# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-25-003341
**Filing Date:** 2025-10
**Character Count:** 102691
**Document Hash:** 5c1871a42302b33eb5d4fc48e5453aef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003341.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003341

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 251418335

**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 MICHIGAN TAX-FREE INCOME FUND (Series ID: S000006919)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018771 | CLASS A1      | FTTMX           |
| C000018773 | CLASS C       | FRMTX           |
| C000068549 | ADVISOR CLASS | FMTFX           |
| C000194360 | Class R6      | FKTNX           |
| C000205898 | Class A       | FMQTX           |

## 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 Michigan Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006919

- **c. LEI of Series:** 549300HZX1XR2KYICN27

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $654478289.86

**Total Liabilities:** $2796957.13

**Net Assets:** $651681332.73

**Delayed Delivery Securities:** $505370.00

**Cash Not Reported:** $16118867.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -557.52000000 | **5-Year:** -3585.73000000 | **10-Year:** -135496.53000000 | **30-Year:** -277067.19000000

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

- **3-Month:** -7.31000000 | **1-Year:** -14.39000000 | **5-Year:** -424.67000000 | **10-Year:** -33990.34000000 | **30-Year:** -38544.43000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000068549 | 0.77%                | -0.88%               | 0.80%                |
| Class ID C000018771 | 0.67%                | -0.79%               | 0.79%                |
| Class ID C000194360 | 0.68%                | -0.78%               | 0.80%                |
| Class ID C000018773 | 0.71%                | -0.92%               | 0.73%                |
| Class ID C000205898 | 0.75%                | -0.90%               | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1221972.63             | $4271138.00                                |
| Month 2  | $-1138710.56             | $-6475509.53                               |
| Month 3  | $-33145.38               | $3243522.10                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hemlock Public School District                               | Hemlock Public School District, Series 2024 III                             | CUSIP: 423668NK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1111615.78   | 0.17%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016 A                                   | CUSIP: 59447THF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $11998695.60  | 1.84%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                       | Wayne State University, Series 2018 A                                       | CUSIP: 946303ZU1<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8613969.00   | 1.32%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue      | Great Lakes Water Authority, Series 2022 B                                  | CUSIP: 39081JFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5181525.00   | 0.80%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024 B                                   | CUSIP: 59447T6T5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1694214.43   | 0.26%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2022 A                 | CUSIP: 594654RF4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4643706.00   | 0.71%             | 2043-06-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Rochester Community School District                          | Rochester Community School District, Series 2016 I                          | CUSIP: 771537VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2823345.56   | 0.43%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pecan Public Facility Corp.                                  | Pecan Public Facility Corp., Series 2022 A-2                                | CUSIP: 705125AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2508420.25   | 0.38%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016                                     | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7016705.50   | 1.08%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority, Series 2021 B                               | CUSIP: 944514E79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1689723.42   | 0.26%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Lansing School District                                 | East Lansing School District, Series 2017 I                                 | CUSIP: 273389KD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2509513.75   | 0.39%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                      | Lansing School District, Series 2016 I                                      | CUSIP: 516444RQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2209713.44   | 0.34%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                  | Caledonia Community Schools, Series 2025 II                                 | CUSIP: 129271XB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1605743.44   | 0.25%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Water Supply System Revenue          | City of Grand Rapids, Series 2016                                           | CUSIP: 386316NE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2193660.80   | 0.34%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue      | Great Lakes Water Authority, Series 2025 C                                  | CUSIP: 39081JJS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026647.50   | 0.16%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020 A-2                                 | CUSIP: 59447TG80<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004961.60   | 0.15%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Redford School District                                | South Redford School District, Series 2024                                  | CUSIP: 839635KS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303158.88    | 0.05%             | 2051-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charter Township of Bloomfield MI                            | Charter Township of Bloomfield, Series 2016                                 | CUSIP: 094149NC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015798.40   | 0.16%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                    | Michigan State Hospital Finance Authority, Series 1999 B-3                  | CUSIP: 59465HUY0<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   5370000 | PA      | $5599555.15   | 0.86%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lansing MI                                           | City of Lansing, Series 2023 B                                              | CUSIP: 516372UC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9980000 | PA      | $10088817.93  | 1.55%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodhaven-Brownstown School District                         | Woodhaven-Brownstown School District, Series 2025 III                       | CUSIP: 97942NHQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5443795.50   | 0.84%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2016 I                            | CUSIP: 594615FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999966.20    | 0.15%             | 2051-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 59447TQ22<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3309782.00   | 0.51%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority, Series 2024 A                         | CUSIP: 40065FEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1770000 | PA      | $1747957.13   | 0.27%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2021 A                 | CUSIP: 59465PAZ1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2415924.40   | 0.37%             | 2056-10-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                      | Lansing School District, Series 2016 I                                      | CUSIP: 516444RP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2136460.76   | 0.33%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Technological University                            | Michigan Technological University, Series 2023 A                            | CUSIP: 594746QT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3516615.14   | 0.54%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Muskegon MI                                        | County of Muskegon, Series 2015                                             | CUSIP: 6276786X8<br>LEI: 549300F2TUG80GVLH358 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1738270.48   | 0.27%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2024                                           | CUSIP: 386226L51<br>LEI: 254900GF6XDJ7XO6OR24 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1707390.58   | 0.26%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeWitt Public Schools                                        | DeWitt Public Schools, Series 2017                                          | CUSIP: 242109SK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519884.20    | 0.08%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2024                                           | CUSIP: 386226K86<br>LEI: 254900GF6XDJ7XO6OR24 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1170109.71   | 0.18%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Holly Area School District                                   | Holly Area School District, Series 2025 II                                  | CUSIP: 435866VG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015426.10   | 0.16%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                    | Michigan State Hospital Finance Authority, Series 2025 A                    | CUSIP: 59465HXD3<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017241.30   | 0.16%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Universal Academy                                            | Universal Academy, Series 2021                                              | CUSIP: 913359AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $200639.96    | 0.03%             | 2026-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2022                                     | CUSIP: 594479HH3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1355390.19   | 0.21%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI Water Supply System Revenue             | County of Genesee, Series 2024                                              | CUSIP: 371646AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $906369.12    | 0.14%             | 2037-11-01      | Fixed         | 5.00%                 | 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        |    900000 | PA      | $572309.01    | 0.09%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| City of Lansing MI                                           | City of Lansing, Series 2023                                                | CUSIP: 516372UW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $1936246.62   | 0.30%             | 2053-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2022                                     | CUSIP: 594479HL4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $1845363.16   | 0.28%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020 B-1, Class 2                        | CUSIP: 59447TL92<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    495000 | PA      | $475080.66    | 0.07%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                     | Development Authority of Rockdale County, Series 2025 A-1                   | CUSIP: 77300QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4415000 | PA      | $1932843.29   | 0.30%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2022                                     | CUSIP: 594479HK6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $3007849.92   | 0.46%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Grand Rapids Public School District                     | East Grand Rapids Public School District, Series 2024 I                     | CUSIP: 272497SQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $706898.43    | 0.11%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Haven at Elgin LLC                                           | Haven at Elgin LLC                                                          | CUSIP: 41935HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1805386.28   | 0.28%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue        | City of Grand Rapids, Series 2018                                           | CUSIP: 386289LX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1070269.30   | 0.16%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024 B                                   | CUSIP: 59447T7C1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3820000 | PA      | $3828251.96   | 0.59%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comstock Public Schools                                      | Comstock Public Schools, Series 2022 I                                      | CUSIP: 205723NZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2562968.70   | 0.39%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2019 A                                   | CUSIP: 59447TWP4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $10726931.60  | 1.65%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeWitt Public Schools                                        | DeWitt Public Schools, Series 2017                                          | CUSIP: 242109SR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022303.40   | 0.16%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                            | State of Illinois, Series 2024 C                                            | CUSIP: 452153LZ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1692040.88   | 0.26%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024                                     | CUSIP: 59447NBD7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1676082.40   | 0.26%             | 2054-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                 | L'Anse Creuse Public Schools, Series 2025 I                                 | CUSIP: 516228TM5<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2301797.70   | 0.35%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                        | Metropolitan Transportation Authority, Series 2021 A-1                      | CUSIP: 59261AK63<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   9300000 | PA      | $7729746.15   | 1.19%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Universal Academy                                            | Universal Academy, Series 2021                                              | CUSIP: 913359AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1019216.56   | 0.16%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Green Lake Township Economic Development Corp.               | Green Lake Township Economic Development Corp., Series 2004                 | CUSIP: 393096AB8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.21%             | 2034-06-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                       | University of Michigan, Series 2017 A                                       | CUSIP: 914455RA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5206627.50   | 0.80%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029443.90   | 0.16%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Lake Public Schools                                   | Spring Lake Public Schools, Series 2025 II                                  | CUSIP: 849765JB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $770819.63    | 0.12%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Battle Creek School District/MI                              | Battle Creek School District, Series 2022                                   | CUSIP: 071446CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2710333.50   | 0.42%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                         | State of Michigan, Series 2023                                              | CUSIP: 5946954Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078853.20   | 0.32%             | 2049-11-15      | Fixed         | 5.25%                 | 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        |   1000000 | PA      | $796554.00    | 0.12%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2016 I                            | CUSIP: 594615FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9910000 | PA      | $9917718.90   | 1.52%             | 2046-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kent Hospital Finance Authority                              | Kent Hospital Finance Authority, Series 2021 A                              | CUSIP: 490580FP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6010000 | PA      | $3949496.74   | 0.61%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2019 I                            | CUSIP: 594615HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1671810.20   | 0.26%             | 2054-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016 B                                   | CUSIP: 59447TPA5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2781602.45   | 0.43%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority, Series 2021 A                               | CUSIP: 944514C48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3462168.37   | 0.53%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bangor Township School District/MI                           | Bangor Township School District, Series 2023                                | CUSIP: 060257ED0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028041.60   | 0.31%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue   | Great Lakes Water Authority, Series 2022 B                                  | CUSIP: 39081HEM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553576.10   | 0.24%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hudsonville Public Schools                                   | Hudsonville Public Schools, Series 2017                                     | CUSIP: 444240SP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2529824.00   | 0.39%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Water Supply System Revenue          | City of Grand Rapids, Series 2018                                           | CUSIP: 386316PC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512371.10   | 0.23%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                  | Washington State Housing Finance Commission, Series 2021 A                  | CUSIP: 939783H58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1492812.54   | 0.23%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Western Michigan University                                  | Western Michigan University, Series 2019 A                                  | CUSIP: 958638WN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2327558.18   | 0.36%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2019 BB              | CUSIP: 6461365Q0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $426002.45    | 0.07%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alma Public Schools                                          | Alma Public Schools, Series 2025 I                                          | CUSIP: 020213MC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014938.20   | 0.31%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Lansing School District                                 | East Lansing School District, Series 2017 I                                 | CUSIP: 273389KB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1117978.84   | 0.17%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                 | Detroit City School District, Series 2001 A                                 | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6590000 | PA      | $7100578.04   | 1.09%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Charter Township of White Lake MI                            | Charter Township of White Lake, Series 2025                                 | CUSIP: 964009GC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2568894.63   | 0.39%             | 2054-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2021 A                 | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3000081.50   | 0.46%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2020 A                 | CUSIP: 594654JH9<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $3108403.86   | 0.48%             | 2045-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Southfield Public Schools                                    | Southfield Public Schools, Series 2025                                      | CUSIP: 844215SP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3235000 | PA      | $3327885.58   | 0.51%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue        | City of Grand Rapids, Series 2020                                           | CUSIP: 386289MX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019927.60   | 0.31%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2022                                     | CUSIP: 594479HP5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    745000 | PA      | $613196.69    | 0.09%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority, Series 2018 A                               | CUSIP: 944514ZH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7732891.10   | 1.19%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                    | Michigan State Hospital Finance Authority, Series 2010 F-8                  | CUSIP: 59465HWN2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2628332.43   | 0.40%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI Water Supply System Revenue             | County of Genesee, Series 2024                                              | CUSIP: 371646AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $752686.27    | 0.12%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI Water Supply System Revenue               | City of Detroit, Series 06 A                                                | CUSIP: 251256CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30033.62     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024 B                                   | CUSIP: 59447T6X6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2656022.56   | 0.41%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Melvindale Northern Allen Park Public Schools                | Melvindale Northern Allen Park Public Schools, Series 2022                  | CUSIP: 585854EV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1434621.60   | 0.22%             | 2047-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                          | Kentwood Economic Development Corp., Series 2022                            | CUSIP: 491740FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1819650.99   | 0.28%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                       | University of Michigan, Series 2017 A                                       | CUSIP: 914455QZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5635000 | PA      | $5867869.19   | 0.90%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2025 A                 | CUSIP: 594654C86<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4999633.50   | 0.77%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Michigan University                                  | Central Michigan University, Series 2021                                    | CUSIP: 154123ZZ9<br>LEI: 549300ADPRW1MSPHFS73 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $941637.88    | 0.14%             | 2046-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Water Supply System Revenue          | City of Grand Rapids, Series 2016                                           | CUSIP: 386316NF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2525901.43   | 0.39%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trenton Public Schools School District                       | Trenton Public Schools School District, Series 2018                         | CUSIP: 895028JF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $4990852.43   | 0.77%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FP7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2780000 | PA      | $2129448.59   | 0.33%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jenison Public Schools                                       | Jenison Public Schools, Series 2024 I                                       | CUSIP: 476034UC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $557614.26    | 0.09%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Albion MI Water Supply System Revenue                | City of Albion, Series 2025                                                 | CUSIP: 013403AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1724497.95   | 0.26%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crestwood School District/MI                                 | Crestwood School District, Series 2025 I                                    | CUSIP: 226363JB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3024988.20   | 0.46%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1508975.44   | 0.23%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Portage Public Schools                                       | Portage Public Schools, Series 2025                                         | CUSIP: 735779PZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1827620.20   | 0.28%             | 2047-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2023                                     | CUSIP: 594479JP3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1952484.40   | 0.30%             | 2048-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2016 I                            | CUSIP: 594615FY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12108571.20  | 1.86%             | 2041-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ferris State University                                      | Ferris State University, Series 2025 A                                      | CUSIP: 315361MY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1822891.50   | 0.28%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southfield Public Schools                                    | Southfield Public Schools, Series 2025                                      | CUSIP: 844215SQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5880851.60   | 0.90%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DeWitt Public Schools                                        | DeWitt Public Schools, Series 2017                                          | CUSIP: 242109SQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024895.50   | 0.16%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2025 A                                   | CUSIP: 59447UAY6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506557.95    | 0.08%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2025 A-1                                   | CUSIP: 74441XJD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1311644.93   | 0.20%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Walled Lake Consolidated School District                     | Walled Lake Consolidated School District, Series 2024                       | CUSIP: 932423XV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1821443.40   | 0.28%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lowell Area Schools                                          | Lowell Area Schools, Series 2024 I                                          | CUSIP: 547694SC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $1861569.38   | 0.29%             | 2054-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Water Supply System Revenue          | City of Grand Rapids, Series 2020                                           | CUSIP: 386316PU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2477397.60   | 0.38%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Swartz Creek Community Schools                               | Swartz Creek Community Schools, Series 2025 I                               | CUSIP: 870040CW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3052728.60   | 0.47%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kent MI                                            | County of Kent, Series 2016                                                 | CUSIP: 4902786W3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1328082.06   | 0.20%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority             | Grand Traverse County Hospital Finance Authority, Series 2019 A             | CUSIP: 386523GW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1114048.17   | 0.17%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                            | Michigan State Building Authority, Series 2022 I                            | CUSIP: 594615KN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3617385.80   | 0.56%             | 2052-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                  | Caledonia Community Schools, Series 2025 II                                 | CUSIP: 129271XC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000797.50   | 0.15%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024                                     | CUSIP: 59447NBC9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535451.15   | 0.24%             | 2049-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FL6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    640000 | PA      | $563671.87    | 0.09%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority             | Grand Traverse County Hospital Finance Authority, Series 2019 C             | CUSIP: 386523HR8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.35%             | 2041-07-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $665555.22    | 0.10%             | 2036-05-01      | Fixed         | 5.00%                 | 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        |   5256000 | PA      | $4506391.91   | 0.69%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                | Grand Valley State University, Series 2018                                  | CUSIP: 386545MS3<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |    900000 | PA      | $915490.80    | 0.14%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                      | Michigan Strategic Fund, Series 2018                                        | CUSIP: 594698QV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6534504.90   | 1.00%             | 2048-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodhaven-Brownstown School District                         | Woodhaven-Brownstown School District, Series 2025 III                       | CUSIP: 97942NHP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $525426.56    | 0.08%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2018                                     | CUSIP: 594479EF0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2181786.70   | 0.33%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Belding Area Schools                                         | Belding Area Schools, Series 2022                                           | CUSIP: 077527NF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7330000 | PA      | $6514583.68   | 1.00%             | 2052-05-01      | Fixed         | 4.25%                 | 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        |    280000 | PA      | $281425.73    | 0.04%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2024                                           | CUSIP: 386226K37<br>LEI: 254900GF6XDJ7XO6OR24 | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1700562.18   | 0.26%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2023                                     | CUSIP: 594479JQ1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2229282.08   | 0.34%             | 2052-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Michigan Technological University                            | Michigan Technological University, Series 2015 A                            | CUSIP: 594746PE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400126.96   | 0.37%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority, Series 2020 A                         | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1750000 | PA      | $1669860.33   | 0.26%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gerald R Ford International Airport Authority                | Gerald R Ford International Airport Authority, Series 2021                  | CUSIP: 373695AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1980787.20   | 0.30%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Farmington Public School District                            | Farmington Public School District, Series 2018                              | CUSIP: 311261TY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7225000 | PA      | $7293347.06   | 1.12%             | 2038-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oakland University                                           | Oakland University, Series 2016                                             | CUSIP: 673588HE2<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5008996.00   | 0.77%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2022, Class B-1                            | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1380019.50   | 0.21%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gull Lake Community School District                          | Gull Lake Community School District, Series 2018 I                          | CUSIP: 402748MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003239.20   | 0.15%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Water Supply System Revenue          | City of Grand Rapids, Series 2020                                           | CUSIP: 386316PW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3022101.00   | 0.46%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williamston Community Schools School District                | Williamston Community Schools School District, Series 2024                  | CUSIP: 970294EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033743.80   | 0.31%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority             | Grand Traverse County Hospital Finance Authority, Series 2019 B             | CUSIP: 386523HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1661750.51   | 0.25%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Technological University                            | Michigan Technological University, Series 2023 C                            | CUSIP: 594746SF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032874.60   | 0.31%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sparta Area Schools                                          | Sparta Area Schools, Series 2019 II                                         | CUSIP: 846625NB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5777178.53   | 0.89%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                       | California Municipal Finance Authority, Series 2022 A-1                     | CUSIP: 130483EV8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2220976.13   | 0.34%             | 2037-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mattawan Consolidated School District/MI                     | Mattawan Consolidated School District, Series 2024 I                        | CUSIP: 577056MR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1714260.79   | 0.26%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority, Series 2020 AA              | CUSIP: 6461367N5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    600000 | PA      | $415082.46    | 0.06%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Kent MI                                            | County of Kent, Series 2016                                                 | CUSIP: 4902786X1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1296313.03   | 0.20%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charter Township of White Lake MI                            | Charter Township of White Lake, Series 2025                                 | CUSIP: 964009GA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $712743.78    | 0.11%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2021 A                 | CUSIP: 594654NW1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1885914.30   | 0.29%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI Water Supply System Revenue               | City of Detroit, Series 2003 B                                              | CUSIP: 251256CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25050.41     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024                                     | CUSIP: 59447NBE5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755876.68   | 0.27%             | 2057-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Grand Valley State University                                | Grand Valley State University, Series 2018                                  | CUSIP: 386545MT1<br>LEI: 5493004492FRREYG5M95 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1803104.64   | 0.28%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Macomb Interceptor Drain Drainage District                   | Macomb Interceptor Drain Drainage District, Series 2017 A                   | CUSIP: 55539PCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4031773.20   | 0.62%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                         | Lake Houston Redevelopment Authority, Series 2021                           | CUSIP: 51001QAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $225903.72    | 0.03%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wayne-Westland Community Schools                             | Wayne-Westland Community Schools, Series 2022                               | CUSIP: 946498JW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2081393.97   | 0.32%             | 2044-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Gull Lake Community School District                          | Gull Lake Community School District, Series 2018 I                          | CUSIP: 402748MB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4017817.60   | 0.62%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016 MI                                  | CUSIP: 59447TYF4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    290000 | PA      | $295047.42    | 0.05%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6730000 | PA      | $6734770.90   | 1.03%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2018 B                                   | CUSIP: 59447TTJ2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   8055000 | PA      | $8300366.58   | 1.27%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                    | Michigan State Hospital Finance Authority, Series 2010 F-7                  | CUSIP: 59465HTY2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10307186.00  | 1.58%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2021                                     | CUSIP: 594479GK7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    895000 | PA      | $581720.29    | 0.09%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2024 B                                   | CUSIP: 59447T6Q1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1472763.08   | 0.23%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2025                                           | CUSIP: 386226P73<br>LEI: 254900GF6XDJ7XO6OR24 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011223.30   | 0.46%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                         | Lake Houston Redevelopment Authority, Series 2021                           | CUSIP: 51001QAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $252447.59    | 0.04%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Comstock Park Public Schools                                 | Comstock Park Public Schools, Series 2025 II                                | CUSIP: 205759MK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5395000 | PA      | $5419849.37   | 0.83%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trenton Public Schools School District                       | Trenton Public Schools School District, Series 2018                         | CUSIP: 895028JJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11480000 | PA      | $11533984.70  | 1.77%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                          | Kentwood Economic Development Corp., Series 2021                            | CUSIP: 491740EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1292877.56   | 0.20%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Downriver Utility Wastewater Authority                       | Downriver Utility Wastewater Authority, Series 2018                         | CUSIP: 26111PAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3025312.20   | 0.46%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp., Series A-1                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  12900000 | PA      | $11832630.78  | 1.82%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                       | Wayne State University, Series 2018 A                                       | CUSIP: 946303ZT4<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4535199.00   | 0.70%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western School District                                      | Western School District, Series 2022                                        | CUSIP: 959452NA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054422.80   | 0.32%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oakland University                                           | Oakland University, Series 2019                                             | CUSIP: 673588JD2<br>LEI: 549300O12XLW6O082V10 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2200051.99   | 0.34%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511MP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1353503.89   | 0.21%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2020 A                 | CUSIP: 594654JJ5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   5150000 | PA      | $3508625.48   | 0.54%             | 2050-06-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FK8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    565000 | PA      | $505939.25    | 0.08%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Plainwell Community Schools                                  | Plainwell Community Schools, Series 2022 II                                 | CUSIP: 726889MV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6000559.60   | 0.92%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2025 A-2                                   | CUSIP: 74441XJE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  20050000 | PA      | $8777691.51   | 1.35%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan Technological University                            | Michigan Technological University, Series 2023 A                            | CUSIP: 594746QU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010948.50   | 0.16%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Redford School District                                | South Redford School District, Series 2024                                  | CUSIP: 839635KR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508896.90    | 0.08%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020 A, Class 1                          | CUSIP: 59447TL76<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   7170000 | PA      | $5802137.51   | 0.89%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charter Township of White Lake MI                            | Charter Township of White Lake, Series 2025                                 | CUSIP: 964009GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2642172.02   | 0.41%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority, Series 2025 A                         | CUSIP: 40065FFH2<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1033664.10   | 0.16%             | 2045-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Downriver Utility Wastewater Authority                       | Downriver Utility Wastewater Authority, Series 2018                         | CUSIP: 26111PAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1660807.52   | 0.25%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ingham County Building Authority                             | Ingham County Building Authority, Series 2024                               | CUSIP: 457003MH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2561706.08   | 0.39%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                      | Capital Trust Authority, Series 2024                                        | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6020000 | PA      | $5023617.76   | 0.77%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegan Public School District                               | Allegan Public School District, Series 2025 III                             | CUSIP: 017014PB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5310000 | PA      | $5340786.32   | 0.82%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                       | University of Michigan, Series 2017 A                                       | CUSIP: 914455QY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2811578.85   | 0.43%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grosse Ile Township School District/MI                       | Grosse Ile Township School District, Series 2025 II                         | CUSIP: 398892LG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010863.80   | 0.31%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flat Rock Community School District                          | Flat Rock Community School District, Series 2022 I                          | CUSIP: 338639JE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1965492.69   | 0.30%             | 2052-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Byron Center Public Schools                                  | Byron Center Public Schools, Series 2017 I                                  | CUSIP: 124511ML7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1970935.10   | 0.30%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                     | Metropolitan Pier & Exposition Authority, Series 2022 A                     | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2016956.75   | 0.31%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI Water Supply System Revenue             | County of Genesee, Series 2024                                              | CUSIP: 371646AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1227624.89   | 0.19%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                  | Caledonia Community Schools, Series 2023 I                                  | CUSIP: 129271UN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012729.00   | 0.31%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Howell Public Schools                                        | Howell Public Schools, Series 2025 II                                       | CUSIP: 443114WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507647.90    | 0.08%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saginaw Valley State University                              | Saginaw Valley State University, Series 2016 A                              | CUSIP: 78689HKU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2170000 | PA      | $2204414.90   | 0.34%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeWitt Public Schools                                        | DeWitt Public Schools, Series 2017                                          | CUSIP: 242109SP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026659.20   | 0.16%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Zeeland Public Schools                                       | Zeeland Public Schools, Series 2025 III                                     | CUSIP: 989258RP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $312967.97    | 0.05%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                    | Michigan State University, Series 2025 A                                    | CUSIP: 594712C74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5034989.50   | 0.77%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                  | Caledonia Community Schools, Series 2025 II                                 | CUSIP: 129271XD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1215845.40   | 0.19%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Holly Area School District                                   | Holly Area School District, Series 2025 II                                  | CUSIP: 435866VC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $640116.56    | 0.10%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FM4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    675000 | PA      | $580237.49    | 0.09%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Saginaw Valley State University                              | Saginaw Valley State University, Series 2016 A                              | CUSIP: 78689HKW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1256930.09   | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ludington Area School District                               | Ludington Area School District, Series 2022 II                              | CUSIP: 549637GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7820000 | PA      | $6714287.19   | 1.03%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Traverse County Hospital Finance Authority             | Grand Traverse County Hospital Finance Authority, Series 2021               | CUSIP: 386523JJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $6529597.00   | 1.00%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FJ1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    400000 | PA      | $364612.68    | 0.06%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority, Series 2021 A                               | CUSIP: 944514C63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3670000 | PA      | $3686182.87   | 0.57%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                 | Michigan State Housing Development Authority, Series 2019 B                 | CUSIP: 594654GB5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |  10500000 | PA      | $8067118.50   | 1.24%             | 2044-12-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Kentwood Public Schools                                      | Kentwood Public Schools, Series 2016                                        | CUSIP: 491746RT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2929471.31   | 0.45%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2018 B                                   | CUSIP: 59447TTK9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6165794.40   | 0.95%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Okemos Public Schools                                        | Okemos Public Schools, Series 2024 II                                       | CUSIP: 678467PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2352945.88   | 0.36%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2020                                     | CUSIP: 594479FN2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    645000 | PA      | $546022.94    | 0.08%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Saline Area Schools                                          | Saline Area Schools, Series 2016                                            | CUSIP: 795200JB1<br>LEI: 549300COVKKGR0VUE860 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2974596.22   | 0.46%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2016 MI                                  | CUSIP: 59447TYG2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2211933.75   | 0.34%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing Board of Water & Light                               | Lansing Board of Water & Light, Series 2024 A                               | CUSIP: 516391FM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9655823.75   | 1.48%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe Public Schools                                        | Monroe Public Schools, Series 2020 I                                        | CUSIP: 611116BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2483128.84   | 0.38%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Universal Academy                                            | Universal Academy, Series 2021                                              | CUSIP: 913359AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $958123.76    | 0.15%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                       | University of Michigan, Series 2015                                         | CUSIP: 914455QB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029775.40   | 0.31%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downriver Utility Wastewater Authority                       | Downriver Utility Wastewater Authority, Series 2018                         | CUSIP: 26111PAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $532577.45    | 0.08%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                      | Michigan Strategic Fund, Series 2018                                        | CUSIP: 594698QP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2264405.00   | 0.35%             | 2033-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentwood Economic Development Corp.                          | Kentwood Economic Development Corp., Series 2022                            | CUSIP: 491740FB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8820000 | PA      | $7112314.82   | 1.09%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Four Lakes Special Assessment District                       | Four Lakes Special Assessment District, Series 2025                         | CUSIP: 35088BAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1490728.20   | 0.23%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI                                      | City of Grand Rapids, Series 2018                                           | CUSIP: 386289LZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008247.40   | 0.15%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downriver Utility Wastewater Authority                       | Downriver Utility Wastewater Authority, Series 2018                         | CUSIP: 26111PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1545276.00   | 0.24%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Battle Creek MI Water & Wastewater System Revenue    | City of Battle Creek, Series 2016 A                                         | CUSIP: 071474CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1312563.98   | 0.20%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2024 A-2                                   | CUSIP: 74441XHX0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $7030033.20   | 1.08%             | 2044-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority, Series 2021                                     | CUSIP: 594479GL5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1268975.52   | 0.19%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Muskegon MI                                        | County of Muskegon, Series 2015                                             | CUSIP: 6276786W0<br>LEI: 549300F2TUG80GVLH358 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1363557.22   | 0.21%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Lansing School District                                 | East Lansing School District, Series 2017 I                                 | CUSIP: 273389JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532459.25   | 0.24%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Melvindale Northern Allen Park Public Schools                | Melvindale Northern Allen Park Public Schools, Series 2024                  | CUSIP: 585854FJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1333580.56   | 0.20%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer