# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-26-001232
**Filing Date:** 2026-1
**Character Count:** 54530
**Document Hash:** 18144e25895c792eaccd0107e330b622
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001232.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0002071691-26-001232

**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:** 26562795

**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 MARYLAND TAX-FREE INCOME FUND (Series ID: S000006917)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018767 | CLASS A1      | FMDTX           |
| C000018768 | CLASS C       | FMDIX           |
| C000079635 | ADVISOR CLASS | FMDZX           |
| C000194358 | Class R6      | FMDQX           |
| C000205896 | Class A       | FQMDX           |

## 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 Maryland Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006917

- **c. LEI of Series:** 5493004RAW8FG3PMDF33

**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:** $321899437.26

**Total Liabilities:** $1101026.77

**Net Assets:** $320798410.49

**Cash Not Reported:** $93116.60

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -498.05000000 | **5-Year:** -1895.77000000 | **10-Year:** -77965.56000000 | **30-Year:** -132484.03000000

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

- **3-Month:** 0.00000000 | **1-Year:** -2.30000000 | **5-Year:** -926.02000000 | **10-Year:** -6386.00000000 | **30-Year:** -10770.69000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018767 | 3.24%                | 1.34%                | 0.26%                |
| Class ID C000018768 | 3.13%                | 1.36%                | 0.21%                |
| Class ID C000079635 | 3.25%                | 1.45%                | 0.17%                |
| Class ID C000194358 | 3.14%                | 1.45%                | 0.27%                |
| Class ID C000205896 | 3.12%                | 1.43%                | 0.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-103290.31              | $9118273.57                                |
| Month 2  | $-2500.00                | $3503745.06                                |
| Month 3  | $-4264172.78             | $4204283.72                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Anne Arundel MD                                                     | County of Anne Arundel, Series 2009                                                            | CUSIP: 03588PBW7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1727592.33   | 0.54%             | 2028-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                          | City of Baltimore, Series 2016                                                                 | CUSIP: 05923TBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005271.90   | 0.94%             | 2043-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                       | Capital Trust Authority, Series 2024                                                           | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2239662.87   | 0.70%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                        | Town of Chestertown, Series 2021 A                                                             | CUSIP: 166630AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3420000 | PA      | $3292636.46   | 1.03%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                        | Town of Chestertown, Series 2021 A                                                             | CUSIP: 166630AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2561119.29   | 0.80%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                        | Town of Chestertown, Series 2021 A                                                             | CUSIP: 166630AR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3095000 | PA      | $2894452.36   | 0.90%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                                          | City of Dallas, Series 2022 A                                                                  | CUSIP: 23529CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $509558.50    | 0.16%             | 2062-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                        | County of Frederick, Series 2025 A                                                             | CUSIP: 35569PMD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5005792.00   | 1.56%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                        | County of Frederick, Series 2020 C                                                             | CUSIP: 35571LCE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3865000 | PA      | $3444230.59   | 1.07%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Gaithersburg MD                                                       | City of Gaithersburg, Series 2022                                                              | CUSIP: 363128CX5<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1464573.00   | 0.46%             | 2042-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Harford MD                                                          | County of Harford, Series 2025                                                                 | CUSIP: 412487PE4<br>LEI: 549300BAMXA3G0J23I39 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1637978.58   | 0.51%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harford MD                                                          | County of Harford, Series 2021                                                                 | CUSIP: 412516AM8<br>LEI: 549300BAMXA3G0J23I39 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762126.98    | 0.24%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harford MD                                                          | County of Harford, Series 2021                                                                 | CUSIP: 412516AN6<br>LEI: 549300BAMXA3G0J23I39 | Long             | DBT              | MUN               | US        |    675000 | PA      | $675070.81    | 0.21%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harford MD                                                          | County of Harford, Series 2021                                                                 | CUSIP: 412516AP1<br>LEI: 549300BAMXA3G0J23I39 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155724.30    | 0.05%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                              | Howard County Housing Commission, Series 2013                                                  | CUSIP: 442577AP7<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |   9980000 | PA      | $9994274.39   | 3.12%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                              | Howard County Housing Commission, Series 2016                                                  | CUSIP: 442577DF6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1905247.60   | 0.59%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                              | Howard County Housing Commission, Series 2017                                                  | CUSIP: 442577DX7<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5050227.00   | 1.57%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                           | County of Howard, Series 2024                                                                  | CUSIP: 442599AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $692840.96    | 0.22%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration Local Government Infrastructure | Maryland Community Development Administration Local Government Infrastructure, Series 2017 A-1 | CUSIP: 574039DN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2162382.95   | 0.67%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration Local Government Infrastructure | Maryland Community Development Administration Local Government Infrastructure, Series 2018 A-1 | CUSIP: 574039EU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1328403.27   | 0.41%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration Local Government Infrastructure | Maryland Community Development Administration Local Government Infrastructure, Series 2019 B-1 | CUSIP: 574039GY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2806278.30   | 0.87%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                             | State of Maryland, Series 2022 A                                                               | CUSIP: 574193VP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8934520.80   | 2.79%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                 | Maryland Community Development Administration, Series 2019 D                                   | CUSIP: 57419TCB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1368992.40   | 0.43%             | 2039-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                 | Maryland Community Development Administration, Series 2019 D                                   | CUSIP: 57419TCC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $856807.00    | 0.27%             | 2044-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                        | Maryland Department of Housing & Community Development, Series 2025 C                          | CUSIP: 57419UYN2<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3399066.99   | 1.06%             | 2050-07-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2024 A-1                                           | CUSIP: 574205HF0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062871.50   | 0.33%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2019 A                                             | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3517200.75   | 1.10%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2022 A                                             | CUSIP: 57420NDN8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5155454.00   | 1.61%             | 2047-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2024                                               | CUSIP: 57420PHD1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5120000 | PA      | $5192152.58   | 1.62%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2013                                               | CUSIP: 57420VLQ4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2040898.01   | 0.64%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2013                                               | CUSIP: 57420VMD2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5001348.00   | 1.56%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2016                                               | CUSIP: 57420VPC1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3305000 | PA      | $3314305.23   | 1.03%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2020                                               | CUSIP: 57420VRK1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958623.10    | 0.30%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2020                                               | CUSIP: 57420VRL9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1253031.00   | 0.39%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2022 A                                             | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   4620000 | PA      | $4908353.60   | 1.53%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2024                                               | CUSIP: 57420VTH6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7161551.60   | 2.23%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 1997                         | CUSIP: 574216XB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3115000 | PA      | $3174247.61   | 0.99%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2001                         | CUSIP: 574217BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $347559.62    | 0.11%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2004                         | CUSIP: 574217RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5038082.00   | 1.57%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2017 A                       | CUSIP: 5742182Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5028256.00   | 1.57%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2017 D                       | CUSIP: 5742184J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4598365.00   | 1.43%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2019 A                       | CUSIP: 5742185T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014303.40   | 0.63%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2016                         | CUSIP: 574218F32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5325000 | PA      | $4669482.38   | 1.46%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2016 A                       | CUSIP: 574218M42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4170000 | PA      | $4182575.89   | 1.30%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2016                         | CUSIP: 574218Q55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4011232.80   | 1.25%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2016 A                       | CUSIP: 574218T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9750000 | PA      | $9854752.05   | 3.07%             | 2046-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2017 B                       | CUSIP: 574218V75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10192149.00  | 3.18%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2015                         | CUSIP: 574218VC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2101128.33   | 0.65%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2020                         | CUSIP: 57421CAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1504856.08   | 0.47%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2020                         | CUSIP: 57421CBH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $855705.06    | 0.27%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $652118.17    | 0.20%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1299119.36   | 0.40%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $853072.08    | 0.27%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CCA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351193.08    | 0.11%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CCC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1117002.71   | 0.35%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1749088.61   | 0.55%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885719.10    | 0.28%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CCL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2742948.33   | 0.86%             | 2055-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CCP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1742978.13   | 0.54%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2023                         | CUSIP: 57421CEV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3585823.50   | 1.12%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 B                       | CUSIP: 57421CFK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1839423.40   | 0.57%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2024                         | CUSIP: 57421CGA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1263983.50   | 0.39%             | 2047-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2024                         | CUSIP: 57421CGK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059085.00   | 0.33%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2025                         | CUSIP: 57421CGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5102985.50   | 1.59%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2025 A                       | CUSIP: 57421CHU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3167458.20   | 0.99%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2025 C-1                     | CUSIP: 57421CHW7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2700000 | PA      | $2700000.00   | 0.84%             | 2055-07-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2025                         | CUSIP: 57421CKA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6268279.20   | 1.95%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2025 C                       | CUSIP: 57421CLA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5391572.50   | 1.68%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | State of Maryland Department of Transportation, Series 2021 B                                  | CUSIP: 57421FBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3122739.20   | 0.97%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | State of Maryland Department of Transportation, Series 2024 A                                  | CUSIP: 57421FBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2348197.32   | 0.73%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | State of Maryland Department of Transportation, Series 2024 A                                  | CUSIP: 57421FBX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5308229.73   | 1.65%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Industrial Development Financing Authority                           | Maryland Industrial Development Financing Authority, Series 2019                               | CUSIP: 574221NC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1061323.78   | 0.33%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Industrial Development Financing Authority                           | Maryland Industrial Development Financing Authority, Series 2019                               | CUSIP: 574221ND5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $562689.19    | 0.18%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2022 B                                             | CUSIP: 57422JBY3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5031656.00   | 1.57%             | 2047-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2022 B                                             | CUSIP: 57422JCA4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4978027.50   | 1.55%             | 2055-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2021                                                        | CUSIP: 574294AN4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1658269.67   | 0.52%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2022 A                                                      | CUSIP: 574294BU7<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4674487.00   | 1.46%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2024                                                        | CUSIP: 574294CT9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2280353.94   | 0.71%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2024                                                        | CUSIP: 574294CV4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3656135.64   | 1.14%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2016                                                        | CUSIP: 574296AX7<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   4085000 | PA      | $4126110.21   | 1.29%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2020 A                                                      | CUSIP: 574296FC8<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |  11225000 | PA      | $12263306.89  | 3.82%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                       | Maryland State Transportation Authority, Series 2020                                           | CUSIP: 574300MN6<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3881447.60   | 1.21%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                       | County of Montgomery, Series 2017 E                                                            | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | STIV             | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.87%             | 2037-11-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                            | Montgomery County Housing Opportunities Commission, Series 2023 C                              | CUSIP: 613352CP6<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    915000 | PA      | $960942.15    | 0.30%             | 2053-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                | New Jersey Transportation Trust Fund Authority, Series 2022 BB                                 | CUSIP: 64613CBH0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2513463.25   | 0.78%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pecan Public Facility Corp.                                                   | Pecan Public Facility Corp., Series 2022 A-2                                                   | CUSIP: 705125AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $984076.21    | 0.31%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2022 A                                                        | CUSIP: 74441XHM4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501688.10    | 0.16%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2025 A-1                                                      | CUSIP: 74441XJD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1001873.13   | 0.31%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2025 A-2                                                      | CUSIP: 74441XJE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4295000 | PA      | $2042517.74   | 0.64%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2022, Class B-1                                               | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    800000 | PA      | $645162.24    | 0.20%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                          | Puerto Rico Electric Power Authority, Series VV                                                | CUSIP: 74526Q2Q4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $2026659.60   | 0.63%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                       | Puerto Rico Sales Tax Financing Corp., Series A-1                                              | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3600000 | PA      | $3427204.68   | 1.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                       | Puerto Rico Sales Tax Financing Corp., Series A-1                                              | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1900000 | PA      | $1852435.02   | 0.58%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                      | Development Authority of Rockdale County, Series 2025 A-1                                      | CUSIP: 77300QAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $213009.82    | 0.07%             | 2036-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                      | Development Authority of Rockdale County, Series 2025 A-1                                      | CUSIP: 77300QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $447888.23    | 0.14%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University System of Maryland                                                 | University System of Maryland, Series 2021 A                                                   | CUSIP: 91440ABA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5260000 | PA      | $4945986.42   | 1.54%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                | Washington Metropolitan Area Transit Authority, Series 2020 A                                  | CUSIP: 93878YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2586008.50   | 0.81%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | Washington Metropolitan Area Transit Authority, Series 2021 A                                  | CUSIP: 93878YBU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3112094.40   | 0.97%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | Washington Metropolitan Area Transit Authority, Series 2023 A                                  | CUSIP: 93878YCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2407495.75   | 0.75%             | 2047-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | Washington Metropolitan Area Transit Authority, Series 2023 A                                  | CUSIP: 93878YDS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1146567.95   | 0.36%             | 2048-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | Washington Metropolitan Area Transit Authority, Series 2024 A                                  | CUSIP: 93878YDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1304579.63   | 0.41%             | 2049-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | Washington Metropolitan Area Transit Authority, Series 2025 A                                  | CUSIP: 93878YEC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3123278.70   | 0.97%             | 2060-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                   | Washington State Housing Finance Commission, Series 2021 A                                     | CUSIP: 939783H58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    700000 | PA      | $602960.96    | 0.19%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                       | Washington Suburban Sanitary Commission, Series 2016                                           | CUSIP: 940157M80<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000152.40   | 0.62%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                       | Washington Suburban Sanitary Commission, Series 2023                                           | CUSIP: 940158DQ8<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9182582.20   | 2.86%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                       | Washington Suburban Sanitary Commission, Series 2025                                           | CUSIP: 940158JV1<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4862006.50   | 1.52%             | 2049-06-01      | Fixed         | 4.00%                 | 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