# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-26-001225
**Filing Date:** 2026-1
**Character Count:** 182405
**Document Hash:** 2bd3f53a555da7a8b805e100593dd897
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001225.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0002071691-26-001225

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**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:** 26562788

**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 FEDERAL LIMITED-TERM TAX-FREE INCOME FUND (Series ID: S000006933)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018804 | CLASS A1      | FFTFX           |
| C000096868 | Advisor Class | FTFZX           |
| C000194373 | Class R6      | FFTRX           |
| C000205911 | Class A       | FFLQX           |

## 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 Federal Limited-Term Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006933

- **c. LEI of Series:** 5493007EWSZA540FRT73

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

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

- **b. Date as of which information is reported:** 2025-11-30

**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:** $883253322.40

**Total Liabilities:** $5649823.91

**Net Assets:** $877603498.49

**Delayed Delivery Securities:** $3050732.00

**Cash Not Reported:** $415969.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1458.30000000 | **1-Year:** -23348.96000000 | **5-Year:** -38879.23000000 | **10-Year:** -55409.92000000 | **30-Year:** -61671.83000000

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

- **3-Month:** -682.16000000 | **1-Year:** -2988.44000000 | **5-Year:** -5891.99000000 | **10-Year:** -5764.39000000 | **30-Year:** -1496.79000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018804 | 0.60%                | 0.25%                | 0.22%                |
| Class ID C000096868 | 0.71%                | 0.26%                | 0.23%                |
| Class ID C000194373 | 0.62%                | 0.26%                | 0.23%                |
| Class ID C000205911 | 0.59%                | 0.24%                | 0.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9217.36                | $3749403.31                                |
| Month 2  | $322146.29               | $-204260.18                                |
| Month 3  | $-667454.92              | $463197.31                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adams County General Authority                                                                            | Adams County General Authority, Series 2024 B-2                                                                        | CUSIP: 006114AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1488251.70   | 0.17%             | 2029-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                                                | Alachua County Health Facilities Authority, Series 2025 B-3                                                            | CUSIP: 010684BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1141786.61   | 0.13%             | 2030-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                                                        | Allegheny County Airport Authority, Series 2023 A                                                                      | CUSIP: 01728LGV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110479.40   | 0.13%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                                             | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502286.95    | 0.06%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                                             | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $603322.08    | 0.07%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                                            | American Municipal Power, Inc., Series 2025                                                                            | CUSIP: 027651ZR2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1563482.06   | 0.18%             | 2026-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                                                       | Arizona Health Facilities Authority, Series 2015 C                                                                     | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5200000 | PA      | $5200000.00   | 0.59%             | 2046-01-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2025                                                                    | CUSIP: 04084EAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008734.20   | 0.23%             | 2065-10-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024                                                                    | CUSIP: 04109FCC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $747315.22    | 0.09%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024                                                                    | CUSIP: 04109FCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $824028.80    | 0.09%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                                                       | Atlanta Development Authority (The), Series 2025 B                                                                     | CUSIP: 04777LDX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1687040.70   | 0.19%             | 2030-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta, Series 2024 A-1                                                                                       | CUSIP: 04780MS67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304346.25    | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta, Series 2024 A-1                                                                                       | CUSIP: 04780MS83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $228308.41    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                                  | City of Austin, Series 2025                                                                                            | CUSIP: 052398HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $916480.71    | 0.10%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Housing Finance Corp.                                                                              | Austin Housing Finance Corp., Series 2024                                                                              | CUSIP: 052425HY4<br>LEI: 549300UBTYKESVNBXV64 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8531301.25   | 0.97%             | 2042-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                                                      | Babcock Ranch Community Independent Special District, Series 2020                                                      | CUSIP: 05616KBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $503234.83    | 0.06%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2023 B-2                                                                        | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10832748.00  | 1.23%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2019 A-1                                                                        | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.57%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2021 B                                                                          | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5029778.50   | 0.57%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2022 E                                                                          | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4206112.80   | 0.48%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2023 D-3                                                                        | CUSIP: 09182TCT2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5099913.00   | 0.58%             | 2049-06-01      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2024 A                                                                          | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2194462.20   | 0.25%             | 2055-05-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2024 C                                                                          | CUSIP: 09182TDU8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10766155.00  | 1.23%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                                               | Development Authority of Burke County (The), Series 4th 1995                                                           | CUSIP: 121342QJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011055.90   | 0.34%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                                               | Development Authority of Burke County (The), Series 5th 1994                                                           | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1774517.68   | 0.20%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VII                                                                           | CMFA Special Finance Agency VII, Series 2021 A-2                                                                       | CUSIP: 12574UAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $801965.06    | 0.09%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                                                       | California Community Housing Agency, Series 2021 A-2                                                                   | CUSIP: 13013FAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2554305.78   | 0.29%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAB2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    850000 | PA      | $851121.07    | 0.10%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAC0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    325000 | PA      | $326830.92    | 0.04%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAE6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405104.72    | 0.05%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAF3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    375000 | PA      | $380626.99    | 0.04%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAG1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    470000 | PA      | $478696.55    | 0.05%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority, Series 2023 C                                                         | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4245000 | PA      | $4521775.27   | 0.52%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                                         | California Housing Finance Agency, Series 2024 L                                                                       | CUSIP: 13034DAG9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016313.70   | 0.12%             | 2027-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                                    | California Municipal Finance Authority, Series 2021 A                                                                  | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499741.40   | 0.17%             | 2041-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                                    | California Municipal Finance Authority, Series 2024 B                                                                  | CUSIP: 13048RAS6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990568.60    | 0.11%             | 2050-09-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Celebration Community Development District                                                                | Celebration Community Development District, Series 2021                                                                | CUSIP: 151001ED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $230184.29    | 0.03%             | 2031-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                                         | City of Celina, Series 2024                                                                                            | CUSIP: 15114CJV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    132000 | PA      | $134393.48    | 0.02%             | 2031-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 H                                                          | CUSIP: 160853UN5<br>LEI: 549300XOH4JU704GMZ32 | Long             | STIV             | MUN               | US        |    100000 | PA      | $100000.00    | 0.01%             | 2048-01-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                                           | Chester County Industrial Development Authority, Series 2024                                                           | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3278011.75   | 0.37%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                                                    | Town of Chestertown, Series 2021 A                                                                                     | CUSIP: 166630AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1037545.17   | 0.12%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                                                    | Town of Chestertown, Series 2021 A                                                                                     | CUSIP: 166630AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1234122.28   | 0.14%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago, Series 2020 A                                                                                         | CUSIP: 167486G29<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3166194.30   | 0.36%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago, Series 2024 B                                                                                         | CUSIP: 167486T58<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031373.10   | 0.12%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago, Series 2024 B                                                                                         | CUSIP: 167486T66<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3220000 | PA      | $3382371.08   | 0.39%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                                                     | Chicago Park District, Series 2020 F-2                                                                                 | CUSIP: 167615F32<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500827.55    | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                                                     | Chicago Park District, Series 2020 F-2                                                                                 | CUSIP: 167615F40<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    550000 | PA      | $563051.72    | 0.06%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citizens Memorial Hospital District                                                                       | Citizens Memorial Hospital District, Series 2024 A                                                                     | CUSIP: 174762EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5018942.00   | 0.57%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Department of Public Utilities Division of Public Power                                         | Cleveland Department of Public Utilities, Series 2020 A                                                                | CUSIP: 186398LS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1645421.01   | 0.19%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                                                           | Cobb-Marietta Coliseum & Exhibit Hall Authority, Series 2025                                                           | CUSIP: 190760HU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313065.54    | 0.04%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                                                           | Cobb-Marietta Coliseum & Exhibit Hall Authority, Series 2025                                                           | CUSIP: 190760HV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $426767.08    | 0.05%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority, Series 2022 A                                                                    | CUSIP: 19648FWD2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    900000 | PA      | $962650.80    | 0.11%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority, Series 2025 A                                                                    | CUSIP: 19648FZT4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251575.33    | 0.03%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority, Series 2025 A                                                                    | CUSIP: 19648FZU1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    255000 | PA      | $260291.86    | 0.03%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority, Series 2025 A                                                                    | CUSIP: 19648FZV9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    340000 | PA      | $352182.81    | 0.04%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority, Series 2025 A                                                                    | CUSIP: 19648FZW7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    560000 | PA      | $587312.66    | 0.07%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority, Series 2025 A                                                                    | CUSIP: 19648FZX5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    395000 | PA      | $419012.72    | 0.05%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority, Series 2025 A                                                                    | CUSIP: 19648FZY3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    670000 | PA      | $723921.06    | 0.08%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                                                   | Columbus Metropolitan Housing Authority, Series 2024                                                                   | CUSIP: 199518AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019168.40   | 0.23%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                                                   | Columbus Metropolitan Housing Authority, Series 2024                                                                   | CUSIP: 19951AAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511373.75   | 0.17%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                                       | County of Cook, Series 2021 A                                                                                          | CUSIP: 213248CD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $918171.85    | 0.10%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                                       | County of Cook, Series 2024                                                                                            | CUSIP: 213248EA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521965.95    | 0.06%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                                       | County of Cook, Series 2024                                                                                            | CUSIP: 213248EB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065359.30   | 0.12%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                                       | County of Cook, Series 2024                                                                                            | CUSIP: 213248EC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086593.90   | 0.12%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crawford County Memorial Hospital, Inc.                                                                   | Crawford County Memorial Hospital, Inc., Series 2024                                                                   | CUSIP: 224832BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015489.00   | 0.23%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crystal Cay Community Development District                                                                | Crystal Cay Community Development District, Series 2021                                                                | CUSIP: 229092AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $310914.47    | 0.04%             | 2031-05-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority                           | Cumberland County Industrial Facilities & Pollution Control Financing Authority, Series 2024                           | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999904.60   | 0.23%             | 2027-12-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                                             | Delaware State Economic Development Authority, Series 2020 A                                                           | CUSIP: 246387SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5073334.00   | 0.58%             | 2045-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                                | Denver City & County School District No. 1, Series 2025 A                                                              | CUSIP: 249174YU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5917479.00   | 0.67%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                                                | Denver City & County School District No. 1, Series 2025 A                                                              | CUSIP: 249174ZE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3371888.40   | 0.38%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Des Moines Independent Community School District                                                          | Des Moines Independent Community School District, Series 2018                                                          | CUSIP: 250111DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9300000 | PA      | $9288897.66   | 1.06%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                                        | City of Detroit, Series 2018                                                                                           | CUSIP: 2510933M0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    950000 | PA      | $983103.80    | 0.11%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                                        | City of Detroit, Series 2018                                                                                           | CUSIP: 2510933R9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2340301.44   | 0.27%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                                        | City of Detroit, Series 2018                                                                                           | CUSIP: 2510933S7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1136614.80   | 0.13%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                                               | District of Columbia Housing Finance Agency, Series 2024 A-2                                                           | CUSIP: 254768YN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6335000 | PA      | $6579313.71   | 0.75%             | 2046-09-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia, Series 2025 A                                                                                    | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3678522.25   | 0.42%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                                    | Downtown Revitalization Public Infrastructure District, Series 2025 A                                                  | CUSIP: 26118TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $581369.97    | 0.07%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                                    | Downtown Revitalization Public Infrastructure District, Series 2025 A                                                  | CUSIP: 26118TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1191284.42   | 0.14%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                                    | Downtown Revitalization Public Infrastructure District, Series 2025 B                                                  | CUSIP: 26118TAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1344071.13   | 0.15%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                                    | Downtown Revitalization Public Infrastructure District, Series 2025 B                                                  | CUSIP: 26118TAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $360924.69    | 0.04%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                                    | Downtown Revitalization Public Infrastructure District, Series 2025 B                                                  | CUSIP: 26118TBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $494326.12    | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                                                    | Downtown Revitalization Public Infrastructure District, Series 2025 B                                                  | CUSIP: 26118TBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $584131.00    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Palm Drive Community Development District                                                            | East Palm Drive Community Development District, Series 2024                                                            | CUSIP: 27425AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $329872.73    | 0.04%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                                               | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1214740.98   | 0.14%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                                               | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1277378.16   | 0.15%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                                               | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1338860.70   | 0.15%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Eden Hills Community Development District                                                                 | Eden Hills Community Development District, Series 2020                                                                 | CUSIP: 279449AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109535.76    | 0.01%             | 2030-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                                                   | Energy Southeast A Cooperative District, Series 2023 A-1                                                               | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4685384.83   | 0.53%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                                                   | Energy Southeast A Cooperative District, Series 2023 B-1                                                               | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3873460.85   | 0.44%             | 2054-04-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Entrada Community Development District                                                                    | Entrada Community Development District, Series 2021                                                                    | CUSIP: 29384HAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $353313.19    | 0.04%             | 2031-05-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                                     | City of Farmington, Series 2010 A                                                                                      | CUSIP: 311450FX3<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4151427.63   | 0.47%             | 2040-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                                     | City of Farmington, Series 2010 D                                                                                      | CUSIP: 311450GC8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4045570.40   | 0.46%             | 2040-06-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                                     | City of Farmington, Series 2010 C                                                                                      | CUSIP: 311450GE4<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11134489.30  | 1.27%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                                                        | Forney Independent School District, Series 2025                                                                        | CUSIP: 346425LP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $610012.44    | 0.07%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                                                        | Forney Independent School District, Series 2025                                                                        | CUSIP: 346425LQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1662115.84   | 0.19%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Carson Family Housing LLC                                                                            | Fort Carson Family Housing LLC, Series 1999                                                                            | CUSIP: 347075AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4035000 | PA      | $4216655.70   | 0.48%             | 2029-11-15      | Fixed         | 7.86%                 | No            |                  2 | On Loan: No      |
| Franklin Municipal Green Bond ETF                                                                         | Franklin Municipal Green Bond ETF                                                                                      | CUSIP: 35473P850<br>LEI: 549300D0VIUWD9JJ6J30 | Long             |  | RF                | US        |    760000 | NS      | $18186420.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Garden State Preservation Trust                                                                           | Garden State Preservation Trust, Series 2005 A                                                                         | CUSIP: 365418BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15855000 | PA      | $16724854.45  | 1.91%             | 2028-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                                                    | City of Grand Forks, Series 2021                                                                                       | CUSIP: 38546WCY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2388292.55   | 0.27%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                                                    | City of Grand Forks, Series 2021                                                                                       | CUSIP: 38546WCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1746615.86   | 0.20%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority, Series 2025 A                                                                    | CUSIP: 40065FEU4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    640000 | PA      | $708320.58    | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                                                           | Halifax Hospital Medical Center, Series 2016                                                                           | CUSIP: 405815LB5<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2917620.31   | 0.33%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hays Consolidated Independent School District                                                             | Hays Consolidated Independent School District, Series 2025                                                             | CUSIP: 421111AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1130503.84   | 0.13%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hidalgo TX                                                                                      | County of Hidalgo, Series 2025                                                                                         | CUSIP: 429326W49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1167973.47   | 0.13%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hidalgo TX                                                                                      | County of Hidalgo, Series 2025                                                                                         | CUSIP: 429326W56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $414849.52    | 0.05%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                                                    | Hillsborough County Aviation Authority, Series 2024 B                                                                  | CUSIP: 432308V43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10085000 | PA      | $11263083.31  | 1.28%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                                         | City of Horace, Series 2024 B                                                                                          | CUSIP: 440365JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750572.95   | 0.20%             | 2026-08-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                                         | City of Horace, Series 2024 C                                                                                          | CUSIP: 440365JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $387766.84    | 0.04%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                                         | City of Horace, Series 2024 C                                                                                          | CUSIP: 440365JE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $409534.32    | 0.05%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                                         | City of Horace, Series 2024 C                                                                                          | CUSIP: 440365JF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $492666.01    | 0.06%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                                        | City of Houston, Series 2018 D                                                                                         | CUSIP: 44244CSL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022851.60   | 0.12%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ibis Landing Community Development District                                                               | Ibis Landing Community Development District, Series 2025                                                               | CUSIP: 451075AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $483925.92    | 0.06%             | 2035-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                | Illinois Finance Authority, Series 2015 A                                                                              | CUSIP: 45203HU34<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    590000 | PA      | $590251.75    | 0.07%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                | Illinois Finance Authority, Series 2019                                                                                | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450909.88   | 0.17%             | 2034-11-01      | Floating      | 3.96%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                | Illinois Finance Authority, Series 2021 A                                                                              | CUSIP: 45204FMW2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    901503 | PA      | $45075.16     | 0.01%             | 2027-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                | Illinois Finance Authority, Series 2024                                                                                | CUSIP: 45204FXJ9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    340000 | PA      | $341985.94    | 0.04%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                | Illinois Finance Authority, Series 2024                                                                                | CUSIP: 45204FXK6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $408974.20    | 0.05%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                                | Illinois Finance Authority, Series 2024                                                                                | CUSIP: 45204FXL4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $413922.16    | 0.05%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois, Series 2018 A                                                                                       | CUSIP: 4521522M2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $395981.74    | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois, Series 2018 B                                                                                       | CUSIP: 4521523D1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    625000 | PA      | $658254.94    | 0.08%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois, Series 2019 B                                                                                       | CUSIP: 4521525K3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $403840.16    | 0.05%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois, Series 2016                                                                                         | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $766793.25    | 0.09%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois, Series 2017 C                                                                                       | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072123.20   | 0.24%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois, Series 2017 D                                                                                       | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5218761.99   | 0.59%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois, Series 2025 A                                                                                       | CUSIP: 452153NA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8200000 | PA      | $8211147.08   | 0.94%             | 2026-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                                       | State of Illinois, Series 2021 A                                                                                       | CUSIP: 452227RM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525645.35   | 0.17%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority, Series 2013 E                                                                               | CUSIP: 455054BN5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5021542.50   | 0.57%             | 2037-05-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority, Series 2025 B                                                                               | CUSIP: 45506EMZ3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    785000 | PA      | $821867.45    | 0.09%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority, Series 2025 B                                                                               | CUSIP: 45506ENA7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    875000 | PA      | $923871.46    | 0.11%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority, Series 2025 B                                                                               | CUSIP: 45506ENB5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    920000 | PA      | $976066.18    | 0.11%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority, Series 2025 B                                                                               | CUSIP: 45506ENC3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1028374.45   | 0.12%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority, Series 2025 B                                                                               | CUSIP: 45506END1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1083177.65   | 0.12%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority, Series 2025 B                                                                               | CUSIP: 45506ENE9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    535000 | PA      | $571024.87    | 0.07%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                                                      | Iowa Higher Education Loan Authority, Series 2025                                                                      | CUSIP: 46247DAX5<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1452155.61   | 0.17%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                                                      | Iowa Higher Education Loan Authority, Series 2025                                                                      | CUSIP: 46247DBC0<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2217082.18   | 0.25%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                                    | Iowa Finance Authority, Series 2021 B                                                                                  | CUSIP: 46247SBP8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1476519.15   | 0.17%             | 2056-05-15      | Floating      | 3.36%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                                    | Iowa Finance Authority, Series 2023 B                                                                                  | CUSIP: 46247SFC3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    640000 | PA      | $665372.61    | 0.08%             | 2028-05-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Jacksonville Transportation Authority                                                                     | Jacksonville Transportation Authority, Series 2020                                                                     | CUSIP: 469494BA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1969546.20   | 0.22%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                                      | County of Jefferson, Series 2024                                                                                       | CUSIP: 472682ZC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2832476.50   | 0.32%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                                                 | Jersey City Municipal Utilities Authority, Series 2025 A                                                               | CUSIP: 476624DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009713.90   | 0.12%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Redevelopment Agency                                                                          | Jersey City Redevelopment Agency, Series 2024 A                                                                        | CUSIP: 476637AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3501200.15   | 0.40%             | 2025-12-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kaufman County Fresh Water Supply District No. 1-D                                                        | Kaufman County Fresh Water Supply District No. 1-D, Series 2021                                                        | CUSIP: 48618TAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $146935.77    | 0.02%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Kaufman County Fresh Water Supply District No. 1-D                                                        | Kaufman County Fresh Water Supply District No. 1-D, Series 2021                                                        | CUSIP: 48618TAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $147842.33    | 0.02%             | 2027-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Kaufman County Fresh Water Supply District No. 1-D                                                        | Kaufman County Fresh Water Supply District No. 1-D, Series 2024                                                        | CUSIP: 48618TBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $400538.79    | 0.05%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kaufman County Fresh Water Supply District No. 1-D                                                        | Kaufman County Fresh Water Supply District No. 1-D, Series 2024                                                        | CUSIP: 48618TBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $510400.45    | 0.06%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Energy Agency                                                                          | Kentucky Municipal Energy Agency, Series 2025                                                                          | CUSIP: 491499AF6<br>LEI: 254900W8G3M70YHUAO94 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $3255040.21   | 0.37%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Energy Agency                                                                          | Kentucky Municipal Energy Agency, Series 2025                                                                          | CUSIP: 491499AG4<br>LEI: 254900W8G3M70YHUAO94 | Long             | DBT              | MUN               | US        |   3020000 | PA      | $3440478.83   | 0.39%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                             | Kentucky State Property & Building Commission, Series A                                                                | CUSIP: 49151F4U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5715000 | PA      | $6519615.99   | 0.74%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Keys Edge Community Development District                                                                  | Keys Edge Community Development District, Series 2024                                                                  | CUSIP: 49333FAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $409341.88    | 0.05%             | 2031-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Kindred Community Development District II                                                                 | Kindred Community Development District II, Series 2021                                                                 | CUSIP: 494581AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $226275.11    | 0.03%             | 2031-05-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Auburn School District No. 408 of King & Pierce Counties                                                  | Auburn School District No. 408 of King & Pierce Counties, Series 2018                                                  | CUSIP: 494619EH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1781475.90   | 0.20%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kingman Gate Community Development District                                                               | Kingman Gate Community Development District, Series 2021                                                               | CUSIP: 495742AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247362.18    | 0.03%             | 2031-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Lakes by the Bay South Community Development District                                                     | Lakes by the Bay South Community Development District, Series 2024                                                     | CUSIP: 51206QAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $713541.27    | 0.08%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                                       | Lakewood Ranch Stewardship District, Series 2024                                                                       | CUSIP: 51265KFR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132625.03    | 0.02%             | 2031-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                                       | Lakewood Ranch Stewardship District, Series 2025                                                                       | CUSIP: 51265KGB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $451543.31    | 0.05%             | 2035-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                                                       | Lakewood Ranch Stewardship District, Series 2025                                                                       | CUSIP: 51265KGE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1497651.67   | 0.17%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Laramie WY                                                                                      | County of Laramie, Series 2021                                                                                         | CUSIP: 516706CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $557169.36    | 0.06%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lavon TX                                                                                          | City of Lavon, Series 2025                                                                                             | CUSIP: 51946PCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607464.42    | 0.07%             | 2032-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                                            | Lee County Industrial Development Authority, Series 2024 B-3                                                           | CUSIP: 52349EET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3013897.20   | 0.34%             | 2029-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Lee County Housing Finance Authority                                                                      | Lee County Housing Finance Authority, Series 2023 B                                                                    | CUSIP: 52349HBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3999353.20   | 0.46%             | 2028-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Lehigh County Industrial Development Authority                                                            | Lehigh County Industrial Development Authority, Series 2016 B                                                          | CUSIP: 524808BZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4975758.00   | 0.57%             | 2027-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Leomas Landing Community Development District                                                             | Leomas Landing Community Development District, Series 2021                                                             | CUSIP: 526400AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $101932.67    | 0.01%             | 2031-05-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Lewisburg Industrial Development Board                                                                    | Lewisburg Industrial Development Board, Series 2012                                                                    | CUSIP: 528236AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2250572.18   | 0.26%             | 2035-07-02      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Town of Little Elm TX                                                                                     | Town of Little Elm, Series 2021                                                                                        | CUSIP: 537098BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    117000 | PA      | $115690.21    | 0.01%             | 2026-09-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Long Beach Bond Finance Authority                                                                         | Long Beach Bond Finance Authority, Series 2007 B                                                                       | CUSIP: 54241ABC6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   6125000 | PA      | $6198664.76   | 0.71%             | 2027-11-15      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                                                    | City of Los Angeles, Series 2025                                                                                       | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7611657.00   | 0.87%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                                   | Los Angeles Department of Water & Power, Series 2025 A                                                                 | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4183453.20   | 0.48%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth                          | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2023, Class A-1          | CUSIP: 54627RAR1<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1372782 | PA      | $1399227.80   | 0.16%             | 2031-06-01      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                                     | Louisiana Public Facilities Authority, Series 2025 B                                                                   | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4329588.80   | 0.49%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                                           | State of Louisiana, Series 2022 A                                                                                      | CUSIP: 546475VU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2869684.70   | 0.33%             | 2043-05-01      | Floating      | 3.31%                 | No            |                  2 | On Loan: No      |
| Louisiana Offshore Terminal Authority                                                                     | Louisiana Offshore Terminal Authority, Series 2007 A                                                                   | CUSIP: 546510FS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513717.05   | 0.17%             | 2027-09-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| City of Lowry Crossing TX                                                                                 | City of Lowry Crossing, Series 2025                                                                                    | CUSIP: 54877WAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $305810.19    | 0.03%             | 2035-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                             | Main Street Natural Gas, Inc., Series 2021 A                                                                           | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3287675.63   | 0.37%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                             | Main Street Natural Gas, Inc., Series 2022 C                                                                           | CUSIP: 56035DDP4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15008025.00  | 1.71%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                             | Main Street Natural Gas, Inc., Series 2022 A                                                                           | CUSIP: 56035DDX7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4625768.25   | 0.53%             | 2052-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                             | Main Street Natural Gas, Inc., Series 2023 D                                                                           | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4251783.20   | 0.48%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Governmental Facilities Authority                                                                   | Maine Governmental Facilities Authority, Series 2025 A                                                                 | CUSIP: 56041MXW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $713698.65    | 0.08%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Governmental Facilities Authority                                                                   | Maine Governmental Facilities Authority, Series 2025 A                                                                 | CUSIP: 56041MXX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $625143.18    | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manor TX                                                                                          | City of Manor, Series 2025                                                                                             | CUSIP: 564099AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $179231.81    | 0.02%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                                          | Maricopa County Industrial Development Authority, Series 2024                                                          | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11630000 | PA      | $12238215.27  | 1.39%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                                         | State of Maryland, Series 2017 B                                                                                       | CUSIP: 574193PE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30498.95     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2020 B-2                                             | CUSIP: 57421CAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5110000 | PA      | $5207074.16   | 0.59%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2022 A                                                                     | CUSIP: 57422JBH0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10069631.00  | 1.15%             | 2028-11-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                                                   | Massachusetts Health & Educational Facilities Authority, Series 2001 J-2                                               | CUSIP: 57585KSV1<br>LEI: 549300MV50RWQFTX5223 | Long             | STIV             | MUN               | US        |    200000 | PA      | $200000.00    | 0.02%             | 2031-07-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                                      | Massachusetts Housing Finance Agency, Series 2022 C-3                                                                  | CUSIP: 57587GRC1<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   5275000 | PA      | $5278453.02   | 0.60%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                     | Metropolitan Transportation Authority, Series 2025 B                                                                   | CUSIP: 59261A5R4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3064833.90   | 0.35%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority, Series 2025 A                                                              | CUSIP: 592647NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1166739.43   | 0.13%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                                                  | County of Miami-Dade, Series 2024 A                                                                                    | CUSIP: 59333P7D4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4814390.52   | 0.55%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority, Series 2016                                                                                | CUSIP: 59447TMC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036265.40   | 0.23%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                                   | Michigan Strategic Fund, Series 2005                                                                                   | CUSIP: 594698EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5915000 | PA      | $5753514.59   | 0.66%             | 2035-04-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                                | Middleton Community Development District A, Series 2022                                                                | CUSIP: 596681AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202269.82    | 0.02%             | 2027-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                                    | City of Minneapolis, Series 2018 C                                                                                     | CUSIP: 60374VEJ8<br>LEI: 54930069TEI1INHRHS55 | Long             | STIV             | MUN               | US        |   4200000 | PA      | $4200000.00   | 0.48%             | 2048-11-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                                            | Minnesota Municipal Gas Agency, Series 2022 B                                                                          | CUSIP: 60406UAN7<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8016936.00   | 0.91%             | 2052-12-01      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| Minnesota Health & Education Facilities Authority                                                         | Minnesota Health & Education Facilities Authority, Series 2019                                                         | CUSIP: 60416JBQ2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017323.50   | 0.12%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                                           | Minnesota Higher Education Facilities Authority, Series 2019                                                           | CUSIP: 60416JBR0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038804.40   | 0.12%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                                        | Mississippi Business Finance Corp., Series 2004                                                                        | CUSIP: 60527MAQ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2438399.00   | 0.28%             | 2029-03-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                                        | Missouri Development Finance Board, Series 2021                                                                        | CUSIP: 60636SHL1<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    405000 | PA      | $406016.27    | 0.05%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                                        | Missouri Development Finance Board, Series 2021                                                                        | CUSIP: 60636SHM9<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    660000 | PA      | $669175.52    | 0.08%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                                        | Health & Educational Facilities Authority of the State of Missouri, Series 2014 F                                      | CUSIP: 60637AFM9<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |  12600000 | PA      | $12600000.00  | 1.44%             | 2044-06-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                                        | Health & Educational Facilities Authority of the State of Missouri, Series 2000 C                                      | CUSIP: 606901WT9<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.15%             | 2040-03-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| City of Moline IL                                                                                         | City of Moline, Series 2021 C                                                                                          | CUSIP: 608557B37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $925000.00    | 0.11%             | 2025-12-01      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                                              | Development Authority of Monroe County (The), Series 2009                                                              | CUSIP: 610530FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1961959.40   | 0.22%             | 2049-07-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                                              | Development Authority of Monroe County (The), Series 2006                                                              | CUSIP: 610530FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3507987.00   | 0.40%             | 2041-12-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing                                                                                  | Montana Board of Housing, Series 2025                                                                                  | CUSIP: 61212VAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997643.00    | 0.11%             | 2028-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                                     | Montgomery County Industrial Development Authority, Series 2023 A                                                      | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5132005.00   | 0.58%             | 2053-04-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| County of Morris NJ                                                                                       | County of Morris, Series 2021                                                                                          | CUSIP: 618024BP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4215000 | PA      | $4208897.94   | 0.48%             | 2026-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Mounds View MN                                                                                    | City of Mounds View, Series 2024                                                                                       | CUSIP: 620646AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5519946.30   | 0.63%             | 2046-03-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority, Series 2024-3, Class A                                                       | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    991977 | PA      | $981534.97    | 0.11%             | 2041-10-20      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                                                         | New Hampshire Municipal Bond Bank, Series 2025 B                                                                       | CUSIP: 64465QTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561042.50   | 0.18%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority, Series 2019                                                                 | CUSIP: 64577B6L3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6272848.20   | 0.71%             | 2027-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority, Series 2019 B                                                               | CUSIP: 645780FM4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7102695.00   | 0.81%             | 2039-10-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority, Series 2006 C                                                          | CUSIP: 646136EP2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9704291.00   | 1.11%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority, Series 2006 C                                                          | CUSIP: 646136TM3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11110000 | PA      | $10479336.41  | 1.19%             | 2027-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                                     | New Mexico Mortgage Finance Authority, Series 2023                                                                     | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4100000.00   | 0.47%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                                     | New Mexico Mortgage Finance Authority, Series 2023                                                                     | CUSIP: 64719HES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000013.60   | 0.11%             | 2042-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Sewerage Service Revenue                                                           | City of New Orleans, Series 2020 B                                                                                     | CUSIP: 647719PD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $454895.46    | 0.05%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Sewerage Service Revenue                                                           | City of New Orleans, Series 2020 B                                                                                     | CUSIP: 647719PE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $619622.16    | 0.07%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Sewerage Service Revenue                                                           | City of New Orleans, Series 2020 B                                                                                     | CUSIP: 647719PF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $576837.58    | 0.07%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp., Series 2021 A                                                                      | CUSIP: 649519DJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $732981.76    | 0.08%             | 2027-11-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                                       | City of New York, Series 2020 B-3                                                                                      | CUSIP: 64966MU98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |    400000 | PA      | $400000.00    | 0.05%             | 2046-10-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                                       | City of New York, Series 2014 I-3                                                                                      | CUSIP: 64966SMQ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |  11000000 | PA      | $11000000.00  | 1.25%             | 2044-03-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                              | New York City Transitional Finance Authority, Series 2025 D                                                            | CUSIP: 64972JMR6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3031822.80   | 0.35%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                              | New York City Transitional Finance Authority, Series 2025 F-1                                                          | CUSIP: 64972JQA9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2311341.00   | 0.26%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                                                    | New York State Energy Research & Development Authority, Series 1994 D                                                  | CUSIP: 649845HD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3027895.50   | 0.35%             | 2029-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                                     | New York State Housing Finance Agency, Series 2025 A-2                                                                 | CUSIP: 64987J2X8<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4016590.80   | 0.46%             | 2064-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                                     | New York State Housing Finance Agency, Series 2022 A-2                                                                 | CUSIP: 64987JSF9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1864236.54   | 0.21%             | 2060-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2018                                                                 | CUSIP: 650116CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7195000 | PA      | $7315281.69   | 0.83%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2020 A                                                               | CUSIP: 650116DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2020 C                                                               | CUSIP: 650116EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.25%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2025                                                                 | CUSIP: 650116HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2234870.00   | 0.25%             | 2037-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2025                                                                 | CUSIP: 650116JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1806970.24   | 0.21%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2025                                                                 | CUSIP: 650116JB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2314504.08   | 0.26%             | 2039-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                                         | City of Newark, Series 2025 B                                                                                          | CUSIP: 650367TD7<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4023182.40   | 0.46%             | 2026-05-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNV7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    850000 | PA      | $859876.66    | 0.10%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025 B-3                                                                | CUSIP: 65820YVJ2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1135577.72   | 0.13%             | 2029-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                                                | North Carolina State University at Raleigh, Series 2018                                                                | CUSIP: 658289G23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3060709.50   | 0.35%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                                                | North Carolina State University at Raleigh, Series 2018                                                                | CUSIP: 658289G31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1566427.05   | 0.18%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                                               | Ohio Housing Finance Agency, Series 2023 B                                                                             | CUSIP: 676900WF6<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1703584.96   | 0.19%             | 2026-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                                               | Ohio Housing Finance Agency, Series 2023 B                                                                             | CUSIP: 676900WK5<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011496.00   | 0.34%             | 2026-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                                               | Ohio Housing Finance Agency, Series 2025                                                                               | CUSIP: 676900XP3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1210897.92   | 0.14%             | 2047-11-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                                    | Ohio Air Quality Development Authority, Series 2022 A                                                                  | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7621128.75   | 0.87%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                                    | Ohio Air Quality Development Authority, Series 2014 D                                                                  | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3495144.45   | 0.40%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                                                   | State of Oregon Housing & Community Services Department, Series 2024 R                                                 | CUSIP: 68608ENL2<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5076804.00   | 0.58%             | 2048-01-10      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                                         | Oregon State Facilities Authority, Series 2018 A                                                                       | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    800000 | PA      | $800000.00    | 0.09%             | 2034-08-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                    | Patriots Energy Group Financing Agency, Series 2023 A-1                                                                | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3854421.19   | 0.44%             | 2054-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Special Care Facilities Financing Authority of the City of Pell City Alabama                              | Special Care Facilities Financing Authority of the City of Pell City Alabama, Series 2021 A                            | CUSIP: 705888BW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1048805.23   | 0.12%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority, Series 2021 B                                                   | CUSIP: 708692BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3899339.20   | 0.44%             | 2031-06-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority, Series 2017 A                                                   | CUSIP: 70870JAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1276901.13   | 0.15%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority, Series 2025 A                                                   | CUSIP: 70870JGY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8200000 | PA      | $9070165.96   | 1.03%             | 2060-03-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                                       | Pennsylvania Housing Finance Agency, Series 2025-149 A                                                                 | CUSIP: 70879QS87<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308116.80    | 0.04%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                                       | Pennsylvania Housing Finance Agency, Series 2025-149 A                                                                 | CUSIP: 70879QS95<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $310932.36    | 0.04%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pflugerville TX                                                                                   | City of Pflugerville, Series 2025                                                                                      | CUSIP: 717088CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1710213.33   | 0.19%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                                         | Philadelphia Authority for Industrial Development, Series 2024 B-1                                                     | CUSIP: 717901CC4<br>LEI: 549300DIY68KQZEW7M79 | Long             | STIV             | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.68%             | 2054-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                                         | Philadelphia Authority for Industrial Development, Series 2024 B-2                                                     | CUSIP: 717901CE0<br>LEI: 549300DIY68KQZEW7M79 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.11%             | 2054-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Pine Isle Community Development District                                                                  | Pine Isle Community Development District, Series 2021                                                                  | CUSIP: 72265AAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $226284.17    | 0.03%             | 2031-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Poitras East Community Development District                                                               | Poitras East Community Development District, Series 2023                                                               | CUSIP: 73086BAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301533.42    | 0.03%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Preserve at South Branch Community Development District                                                   | Preserve at South Branch Community Development District, Series 2021                                                   | CUSIP: 74082PAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $344702.30    | 0.04%             | 2031-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Providence RI                                                                                     | City of Providence, Series 2021 A                                                                                      | CUSIP: 743787Z97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501161.45    | 0.06%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                          | Kentucky Public Energy Authority, Series 2022 A-2                                                                      | CUSIP: 74440DDT8<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  14125000 | PA      | $14211751.51  | 1.62%             | 2052-08-01      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                          | Kentucky Public Energy Authority, Series 2025 B                                                                        | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5233902.00   | 0.60%             | 2033-12-01      | 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        |   2145000 | PA      | $2226961.52   | 0.25%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74442EGM6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $149748.15    | 0.02%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74444VBG4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301243.26    | 0.03%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2023-1, Class B-1                                                                     | CUSIP: 74448AAA0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2370716.53   | 0.27%             | 2034-07-25      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFH6<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    450000 | PA      | $459965.43    | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                                                                         | City of Quincy, Series 2025                                                                                            | CUSIP: 748508Y93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4059648.80   | 0.46%             | 2026-07-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reno County Unified School District No. 308 Hutchinson                                                    | Reno County Unified School District No. 308 Hutchinson, Series 2019                                                    | CUSIP: 759804GB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1633615.20   | 0.19%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhodine Road North Community Development District                                                         | Rhodine Road North Community Development District, Series 2022                                                         | CUSIP: 762402AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $189478.65    | 0.02%             | 2032-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Richland SC                                                                                     | County of Richland, Series 2021                                                                                        | CUSIP: 76363RAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $205974.91    | 0.02%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| River Hall Community Development District                                                                 | River Hall Community Development District, Series 2021 A-1                                                             | CUSIP: 768247AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $219099.74    | 0.02%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                                                      | City of Rochester, Series 2025 D                                                                                       | CUSIP: 771902HS5<br>LEI: 549300006EX3INSHXA95 | Long             | STIV             | MUN               | US        |  23550000 | PA      | $23550000.00  | 2.68%             | 2064-11-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                                                  | Development Authority of Rockdale County, Series 2025 A-1                                                              | CUSIP: 77300QAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $477973.26    | 0.05%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                                                             | Roswell Development Authority, Series 2025 A                                                                           | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    800000 | PA      | $800000.00    | 0.09%             | 2047-04-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist                                                                            | Parish of St. John the Baptist, Series 2017 C                                                                          | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5012232.50   | 0.57%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| St Johns County Housing Finance Authority                                                                 | St. Johns County Housing Finance Authority, Series 2023 B                                                              | CUSIP: 79039AAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999220.10    | 0.11%             | 2028-12-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                                     | City of San Antonio, Series 2015                                                                                       | CUSIP: 7962534A7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |  10415000 | PA      | $10453750.05  | 1.19%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                                                | San Antonio Independent School District, Series 2025                                                                   | CUSIP: 796269N38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2924194.70   | 0.33%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sangamon County School District No. 186 Springfield                                                       | Sangamon County School District No. 186 Springfield, Series 2020 C                                                     | CUSIP: 800766LV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1593361.34   | 0.18%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                                                     | County of Santa Fe, Series 2024                                                                                        | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3711171.04   | 0.42%             | 2049-12-10      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| Sherman Independent School District/TX                                                                    | Sherman Independent School District, Series 2025                                                                       | CUSIP: 824178D79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2371349.00   | 0.27%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shingle Creek at Bronson Community Development District                                                   | Shingle Creek at Bronson Community Development District, Series 2021                                                   | CUSIP: 82459NAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491363.55    | 0.06%             | 2031-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2021 B                                            | CUSIP: 83712EHP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.14%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority, Series 2024 A                                                                 | CUSIP: 8371513K3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    675000 | PA      | $689938.63    | 0.08%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority, Series 2024 A                                                                 | CUSIP: 8371513L1<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    525000 | PA      | $548905.30    | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority, Series 2024 A                                                                 | CUSIP: 8371513M9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533762.40    | 0.06%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority, Series 2024 A                                                                 | CUSIP: 8371513N7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    550000 | PA      | $597278.22    | 0.07%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority, Series 2024 A                                                                 | CUSIP: 8371513P2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    675000 | PA      | $745473.11    | 0.08%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority, Series 2024 A                                                                 | CUSIP: 8371514F3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3222509.70   | 0.37%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority, Series 2025 B                                                                 | CUSIP: 8371515Z8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    750000 | PA      | $800643.60    | 0.09%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Creek Community Development District                                                                | South Creek Community Development District, Series 2021                                                                | CUSIP: 837512AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $169491.37    | 0.02%             | 2031-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                                    | South Dakota Health & Educational Facilities Authority, Series 2025 B-2                                                | CUSIP: 83755VZ23<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6464406.00   | 0.74%             | 2030-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2025 B                                                       | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1671182.89   | 0.19%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                                     | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025 A                                   | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3014034.38   | 0.34%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No. 354 Mead                                                               | Spokane County School District No. 354 Mead, Series 2018                                                               | CUSIP: 848780SV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1174151.96   | 0.13%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No. 354 Mead                                                               | Spokane County School District No. 354 Mead, Series 2018                                                               | CUSIP: 848780SW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563526.05   | 0.18%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Storey Park Community Development District                                                                | Storey Park Community Development District, Series 2021                                                                | CUSIP: 86216RAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $166325.98    | 0.02%             | 2031-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                                                      | County of Suffolk, Series 2018 B                                                                                       | CUSIP: 86476PYE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4205000 | PA      | $4252850.80   | 0.48%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Summerstone Community Development District                                                                | Summerstone Community Development District, Series 2020                                                                | CUSIP: 865711AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $164370.71    | 0.02%             | 2030-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                                | Tarrant County Cultural Education Facilities Finance Corp., Series 2025 B                                              | CUSIP: 87638TJT1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7789255.00   | 0.89%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp., Series 2022 A                                                                                          | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   8010000 | PA      | $8676965.47   | 0.99%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp., Series 2023 A-1                                                                    | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  14560000 | PA      | $15066204.61  | 1.72%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Tennessee                                                                                        | State of Tennessee, Series 2023 A                                                                                      | CUSIP: 880541H59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6670000 | PA      | $7536977.94   | 0.86%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. IV                                                         | Texas Municipal Gas Acquisition & Supply Corp. IV, Series 2023 A                                                       | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5356654.00   | 0.61%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                             | Central Texas Turnpike System, Series 2002 A                                                                           | CUSIP: 882762FG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3123643.38   | 0.36%             | 2027-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority, Series 2025 B-1                                                                  | CUSIP: 89602HJA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3611329.75   | 0.41%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                                                      | County of Trimble, Series 2023 A                                                                                       | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2519396.25   | 0.29%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                                                      | County of Trimble, Series 2001 A                                                                                       | CUSIP: 896224BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3297221.44   | 0.38%             | 2026-09-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Town of Trophy Club TX Public Improvement District No. 1                                                  | Town of Trophy Club, Series 2025                                                                                       | CUSIP: 89706PAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $604420.60    | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Hawaii                                                                                      | University of Hawaii, Series 2020 B                                                                                    | CUSIP: 91428LNE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2865000 | PA      | $2919396.04   | 0.33%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Hawaii                                                                                      | University of Hawaii, Series 2020 D                                                                                    | CUSIP: 91428LNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4360000 | PA      | $4442780.70   | 0.51%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                                               | Vancouver Housing Authority, Series 2024 A                                                                             | CUSIP: 92162PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1482263.83   | 0.17%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                                               | Vancouver Housing Authority, Series 2024 B                                                                             | CUSIP: 92162PAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1070564.20   | 0.12%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                                               | Vancouver Housing Authority, Series 2024 A                                                                             | CUSIP: 92162PAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1656316.39   | 0.19%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                                             | Village Community Development District No. 15, Series 2024                                                             | CUSIP: 92708KAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $738494.56    | 0.08%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Villamar Community Development District                                                                   | Villamar Community Development District, Series 2020                                                                   | CUSIP: 92715KAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $237623.38    | 0.03%             | 2030-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp.                                                      | Virgin Islands Transportation & Infrastructure Corp., Series 2025                                                      | CUSIP: 927686AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    800000 | PA      | $809892.16    | 0.09%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Transportation & Infrastructure Corp.                                                      | Virgin Islands Transportation & Infrastructure Corp., Series 2025                                                      | CUSIP: 927686AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    640000 | PA      | $657404.54    | 0.07%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230000.00    | 0.03%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $233714.48    | 0.03%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104NE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $182744.82    | 0.02%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104NF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1779760.15   | 0.20%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                                             | Volusia County Educational Facility Authority, Series 2025                                                             | CUSIP: 928836PM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $663463.25    | 0.08%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                                             | Volusia County Educational Facility Authority, Series 2025                                                             | CUSIP: 928836PN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $865710.80    | 0.10%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                               | Washington Health Care Facilities Authority, Series 2021                                                               | CUSIP: 93978HXY6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    280000 | PA      | $307678.14    | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                               | Washington State Housing Finance Commission, Series 2023                                                               | CUSIP: 93978LGK6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    410000 | PA      | $423879.81    | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                               | Washington State Housing Finance Commission, Series 2025 A                                                             | CUSIP: 93978LJA5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $540888.90    | 0.06%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                               | Washington State Housing Finance Commission, Series 2025 A                                                             | CUSIP: 93978LJB3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    750000 | PA      | $817316.93    | 0.09%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                               | Washington State Housing Finance Commission, Series 2025 A                                                             | CUSIP: 93978LJC1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097192.50   | 0.13%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV                                                                                       | County of Washoe, Series 2016 F                                                                                        | CUSIP: 940865BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3656242.59   | 0.42%             | 2036-03-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority, Series 2017 E                                                                          | CUSIP: 944514YL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5041946.00   | 0.57%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority, Series 2010 A                                                            | CUSIP: 95648VBH1<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999075.30    | 0.11%             | 2038-12-01      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| Westside 211 Special Improvement District                                                                 | Westside 211 Special Improvement District, Series 2021                                                                 | CUSIP: 96145JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $268689.99    | 0.03%             | 2027-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                                                        | City of Whiting, Series 2019 A                                                                                         | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1111815.65   | 0.13%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                       | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JDX8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    345000 | PA      | $345036.95    | 0.04%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                       | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JDY6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    360000 | PA      | $360733.07    | 0.04%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                       | Wisconsin Health & Educational Facilities Authority, Series 2024 B-2                                                   | CUSIP: 97712JJH7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    675000 | PA      | $672343.74    | 0.08%             | 2028-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                       | Wisconsin Health & Educational Facilities Authority, Series 2024 A                                                     | CUSIP: 97712JKF9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5296544.50   | 0.60%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                       | Wisconsin Health & Educational Facilities Authority, Series 2025 A                                                     | CUSIP: 97712JNN9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055351.00   | 0.12%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Youngstown State University                                                                               | Youngstown State University, Series 2021                                                                               | CUSIP: 987720EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $580302.82    | 0.07%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Youngstown State University                                                                               | Youngstown State University, Series 2021                                                                               | CUSIP: 987720EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $862459.39    | 0.10%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                                                | Philadelphia Gas Works Co., Series 16th A                                                                              | CUSIP: 71783MBH7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    600000 | PA      | $609498.12    | 0.07%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer