# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-25-178306
**Filing Date:** 2025-7
**Character Count:** 47308
**Document Hash:** 65093511a14dd83296dd65c2f3621d5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-178306.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-178306

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 251150136

**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 ALABAMA TAX-FREE INCOME FUND (Series ID: S000006911)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018753 | CLASS A1      | FRALX           |
| C000018754 | CLASS C       | FALEX           |
| C000173665 | Advisor Class | FALZX           |
| C000194353 | Class R6      | FALRX           |
| C000205892 | Class A       | FALQX           |

## 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 Alabama Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006911

- **c. LEI of Series:** 54930054I1F62XK86784

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $169830506.08

**Total Liabilities:** $606760.37

**Net Assets:** $169223745.71

**Cash Not Reported:** $2540442.09

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -142.45000000 | **5-Year:** -876.05000000 | **10-Year:** -40218.79000000 | **30-Year:** -64929.93000000

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

- **3-Month:** 0.00000000 | **1-Year:** -3.61000000 | **5-Year:** -303.01000000 | **10-Year:** -5768.90000000 | **30-Year:** -5360.13000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018753 | -1.93%               | -0.75%               | -0.44%               |
| Class ID C000173665 | -1.92%               | -0.75%               | -0.43%               |
| Class ID C000205892 | -1.94%               | -0.86%               | -0.45%               |
| Class ID C000194353 | -1.92%               | -0.84%               | -0.43%               |
| Class ID C000018754 | -1.95%               | -0.89%               | -0.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-376759.62              | $-3440179.99                               |
| Month 2  | $-493926.48              | $-1377453.23                               |
| Month 3  | $0.00                    | $-1156515.12                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| South Carolina Jobs-Economic Development Authority                            | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                          | CUSIP: 837031C84<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $418624.40    | 0.25%             | 2036-12-01      | Fixed         | 3.65%                 | 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      | $2109020.60   | 1.25%             | 2055-05-01      | Variable      | 5.25%                 | 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        |    800000 | PA      | $586414.96    | 0.35%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama State University                                                      | Alabama State University, Series 2022                                                        | CUSIP: 010632PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581846.75   | 0.93%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series 2021 A | CUSIP: 45663NCD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2468199.60   | 1.46%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln AL                                                            | City of Lincoln, Series 2020                                                                 | CUSIP: 532843FC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2262160.25   | 1.34%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                                   | Birmingham-Jefferson Civic Center Authority, Series 2018 A                                   | CUSIP: 091156MJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1664483.71   | 0.98%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                       | Energy Southeast A Cooperative District, Series 2024 B                                       | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117504.60   | 1.25%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                          | Guam Government Waterworks Authority, Series 2024 A                                          | CUSIP: 40065FEF7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $970435.10    | 0.57%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabaster Board of Education                                                  | Alabaster Board of Education, Series 2022                                                    | CUSIP: 010663DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512708.45   | 0.89%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                          | Puerto Rico Electric Power Authority, Series VV                                              | CUSIP: 74526Q2U5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $972534.90    | 0.57%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                    | Capital Trust Agency, Inc., Series 2021 A-1                                                  | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $326134.35    | 0.19%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Jefferson County Board of Education/AL                                        | Jefferson County Board of Education, Series 2024                                             | CUSIP: 472649BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028257.10   | 0.61%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Haven at Elgin LLC                                                            | Haven at Elgin LLC                                                                           | CUSIP: 41935HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501346.72    | 0.30%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| Homewood Educational Building Authority                                       | Homewood Educational Building Authority, Series 2021 A                                       | CUSIP: 437887HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1171963.53   | 0.69%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health Care Authority of the City of Huntsville (The)                         | Health Care Authority of the City of Huntsville (The), Series 2020 B                         | CUSIP: 44706HDU8<br>LEI: 254900QP8DQFH746YJ31 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2639128.50   | 1.56%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | Metropolitan Transportation Authority, Series 2021 A-1                                       | CUSIP: 59261AK48<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    275000 | PA      | $234458.43    | 0.14%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                          | County of Jefferson, Series 2024                                                             | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4613118.30   | 2.73%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                           | County of Mobile, Series 2020                                                                | CUSIP: 607341AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1885668.40   | 1.11%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                            | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                          | CUSIP: 837031D26<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $418624.40    | 0.25%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $675922.91    | 0.40%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                  | South Carolina State Housing Finance & Development Authority, Series 2021 A                  | CUSIP: 83712EHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $597776.40    | 0.35%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| University of South Alabama                                                   | University of South Alabama, Series 2019 A                                                   | CUSIP: 914845RV6<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011425.80   | 1.19%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                 | Alabama Federal Aid Highway Finance Authority, Series 2025 A                                 | CUSIP: 010268DT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $779596.73    | 0.46%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                             | Southeast Energy Authority A Cooperative District, Series 2022 A-1                           | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2110461.60   | 1.25%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL             | Alabama Special Care Facilities Financing Authority-Birmingham, Series 2016 B                | CUSIP: 010399CR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2983454.40   | 1.76%             | 2046-11-15      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1068208.50   | 0.63%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Madison City Board of Education                                               | Madison City Board of Education, Series 2019                                                 | CUSIP: 55658FAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2699208.00   | 1.60%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florence City Board of Education                                              | Florence City Board of Education, Series 2022                                                | CUSIP: 340001AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2697666.90   | 1.59%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                   | Washington State Housing Finance Commission, Series 2021 A                                   | CUSIP: 939783H58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $412528.90    | 0.24%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Bessemer Governmental Utility Services Corp.                                  | Bessemer Governmental Utility Services Corp., Series 2017                                    | CUSIP: 086377DT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3046918.80   | 1.80%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabaster Board of Education                                                  | Alabaster Board of Education, Series 2022                                                    | CUSIP: 010663DB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528516.35   | 0.90%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florence Public Educational Building Authority                                | Florence Public Educational Building Authority, Series 2024                                  | CUSIP: 340083AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031028.00   | 0.61%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Talladega County Board of Education                                           | Talladega County Board of Education, Series 2017                                             | CUSIP: 874402EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016393.20   | 1.19%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Board of School Commissioners                                   | Mobile County Board of School Commissioners, Series 2022 B                                   | CUSIP: 607298BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1793881.00   | 1.06%             | 2052-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| University of Montevallo                                                      | University of Montevallo, Series 2017                                                        | CUSIP: 914513FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2525651.25   | 1.49%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of South Alabama                                                   | University of South Alabama, Series 2024 A                                                   | CUSIP: 914845UZ3<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028976.20   | 0.61%             | 2054-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                | Mobile County Industrial Development Authority, Series 2024 A                                | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940030.20    | 0.56%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                             | Southeast Energy Authority A Cooperative District, Series 2024 A                             | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032267.60   | 0.61%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                      | DCH Healthcare Authority, Series 2015                                                        | CUSIP: 233091FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000861.00   | 1.18%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville State University                                                 | Jacksonville State University, Series 2017                                                   | CUSIP: 469205KK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5166637.50   | 3.05%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                            | South Carolina Jobs-Economic Development Authority, Series 2022 A-1                          | CUSIP: 837031D67<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1174162.18   | 0.69%             | 2037-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                       | Homewood Educational Building Authority, Series 2019 A                                       | CUSIP: 437887GP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2028949.75   | 1.20%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                             | Southeast Energy Authority A Cooperative District, Series 2023 B                             | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042551.60   | 0.62%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama State University                                                      | Alabama State University, Series 2022                                                        | CUSIP: 010632PY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1544634.15   | 0.91%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leon County Housing Finance Authority                                         | Leon County Housing Finance Authority, Series 2022 A                                         | CUSIP: 52643TAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1036150.00   | 0.61%             | 2057-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                             | Alabama Housing Finance Authority, Series 2024 A                                             | CUSIP: 01030RJC7<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957600.60    | 0.57%             | 2054-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Madison Water & Wastewater Board                                              | Madison Water & Wastewater Board, Series 2017                                                | CUSIP: 556589HC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4610000 | PA      | $4644229.71   | 2.74%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                | UAB Medicine Finance Authority, Series 2016 B                                                | CUSIP: 902562AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5097176.50   | 3.01%             | 2029-09-01      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $493837.10    | 0.29%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                              | Alabama Community College System, Series 2024                                                | CUSIP: 01025PQS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011708.50   | 0.60%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexander City Board of Education                                             | Alexander City Board of Education, Series 2022                                               | CUSIP: 014519CW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2580927.90   | 1.53%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Water Works Board of the City of Birmingham (The)                             | Water Works Board of the City of Birmingham (The), Series 2016 B                             | CUSIP: 091096LS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5162400.00   | 3.05%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                          | Guam Government Waterworks Authority, Series 2020 A                                          | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $957717.80    | 0.57%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                             | Southeast Energy Authority A Cooperative District, Series 2025 A                             | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009134.70   | 0.60%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2022, Class B-1                                             | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $389293.75    | 0.23%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Troy Public Educational Building Authority                                    | Troy Public Educational Building Authority, Series 2011                                      | CUSIP: 89732TCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295114.49    | 0.17%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Pike Road                                                             | Town of Pike Road, Series 2024                                                               | CUSIP: 72129PHE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027490.20   | 0.61%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                | Mobile County Industrial Development Authority, Series 2024 B                                | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1129456.38   | 0.67%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Prattville Waterworks Board                                                   | Prattville Waterworks Board, Series 2023                                                     | CUSIP: 740053HY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016242.90   | 0.60%             | 2053-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                        | California Municipal Finance Authority, Series 2022 A-1                                      | CUSIP: 130483EV8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    700000 | PA      | $585721.08    | 0.35%             | 2037-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                             | Alabama Housing Finance Authority, Series 2024 D                                             | CUSIP: 01030RMP4<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939480.90    | 0.56%             | 2054-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| East Alabama Health Care Authority (The)                                      | East Alabama Health Care Authority (The), Series 2018 A                                      | CUSIP: 270416FH8<br>LEI: 254900WODAI3WFO1QH51 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2998250.70   | 1.77%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                                             | Auburn University, Series 2025 A                                                             | CUSIP: 050589SM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2728305.86   | 1.61%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health Care Authority for Baptist Health (The)                                | Health Care Authority for Baptist Health (The), Series 2023 A                                | CUSIP: 42219UCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041766.30   | 0.62%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                | Black Belt Energy Gas District, Series 2022 A                                                | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977909.60    | 0.58%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                   | Southeast Alabama Gas Supply District (The), Series 2024 B                                   | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045790.80   | 0.62%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia Industrial Development Board                                         | Columbia Industrial Development Board, Series 2014 D                                         | CUSIP: 197210AY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023721.00   | 1.20%             | 2037-12-01      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| City of Tuscaloosa AL                                                         | City of Tuscaloosa, Series 2020 A                                                            | CUSIP: 900577L70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4580000 | PA      | $4021650.83   | 2.38%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Trussville AL                                                         | City of Trussville, Series 2018 A                                                            | CUSIP: 898242MA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2858208.30   | 1.69%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                       | Puerto Rico Sales Tax Financing Corp., Series A-1                                            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    750000 | PA      | $704666.70    | 0.42%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Opelika Utilities Board                                                       | Opelika Utilities Board, Series 2017                                                         | CUSIP: 683548CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1849827.20   | 1.09%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                             | Southeast Energy Authority A Cooperative District, Series 2021 A                             | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3986764.80   | 2.36%             | 2051-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Limestone County Water & Sewer Authority                                      | Limestone County Water & Sewer Authority, Series 2024                                        | CUSIP: 532656CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1777748.20   | 1.05%             | 2054-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                       | Homewood Educational Building Authority, Series 2024 C                                       | CUSIP: 437887HY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008816.00   | 0.60%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                       | Capital Trust Authority, Series 2024                                                         | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1419903.22   | 0.84%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                      | DCH Healthcare Authority, Series 2021 A                                                      | CUSIP: 23366AAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2041998.65   | 1.21%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $390372.16    | 0.23%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                   | University of Alabama (The), Series 2018 B-2                                                 | CUSIP: 914025GM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5057130.50   | 2.99%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huntsville AL                                                         | City of Huntsville, Series 2018 B                                                            | CUSIP: 447025L88<br>LEI: 549300FQXH802SS93031 | Long             | DBT              | MUN               | US        |   4775000 | PA      | $4893563.73   | 2.89%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bessemer AL Water Revenue                                             | City of Bessemer, Series 2017                                                                | CUSIP: 086419EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2592368.56   | 1.53%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series 2016 A | CUSIP: 45663NBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2991160.20   | 1.77%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Albertville AL                                                        | City of Albertville, Series 2025 A                                                           | CUSIP: 013122E28<br>LEI: 549300QCCXK3SO22OD97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058630.60   | 0.63%             | 2051-04-01      | Fixed         | 5.50%                 | 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: 705888CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3612302.40   | 2.13%             | 2039-12-01      | Fixed         | 4.00%                 | 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        |   3000000 | PA      | $3177288.90   | 1.88%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Health Care Authority for Baptist Health (The)                                | Health Care Authority for Baptist Health (The), Series 2023 A                                | CUSIP: 42219UCG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $905185.05    | 0.53%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                              | Alabama Community College System, Series 2019                                                | CUSIP: 01025PEA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1700453.80   | 1.00%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Limestone County Water & Sewer Authority                                      | Limestone County Water & Sewer Authority, Series 2024                                        | CUSIP: 532656CU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517576.00    | 0.31%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2024 A-2                                                    | CUSIP: 74441XHX0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1239967.25   | 0.73%             | 2044-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Limestone County Water & Sewer Authority                                      | Limestone County Water & Sewer Authority, Series 2015 B                                      | CUSIP: 532647HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $229989.65    | 0.14%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville State University                                                 | Jacksonville State University, Series 2020                                                   | CUSIP: 469205LF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4149734.00   | 2.45%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer