# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-25-178295
**Filing Date:** 2025-7
**Character Count:** 55467
**Document Hash:** 8f714eb48b4897ee8fd6571fb2f2b71c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-178295.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-178295

**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:** 251150129

**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:** 2025-05-31

**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:** $326424140.67

**Total Liabilities:** $7673962.29

**Net Assets:** $318750178.38

**Delayed Delivery Securities:** $6363755.00

**Cash Not Reported:** $168578.54

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -493.81000000 | **5-Year:** -1788.31000000 | **10-Year:** -81329.03000000 | **30-Year:** -131469.13000000

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

- **3-Month:** 0.00000000 | **1-Year:** -8.51000000 | **5-Year:** -826.35000000 | **10-Year:** -5781.77000000 | **30-Year:** -10633.25000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018768 | -2.05%               | -0.67%               | -0.77%               |
| Class ID C000018767 | -1.95%               | -0.64%               | -0.74%               |
| Class ID C000079635 | -1.94%               | -0.63%               | -0.73%               |
| Class ID C000205896 | -1.96%               | -0.76%               | -0.65%               |
| Class ID C000194358 | -1.94%               | -0.73%               | -0.62%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-79498.28               | $-7338222.15                               |
| Month 2  | $-919396.86              | $-2172785.43                               |
| Month 3  | $0.00                    | $-3213574.51                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2019 A                                             | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3283752.85   | 1.03%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| 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        |    700000 | PA      | $586074.16    | 0.18%             | 2036-12-01      | Fixed         | 3.65%                 | 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      | $952924.31    | 0.30%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2021                                                        | CUSIP: 574294AN4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1604775.23   | 0.50%             | 2035-06-01      | Fixed         | 4.00%                 | 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      | $2100036.75   | 0.66%             | 2038-08-15      | Fixed         | 5.00%                 | 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      | $2926712.60   | 0.92%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2020 A                                                      | CUSIP: 574296CR8<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |  11225000 | PA      | $11699178.80  | 3.67%             | 2050-05-01      | Fixed         | 5.00%                 | 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      | $737176.20    | 0.23%             | 2036-07-01      | 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      | $495778.69    | 0.16%             | 2062-12-01      | Fixed         | 6.00%                 | 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      | $910168.60    | 0.29%             | 2040-07-01      | Fixed         | 4.00%                 | 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      | $3307424.55   | 1.04%             | 2043-06-01      | 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        |   2350000 | PA      | $2378157.47   | 0.75%             | 2049-07-15      | Fixed         | 5.00%                 | 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      | $1019371.50   | 0.32%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration Local Government Infrastructure | Maryland Community Development Administration Local Government Infrastructure, Series 2017 A-1 | CUSIP: 574039DN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2041261.73   | 0.64%             | 2047-06-01      | 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      | $1054790.89   | 0.33%             | 2036-06-01      | 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      | $2220119.89   | 0.70%             | 2039-08-01      | Fixed         | 5.00%                 | 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      | $1564425.41   | 0.49%             | 2041-10-01      | Fixed         | 4.00%                 | 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      | $2245746.25   | 0.70%             | 2047-07-15      | Fixed         | 4.12%                 | 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      | $796112.40    | 0.25%             | 2044-07-01      | Fixed         | 3.20%                 | 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      | $832212.24    | 0.26%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                          | City of Baltimore, Series 2017 A                                                               | CUSIP: 05922KZS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984475.20   | 0.62%             | 2046-07-01      | Fixed         | 5.00%                 | 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      | $152891.19    | 0.05%             | 2031-07-01      | Fixed         | 4.00%                 | 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        |    505000 | PA      | $508693.97    | 0.16%             | 2027-07-01      | Fixed         | 5.00%                 | 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      | $2497147.92   | 0.78%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | Washington Metropolitan Area Transit Authority, Series 2024 A                                  | CUSIP: 93878YDX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3020938.80   | 0.95%             | 2056-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                       | County of Montgomery, Series 2017 E                                                            | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | STIV             | MUN               | US        |   3900000 | PA      | $3900000.00   | 1.22%             | 2037-11-01      | Variable      | 2.85%                 | 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      | $1654201.33   | 0.52%             | 2037-07-01      | Fixed         | 4.00%                 | 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      | $4963916.50   | 1.56%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                      | Development Authority of Rockdale County, Series 2021 A-1                                      | CUSIP: 77300QAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1074025.52   | 0.34%             | 2036-12-01      | Fixed         | 3.50%                 | 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      | $491543.35    | 0.15%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2024                                                        | CUSIP: 574294CT9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2153685.59   | 0.68%             | 2049-06-01      | 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      | $4969786.50   | 1.56%             | 2047-06-30      | Fixed         | 5.25%                 | 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      | $3921994.40   | 1.23%             | 2047-07-01      | Fixed         | 5.00%                 | 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      | $8644439.50   | 2.71%             | 2049-06-01      | 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        |    700000 | PA      | $586074.16    | 0.18%             | 2036-12-01      | Fixed         | 3.65%                 | 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      | $650315.67    | 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: 57421CCA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $335907.25    | 0.11%             | 2034-06-01      | 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      | $8661214.40   | 2.72%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CCL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2564305.90   | 0.80%             | 2055-06-01      | Fixed         | 4.00%                 | 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      | $1728907.00   | 0.54%             | 2046-06-01      | 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      | $633647.00    | 0.20%             | 2040-07-01      | 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      | $2821913.29   | 0.89%             | 2037-03-01      | 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        |    700000 | PA      | $577540.46    | 0.18%             | 2037-01-01      | Fixed         | 3.65%                 | 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      | $3243363.84   | 1.02%             | 2034-03-01      | Fixed         | 4.00%                 | 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      | $4843775.71   | 1.52%             | 2058-07-01      | Fixed         | 6.00%                 | 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      | $2524681.50   | 0.79%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                     | County of Anne Arundel, Series 2009                                                            | CUSIP: 03588PBW7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1747192.07   | 0.55%             | 2028-01-01      | Variable      | 5.00%                 | 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      | $837616.40    | 0.26%             | 2046-06-01      | Fixed         | 4.00%                 | 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      | $677282.55    | 0.21%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                            | South Carolina Jobs-Economic Development Authority, Series 2022 A-2                            | CUSIP: 837031D75<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $962057.52    | 0.30%             | 2052-06-01      | None          | 0.00%                 | 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      | $1004581.60   | 0.32%             | 2043-09-01      | Fixed         | 4.00%                 | 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      | $2040010.20   | 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      | $4999665.00   | 1.57%             | 2033-10-01      | Fixed         | 5.00%                 | 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      | $4945930.50   | 1.55%             | 2046-12-01      | 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      | $5036401.50   | 1.58%             | 2034-07-01      | 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      | $1422117.79   | 0.45%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                       | Washington Suburban Sanitary Commission, Series 2016                                           | CUSIP: 940157M80<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4762979.00   | 1.49%             | 2043-06-01      | Fixed         | 4.00%                 | 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      | $928999.23    | 0.29%             | 2053-01-01      | Fixed         | 5.12%                 | 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      | $1213451.88   | 0.38%             | 2050-07-01      | 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      | $3028407.30   | 0.95%             | 2052-07-01      | 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      | $5059584.51   | 1.59%             | 2049-07-01      | 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      | $4366082.50   | 1.37%             | 2048-07-01      | Fixed         | 4.00%                 | 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      | $2349358.75   | 0.74%             | 2039-06-15      | Fixed         | 4.00%                 | 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      | $3030402.60   | 0.95%             | 2046-07-15      | Fixed         | 5.00%                 | 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      | $1324107.78   | 0.42%             | 2048-06-01      | 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        |   2000000 | PA      | $1975348.40   | 0.62%             | 2032-07-01      | Fixed         | 5.25%                 | 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      | $807195.77    | 0.25%             | 2038-01-01      | 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      | $1265350.75   | 0.40%             | 2047-06-01      | Fixed         | 5.50%                 | 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      | $1236914.85   | 0.39%             | 2039-07-01      | Fixed         | 3.00%                 | 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      | $1025935.50   | 0.32%             | 2054-07-01      | Fixed         | 5.25%                 | 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      | $622870.00    | 0.20%             | 2044-12-28      | Fixed         | 4.00%                 | 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      | $4806129.50   | 1.51%             | 2043-04-01      | Fixed         | 4.00%                 | 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        |   3000000 | PA      | $3000000.00   | 0.94%             | 2055-07-01      | Variable      | 3.10%                 | 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      | $2642559.00   | 0.83%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                          | Puerto Rico Electric Power Authority, Escrow Account                                           | CUSIP: N/A<br>LEI: 5493003BRB67HF8ST418       | Long             | EC               | CORP              | PR        |    100330 | NS      | $80264.16     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2016                                                        | CUSIP: 574296AX7<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   4085000 | PA      | $4162123.98   | 1.31%             | 2046-05-01      | 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      | $5107436.18   | 1.60%             | 2054-08-01      | Fixed         | 5.25%                 | 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      | $4177006.02   | 1.31%             | 2045-01-01      | Fixed         | 5.00%                 | 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      | $4622814.12   | 1.45%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2015                         | CUSIP: 574218XZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8535000 | PA      | $8534594.59   | 2.68%             | 2040-07-01      | 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      | $5059748.00   | 1.59%             | 2047-12-31      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1900000 | PA      | $1785155.64   | 0.56%             | 2058-07-01      | Fixed         | 5.00%                 | 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      | $1372261.50   | 0.43%             | 2042-01-01      | Fixed         | 4.50%                 | 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      | $10111011.00  | 3.17%             | 2039-07-01      | 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      | $4597440.99   | 1.44%             | 2042-06-01      | Fixed         | 4.00%                 | 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      | $1732287.40   | 0.54%             | 2051-01-01      | 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      | $3552401.59   | 1.11%             | 2054-06-01      | Fixed         | 5.00%                 | 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      | $1983134.80   | 0.62%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2013 A                       | CUSIP: 574218NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000993.00   | 1.57%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                       | Capital Trust Authority, Series 2024                                                           | CUSIP: 14054XAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2181300.60   | 0.68%             | 2029-03-01      | None          | 0.00%                 | 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        |   3930000 | PA      | $3286274.65   | 1.03%             | 2050-07-01      | Fixed         | 4.00%                 | 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      | $2894491.50   | 0.91%             | 2043-06-01      | Fixed         | 5.12%                 | 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      | $4875362.50   | 1.53%             | 2045-05-15      | Fixed         | 5.00%                 | 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      | $1628491.36   | 0.51%             | 2040-06-01      | 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      | $530371.33    | 0.17%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2016 A                       | CUSIP: 574218T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9750000 | PA      | $9767023.50   | 3.06%             | 2046-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                        | County of Baltimore, Series 2023                                                               | CUSIP: 05914GDM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6162234.00   | 1.93%             | 2053-03-01      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $1505774.25   | 0.47%             | 2053-07-01      | Fixed         | 5.25%                 | 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      | $4437525.50   | 1.39%             | 2047-06-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3600000 | PA      | $3296861.64   | 1.03%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                              | Howard County Housing Commission, Series 2013                                                  | CUSIP: 442577AP7<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |   9990000 | PA      | $10000750.24  | 3.14%             | 2028-10-01      | Fixed         | 5.00%                 | 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      | $4893646.50   | 1.54%             | 2055-06-30      | Fixed         | 5.25%                 | 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        |   4560000 | PA      | $4635018.84   | 1.45%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2017 A                       | CUSIP: 5742182G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7470000 | PA      | $6948122.64   | 2.18%             | 2044-07-01      | 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      | $3592944.40   | 1.13%             | 2045-07-01      | 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      | $4549705.00   | 1.43%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                           | Maryland Economic Development Corp., Series 2024                                               | CUSIP: 57420VTH6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1975102.00   | 0.62%             | 2054-07-01      | 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      | $1277980.15   | 0.40%             | 2030-06-01      | Fixed         | 5.00%                 | 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