# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0002071691-25-003386
**Filing Date:** 2025-10
**Character Count:** 54996
**Document Hash:** bfd645b569c5e215c527055746cb0b2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003386.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003386

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 251418380

**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:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $313309027.89

**Total Liabilities:** $2439027.96

**Net Assets:** $310869999.93

**Delayed Delivery Securities:** $1248206.00

**Cash Not Reported:** $5537.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -502.92000000 | **5-Year:** -1859.28000000 | **10-Year:** -80966.59000000 | **30-Year:** -131786.60000000

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

- **3-Month:** 0.00000000 | **1-Year:** -2.11000000 | **5-Year:** -861.73000000 | **10-Year:** -6625.59000000 | **30-Year:** -11320.55000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018768 | 0.44%                | -0.99%               | 0.68%                |
| Class ID C000018767 | 0.60%                | -1.07%               | 0.74%                |
| Class ID C000079635 | 0.60%                | -1.06%               | 0.75%                |
| Class ID C000205896 | 0.48%                | -0.98%               | 0.73%                |
| Class ID C000194358 | 0.50%                | -0.95%               | 0.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1062171.98             | $1766891.06                                |
| Month 2  | $-659093.12              | $-3519151.45                               |
| Month 3  | $-58331.43               | $1367112.78                                |

### 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      | $3238680.55   | 1.04%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pecan Public Facility Corp.                                                   | Pecan Public Facility Corp., Series 2022 A-2                                                   | CUSIP: 705125AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $931698.95    | 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      | $1615726.68   | 0.52%             | 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      | $2100373.59   | 0.68%             | 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      | $2868478.55   | 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      | $11541855.93  | 3.71%             | 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      | $744177.30    | 0.24%             | 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      | $483928.17    | 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      | $908985.80    | 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      | $3306234.42   | 1.06%             | 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        |   1250000 | PA      | $1265109.75   | 0.41%             | 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      | $1022377.20   | 0.33%             | 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      | $2017013.06   | 0.65%             | 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      | $1072218.94   | 0.34%             | 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      | $2212884.06   | 0.71%             | 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      | $1544551.89   | 0.50%             | 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      | $2237299.75   | 0.72%             | 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      | $794327.50    | 0.26%             | 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      | $845754.00    | 0.27%             | 2032-06-01      | 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      | $155112.89    | 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        |    345000 | PA      | $347544.51    | 0.11%             | 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      | $2523830.13   | 0.81%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                      | Development Authority of Rockdale County, Series 2025 A-1                                      | CUSIP: 77300QAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $413711.64    | 0.13%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                       | County of Montgomery, Series 2017 E                                                            | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | STIV             | MUN               | US        |   3500000 | PA      | $3500000.00   | 1.13%             | 2037-11-01      | Variable      | 3.70%                 | 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      | $1658860.00   | 0.53%             | 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      | $4814171.00   | 1.55%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2022 A                                                        | CUSIP: 74441XHM4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $480808.90    | 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      | $2116375.62   | 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      | $4843141.00   | 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      | $3945989.60   | 1.27%             | 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      | $8331461.05   | 2.68%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2021 A                       | CUSIP: 57421CBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $658081.87    | 0.21%             | 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      | $342531.46    | 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      | $8643397.60   | 2.78%             | 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      | $2535955.18   | 0.82%             | 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      | $1725717.40   | 0.56%             | 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      | $633276.77    | 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      | $2845377.73   | 0.92%             | 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      | $580538.21    | 0.19%             | 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      | $3293119.03   | 1.06%             | 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      | $4810988.95   | 1.55%             | 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      | $2521074.50   | 0.81%             | 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        |   1725000 | PA      | $1727779.84   | 0.56%             | 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      | $829153.90    | 0.27%             | 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      | $673175.24    | 0.22%             | 2044-02-15      | Fixed         | 5.00%                 | 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      | $994989.93    | 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      | $2040298.25   | 0.66%             | 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      | $5000306.00   | 1.61%             | 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      | $4927916.00   | 1.59%             | 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      | $5035548.00   | 1.62%             | 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      | $1400217.41   | 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      | $4656941.00   | 1.50%             | 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      | $925045.79    | 0.30%             | 2053-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2025 A-1                                                      | CUSIP: 74441XJD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    965000 | PA      | $969913.68    | 0.31%             | 2036-12-01      | Fixed         | 5.38%                 | 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      | $1194637.25   | 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      | $3041743.80   | 0.98%             | 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      | $4994294.78   | 1.61%             | 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      | $4231517.00   | 1.36%             | 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      | $2369354.00   | 0.76%             | 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      | $3030366.00   | 0.97%             | 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      | $1313393.56   | 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      | $1998777.40   | 0.64%             | 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      | $812643.89    | 0.26%             | 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      | $1223828.88   | 0.39%             | 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      | $1251391.80   | 0.40%             | 2039-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                      | Development Authority of Rockdale County, Series 2025 A-1                                      | CUSIP: 77300QAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $206043.84    | 0.07%             | 2036-12-01      | Fixed         | 5.38%                 | 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      | $1018479.60   | 0.33%             | 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      | $613342.00    | 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      | $4659177.50   | 1.50%             | 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        |   3900000 | PA      | $3900000.00   | 1.25%             | 2055-07-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | Washington Metropolitan Area Transit Authority, Series 2025 A                                  | CUSIP: 93878YEC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002151.30   | 0.97%             | 2060-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration Local Government Infrastructure | Maryland Community Development Administration Local Government Infrastructure, Series 2019 B-1 | CUSIP: 574039GY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2608114.80   | 0.84%             | 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      | $25082.55     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Maryland Stadium Authority                                                    | Maryland Stadium Authority, Series 2016                                                        | CUSIP: 574296AX7<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   4085000 | PA      | $4156103.10   | 1.34%             | 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      | $5110900.48   | 1.64%             | 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      | $4172080.83   | 1.34%             | 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      | $4551600.56   | 1.46%             | 2051-04-01      | Fixed         | 4.00%                 | 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      | $5025837.00   | 1.62%             | 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      | $1742790.58   | 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      | $1363732.35   | 0.44%             | 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      | $10108582.00  | 3.25%             | 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      | $4426970.70   | 1.42%             | 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      | $1707609.60   | 0.55%             | 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      | $3534778.35   | 1.14%             | 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      | $1969314.00   | 0.63%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2025 A-2                                                      | CUSIP: 74441XJE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4295000 | PA      | $1880308.48   | 0.60%             | 2045-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | Washington Metropolitan Area Transit Authority, Series 2023 A                                  | CUSIP: 93878YDS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1111928.51   | 0.36%             | 2048-07-15      | 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      | $5002386.50   | 1.61%             | 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      | $2211393.20   | 0.71%             | 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        |   3865000 | PA      | $3194322.40   | 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      | $2938493.10   | 0.95%             | 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      | $4911841.00   | 1.58%             | 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      | $1641036.21   | 0.53%             | 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      | $523814.26    | 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      | $9768280.28   | 3.14%             | 2046-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2023                         | CUSIP: 57421CEV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3450055.35   | 1.11%             | 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      | $4384811.00   | 1.41%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                     | Maryland Health & Higher Educational Facilities Authority, Series 2025                         | CUSIP: 57421CKA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5999862.00   | 1.93%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                       | Puerto Rico Sales Tax Financing Corp., Series A-1                                              | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3600000 | PA      | $3232901.52   | 1.04%             | 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      | $10005710.27  | 3.22%             | 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      | $4719689.00   | 1.52%             | 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        |   3115000 | PA      | $3197117.01   | 1.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                        | Maryland Department of Housing & Community Development, Series 2025 C                          | CUSIP: 57419UYN2<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3272536.74   | 1.05%             | 2050-07-01      | Fixed         | 5.10%                 | 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      | $3555978.00   | 1.14%             | 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      | $4384979.50   | 1.41%             | 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        |   7000000 | PA      | $6874219.10   | 2.21%             | 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      | $1305282.46   | 0.42%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer