | $475925.45    | 0.08%             | 2044-10-01      | 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      | $1039312.50   | 0.17%             | 2044-07-15      | Fixed         | 4.50%                 | 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      | $1019668.40   | 0.17%             | 2038-02-15      | Fixed         | 5.00%                 | 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      | $980870.60    | 0.16%             | 2048-02-15      | 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      | $2059937.00   | 0.34%             | 2043-07-01      | Fixed         | 4.00%                 | 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      | $2263621.73   | 0.37%             | 2044-07-01      | Fixed         | 4.00%                 | 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      | $2209668.30   | 0.36%             | 2036-09-01      | Fixed         | 5.00%                 | 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      | $3329647.27   | 0.55%             | 2037-09-01      | Fixed         | 5.00%                 | 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      | $2847704.20   | 0.47%             | 2042-09-01      | 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      | $4021577.28   | 0.66%             | 2051-09-01      | Fixed         | 3.00%                 | 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      | $7588871.49   | 1.24%             | 2050-07-01      | Fixed         | 4.00%                 | 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      | $1121819.10   | 0.18%             | 2036-07-01      | Fixed         | 5.00%                 | 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      | $3147093.88   | 0.52%             | 2047-07-01      | 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      | $2336241.86   | 0.38%             | 2043-01-01      | 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      | $9635309.98   | 1.58%             | 2041-01-01      | Fixed         | 4.00%                 | 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      | $38657454.51  | 6.34%             | 2041-01-01      | 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      | $3792937.50   | 0.62%             | 2049-01-01      | Fixed         | 3.00%                 | 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      | $10002747.00  | 1.64%             | 2042-08-01      | Fixed         | 4.50%                 | 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      | $13133130.75  | 2.15%             | 2040-04-01      | Fixed         | 3.60%                 | 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      | $4449955.50   | 0.73%             | 2043-06-01      | Variable      | 0.88%                 | 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      | $2126089.85   | 0.35%             | 2043-06-01      | Variable      | 0.88%                 | 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      | $7921732.39   | 1.30%             | 2043-07-01      | Fixed         | 5.00%                 | 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      | $3080291.10   | 0.50%             | 2053-06-01      | Fixed         | 5.00%                 | 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      | $2108167.91   | 0.35%             | 2037-07-01      | 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      | $1005630.80   | 0.16%             | 2039-07-01      | Fixed         | 5.00%                 | 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      | $1447521.27   | 0.24%             | 2038-07-01      | Fixed         | 4.00%                 | 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      | $1027789.60   | 0.17%             | 2035-07-01      | Fixed         | 5.00%                 | 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      | $1481757.62   | 0.24%             | 2039-12-01      | 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      | $2542725.90   | 0.42%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2017 A                               | CUSIP: 71883MLE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2192058.24   | 0.36%             | 2042-07-01      | 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      | $13040812.18  | 2.14%             | 2047-07-01      | 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      | $16669905.50  | 2.73%             | 2040-07-01      | Fixed         | 4.00%                 | 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      | $5048223.00   | 0.83%             | 2048-07-01      | 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      | $8848409.05   | 1.45%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 71883MNY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4019731.20   | 0.66%             | 2044-07-01      | Fixed         | 4.00%                 | 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      | $5083605.50   | 0.83%             | 2039-07-01      | Fixed         | 4.00%                 | 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      | $5037773.50   | 0.83%             | 2038-07-01      | Fixed         | 5.00%                 | 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      | $8550553.58   | 1.40%             | 2044-07-01      | 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      | $1593524.40   | 0.26%             | 2037-07-01      | 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      | $4679593.23   | 0.77%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 718846BA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4090000 | PA      | $4318364.74   | 0.71%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2019 A                               | CUSIP: 718846BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $12160140.00  | 1.99%             | 2045-07-01      | 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      | $8829320.88   | 1.45%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                               | City of Phoenix Civic Improvement Corp., Series 2005 B                               | CUSIP: 71884WAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3945000 | PA      | $4117832.03   | 0.67%             | 2027-07-01      | Fixed         | 5.50%                 | 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      | $2149740.40   | 0.35%             | 2028-07-01      | Fixed         | 5.50%                 | 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      | $2211619.60   | 0.36%             | 2029-07-01      | Fixed         | 5.50%                 | 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      | $6217000.00   | 1.02%             | 2036-07-01      | Fixed         | 5.50%                 | 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      | $8736277.20   | 1.43%             | 2037-07-01      | Fixed         | 5.50%                 | 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: 71885DCS9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    425000 | PA      | $434142.52    | 0.07%             | 2027-07-01      | 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      | $724351.95    | 0.12%             | 2030-07-01      | 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: 71885DCX8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257861.10    | 0.04%             | 2032-07-01      | 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: 71885DCY6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    600000 | PA      | $617538.90    | 0.10%             | 2033-07-01      | 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: 71885DDC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4028604.61   | 0.66%             | 2037-07-01      | 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: 71885DDH2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |  12800000 | PA      | $12885779.20  | 2.11%             | 2042-07-01      | 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 2019 A | CUSIP: 71885DEE8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013914.80   | 0.33%             | 2044-07-01      | 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 2019 A | CUSIP: 71885DEF5<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3086377.01   | 0.51%             | 2049-07-01      | 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 2019 A | CUSIP: 71885DEG3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2588229.08   | 0.42%             | 2054-07-01      | 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 2019 A | CUSIP: 71885DEH1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1921393.80   | 0.31%             | 2059-07-01      | 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: 71885FGB7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005909.50   | 0.16%             | 2048-07-01      | 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      | $2741297.35   | 0.45%             | 2033-07-01      | 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: 721864ET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2877568.12   | 0.47%             | 2034-07-01      | 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: 721901KU9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1043693.98   | 0.17%             | 2040-04-01      | Fixed         | 4.00%                 | 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      | $1343650.76   | 0.22%             | 2041-04-01      | Fixed         | 4.00%                 | 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      | $8628939.60   | 1.41%             | 2051-04-01      | Fixed         | 3.00%                 | 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      | $1514564.25   | 0.25%             | 2052-12-01      | Fixed         | 6.50%                 | 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      | $1378814.85   | 0.23%             | 2053-08-01      | Fixed         | 6.50%                 | 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      | $3410722.26   | 0.56%             | 2044-12-01      | None          | 0.00%                 | 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      | $2704952.54   | 0.44%             | 2036-12-01      | Fixed         | 5.38%                 | 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      | $5519361.52   | 0.90%             | 2045-12-01      | 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        |   1900000 | PA      | $1595845.53   | 0.26%             | 2044-12-28      | 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      | $3797254.13   | 0.62%             | 2032-07-01      | Fixed         | 5.25%                 | 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      | $1511440.34   | 0.25%             | 2053-07-01      | Fixed         | 4.75%                 | 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      | $4815378.82   | 0.79%             | 2058-07-01      | Fixed         | 5.00%                 | 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      | $5222930.00   | 0.86%             | 2042-08-01      | Fixed         | 5.00%                 | 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      | $5126504.00   | 0.84%             | 2047-08-01      | 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      | $1251180.16   | 0.21%             | 2047-08-01      | Fixed         | 5.00%                 | 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      | $4667521.86   | 0.76%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                              | Development Authority of Rockdale County, Series 2025 A-1                            | CUSIP: 77300QAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $577815.88    | 0.09%             | 2036-12-01      | Fixed         | 5.38%                 | 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      | $1212981.44   | 0.20%             | 2045-12-01      | None          | 0.00%                 | 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        |   2125000 | PA      | $2210479.40   | 0.36%             | 2038-01-01      | 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      | $2077386.60   | 0.34%             | 2047-01-01      | 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      | $5307913.00   | 0.87%             | 2047-01-01      | 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      | $5529036.59   | 0.91%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District          | Salt River Project Agricultural Improvement & Power District, Series 2023 B          | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2967233.28   | 0.49%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| 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        |  15000000 | PA      | $16088970.00  | 2.64%             | 2054-01-01      | Fixed         | 5.25%                 | 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      | $12797603.90  | 2.10%             | 2032-12-01      | Fixed         | 5.00%                 | 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      | $5574369.00   | 0.91%             | 2037-12-01      | 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      | $1573120.80   | 0.26%             | 2039-07-01      | Fixed         | 4.00%                 | 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      | $1113869.50   | 0.18%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tempe AZ                                                      | City of Tempe, Series 2025                                                           | CUSIP: 87973EDN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6930000 | PA      | $8008242.86   | 1.31%             | 2040-07-01      | 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      | $1604912.76   | 0.26%             | 2037-01-01      | Fixed         | 3.65%                 | 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      | $4286346.43   | 0.70%             | 2034-08-01      | Fixed         | 5.00%                 | 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: 985900EE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1319946.57   | 0.22%             | 2036-08-01      | Fixed         | 5.00%                 | 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      | $3698788.40   | 0.61%             | 2049-08-01      | Fixed         | 4.00%                 | 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      | $3594344.80   | 0.59%             | 2054-08-01      | Fixed         | 4.00%                 | 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      | $1812945.75   | 0.30%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Yuma AZ                                                     | County of Yuma, Series 2022                                                          | CUSIP: 988636BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3367300.30   | 0.55%             | 2042-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer