Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FTFT-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
2
Franklin
Arizona
Tax-Free
Income
Fund
6
Franklin
Colorado
Tax-Free
Income
Fund
12
Franklin
Connecticut
Tax-Free
Income
Fund
18
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
21
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
41
Franklin
Georgia
Tax-Free
Income
Fund
54
Franklin
High
Yield
Tax-Free
Income
Fund
59
Franklin
Louisiana
Tax-Free
Income
Fund
115
Franklin
Maryland
Tax-Free
Income
Fund
120
Franklin
Massachusetts
Tax-Free
Income
Fund
124
Franklin
Michigan
Tax-Free
Income
Fund
128
Franklin
Minnesota
Tax-Free
Income
Fund
135
Franklin
Missouri
Tax-Free
Income
Fund
141
Franklin
New
Jersey
Tax-Free
Income
Fund
147
Franklin
North
Carolina
Tax-Free
Income
Fund
154
Franklin
Ohio
Tax-Free
Income
Fund
161
Franklin
Oregon
Tax-Free
Income
Fund
169
Franklin
Pennsylvania
Tax-Free
Income
Fund
176
Franklin
Virginia
Tax-Free
Income
Fund
183
Notes
to
Schedules
of
Investments
189
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Alabama
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
500,000
$
484,969
Total
Corporate
Bonds
(Cost
$
500,000
)
........................................
484,969
Municipal
Bonds
98.5%
Alabama
90.2%
Alabama
Community
College
System
,
Bishop
State
Community
College
,
Revenue
,
2019
,
BAM
Insured
,
4
%
,
1/01/49
......................................
2,000,000
1,828,030
Alabama
Housing
Finance
Authority
,
Revenue
,
2024
A
,
GNMA
Insured
,
4.7
%
,
10/01/54
1,000,000
996,637
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
3,000,000
3,025,762
Alabama
State
University
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
......................
1,500,000
1,611,164
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/40
......................
1,500,000
1,575,890
Alabaster
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/47
.............................
1,500,000
1,566,291
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/52
.............................
1,500,000
1,550,466
Alexander
City
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
4
%
,
2/01/52
...
3,000,000
2,724,370
Auburn
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
6/01/33
..................
2,500,000
2,526,143
Bessemer
Governmental
Utility
Services
Corp.
,
Water
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/39
...........................................
6,000,000
6,122,449
Birmingham
Airport
Authority
,
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/38
......................
400,000
399,429
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/39
......................
2,540,000
2,518,942
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/40
......................
705,000
692,257
Birmingham-Jefferson
Civic
Center
Authority
,
Special
Tax
,
2018
A
,
5
%
,
7/01/33
.....
1,605,000
1,674,822
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
1,000,000
980,380
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
3,000,000
3,211,890
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,147,159
Calhoun
County
Board
of
Education
,
Special
Tax
,
2016
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
2/01/46
......................................................
3,000,000
3,073,875
City
of
Bessemer
,
Water
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/47
...
2,590,000
2,605,110
City
of
Birmingham
,
GO
,
2021
A
,
4
%
,
6/01/50
..............................
1,000,000
922,433
City
of
Boaz
,
Water
&
Sewer
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
9/01/46
.................
1,000,000
915,907
Water
&
Sewer
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
9/01/50
.................
1,500,000
1,371,043
City
of
Decatur
,
Water
&
Sewer
,
Revenue
,
2021
A
,
4
%
,
8/15/50
.................
2,000,000
1,844,276
City
of
Huntsville
,
GO
,
2018
B
,
5
%
,
5/01/38
................................
4,775,000
4,973,533
City
of
Lincoln
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/01/50
........................
2,500,000
2,484,006
City
of
Trussville
,
GO
,
2018
A
,
4
%
,
8/01/41
................................
3,000,000
2,923,822
City
of
Tuscaloosa
,
GO
,
2020
A
,
4
%
,
10/01/50
..............................
4,580,000
4,357,539
b
Columbia
Industrial
Development
Board
,
Alabama
Power
Co.
,
Revenue
,
2014
D
,
Refunding
,
Mandatory
Put
,
3.81
%
,
6/01/28
...............................
2,000,000
1,949,879
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
10/01/49
.........
4,500,000
4,784,236
c
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
2,300,000
2,055,426
DCH
Healthcare
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/36
.................................
2,000,000
2,009,642
Revenue
,
2021
A
,
4
%
,
6/01/46
........................................
2,310,000
2,047,635
East
Alabama
Health
Care
Authority
(The)
,
Revenue
,
2018
A
,
5
%
,
9/01/41
........
3,000,000
3,055,012
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
1,000,000
1,071,337
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
2,000,000
2,125,169
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
Florence
City
Board
of
Education
,
Special
Tax
,
2022
,
4
%
,
3/01/46
...............
$
3,000,000
$
2,812,296
Health
Care
Authority
for
Baptist
Health
(The)
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/36
..............................
1,000,000
1,050,415
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/37
..............................
875,000
914,119
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/45
..............
4,500,000
4,201,792
Homewood
Educational
Building
Authority
,
d
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5.5
%
,
10/01/54
...................
1,000,000
1,040,530
Samford
University
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/49
...............
2,500,000
2,149,811
Samford
University
,
Revenue
,
2021
A
,
4
%
,
12/01/51
.......................
1,470,000
1,248,144
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/41
.......
3,000,000
3,019,699
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/46
3,000,000
2,644,214
Jacksonville
State
University
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/36
...................
5,000,000
5,261,412
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/50
................................
5,000,000
4,444,156
d
Jefferson
County
Board
of
Education
,
Special
Tax
,
2024
,
5
%
,
2/01/46
............
1,000,000
1,064,096
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2015
B
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
12/01/43
..............................................
5,920,000
5,933,968
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/44
...............
3,000,000
2,814,764
Madison
Water
&
Wastewater
Board
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/41
.....
4,610,000
4,684,579
Mobile
County
Board
of
School
Commissioners
,
Special
Tax
,
2022
B
,
BAM
Insured
,
4.25
%
,
3/01/52
...................................................
2,000,000
1,925,425
Opelika
Utilities
Board
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/01/41
................
2,000,000
1,931,640
Oxford
City
Board
of
Education
,
Special
Tax
,
2020
A
,
Refunding
,
4
%
,
5/01/50
......
2,500,000
2,306,243
Prattville
Waterworks
Board
,
Revenue
,
2023
,
5.125
%
,
8/01/53
.................
1,000,000
1,050,725
b
Southeast
Alabama
Gas
Supply
District
(The)
,
Revenue
,
2024
B
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/32
..........................................
1,000,000
1,051,379
b
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
10/01/28
...........................
5,000,000
4,949,292
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
2,000,000
2,120,402
Revenue
,
2023
B
,
Mandatory
Put
,
5
%
,
6/01/30
............................
1,000,000
1,052,432
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/39
.................
4,000,000
3,659,618
Talladega
County
Board
of
Education
,
Special
Tax
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
........................................................
2,000,000
2,043,126
Troy
Public
Educational
Building
Authority
,
Troy
City
Board
of
Education
,
Revenue
,
2011
,
AGMC
Insured
,
5.25
%
,
12/01/40
..................................
295,000
295,201
Tuscaloosa
City
Board
of
Education
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
8/01/41
...
4,000,000
4,126,179
UAB
Medicine
Finance
Authority
,
UAB
Medicine
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/29
.............................................
5,000,000
5,109,931
University
of
Alabama
(The)
,
Revenue
,
2018
B-2
,
5
%
,
9/01/48
..................
5,000,000
5,174,266
University
of
Montevallo
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/42
....
2,500,000
2,592,886
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
2,000,000
2,042,739
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue
,
2016
B
,
Pre-Refunded
,
5
%
,
1/01/43
......................................................
5,000,000
5,211,614
169,649,054
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
700,000
628,529
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
1.5%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
$
500,000
$
343,950
c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
1,725,000
1,346,499
c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
1,150,000
1,013,725
2,704,174
Kentucky
0.6%
c
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
1,500,000
1,120,099
New
York
1.5%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
.....................................
275,000
256,316
Revenue
,
2021
A-2
,
4
%
,
11/15/42
.....................................
2,700,000
2,614,186
2,870,502
South
Carolina
1.4%
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
500,000
424,080
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
500,000
424,081
c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
1,485,000
1,141,628
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
613,706
2,603,495
Texas
0.3%
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
800,000
623,040
Washington
0.2%
c
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
500,000
424,120
Wisconsin
0.2%
c
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
500,000
404,054
U.S.
Territories
2.3%
Guam
1.1%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
1,000,000
1,018,308
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/45
............................................
1,000,000
1,056,661
2,074,969
Puerto
Rico
1.2%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
500,000
493,063
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
987,649
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
$
750,000
$
750,243
2,230,955
Total
U.S.
Territories
....................................................................
4,305,924
Total
Municipal
Bonds
(Cost
$
196,109,981
)
.....................................
185,332,991
Total
Long
Term
Investments
(Cost
$
196,609,981
)
...............................
185,817,960
a
a
a
a
a
a
Total
Investments
(Cost
$
196,609,981
)
98.7
%
...................................
$185,817,960
Other
Assets,
less
Liabilities
1.3
%
.............................................
2,393,620
Net
Assets
100.0%
...........................................................
$188,211,580
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$9,510,327,
representing
5.1%
of
net
assets.
d
Security
purchased
on
a
when-issued
basis.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Arizona
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.0%
Arizona
90.5%
Arizona
Board
of
Regents
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
7/01/41
...............................
$
14,070,000
$
14,221,659
Revenue
,
2016
C
,
5
%
,
7/01/46
........................................
10,000,000
10,147,425
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/43
...............................
4,005,000
4,116,821
Arizona
State
University
,
Revenue
,
2023
B
,
4
%
,
7/01/53
.....................
5,000,000
4,669,967
Arizona
Department
of
Transportation
,
State
Highway
Fund
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/36
.............................................
8,680,000
8,914,030
Arizona
Health
Facilities
Authority
,
HonorHealth
Obligated
Group
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/39
......
2,820,000
2,835,900
HonorHealth
Obligated
Group
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/42
......
3,000,000
3,016,914
Arizona
Industrial
Development
Authority
,
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
2,045,000
2,058,479
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/51
........................................................
1,080,000
1,075,532
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
2017
A
,
5
%
,
3/01/48
....
1,555,000
1,573,500
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
2.65
%
,
7/01/26
570,000
547,141
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/31
...
550,000
537,619
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/41
...
2,000,000
1,784,965
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/51
...
2,340,000
1,914,555
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
2017
F
,
Refunding
,
5
%
,
7/01/47
..
3,350,000
3,379,771
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/33
.......................................................
1,000,000
1,059,637
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,235,000
1,300,305
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/39
.......................................................
1,000,000
1,042,342
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/45
.......................................................
2,200,000
2,043,809
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/50
.......................................................
7,055,000
6,331,745
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
11/01/51
.......................................................
1,400,000
1,250,224
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/42
.......................................................
1,650,000
1,570,095
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/47
.......................................................
7,900,000
8,204,459
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4.25
%
,
11/01/52
.......................................................
3,500,000
3,246,072
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
11/01/53
.......................................................
3,250,000
3,399,506
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue
,
2019
A
,
5
%
,
1/01/38
.....
1,175,000
818,064
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue
,
2019
A
,
5
%
,
1/01/54
.....
1,250,000
750,531
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2019
B
,
5
%
,
1/01/36
........................................................
1,105,000
624,524
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2019
B
,
5
%
,
1/01/49
........................................................
3,500,000
1,669,472
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2019
B
,
5.125
%
,
1/01/54
.................................................
2,000,000
930,694
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/31
..........
285,000
277,577
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/41
..........
405,000
363,190
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/52
..........
840,000
694,585
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/47
..............
1,400,000
1,411,977
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/62
..............
2,400,000
2,383,495
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/32
.............
660,000
694,709
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/34
.............
660,000
645,019
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/36
.............
315,000
304,872
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/41
.............
$
2,800,000
$
2,609,310
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/51
.............
8,000,000
6,928,815
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/61
.............
15,580,000
12,984,101
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
C
,
3.25
%
,
7/01/31
..........
1,550,000
1,355,132
Leman
Academy
of
Excellence
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4.5
%
,
7/01/54
........................................................
3,000,000
2,632,572
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
2/01/50
.....
2,540,000
2,367,826
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/41
........................................................
885,000
710,014
Provident
Group-NCCU
Properties
LLC
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
6/01/58
........................................................
6,250,000
6,368,622
Arizona
State
University
,
Revenue
,
2019
A
,
5
%
,
7/01/40
......................
1,000,000
1,056,858
City
of
Bullhead
,
Excise
Tax
,
Revenue
,
2022
,
4
%
,
7/01/52
.....................
2,885,000
2,627,259
City
of
Glendale
Municipal
Property
Corp.
,
Excise
Tax
,
Revenue
,
2012
C
,
Refunding
,
5
%
,
7/01/38
......................
18,530,000
18,576,718
City
of
Goodyear
,
Water
&
Sewer
,
Revenue,
Sub.
Lien,
Second
Series
,
2020
,
AGMC
Insured
,
4
%
,
7/01/45
...............................................
3,500,000
3,368,100
City
of
Lake
Havasu
City
,
Wastewater
System
,
Revenue
,
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...............................................
15,000,000
15,048,468
City
of
Mesa
,
Utility
System
,
Revenue
,
2018
,
4
%
,
7/01/38
..............................
1,425,000
1,432,691
Utility
System
,
Revenue
,
2018
,
4
%
,
7/01/39
..............................
6,135,000
6,155,044
Utility
System
,
Revenue
,
2018
,
5
%
,
7/01/42
..............................
2,200,000
2,291,074
Utility
System
,
Revenue,
Junior
Lien
,
2022
C
,
Refunding
,
5
%
,
7/01/36
..........
5,000,000
5,730,979
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/42
..................................
2,155,000
2,187,064
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..................................
12,935,000
13,049,951
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
4
%
,
7/01/40
...............
16,570,000
16,366,230
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
4
%
,
7/01/44
........................
4,000,000
3,854,290
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
5
%
,
7/01/44
........................
8,500,000
8,917,975
Airport
,
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
..........................
5,000,000
5,064,377
Excise
Tax
,
Revenue
,
2022
,
5
%
,
7/01/46
................................
8,300,000
8,939,983
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/34
..................................................
2,500,000
2,645,445
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/37
..................................................
1,500,000
1,576,737
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/38
..................................................
4,420,000
4,628,930
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
4,090,000
4,270,546
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
4
%
,
7/01/45
..................................................
7,500,000
6,909,939
Wastewater
,
Revenue,
Junior
Lien
,
2018
A
,
4
%
,
7/01/39
.....................
5,000,000
5,031,336
Water
System
,
Revenue,
Junior
Lien
,
2016
,
Refunding
,
5
%
,
7/01/38
............
5,000,000
5,112,841
Water
System
,
Revenue,
Junior
Lien
,
2020
B
,
5
%
,
7/01/44
...................
7,500,000
7,969,418
County
of
Yuma
,
Pledged
,
Revenue
,
2022
,
BAM
Insured
,
4.25
%
,
7/15/42
.........
3,250,000
3,253,675
Gilbert
Water
Resource
Municipal
Property
Corp.
,
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/39
........................................................
10,000,000
10,119,532
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/42
........................................................
4,700,000
4,637,737
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/47
........................................................
9,030,000
8,676,113
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
5/15/31
...........
$
400,000
$
379,680
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/41
...........
1,000,000
950,590
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
...........
4,500,000
3,920,511
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/44
......
2,000,000
1,989,429
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/49
......
3,120,000
3,047,666
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/54
......
2,665,000
2,580,084
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/59
......
2,000,000
1,916,855
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/25
1,015,000
1,017,902
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/27
425,000
429,407
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/30
700,000
710,729
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/32
250,000
253,255
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/33
600,000
607,107
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/37
2,950,000
2,968,311
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/42
11,550,000
11,576,606
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/36
.
4,065,000
4,088,782
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/41
.
1,225,000
1,227,510
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
.
1,335,000
1,332,265
Vista
College
Preparatory
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
7/01/48
......
1,000,000
1,014,359
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
a
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-3
,
5.125
%
,
11/15/29
.......................................................
3,000,000
3,020,780
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
....
1,040,000
998,409
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/41
....
1,360,000
1,300,400
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
4/01/51
....
12,000,000
8,719,297
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Yavapai
Community
Hospital
Association
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
8/01/34
............................................
4,250,000
4,324,779
Yavapai
Community
Hospital
Association
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
8/01/36
............................................
1,310,000
1,334,867
Yavapai
Community
Hospital
Association
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
8/01/38
............................................
1,510,000
1,446,951
Yavapai
Community
Hospital
Association
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
8/01/43
............................................
3,000,000
2,799,675
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/38
....................
1,000,000
1,003,833
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/48
....................
1,000,000
959,927
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/25
....................
90,000
89,904
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/26
....................
95,000
95,153
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/27
....................
75,000
75,461
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/28
....................
80,000
80,698
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/29
....................
110,000
111,320
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/30
....................
100,000
101,505
Harmony
Public
Schools
,
Revenue
,
2021
A
,
4
%
,
2/15/41
....................
430,000
372,456
Harmony
Public
Schools
,
Revenue
,
2021
A
,
4
%
,
2/15/46
....................
345,000
286,589
Harmony
Public
Schools
,
Revenue
,
2021
A
,
4
%
,
2/15/51
....................
580,000
461,161
Maricopa
County
High
School
District
No.
214
Tolleson
Union
High
School
,
GO
,
2018
A
,
5
%
,
7/01/37
....................................................
1,000,000
1,030,589
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
F
,
3
%
,
1/01/49
...............
5,000,000
3,754,114
Banner
Health
Obligated
Group
,
Revenue
,
A
,
4
%
,
1/01/41
...................
9,630,000
9,389,266
Banner
Health
Obligated
Group
,
Revenue
,
A
,
5
%
,
1/01/41
...................
37,590,000
38,451,717
Creighton
University
,
Revenue
,
2020
,
5
%
,
7/01/47
.........................
7,500,000
7,702,247
Creighton
University
,
Revenue
,
2020
,
4
%
,
7/01/50
.........................
8,450,000
7,805,219
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/52
.
1,000,000
1,002,618
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Maricopa
County
Industrial
Development
Authority,
(continued)
Highland
Prep
Obligated
Group
,
Revenue
,
2019
,
5
%
,
1/01/43
................
$
2,275,000
$
2,312,425
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/36
.......
2,100,000
2,186,139
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/37
.......
3,175,000
3,292,121
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/42
.......
2,750,000
2,817,370
HonorHealth
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
9/01/51
................
5,600,000
4,119,618
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/36
.........
1,120,000
1,128,857
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/47
.........
3,325,000
3,273,360
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
B
,
Refunding
,
3.6
%
,
4/01/40
.............
13,500,000
11,792,463
El
Paso
Electric
Co.
,
Revenue
,
2012
A
,
Refunding
,
4.5
%
,
8/01/42
.............
10,000,000
9,538,347
b
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
4,500,000
4,133,391
b
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
B
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
2,150,000
1,974,842
Southern
California
Edison
Co.
,
Revenue
,
2000
A
,
Refunding
,
2.4
%
,
6/01/35
.....
10,000,000
8,011,883
Maricopa
County
Unified
School
District
No.
60
Higley
,
COP
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/53
...............................................
3,000,000
3,148,240
McAllister
Academic
Village
LLC
,
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/37
............
2,095,000
2,139,267
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/39
............
1,000,000
1,016,445
Mohave
County
Union
High
School
District
No.
2
Colorado
River
,
GO
,
2017
,
5
%
,
7/01/35
.........................................................
1,000,000
1,034,006
Pima
County
Unified
School
District
No.
30
Sahuarita
,
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/33
...................................
2,665,000
2,769,898
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/34
...................................
2,800,000
2,905,250
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/38
...............................
9,745,000
10,018,270
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/37
...............................
10,000,000
10,501,490
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/38
...............................
5,435,000
5,693,621
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/39
...............................
2,105,000
2,197,961
Revenue
,
2019
A
,
5
%
,
1/01/47
........................................
2,000,000
2,092,484
Revenue
,
2023
A
,
5
%
,
1/01/50
........................................
8,000,000
8,511,191
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5
%
,
12/01/32
.......................................
10,000,000
10,403,095
Revenue
,
2007-1
,
5
%
,
12/01/37
.......................................
5,000,000
5,310,716
State
of
Arizona
,
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/27
.................
3,945,000
4,191,772
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/28
.................
2,000,000
2,162,774
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/29
.................
2,000,000
2,200,221
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/36
.................
5,000,000
6,002,765
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/37
.................
7,000,000
8,434,786
Town
of
Gilbert
,
Pledged
,
Revenue,
Sub.
Lien
,
2015
,
5
%
,
7/01/45
...............
10,000,000
10,070,814
Town
of
Marana
,
Pledged
Excise
,
Revenue
,
2024
,
4
%
,
7/01/44
.................
2,250,000
2,147,572
Town
of
Queen
Creek
,
Excise
Tax
,
Revenue
,
2018
A
,
5
%
,
8/01/42
...............................
2,500,000
2,616,603
Excise
Tax
,
Revenue
,
2018
A
,
5
%
,
8/01/47
...............................
5,000,000
5,187,224
University
of
Arizona
(The)
,
Revenue
,
2014
,
5
%
,
8/01/39
.........................................
10,000,000
10,004,706
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
.................................
2,750,000
2,800,886
Revenue
,
2016
B
,
Refunding
,
5
%
,
6/01/42
...............................
2,000,000
2,035,856
Revenue
,
2018
A
,
5
%
,
6/01/43
........................................
4,500,000
4,669,477
638,845,072
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
0.8%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
$
800,000
$
550,320
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
6,650,000
5,190,851
5,741,171
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
3,290,000
2,695,772
Oregon
0.2%
a
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
1,400,000
1,420,860
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,900,000
1,611,507
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,900,000
1,611,507
a
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
3,275,000
2,331,429
5,554,443
Texas
0.6%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,958,833
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,570,042
4,528,875
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,900,000
1,611,655
Wisconsin
1.0%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,535,406
AL-FL
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
A
,
3.4
%
,
12/01/36
.......
3,300,000
2,751,090
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,509,282
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,523,433
7,319,211
U.S.
Territories
3.5%
Guam
1.7%
Guam
Power
Authority
,
Revenue
,
2014
A
,
AGMC
Insured
,
5
%
,
10/01/39
...........................
6,490,000
6,505,734
Revenue
,
2014
A
,
AGMC
Insured
,
5
%
,
10/01/44
...........................
5,325,000
5,331,859
11,837,593
Puerto
Rico
1.8%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/32
................
379,094
377,162
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
1,881,235
1,840,842
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
616,125
618,656
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
3,700,000
3,648,670
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,550,000
1,540,267
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
$
4,906,000
$
4,907,591
12,933,188
Total
U.S.
Territories
....................................................................
24,770,781
Total
Municipal
Bonds
(Cost
$
722,752,919
)
.....................................
692,487,840
a
a
a
a
Short
Term
Investments
0.4%
Municipal
Bonds
0.4%
Arizona
0.4%
c
Arizona
Health
Facilities
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2015
C
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
1/01/46
...............
2,600,000
2,600,000
Total
Municipal
Bonds
(Cost
$
2,600,000
)
.......................................
2,600,000
Total
Short
Term
Investments
(Cost
$
2,600,000
)
.................................
2,600,000
a
Total
Investments
(Cost
$
725,352,919
)
98.4
%
...................................
$695,087,840
Other
Assets,
less
Liabilities
1.6
%
.............................................
11,218,671
Net
Assets
100.0%
...........................................................
$706,306,511
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$28,322,427,
representing
4.0%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Colorado
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,400,000
$
1,357,912
Total
Corporate
Bonds
(Cost
$
1,400,000
)
.......................................
1,357,912
Municipal
Bonds
97.6%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,000,000
1,795,797
Colorado
90.3%
b
Access
25
Metropolitan
District
No.
2
,
GO
,
144A,
2023
,
6.75
%
,
12/01/53
..........
3,000,000
3,113,638
Adams
State
University
,
Revenue
,
2012
,
5
%
,
5/15/37
.........................................
630,000
603,376
Revenue
,
2019
A
,
Refunding
,
4
%
,
5/15/42
...............................
1,515,000
1,437,922
Anthem
West
Metropolitan
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/35
3,000,000
3,041,526
Arapahoe
County
School
District
No.
1
Englewood
,
GO
,
2017
,
5
%
,
12/01/42
.......
7,000,000
7,136,069
Arapahoe
County
School
District
No.
6
Littleton
,
GO
,
2019
A
,
5.5
%
,
12/01/43
......
5,000,000
5,331,878
Arapahoe
County
Water
&
Wastewater
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/37
........................................................
1,000,000
1,006,613
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/40
.................................
1,500,000
1,421,348
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
.................................
1,500,000
1,343,449
Board
of
Governors
of
Colorado
State
University
System
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
3/01/43
...............................
5,000,000
5,606,381
Revenue
,
2015
A
,
Pre-Refunded
,
5
%
,
3/01/40
............................
3,990,000
4,032,174
Revenue
,
2017
E
,
Refunding
,
4
%
,
3/01/43
...............................
4,500,000
4,372,556
Revenue
,
2024
A
,
Refunding
,
4
%
,
3/01/47
...............................
5,000,000
4,807,875
Revenue
,
A
,
Refunding
,
4
%
,
3/01/40
...................................
5,000,000
4,963,620
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017
A
,
5
%
,
9/15/47
.........................................................
10,000,000
10,166,981
Brighton
Crossing
Metropolitan
District
No.
4
,
GO
,
2017
A
,
5
%
,
12/01/37
..........
525,000
512,908
b
Broadway
Park
North
Metropolitan
District
No.
2
,
GO
,
144A,
2020
,
Refunding
,
5
%
,
12/01/40
........................................................
1,325,000
1,240,499
Bromley
Park
Metropolitan
District
No.
2
,
GO
,
2023
,
Refunding
,
BAM
Insured
,
5.375
%
,
12/01/53
........................................................
2,500,000
2,686,684
b
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-1
,
Refunding
,
5
%
,
12/01/49
........................................................
4,282,000
3,936,621
Castle
Oaks
Metropolitan
District
No.
3
,
GO
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/45
........................................................
1,140,000
1,060,448
Centennial
Water
&
Sanitation
District
,
Revenue
,
2019
,
5
%
,
12/01/43
........................................
3,000,000
3,149,160
Revenue
,
2019
,
5.25
%
,
12/01/48
......................................
6,760,000
7,108,102
Cherokee
Metropolitan
District
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/45
..............................
2,250,000
2,152,245
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/50
..............................
1,400,000
1,283,629
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
12/01/48
...............
5,000,000
5,110,502
Airport
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
12/01/48
..................
4,440,000
4,549,610
Airport
System
,
Revenue
,
2022
A
,
5
%
,
11/15/37
...........................
4,250,000
4,564,270
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
11/15/53
..................
5,000,000
5,144,211
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/42
................
1,000,000
1,101,678
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/43
................
1,000,000
1,097,172
Pledged
Excise
Tax
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/46
...............
3,500,000
3,359,545
Pledged
Excise
Tax
,
Revenue
,
2018
A-1
,
5
%
,
8/01/48
......................
5,000,000
5,070,819
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
of
Colorado
Springs
,
Utilities
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/45
.................
$
2,665,000
$
2,675,753
Utilities
System
,
Revenue
,
2018
A-4
,
5
%
,
11/15/48
.........................
5,000,000
5,176,916
City
of
Fort
Collins
,
Electric
Utility
Enterprise
,
Revenue
,
2018
A
,
5
%
,
12/01/42
......
13,500,000
14,009,680
City
of
Grand
Junction
,
COP
,
2021
,
4
%
,
12/01/45
............................................
2,005,000
1,938,116
Sales
&
Use
Tax
,
Revenue
,
2020
B
,
4
%
,
3/01/49
..........................
3,775,000
3,615,063
Colorado
Bridge
&
Tunnel
Enterprise
,
Revenue
,
2024
A
,
AGMC
Insured
,
5.5
%
,
12/01/54
........................................................
1,000,000
1,112,053
Colorado
Educational
&
Cultural
Facilities
Authority
,
Alexander
Dawson
School
LLC
(The)
,
Revenue
,
2010
,
5
%
,
2/15/40
............
5,280,000
5,281,408
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/36
....................
425,000
408,618
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/41
....................
150,000
136,477
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/51
....................
370,000
313,614
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/61
....................
550,000
446,604
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/41
......
1,460,000
1,109,443
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/51
......
3,635,000
2,384,720
Eagle
Ridge
Academy
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
11/01/37
............
1,000,000
1,043,345
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/26
.......
135,000
132,382
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/32
.......
280,000
267,446
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/52
.......
1,355,000
1,085,331
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/62
.......
1,600,000
1,222,762
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/52
750,000
742,282
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/57
1,765,000
1,741,777
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/46
....................
335,000
278,516
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/56
....................
1,000,000
783,385
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/61
....................
2,210,000
1,692,790
Pinnacle
Charter
School,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/50
.......
5,820,000
4,962,928
Union
Colony
Schools
,
Revenue
,
2018
,
Refunding
,
5
%
,
4/01/48
...............
715,000
716,957
University
of
Denver
,
Revenue
,
2017
A
,
5
%
,
3/01/47
.......................
3,950,000
4,010,862
West
Ridge
Academy
Charter
School
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
6/01/49
..
400,000
399,981
Westgate
Community
School
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
........
2,370,000
2,179,517
Windsor
Charter
Academy
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
2,400,000
2,054,302
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
11/15/41
......
3,000,000
2,969,695
AdventHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/39
......
5,005,000
5,287,605
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/35
.......................................................
1,575,000
1,556,505
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/37
.......................................................
850,000
834,367
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/38
.......................................................
705,000
684,729
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/39
.......................................................
835,000
804,210
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/40
.......................................................
725,000
689,555
BSLC
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
5
%
,
9/15/48
...........
3,000,000
2,729,091
BSLC
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
4.75
%
,
9/15/53
.........
1,500,000
1,260,767
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
12/01/41
...
5,195,000
5,232,924
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
3,000,000
3,133,205
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
2,000,000
2,083,389
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
4
%
,
8/01/49
9,990,000
9,174,074
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
......
3,000,000
3,171,215
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
12/01/54
.......................................................
4,000,000
4,279,034
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
12/01/35
...........................................
$
7,150,000
$
7,100,755
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
12/01/48
.......................................................
5,000,000
4,756,929
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/50
...........................................
5,700,000
4,589,206
Craig
Hospital
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
12/01/52
..............
3,535,000
3,661,169
Evangelical
Lutheran
Good
Samaritan
Obligated
Group
,
Revenue
,
2015
A
,
Pre-
Refunded
,
5
%
,
6/01/40
............................................
4,000,000
4,050,027
Evangelical
Lutheran
Good
Samaritan
Obligated
Group
,
Revenue
,
2015
A
,
Pre-
Refunded
,
5
%
,
6/01/45
............................................
2,750,000
2,784,394
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
1/01/38
........................................................
3,660,000
3,616,829
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/44
..........
3,495,000
3,611,467
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/49
..........
8,050,000
8,221,093
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2016
,
5
%
,
9/01/46
.....
5,000,000
5,030,694
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
9/01/50
...
6,275,000
5,749,013
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/40
................
2,000,000
2,007,248
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/45
................
1,000,000
1,003,095
Colorado
High
Performance
Transportation
Enterprise
,
C-470
Express
Lanes
System
,
Revenue
,
2017
,
5
%
,
12/31/47
........................................
2,555,000
2,559,655
Colorado
Housing
and
Finance
Authority
,
Revenue
,
2019
B-1
,
I
,
3.15
%
,
10/01/44
.................................
1,000,000
767,721
Revenue
,
2019
B-1
,
I
,
3.25
%
,
10/01/49
.................................
1,000,000
766,059
Colorado
Mesa
University
,
Revenue
,
2019
B
,
5
%
,
5/15/44
........................................
1,000,000
1,041,305
Revenue
,
2019
B
,
5
%
,
5/15/49
........................................
1,565,000
1,615,142
Colorado
School
of
Mines
,
Revenue
,
2017
A
,
5
%
,
12/01/42
.......................................
2,450,000
2,513,601
Revenue
,
2023
C
,
5.25
%
,
12/01/53
....................................
3,000,000
3,241,549
Colorado
Science
and
Technology
Park
Metropolitan
District
No.
1
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/54
................................
750,000
786,452
Cottonwood
Highlands
Metropolitan
District
No.
1
,
GO
,
2019
A
,
5
%
,
12/01/49
......
899,000
832,225
Crystal
Valley
Metropolitan
District
No.
2
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
12/01/49
........................................................
3,000,000
2,222,283
Denver
City
&
County
School
District
No.
1
,
GO
,
2017
,
5
%
,
12/01/41
.............
5,000,000
5,131,761
Denver
Convention
Center
Hotel
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/01/40
.....................................................
9,775,000
9,828,395
Denver
Health
&
Hospital
Authority
,
COP
,
2018
,
5
%
,
12/01/48
............................................
5,255,000
4,876,081
Revenue
,
2014
A
,
5.25
%
,
12/01/45
....................................
9,250,000
9,251,871
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/30
..............................
1,000,000
1,019,816
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/32
..............................
1,330,000
1,357,802
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/33
..............................
3,300,000
3,362,201
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
A
,
4
%
,
12/01/48
........................................................
$
350,000
$
281,072
Eagle
River
Water
&
Sanitation
District
,
GO
,
2016
,
5
%
,
12/01/45
................
1,360,000
1,383,212
East
Cherry
Creek
Valley
Water
and
Sanitation
District
,
Revenue
,
2019
A
,
4
%
,
11/15/39
1,200,000
1,201,960
Erie
Farm
Metropolitan
District
,
GO
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/51
.
1,200,000
1,074,573
Evan's
Place
Metropolitan
District
,
GO
,
2020
A-3
,
5
%
,
12/01/40
.................
550,000
517,747
b
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,543,330
Gunnison
Watershed
School
District
No.
Re
1J
,
GO
,
2023
,
5
%
,
12/01/47
..........
3,250,000
3,486,470
Lakes
at
Centerra
Metropolitan
District
No.
2
,
GO
,
2024
A
,
Refunding
,
AGMC
Insured
,
4.5
%
,
12/01/54
...................................................
2,500,000
2,479,249
Larimer
County
School
District
No.
R-1
Poudre
,
GO
,
2018
,
5
%
,
12/15/39
.............................................
2,660,000
2,814,675
GO
,
2018
,
5
%
,
12/15/40
.............................................
2,340,000
2,466,968
Meridian
Metropolitan
District
,
GO
,
2023
,
AGMC
Insured
,
4.375
%
,
12/01/53
.......
2,000,000
1,950,674
North
Pine
Vistas
Metropolitan
District
No.
2
,
GO
,
2022
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/52
.....................................................
1,125,000
1,169,988
Park
70
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
1,000,000
1,009,666
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
1,500,000
1,479,041
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2015
A
,
Refunding
,
5
%
,
12/01/45
.......................................................
9,500,000
9,391,548
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.
2,875,000
2,940,503
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2024
A
,
AGMC
Insured
,
4.25
%
,
12/01/47
.................................................
1,000,000
961,832
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2024
A
,
AGMC
Insured
,
4.5
%
,
12/01/51
..................................................
1,500,000
1,472,624
Parker
Water
&
Sanitation
District
,
Revenue
,
2018
,
5
%
,
11/01/42
................
6,475,000
6,617,355
Patriot
Park
Metropolitan
District
No.
2
,
GO
,
2021
,
4.3
%
,
12/01/50
...............
537,000
429,644
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
B
,
5.875
%
,
12/15/46
.........
1,000,000
1,051,223
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
9,900,000
11,859,946
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/15/33
........
550,000
551,070
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
........
1,000,000
1,000,782
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/36
........
750,000
749,430
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/38
........
700,000
684,754
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/41
...............................
10,000,000
10,170,123
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/46
...............................
11,000,000
11,144,344
Silver
Peaks
Metropolitan
District
No.
3
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
....
1,000,000
872,443
South
Timnath
Metropolitan
District
No.
2
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/42
.....
5,690,000
5,686,001
State
of
Colorado
,
COP
,
2017
J
,
5.25
%
,
3/15/42
.........................................
5,000,000
5,106,277
COP
,
2020
,
Refunding
,
4
%
,
6/15/40
....................................
1,315,000
1,306,206
COP
,
2020
A
,
4
%
,
12/15/38
..........................................
3,555,000
3,556,066
COP
,
2020
R
,
4
%
,
3/15/45
...........................................
5,000,000
4,817,107
Sterling
Hills
West
Metropolitan
District
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/39
.......
1,125,000
1,159,723
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.75
%
,
12/01/40
.................................................
500,000
420,008
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
.................................................
1,250,000
1,051,170
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Thompson
Crossing
Metropolitan
District
No.
2
,
GO
,
2016
B
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/46
..............................................
$
4,500,000
$
4,570,419
Town
of
Monument
,
COP
,
2020
,
AGMC
Insured
,
4
%
,
12/01/45
..................
2,000,000
1,923,725
Upper
Eagle
Regional
Water
Authority
,
Revenue
,
2024
,
BAM
Insured
,
4.25
%
,
12/01/53
2,000,000
1,919,634
Whispering
Pines
Metropolitan
District
No.
1
,
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/52
.....................................................
900,000
920,887
Wildwing
Metropolitan
District
No.
5
,
GO
,
2024
,
Refunding
,
AGMC
Insured
,
4.5
%
,
12/01/53
........................................................
750,000
747,290
c
Windsor
Highlands
Metropolitan
District
No.
4
,
GO
,
2024
,
Refunding
,
BAM
Insured
,
4.5
%
,
12/01/53
...................................................
2,000,000
1,950,822
Winter
Farm
Metropolitan
District
No.
2
,
GO
,
2019
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/39
........................
630,000
658,435
GO
,
2019
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/44
........................
500,000
515,081
445,747,837
Florida
2.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,104,000
3,551,913
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
800,000
550,320
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
4,925,000
3,844,352
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
3,215,000
2,834,022
10,780,607
Georgia
0.4%
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
2,400,000
1,966,520
Illinois
0.8%
State
of
Illinois
,
GO
,
2003
,
5.1
%
,
6/01/33
............................................
3,000,000
2,941,914
GO
,
2021
A
,
5
%
,
3/01/33
............................................
500,000
538,684
GO
,
2021
A
,
5
%
,
3/01/37
............................................
250,000
267,237
GO
,
2021
A
,
4
%
,
3/01/38
............................................
400,000
392,463
4,140,298
New
York
0.2%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
D
,
4
%
,
11/15/47
...........
900,000
840,524
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,400,000
1,187,427
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,400,000
1,187,426
b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
2,100,000
1,614,423
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
613,705
4,602,981
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,400,000
1,869,122
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,400,000
1,187,536
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
0.6%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
$
1,400,000
$
1,131,352
AL-FL
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
A
,
3.4
%
,
12/01/36
.......
2,400,000
2,000,792
3,132,144
U.S.
Territories
1.1%
Guam
0.3%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,500,000
1,527,462
Puerto
Rico
0.8%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
..................
1,219,928
1,193,734
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,200,000
1,183,352
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
987,649
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
750,000
750,243
4,114,978
Total
U.S.
Territories
....................................................................
5,642,440
Total
Municipal
Bonds
(Cost
$
505,158,586
)
.....................................
481,705,806
Total
Long
Term
Investments
(Cost
$
506,558,586
)
...............................
483,063,718
a
a
a
a
a
Short
Term
Investments
1.2%
Municipal
Bonds
1.2%
Colorado
1.2%
d
Colorado
Health
Facilities
Authority
,
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
12/01/52
........................................................
5,800,000
5,800,000
Total
Municipal
Bonds
(Cost
$
5,800,000
)
.......................................
5,800,000
Total
Short
Term
Investments
(Cost
$
5,800,000
)
.................................
5,800,000
a
Total
Investments
(Cost
$
512,358,586
)
99.1
%
...................................
$488,863,718
Other
Assets,
less
Liabilities
0.9
%
.............................................
4,679,619
Net
Assets
100.0%
...........................................................
$493,543,337
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$30,633,659,
representing
6.2%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Connecticut
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.9%
Connecticut
91.3%
City
of
Ansonia
,
GO
,
2021
A
,
AGMC
Insured
,
3
%
,
2/15/37
.....................
$
500,000
$
436,596
City
of
Bridgeport
,
GO
,
2021
A
,
4
%
,
8/01/40
............................................
765,000
752,950
GO
,
2021
A
,
4
%
,
8/01/46
............................................
375,000
350,147
GO
,
2021
A
,
4
%
,
8/01/51
............................................
575,000
525,008
City
of
New
Britain
,
GO
,
2017
C
,
AGMC
Insured
,
5
%
,
3/01/36
..................
1,000,000
1,035,051
City
of
New
Haven
,
GO
,
2021
A
,
Refunding
,
4
%
,
8/01/41
......................
2,000,000
1,849,581
City
of
Stamford
,
Water
Pollution
Control
System
&
Facility
,
Revenue
,
2013
A
,
5.25
%
,
8/15/43
.........................................................
1,000,000
1,000,354
City
of
West
Haven
,
GO
,
2021
,
4
%
,
9/15/41
...............................
565,000
516,812
Connecticut
Housing
Finance
Authority
,
Revenue
,
2019
E-E1
,
3.05
%
,
11/15/44
..................................
5,000,000
3,757,873
Revenue
,
2019
E-E1
,
3.1
%
,
11/15/49
...................................
2,000,000
1,480,993
Revenue
,
2020
C-1
,
Refunding
,
2.05
%
,
5/15/37
...........................
1,000,000
759,926
Revenue
,
2020
C-2
,
Refunding
,
2.2
%
,
11/15/34
...........................
960,000
742,191
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Avon
Old
Farms
School
Obligated
Group
,
Revenue
,
D-1
,
Refunding
,
4
%
,
7/01/46
..
1,000,000
908,567
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/36
480,000
485,509
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/37
600,000
603,161
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/38
315,000
314,151
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/39
380,000
376,091
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/42
860,000
843,715
Connecticut
Children's
Medical
Center
Obligated
Group
,
Revenue
,
E
,
5.25
%
,
7/15/48
1,560,000
1,652,930
Connecticut
College
,
Revenue
,
L-1
,
Refunding
,
4
%
,
7/01/46
..................
5,000,000
4,593,478
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
B
,
5
%
,
12/01/40
.......................................................
4,000,000
3,854,201
Fairfield
University
,
Revenue
,
Q-1
,
5
%
,
7/01/46
...........................
9,000,000
9,067,098
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
..........
6,000,000
5,467,581
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/41
...................
735,000
627,739
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/51
...................
1,250,000
957,118
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/38
.....
1,000,000
925,248
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/41
.....
6,310,000
5,678,924
Quinnipiac
University
,
Revenue
,
L
,
Refunding
,
5
%
,
7/01/45
..................
8,250,000
8,288,147
Sacred
Heart
University,
Inc.
,
Revenue
,
I-1
,
Refunding
,
5
%
,
7/01/42
............
4,375,000
4,394,550
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/35
.....................
550,000
585,931
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
4
%
,
7/01/45
.....................
1,200,000
1,148,476
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
4
%
,
7/01/37
...
2,550,000
2,494,138
Taft
School
Corp.
(The)
,
Revenue
,
L
,
Refunding
,
3
%
,
7/01/46
.................
2,210,000
1,683,125
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
CT
,
5
%
,
12/01/45
.........
5,000,000
5,032,198
Trustees
of
Trinity
College
(The)
,
Revenue
,
R
,
Refunding
,
4
%
,
6/01/45
..........
2,500,000
2,376,786
Trustees
of
Trinity
College
(The)
,
Revenue
,
S
,
Refunding
,
4
%
,
6/01/51
..........
4,000,000
3,654,106
University
of
Hartford
(The)
,
Revenue
,
2022
P
,
5.375
%
,
7/01/52
...............
2,000,000
1,856,708
Yale
University
,
Revenue
,
X-2
,
5
%
,
7/01/37
..............................
3,000,000
3,439,856
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
N
,
5
%
,
7/01/48
............
5,000,000
5,001,020
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue
,
2020
B
,
3.25
%
,
11/15/36
....................................
1,525,000
1,320,658
Revenue
,
2020
D
,
Pre-Refunded
,
3
%
,
11/15/35
...........................
1,145,000
1,133,562
Revenue
,
2021
B
,
2.25
%
,
11/15/37
....................................
2,500,000
1,903,240
Hartford
County
Metropolitan
District
,
Clean
Water
Project
,
Revenue
,
2014
A
,
Pre-
Refunded
,
5
%
,
11/01/42
.............................................
2,500,000
2,512,808
South
Central
Connecticut
Regional
Water
Authority
,
Revenue,
Second
Series
,
32nd
B
,
Refunding
,
5
%
,
8/01/38
.............................................
1,720,000
1,764,609
State
of
Connecticut
,
GO
,
2020
A
,
4
%
,
1/15/38
............................................
7,250,000
7,331,434
GO
,
2020
C
,
4
%
,
6/01/39
............................................
600,000
602,417
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
State
of
Connecticut,
(continued)
Special
Tax
,
2016
A
,
5
%
,
9/01/33
......................................
$
1,000,000
$
1,023,642
Special
Tax
,
2018
A
,
5
%
,
1/01/36
......................................
1,000,000
1,046,760
Special
Tax
,
2020
A
,
5
%
,
5/01/35
......................................
4,500,000
4,892,299
Special
Tax
,
2020
A
,
5
%
,
5/01/40
......................................
2,000,000
2,136,298
Special
Tax
,
2021
A
,
5
%
,
5/01/41
......................................
1,500,000
1,612,664
Special
Tax
,
2021
D
,
4
%
,
11/01/40
.....................................
2,075,000
2,066,659
Bradley
International
Airport
CFC
,
Revenue
,
2019
A
,
5
%
,
7/01/49
..............
1,400,000
1,408,944
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2015
A
,
5
%
,
3/01/34
.......
3,000,000
3,030,693
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2017
A
,
5
%
,
5/01/37
.......
1,000,000
1,037,882
Town
of
Hamden
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
..............
500,000
464,028
Town
of
Stafford
,
GO
,
2021
,
Refunding
,
3
%
,
2/01/36
.....................................
250,000
217,135
GO
,
2021
,
Refunding
,
3
%
,
2/01/38
.....................................
310,000
261,319
GO
,
2021
,
Refunding
,
3
%
,
2/01/41
.....................................
300,000
245,660
Town
of
Stratford
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
7/01/33
.................................
1,000,000
1,012,975
GO
,
2020
A
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/36
........................
300,000
306,222
GO
,
2020
A
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/38
........................
300,000
301,359
GO
,
2020
A
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/40
........................
300,000
296,177
University
of
Connecticut
,
Revenue
,
2017
A
,
5
%
,
1/15/37
.....................
1,000,000
1,027,362
128,474,840
Florida
1.0%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
343,950
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
1,325,000
1,034,267
1,378,217
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
625,000
512,115
Illinois
0.7%
State
of
Illinois
,
GO
,
2020
C
,
4
%
,
10/01/42
................................
1,000,000
942,836
New
Jersey
0.4%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/35
.....................................
300,000
303,365
Revenue
,
2021
QQQ
,
4
%
,
6/15/36
.....................................
100,000
100,897
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
...
230,000
166,940
571,202
South
Carolina
1.0%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
500,000
424,081
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
500,000
424,081
a
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
750,000
576,579
1,424,741
Texas
0.3%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
615,000
478,962
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
$
500,000
$
424,120
Wisconsin
0.2%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
400,000
323,243
U.S.
Territories
1.3%
Puerto
Rico
1.3%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/34
................
386,791
388,035
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,500,000
1,500,487
1,888,522
Total
U.S.
Territories
....................................................................
1,888,522
Total
Municipal
Bonds
(Cost
$
147,604,996
)
.....................................
136,418,798
a
a
a
a
Short
Term
Investments
1.8%
Municipal
Bonds
1.8%
Connecticut
1.8%
b
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University
,
Revenue
,
2001
V-2
,
Daily
VRDN
and
Put
,
3.8
%
,
7/01/36
............................
2,600,000
2,600,000
Total
Municipal
Bonds
(Cost
$
2,600,000
)
.......................................
2,600,000
Total
Short
Term
Investments
(Cost
$
2,600,000
)
.................................
2,600,000
a
Total
Investments
(Cost
$
150,204,996
)
98.7
%
...................................
$139,018,798
Other
Assets,
less
Liabilities
1.3
%
.............................................
1,771,970
Net
Assets
100.0%
...........................................................
$140,790,768
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$4,117,317,
representing
2.9%
of
net
assets.
b
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Shares
a
Value
a
Management
Investment
Companies
2.3%
Capital
Markets
2.3%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
2,015,000
$
47,513,700
Total
Management
Investment
Companies
(Cost
$
54,860,563
)
....................
47,513,700
Principal
Amount
a
a
a
a
Municipal
Bonds
96.6%
Alabama
5.1%
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
E
,
Mandatory
Put
,
5
%
,
6/01/28
............................
$
7,000,000
7,270,686
Revenue
,
2022
F
,
Mandatory
Put
,
5.5
%
,
12/01/28
.........................
6,970,000
7,339,111
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
14,000,000
14,988,817
Chatom
Industrial
Development
Board
,
PowerSouth
Energy
Cooperative
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/28
........................................................
500,000
523,017
PowerSouth
Energy
Cooperative
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/29
........................................................
485,000
512,317
PowerSouth
Energy
Cooperative
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/30
........................................................
425,000
453,681
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/33
............
5,000,000
5,568,140
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
8,570,000
9,181,358
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
6,000,000
6,561,194
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
7,000,000
7,438,092
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/39
..............
2,250,000
2,165,307
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/27
.......
4,920,000
4,984,875
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/28
.......
5,000,000
5,065,861
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/33
.......................................
2,855,000
2,907,466
Special
Tax
,
2019
,
4
%
,
2/01/34
.......................................
2,970,000
3,017,236
Special
Tax
,
2019
,
4
%
,
2/01/35
.......................................
3,095,000
3,136,617
Special
Tax
,
2019
,
4
%
,
2/01/37
.......................................
3,350,000
3,373,543
b
Southeast
Alabama
Gas
Supply
District
(The)
,
Revenue
,
2024
A
,
Refunding
,
Mandatory
Put
,
5
%
,
4/01/32
..................................................
4,000,000
4,238,571
b
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
4,585,000
4,861,022
Revenue
,
2022
B-2
,
Mandatory
Put
,
5.354
%
,
8/01/28
.......................
15,000,000
15,039,944
108,626,855
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/35
................................
1,710,000
1,732,480
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/37
................................
1,305,000
1,308,320
3,040,800
Arizona
3.5%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/29
.......................................................
1,100,000
1,157,669
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/30
.......................................................
600,000
634,744
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/31
.......................................................
630,000
667,950
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/32
.......................................................
1,000,000
1,060,565
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/35
.......................................................
$
1,115,000
$
1,176,400
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,250,000
1,316,099
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/37
.......................................................
1,050,000
1,099,918
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/37
.......................................................
1,105,000
1,089,409
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/38
.......................................................
600,000
586,136
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/41
.......................................................
6,000,000
5,753,127
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/27
.............
55,000
56,395
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/28
.............
60,000
61,922
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/29
.............
60,000
62,480
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/30
.............
65,000
68,214
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/31
.............
70,000
73,868
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/27
.............
160,000
162,793
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/28
.............
170,000
173,225
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/29
.............
160,000
163,188
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/30
.............
185,000
188,749
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/31
.............
195,000
198,875
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
2/01/35
.....
500,000
536,761
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
2/01/36
.....
750,000
803,332
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
2/01/37
.....
600,000
640,286
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
2/01/38
.....
1,000,000
1,061,636
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
3
%
,
2/01/39
.....
1,200,000
1,010,324
City
of
Mesa
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/29
............
2,500,000
2,573,976
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
5
%
,
7/01/30
...............
10,000,000
10,430,045
Airport
,
Revenue,
Junior
Lien
,
2019
B
,
5
%
,
7/01/35
........................
7,500,000
7,885,556
Airport
,
Revenue,
Junior
Lien
,
2019
B
,
5
%
,
7/01/36
........................
6,225,000
6,533,210
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/35
..................................................
3,340,000
3,535,103
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/36
..................................................
6,380,000
6,737,728
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
6,365,000
6,645,972
Glendale
Industrial
Development
Authority
,
Midwestern
University
Foundation
,
Revenue
,
2020
,
Refunding
,
5
%
,
5/15/30
......
525,000
565,650
Midwestern
University
Foundation
,
Revenue
,
2020
,
Refunding
,
5
%
,
5/15/31
......
425,000
458,707
Midwestern
University
Foundation
,
Revenue
,
2020
,
Refunding
,
5
%
,
5/15/32
......
525,000
566,264
c
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-3
,
5.125
%
,
11/15/29
......
3,000,000
3,020,780
Maricopa
County
Industrial
Development
Authority
,
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/30
.......
850,000
889,176
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
.......
1,000,000
1,045,863
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
.......
1,000,000
1,045,168
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
.......
800,000
835,597
Scottsdale
Municipal
Property
Corp.
,
City
of
Scottsdale
Excise
Tax
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
7/01/28
..........................................
2,325,000
2,363,704
74,936,564
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arkansas
0.5%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/35
........................................................
$
4,630,000
$
4,719,009
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/36
........................................................
3,625,000
3,679,682
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/37
........................................................
1,250,000
1,261,673
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/38
........................................................
1,000,000
1,003,422
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/39
........................................................
1,000,000
998,454
11,662,240
California
6.7%
Bay
Area
Toll
Authority
,
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/31
.............................
7,000,000
7,057,604
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/33
.............................
5,000,000
5,038,013
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue
,
2024
A
,
AGMC
Insured
,
4
%
,
7/01/54
..........................................
4,900,000
4,700,508
b
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
Mandatory
Put
,
4
%
,
8/01/31
..........................
5,000,000
4,964,150
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
11,000,000
11,502,435
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
6,700,000
6,105,563
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
6,505,000
5,439,491
California
Statewide
Communities
Development
Authority
,
Emanate
Health
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/01/35
.............
1,300,000
1,386,572
Emanate
Health
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/01/37
.............
700,000
687,880
Emanate
Health
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/01/38
.............
1,350,000
1,305,045
Southern
California
Edison
Co.
,
Revenue
,
2010
A
,
Refunding
,
1.75
%
,
9/01/29
....
5,000,000
4,307,585
City
of
Riverside
,
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/34
.........................
10,605,000
10,779,181
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/35
.........................
11,000,000
11,180,926
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
6,035,000
4,904,841
c
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
5,400,000
4,677,154
County
of
Riverside
,
Revenue
,
2020
,
2.667
%
,
2/15/25
........................
8,000,000
7,849,604
c
CSCDA
Community
Improvement
Authority
,
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
...............................................
4,825,000
3,966,984
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.........................................................
4,455,000
4,143,003
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
...................
8,220,000
8,561,927
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/32
............................
4,615,000
4,835,149
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/33
............................
3,960,000
4,148,699
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/34
............................
4,080,000
4,274,080
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility
,
Revenue
,
2020
A
,
4
%
,
8/01/37
........................................
1,250,000
1,285,712
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
Second
Series
,
2023
C
,
Refunding
,
5
%
,
5/01/33
...................
15,000,000
16,294,850
d
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
5.214
%
,
(
3-month
TSOF
+
1.645
%
),
11/01/38
...........................................
3,000,000
2,763,593
142,160,549
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
3.5%
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/41
........................................................
$
5,325,000
$
5,983,867
Colorado
Health
Facilities
Authority
,
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/29
.......................................................
650,000
679,529
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/30
.......................................................
700,000
737,564
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/32
.......................................................
750,000
793,158
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/33
.......................................................
1,000,000
1,058,387
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/34
.......................................................
1,100,000
1,161,331
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/31
2,500,000
2,645,772
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
8/01/37
2,250,000
2,167,584
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
8/01/39
1,250,000
1,187,591
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/32
2,000,000
2,118,947
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/33
9,595,000
10,161,744
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
11,635,000
12,281,770
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
2,000,000
2,088,804
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
5,500,000
5,729,321
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/40
.........
3,000,000
3,176,793
c
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5
%
,
12/01/32
..
1,000,000
1,011,902
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
12,240,000
12,881,498
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
4,200,000
5,031,492
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/33
........
1,000,000
1,002,496
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
........
1,400,000
1,401,095
South
Maryland
Creek
Ranch
Metropolitan
District
,
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/43
..............................................
1,000,000
1,046,084
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.375
%
,
12/01/30
................
500,000
459,102
74,805,831
Connecticut
1.6%
City
of
Stamford
,
GO
,
2019
,
3
%
,
6/01/35
.............................................
3,025,000
2,737,256
GO
,
2019
,
3
%
,
6/01/36
.............................................
3,025,000
2,700,371
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/38
..........
2,500,000
2,467,260
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/33
.....
5,000,000
5,054,153
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/35
.....
250,000
235,131
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/36
.....
4,750,000
4,410,943
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/32
.....................
700,000
748,781
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/33
.....................
625,000
666,452
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/34
.....................
725,000
773,378
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/26
...
200,000
203,236
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/27
...
250,000
256,485
State
of
Connecticut
,
GO
,
2020
C
,
4
%
,
6/01/34
............................................
1,500,000
1,538,674
Special
Tax
,
2020
A
,
4
%
,
5/01/36
......................................
3,500,000
3,565,393
University
of
Connecticut
,
Revenue
,
2016
A
,
5
%
,
3/15/30
........................................
3,075,000
3,149,646
Revenue
,
2016
A
,
5
%
,
3/15/31
........................................
5,025,000
5,140,863
33,648,022
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
9.0%
Alachua
County
Health
Facilities
Authority
,
Shands
Teaching
Hospital
&
Clinics
Obligated
Group
,
Revenue
,
B-1
,
Refunding
,
5
%
,
12/01/33
.......................................................
$
3,445,000
$
3,641,647
Shands
Teaching
Hospital
&
Clinics
Obligated
Group
,
Revenue
,
B-1
,
Refunding
,
5
%
,
12/01/35
.......................................................
2,350,000
2,475,563
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/30
......
1,000,000
1,021,145
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/48
.......................................................
2,500,000
2,438,376
c
Capital
Trust
Agency,
Inc.
,
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
5,345,000
4,577,387
Revenue
,
144A,
2021
A-2
,
5.1
%
,
12/01/31
...............................
1,725,000
1,497,285
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
T
,
5.05
%
,
7/01/34
..........
855,000
712,335
c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
17,800,000
13,894,306
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........................................................
750,000
638,929
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/30
.........................................................
255,000
234,430
City
of
Clearwater
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/33
......
5,520,000
5,707,950
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2017
A
,
5
%
,
10/01/30
.............
1,500,000
1,571,587
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/39
.....................................................
1,650,000
1,544,313
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/40
........................................................
2,500,000
2,193,528
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2021
B-1
,
2
%
,
1/01/29
4,300,000
3,828,344
City
of
Port
St.
Lucie
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/30
.....................
1,500,000
1,500,017
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/31
.....................
1,635,000
1,636,037
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/33
...................
6,000,000
6,011,290
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/38
..................................................
700,000
693,785
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/39
..................................................
500,000
490,536
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
5
%
,
7/01/40
..................................................
1,000,000
1,046,918
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
........................................
1,000,000
846,377
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/32
...................................................
460,000
449,811
Escambia
County
Health
Facilities
Authority
,
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/34
...............................
1,000,000
1,024,345
Everlands
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............................................
1,000,000
999,916
Florida
Development
Finance
Corp.
,
Brightline
Trains
Florida
LLC
,
Revenue
,
2024
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/44
.................................
20,000,000
20,599,470
c
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
..................................
1,270,000
1,216,482
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
5
%
,
10/01/33
.......................................
10,500,000
11,067,171
Revenue
,
2019
A
,
4
%
,
10/01/37
.......................................
8,430,000
8,258,239
Herons
Glen
Recreation
District
,
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/32
.............
185,000
168,757
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/33
.............
300,000
270,385
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Herons
Glen
Recreation
District,
(continued)
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/34
.............
$
245,000
$
215,537
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/35
.............
255,000
223,220
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/36
.............
260,000
225,024
JEA
Water
&
Sewer
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/31
.........
17,435,000
18,299,513
c
Knightsbridge
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
6/15/31
...................................................
215,000
212,680
e
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
...
485,000
482,682
Lee
Memorial
Health
System
,
Lee
Memorial
Health
System
Obligated
Group
,
Revenue
,
A-1
,
Refunding
,
4
%
,
4/01/37
........................................................
5,000,000
4,855,337
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
4/01/49
................
12,000,000
11,117,212
c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
5/01/57
6,965,000
6,235,416
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.45
%
,
5/01/32
...................................................
1,000,000
1,046,933
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/28
.....
1,000,000
1,024,961
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/30
.....
2,875,000
2,947,724
Orlando
Utilities
Commission
,
Revenue
,
2018
A
,
5
%
,
10/01/33
.................
1,755,000
1,841,968
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
........................................................
1,000,000
855,851
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4.2
%
,
5/01/33
...............................
800,000
797,620
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
2,000,000
2,000,098
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/31
.....................................
500,000
454,737
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
....................................
6,600,000
6,647,358
State
of
Florida
,
GO
,
2015
E
,
Refunding
,
4
%
,
6/01/33
...................................
11,855,000
11,840,462
GO
,
2017
C
,
Refunding
,
4
%
,
6/01/32
...................................
7,855,000
7,831,177
GO
,
2017
C
,
Refunding
,
4
%
,
6/01/33
...................................
5,000,000
5,066,731
c
Summerstone
Community
Development
District
,
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
...............................
725,000
620,641
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
4
%
,
10/01/32
..........
2,855,000
2,861,886
c
Village
Community
Development
District
No.
15
,
Phase
I
,
Special
Assessment
,
144A,
2023
,
4.85
%
,
5/01/38
...............................................
1,000,000
1,011,671
Windward
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A-2
,
4.4
%
,
11/01/35
................................................
400,000
388,669
191,361,769
Georgia
4.5%
City
of
Atlanta
,
Water
&
Wastewater
,
Revenue
,
2018
C
,
Refunding
,
5
%
,
11/01/33
..............
6,750,000
7,111,014
Water
&
Wastewater
,
Revenue
,
2018
C
,
Refunding
,
5
%
,
11/01/34
..............
3,000,000
3,160,205
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/32
900,000
893,030
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/33
565,000
559,399
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/34
450,000
445,817
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/35
865,000
857,888
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
1,400,000
1,384,684
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/32
250,000
248,064
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/33
250,000
247,522
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/34
275,000
272,444
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/35
275,000
272,739
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/36
275,000
271,991
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Development
Authority
for
Fulton
County
,
Spelman
College
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/28
...................
$
3,785,000
$
3,827,527
Spelman
College
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/29
...................
4,385,000
4,432,559
Spelman
College
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/30
...................
4,805,000
4,856,647
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,375,000
2,157,755
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/27
........................................................
1,750,000
1,802,302
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/28
........................................................
2,100,000
2,167,782
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/29
........................................................
2,000,000
2,065,301
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/30
........................................................
1,000,000
1,032,528
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2021
C
,
4
%
,
12/01/25
.......................................
1,000,000
991,130
b
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
5,000,000
4,994,714
b
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
10,000,000
9,953,221
b
Revenue
,
2022
B
,
Mandatory
Put
,
5
%
,
6/01/29
............................
10,200,000
10,603,360
b,c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
12,000,000
11,794,760
b
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
11,495,000
12,123,625
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2019
A
,
5
%
,
1/01/30
........................................
1,000,000
1,043,547
Revenue
,
2019
A
,
5
%
,
1/01/31
........................................
600,000
626,555
Revenue
,
2019
A
,
5
%
,
1/01/32
........................................
500,000
522,192
Revenue
,
2019
A
,
5
%
,
1/01/33
........................................
1,000,000
1,044,306
Revenue
,
2019
B
,
5
%
,
1/01/29
........................................
500,000
515,075
Revenue
,
2019
B
,
5
%
,
1/01/30
........................................
480,000
495,230
Revenue
,
2019
B
,
5
%
,
1/01/31
........................................
700,000
722,701
Revenue
,
2019
B
,
5
%
,
1/01/32
........................................
750,000
774,416
Revenue
,
2019
B
,
5
%
,
1/01/33
........................................
1,045,000
1,078,939
Revenue
,
2019
B
,
5
%
,
1/01/34
........................................
700,000
722,672
96,073,641
Hawaii
1.2%
State
of
Hawaii
,
GO
,
EO
,
5
%
,
8/01/28
...............................................
21,695,000
21,737,023
Airports
System
,
Revenue
,
2020
A
,
4
%
,
7/01/35
...........................
4,420,000
4,359,810
26,096,833
Illinois
6.6%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.25
%
,
4/01/40
...................................................
3,720,000
4,003,677
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2020
C
,
Refunding
,
4
%
,
1/01/35
.....................
4,000,000
4,043,727
Revenue,
Senior
Lien
,
2020
E
,
Refunding
,
4
%
,
1/01/35
.....................
1,560,000
1,577,053
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/32
..................................
1,500,000
1,596,366
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/33
..................................
3,000,000
3,189,309
GO
,
2020
F-2
,
Refunding
,
4
%
,
1/01/34
..................................
1,100,000
1,099,282
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/35
..................................
2,375,000
2,524,294
Chicago
Transit
Authority
Capital
Grant
Receipts
,
Revenue
,
2021
,
Refunding
,
5
%
,
6/01/28
.........................................................
1,750,000
1,823,033
City
of
Berwyn
,
GO
,
2022
B
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/41
...........
6,000,000
5,979,415
City
of
Chicago
,
GO
,
1999
,
NATL
Insured
,
Zero
Cpn.,
1/01/31
.............................
4,000,000
2,989,375
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
City
of
Chicago,
(continued)
GO
,
2003
B
,
Refunding
,
5
%
,
1/01/26
...................................
$
1,795,000
$
1,804,327
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/33
...................................
9,500,000
10,182,814
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/34
...................................
6,655,000
7,121,163
GO
,
2021
B
,
Refunding
,
4
%
,
1/01/35
...................................
4,295,000
4,281,253
GO
,
2021
B
,
Refunding
,
4
%
,
1/01/38
...................................
5,150,000
5,006,037
GO
,
2023
A
,
5
%
,
1/01/35
............................................
10,000,000
10,762,944
City
of
Galesburg
,
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/36
...................
1,125,000
1,023,008
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/41
...................
1,475,000
1,269,989
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/15/40
12,645,000
12,227,524
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/28
.........
1,065,000
426,000
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/29
.........
1,100,000
440,000
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/30
.........
1,310,000
524,000
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/31
.........
1,095,000
438,000
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/35
........................................................
500,000
488,861
Northwestern
University
,
Revenue
,
2015
,
5
%
,
12/01/28
.....................
1,675,000
1,786,392
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
3
%
,
6/15/25
..
1,000,000
984,833
Northern
Illinois
University
,
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/41
.............................
400,000
373,560
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/43
.............................
2,075,000
1,912,517
State
of
Illinois
,
GO
,
2016
,
Refunding
,
5
%
,
2/01/26
.....................................
1,000,000
1,018,858
GO
,
2016
,
Refunding
,
5
%
,
2/01/29
.....................................
2,250,000
2,314,655
GO
,
2017
D
,
3.25
%
,
11/01/26
.........................................
750,000
730,531
GO
,
2018
A
,
Refunding
,
5
%
,
10/01/29
..................................
1,125,000
1,181,927
GO
,
2018
B
,
Refunding
,
5
%
,
10/01/31
..................................
1,500,000
1,577,579
GO
,
2019
B
,
5
%
,
11/01/30
...........................................
1,125,000
1,196,174
GO
,
2019
B
,
4
%
,
11/01/38
...........................................
4,680,000
4,575,802
GO
,
2020
C
,
4
%
,
10/01/37
...........................................
8,170,000
8,037,961
GO
,
2021
A
,
5
%
,
3/01/46
............................................
2,000,000
2,073,473
GO
,
2021
B
,
4
%
,
12/01/39
...........................................
2,500,000
2,415,048
GO
,
2022
A
,
5
%
,
3/01/29
............................................
6,385,000
6,731,612
GO
,
2022
B
,
5
%
,
10/01/30
...........................................
10,000,000
10,727,652
GO
,
2022
C
,
5.5
%
,
10/01/40
.........................................
3,700,000
4,099,628
c
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
A
,
Refunding
,
3.5
%
,
12/01/32
......
5,706,787
5,034,470
141,594,123
Indiana
1.7%
c
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
B
,
4.75
%
,
8/01/24
1,560,000
1,553,804
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/32
.....................
650,000
682,540
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/33
.....................
830,000
872,561
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/38
.....................
1,600,000
1,657,726
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/26
..
1,065,000
1,041,182
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/27
..
1,150,000
1,119,618
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/28
..
1,235,000
1,199,657
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/29
..
1,330,000
1,288,773
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/30
..
1,425,000
1,377,717
Indianapolis
Power
&
Light
Co.
,
Revenue
,
2021
A
,
Refunding
,
1.4
%
,
8/01/29
.....
3,000,000
2,501,418
State
Revolving
Fund
,
Revenue
,
2018
A
,
5
%
,
2/01/35
......................
6,795,000
7,139,581
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
(continued)
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
6/01/37
..........................................
$
15,000,000
$
15,070,425
35,505,002
Iowa
1.1%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/32
....
680,000
677,338
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/36
....
650,000
635,691
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/41
....
350,000
325,745
b
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
4.281
%
,
5/15/26
.....................................
3,250,000
3,043,096
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
2,500,000
2,746,126
Iowa
Higher
Education
Loan
Authority
,
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/31
.
1,800,000
1,894,211
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/32
.
1,920,000
2,015,870
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/33
.
2,030,000
2,126,517
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/34
.
2,135,000
2,231,363
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/35
.
1,250,000
1,302,620
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/36
.
2,470,000
2,567,101
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/37
.
2,595,000
2,684,267
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
B-1
,
2
,
Refunding
,
4
%
,
6/01/49
..
1,220,000
1,187,409
23,437,354
Kansas
0.4%
State
of
Kansas
,
Department
of
Transportation
,
Revenue
,
2014
A
,
5
%
,
9/01/28
.....
8,000,000
8,026,300
Kentucky
1.6%
Eastern
Kentucky
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/29
..............................
1,355,000
1,362,540
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/30
..............................
1,410,000
1,420,948
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/31
..............................
1,470,000
1,475,229
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
1,000,000
1,058,073
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,000,000
1,055,588
Kentucky
Municipal
Power
Agency
,
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/34
....................
6,500,000
6,550,866
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
...............................
1,500,000
1,548,159
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
...............................
1,600,000
1,648,710
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
...............................
1,000,000
1,029,584
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet
,
Revenue
,
BAM
Insured
,
5
%
,
5/01/32
............................
2,000,000
2,100,283
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/28
.............................................
3,000,000
3,137,782
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/29
..................
5,500,000
5,647,581
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/31
..................
5,500,000
5,625,394
33,660,737
Louisiana
4.3%
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/35
...............................
1,310,000
1,323,244
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/36
...............................
2,000,000
2,019,177
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/36
.......
6,000,000
6,057,348
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/25
...................
2,400,000
2,440,219
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/27
...................
3,500,000
3,556,194
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Lafayette
Consolidated
Government,
(continued)
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/29
...................
$
4,685,000
$
4,753,131
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
c
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
9,545,000
8,503,324
c
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.
,
Revenue
,
144A,
2020
A
,
Refunding
,
3.5
%
,
12/01/32
.........................................
1,960,000
1,765,802
Louisiana
Utilities
Restoration
Corp.
ELL
System
Restoration
,
Revenue
,
2022
A
,
3.615
%
,
2/01/29
.................................................
8,601,141
8,400,069
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
3.75
%
,
10/01/38
4,592,712
3,697,498
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
B
,
5.25
%
,
10/01/32
5,350,000
4,618,213
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
5
%
,
5/15/29
.......
1,240,000
1,261,333
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/29
........................................................
10,000
10,254
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
5
%
,
5/15/30
.......
995,000
1,012,097
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/30
........................................................
5,000
5,127
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
5
%
,
5/15/32
.......
1,485,000
1,509,665
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/32
........................................................
15,000
15,380
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/28
1,000,000
1,027,061
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/29
2,000,000
2,056,567
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/30
2,250,000
2,313,536
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/31
1,745,000
1,794,486
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/32
1,750,000
1,798,509
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/33
2,000,000
2,053,152
Tulane
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
4/01/36
.................
4,750,000
5,120,141
Tulane
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
4/01/37
.................
2,000,000
2,147,169
Tulane
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
4/01/38
.................
3,120,000
3,331,803
b
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
2,500,000
2,382,837
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2020
E
,
5
%
,
4/01/35
........................................
1,000,000
1,044,728
Revenue
,
2020
E
,
5
%
,
4/01/36
........................................
1,495,000
1,564,913
Revenue
,
2020
E
,
5
%
,
4/01/37
........................................
1,065,000
1,110,339
Revenue
,
2020
E
,
5
%
,
4/01/38
........................................
1,000,000
1,037,588
Revenue
,
2020
E
,
5
%
,
4/01/39
........................................
2,750,000
2,847,457
State
of
Louisiana
,
GO
,
2014
C
,
Refunding
,
5
%
,
8/01/25
......................
10,000,000
10,016,812
92,595,173
Maine
0.3%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
7/01/35
................
1,000,000
1,065,888
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/36
................
1,000,000
1,004,412
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/37
................
1,150,000
1,146,435
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/38
................
2,690,000
2,660,437
5,877,172
Maryland
3.4%
City
of
Baltimore
,
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/29
.....................
1,000,000
1,036,901
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/30
.....................
2,940,000
3,050,467
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/31
.....................
2,085,000
2,163,882
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/32
.....................
3,240,000
3,362,376
Wastewater
Utility
Fund
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
7/01/30
............
6,450,000
6,692,352
Wastewater
Utility
Fund
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
7/01/32
............
5,905,000
6,128,034
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
City
of
Baltimore,
(continued)
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/28
......
$
2,790,000
$
2,808,115
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/29
......
5,835,000
5,871,483
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/29
.........................
1,320,000
1,368,709
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/30
.........................
1,785,000
1,852,069
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/31
.........................
3,765,000
3,907,442
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/32
.........................
4,000,000
4,151,081
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
9/01/34
.............................................
5,000,000
4,333,628
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3.25
%
,
7/01/39
500,000
393,973
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/40
..
300,000
282,792
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/30
............................................
8,520,000
8,792,164
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
............................................
7,415,000
7,654,825
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/28
...............
1,000,000
1,008,629
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/29
...............
1,340,000
1,355,289
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/30
...............
2,810,000
2,846,070
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/31
...............
1,480,000
1,498,907
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............
1,550,000
1,566,320
72,125,508
Massachusetts
2.1%
Commonwealth
of
Massachusetts
,
GO
,
A
,
Refunding
,
5
%
,
7/01/28
.......................................
7,500,000
7,598,105
GO
,
A
,
Refunding
,
5
%
,
7/01/29
.......................................
6,000,000
6,082,157
Massachusetts
Development
Finance
Agency
,
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/30
.......................................................
150,000
162,137
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/31
.......................................................
475,000
513,249
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/32
.......................................................
450,000
483,275
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/33
.......................................................
525,000
560,500
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/34
.......................................................
450,000
478,108
Massachusetts
Port
Authority
,
Revenue
,
2019
C
,
5
%
,
7/01/32
........................................
4,220,000
4,454,763
Revenue
,
2019
C
,
5
%
,
7/01/33
........................................
4,430,000
4,676,083
Massachusetts
Water
Resources
Authority
,
Revenue
,
C
,
Refunding
,
5
%
,
8/01/32
....
13,920,000
14,643,499
University
of
Massachusetts
Building
Authority
,
Revenue
,
2017-3
,
Refunding
,
5
%
,
11/01/32
........................................................
5,000,000
5,260,480
44,912,356
Michigan
1.7%
Lansing
Board
of
Water
&
Light
,
Revenue
,
2019
A
,
5
%
,
7/01/36
.................
4,645,000
4,996,926
Lansing
School
District
,
GO
,
2016
I
,
5
%
,
5/01/30
.............................................
1,860,000
1,910,159
GO
,
2016
I
,
5
%
,
5/01/31
.............................................
2,010,000
2,063,079
GO
,
2016
I
,
5
%
,
5/01/32
.............................................
2,310,000
2,363,268
Michigan
Finance
Authority
,
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
Refunding
,
5
%
,
12/01/34
............................................
8,200,000
8,369,856
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
4
%
,
11/15/33
.............
5,100,000
5,137,738
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
State
Hospital
Finance
Authority,
(continued)
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Refunding
,
5
%
,
12/01/31
.
$
2,700,000
$
2,811,958
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
5
%
,
12/01/32
..........
1,115,000
1,157,639
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Pre-Refunded
,
5
%
,
12/01/32
135,000
142,175
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3
%
,
10/01/39
..
3,500,000
2,850,121
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,000,000
4,473,730
36,276,649
Mississippi
0.5%
c
Mississippi
Development
Bank
,
County
of
Hancock
,
Revenue
,
144A,
2019
,
4.55
%
,
11/01/39
........................................................
1,860,000
1,866,568
Mississippi
Home
Corp.
,
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A-5
,
4
%
,
6/01/46
..
8,143,623
6,075,448
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group
,
Revenue
,
2021
D-8
,
3.65
%
,
6/01/33
..................................................
101,412
87,136
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group
,
Revenue
,
2021
D-8
,
4.15
%
,
6/01/46
..................................................
400,000
305,671
c
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group
,
Revenue
,
144A,
2021
E-8
,
5.5
%
,
6/01/36
...........................................
2,540,000
1,966,092
10,300,915
Missouri
1.7%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Mercy
Health
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
6/01/31
...............................
12,500,000
13,144,894
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Plum
Point
Project
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
1/01/27
................
3,250,000
3,267,770
Plum
Point
Project
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
1/01/28
................
4,500,000
4,518,975
Plum
Point
Project
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
1/01/29
................
4,045,000
4,063,666
Southeast
Missouri
State
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/33
.................................
2,745,000
2,727,818
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/34
.................................
2,180,000
2,161,475
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/35
.................................
1,575,000
1,560,692
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/36
.................................
3,205,000
3,161,076
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/37
.................................
2,000,000
1,949,844
36,556,210
Nebraska
0.2%
b
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
5,000,000
5,204,855
New
Jersey
2.2%
Hudson
County
Improvement
Authority
,
County
of
Hudson
,
Revenue
,
2010
,
Refunding
,
AGMC
Insured
,
5.375
%
,
10/01/24
.....................................
2,050,000
2,060,338
New
Jersey
Economic
Development
Authority
,
New
Jersey
Transit
Corp.
,
Revenue
,
2022
A
,
5
%
,
11/01/39
...................
16,000,000
17,292,922
State
of
New
Jersey
Department
of
the
Treasury
,
Revenue
,
2019
LLL
,
5
%
,
6/15/39
1,000,000
1,054,521
State
of
New
Jersey
Department
of
the
Treasury
,
Revenue
,
AAA
,
Pre-Refunded
,
5
%
,
6/15/34
........................................................
5,000,000
5,187,534
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
5,000,000
5,116,981
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/30
...............
900,000
922,445
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/31
...............
1,080,000
1,106,421
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
2,815,000
2,570,410
Revenue,
Senior
Lien
,
2020
B
,
3.5
%
,
12/01/39
............................
1,310,000
1,237,008
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/36
.........................................................
$
6,200,000
$
6,244,120
New
Jersey
Turnpike
Authority
,
Revenue
,
2021
A
,
4
%
,
1/01/42
.................
1,800,000
1,804,028
Newark
Board
of
Education
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/26
..........................
275,000
282,351
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/27
..........................
330,000
343,083
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/28
..........................
325,000
341,681
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/29
..........................
320,000
340,163
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/31
..........................
400,000
433,498
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/32
..........................
430,000
464,507
46,802,011
New
Mexico
0.5%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
A
,
Refunding
,
2.15
%
,
4/01/33
...................................................
13,500,000
10,617,481
New
York
5.5%
City
of
New
York
,
GO
,
2015
C
,
Refunding
,
5
%
,
8/01/25
...................................
2,000,000
2,017,706
GO
,
2015
C
,
Refunding
,
5
%
,
8/01/27
...................................
7,500,000
7,558,449
GO
,
2019
E
,
Refunding
,
5
%
,
8/01/34
...................................
3,500,000
3,734,772
GO
,
2021
C
,
4
%
,
8/01/37
............................................
5,000,000
5,055,223
GO
,
2023
A-1
,
4
%
,
9/01/46
..........................................
5,000,000
4,796,581
GO
,
A-1
2017
A
,
5
%
,
8/01/29
.........................................
10,000,000
10,251,692
Metropolitan
Transportation
Authority
,
b
Revenue
,
2015
A-2
,
Mandatory
Put
,
5
%
,
5/15/30
..........................
7,000,000
7,441,300
Revenue
,
2016
A-2
,
Refunding
,
5
%
,
11/15/25
.............................
11,090,000
11,305,230
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
..............................
3,265,000
3,365,582
Revenue
,
2017
B
,
Refunding
,
5
%
,
11/15/26
..............................
2,140,000
2,211,372
Revenue
,
2017
C-1
,
Refunding
,
5
%
,
11/15/31
............................
1,870,000
1,962,296
Revenue
,
2017
C-1
,
Refunding
,
4
%
,
11/15/37
............................
2,500,000
2,450,394
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/27
1,000,000
1,031,320
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
3/01/36
..
2,500,000
2,189,296
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2020
C
,
4
%
,
5/01/37
........................
1,400,000
1,429,782
Future
Tax
Secured
,
Revenue
,
2024
F-2
,
4.67
%
,
2/01/33
....................
7,000,000
6,811,260
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
2,340,000
2,029,070
New
York
State
Dormitory
Authority
,
Revenue
,
2009
A
,
AGMC
Insured
,
5
%
,
10/01/24
...........................
80,000
80,070
Northwell
Health
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/29
....
10,000,000
10,076,555
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2014
E
,
5
%
,
2/15/30
.........
4,980,000
5,013,494
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2014
E
,
Pre-Refunded
,
5
%
,
2/15/30
........................................................
20,000
20,162
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2018
A
,
5
%
,
3/15/32
.........
9,995,000
10,622,858
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
3/15/32
........................................................
5,000
5,300
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
6
%
,
4/01/35
.........................................................
4,275,000
4,860,345
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
234
,
Refunding
,
5.25
%
,
8/01/42
.
2,500,000
2,675,038
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/28
......
1,300,000
1,360,685
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/30
......
2,900,000
3,108,205
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/34
......
4,425,000
4,721,341
118,185,378
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
0.1%
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/25
..............................
$
125,000
$
126,064
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/26
..............................
300,000
305,093
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
450,000
460,195
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
516,937
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
350,000
362,626
Revenue,
Senior
Lien
,
2020
A
,
3.125
%
,
6/01/39
...........................
15,000
15,000
1,785,915
North
Dakota
0.4%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/29
..
1,600,000
1,613,927
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/30
..
1,600,000
1,612,536
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/31
..
1,300,000
1,311,853
City
of
Horace
,
GO
,
2023
B
,
Refunding
,
5.125
%
,
7/01/25
.....................
4,250,000
4,252,677
8,790,993
Ohio
1.9%
County
of
Franklin
,
Ohio
Living
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5
%
,
7/01/31
.........................................................
5,000,000
5,008,355
c
Ohio
Housing
Finance
Agency
,
Revenue
,
144A,
2023
B
,
6
%
,
2/01/26
...................................
4,100,000
4,119,908
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
B
,
6.25
%
,
3/01/26
...........
6,850,000
6,899,681
Ohio
Water
Development
Authority
,
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2017
A
,
5
%
,
12/01/31
...................................................
10,000,000
10,438,174
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
B
,
Refunding
,
AGMC
Insured
,
4.375
%
,
12/01/58
...........................................
12,535,000
12,217,649
State
of
Ohio
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
11/15/35
1,000,000
1,020,501
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/36
905,000
843,167
40,547,435
Oregon
2.1%
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
B
,
5
%
,
6/15/32
....
3,725,000
3,875,016
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
...
5,240,000
5,338,167
Hillsboro
School
District
No.
1J
,
GO
,
2020
,
4
%
,
6/15/36
.............................................
2,605,000
2,655,012
GO
,
2020
,
4
%
,
6/15/38
.............................................
4,575,000
4,608,779
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/34
1,100,000
1,175,143
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/35
800,000
854,222
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/36
1,300,000
1,384,205
Oregon
State
Facilities
Authority
,
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/25
.......................................................
425,000
428,103
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/26
.......................................................
150,000
151,811
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/28
.......................................................
325,000
332,303
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/29
.......................................................
600,000
617,687
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
.......................................................
275,000
285,185
Willamette
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
.............
2,000,000
1,629,785
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/34
.......
3,780,000
3,998,900
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/35
.......
9,010,000
9,514,214
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Salem-Keizer
School
District
No.
24J
,
GO
,
2020
C
,
4
%
,
6/15/37
................
$
5,620,000
$
5,705,206
c
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
2,405,000
2,440,834
44,994,572
Pennsylvania
3.5%
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
1/01/41
..........................
1,000,000
1,099,677
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
1/01/42
..........................
1,000,000
1,096,121
Allegheny
County
Hospital
Development
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/34
.......................................
5,000,000
5,302,212
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/28
.................................
600,000
616,989
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/29
.................................
600,000
621,164
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/30
.................................
700,000
728,427
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/31
.................................
675,000
705,717
City
of
Philadelphia
,
Water
&
Wastewater
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
11/01/31
5,750,000
6,015,170
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
B
,
Refunding
,
2.625
%
,
2/15/27
...................................
5,855,000
5,577,683
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/33
.....................
2,100,000
2,248,277
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/34
.....................
1,750,000
1,872,121
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/35
.....................
1,450,000
1,549,441
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/40
............
2,525,000
2,463,289
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/41
............
2,375,000
2,296,389
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/42
............
2,815,000
2,698,638
b
Waste
Management
Obligated
Group
,
Revenue
,
2009
,
Mandatory
Put
,
0.95
%
,
12/01/26
.......................................................
3,000,000
2,733,468
b
Waste
Management,
Inc.
,
Revenue
,
2017
A
,
Mandatory
Put
,
0.58
%
,
8/01/24
.....
5,500,000
5,462,635
b
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
6,750,000
6,191,360
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/39
.....
6,950,000
7,346,336
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2017
A
,
4
%
,
8/15/34
....................................................
5,895,000
5,916,559
Pennsylvania
State
University
(The)
,
Revenue
,
A
,
5
%
,
9/01/30
.................
4,000,000
4,188,930
Philadelphia
Authority
for
Industrial
Development
,
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
........................................
300,000
293,955
Philadelphia
Gas
Works
Co.
,
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/30
.................................
2,000,000
2,062,336
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/31
.................................
4,030,000
4,159,719
Redevelopment
Authority
of
the
City
of
Philadelphia
,
Revenue
,
2021
A
,
BAM
Insured
,
2.799
%
,
9/01/33
...................................................
2,425,000
2,042,455
75,289,068
Rhode
Island
0.1%
State
of
Rhode
Island
,
GO
,
2019
C
,
4
%
,
1/15/34
............................................
1,520,000
1,546,046
GO
,
2019
C
,
4
%
,
1/15/35
............................................
600,000
609,616
2,155,662
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
3.1%
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.625
%
,
11/01/31
...............................
$
1,000,000
$
846,806
b
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
27,500,000
29,092,951
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
6,500,000
5,513,050
c
Revenue
,
144A,
2021
A-2
,
5.3
%
,
12/01/29
...............................
1,805,000
1,609,490
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
7,400,000
6,276,395
c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
11,000,000
8,456,502
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/33
......
6,000,000
6,207,797
South
Carolina
Public
Service
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/31
..............................
2,355,000
2,515,816
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/25
..............................
1,000,000
1,016,240
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/26
..............................
750,000
768,876
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
3,300,000
3,265,306
65,569,229
South
Dakota
0.0%
†
South
Dakota
Health
&
Educational
Facilities
Authority
,
Presbyterian
Retirement
Village
of
Rapid
City,
Inc.
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/41
..................
1,150,000
870,831
Tennessee
2.3%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/31
1,500,000
1,587,463
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/34
1,000,000
1,058,937
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
2,550,000
2,698,085
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
8/01/36
1,000,000
970,306
State
of
Tennessee
,
GO
,
2023
A
,
5
%
,
5/01/31
..............................
5,565,000
6,198,677
b
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
21,895,000
23,167,459
b
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2023
A-1
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/28
......................................................
5,250,000
5,425,361
Tennessee
State
School
Bond
Authority
,
Revenue
,
2015
B
,
5
%
,
11/01/28
.........
8,180,000
8,367,919
49,474,207
Texas
5.1%
City
of
Austin
,
Water
&
Wastewater
System
,
Revenue
,
2012
,
Refunding
,
5
%
,
11/15/27
805,000
807,354
City
of
Dallas
,
Waterworks
&
Sewer
System
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/30
........
1,500,000
1,570,149
Waterworks
&
Sewer
System
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/31
........
2,500,000
2,616,480
Waterworks
&
Sewer
System
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/32
........
1,000,000
1,046,519
City
of
El
Paso
,
GO
,
2020
A
,
Refunding
,
4
%
,
8/15/35
...................................
1,000,000
1,012,739
GO
,
2020
A
,
Refunding
,
4
%
,
8/15/36
...................................
1,000,000
1,008,935
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue
,
2015
,
Refunding
,
5
%
,
2/01/27
10,415,000
10,625,616
Clifton
Higher
Education
Finance
Corp.
,
Southwestern
University
,
Revenue
,
2022
,
4
%
,
8/15/42
.........................................................
10,535,000
10,001,090
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
First
Lien
,
2021
A
,
2.5
%
,
10/01/31
....
500,000
379,124
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/30
....
100,000
107,096
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/31
....
60,000
64,752
County
of
Harris
,
Toll
Road
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/32
.............
2,500,000
2,636,323
Toll
Road
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/33
.............
2,500,000
2,633,487
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Dallas
Convention
Center
Hotel
Development
Corp.
,
Revenue
,
2009
B
,
7.088
%
,
1/01/42
.........................................................
$
8,715,000
$
9,723,743
Ector
County
Hospital
District
,
GO
,
2020
,
Refunding
,
5
%
,
9/15/29
.....................................
800,000
815,417
GO
,
2020
,
Refunding
,
5
%
,
9/15/30
.....................................
745,000
762,674
GO
,
2020
,
Refunding
,
5
%
,
9/15/31
.....................................
450,000
459,379
GO
,
2020
,
Refunding
,
5
%
,
9/15/32
.....................................
600,000
612,758
GO
,
2020
,
Refunding
,
5
%
,
9/15/33
.....................................
650,000
663,750
GO
,
2020
,
Refunding
,
4
%
,
9/15/34
.....................................
650,000
583,787
GO
,
2020
,
Refunding
,
4
%
,
9/15/35
.....................................
700,000
623,630
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/28
.............................................
155,000
133,038
GO
,
2021
,
2
%
,
9/01/29
.............................................
155,000
129,645
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/34
200,000
170,985
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/35
225,000
210,406
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/36
250,000
232,355
c
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
3,944,706
3,012,545
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.
,
Revenue
,
2021
,
Refunding
,
5
%
,
5/15/27
.............................................
2,000,000
2,078,193
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
A
,
Refunding
,
4
%
,
1/01/33
.............................................
5,000,000
4,993,013
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
12,000,000
10,182,460
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/37
......
635,000
582,152
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/39
......
2,435,000
2,150,682
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
......
2,000,000
1,744,126
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/27
................................
1,000,000
1,019,652
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/30
................................
10,000,000
10,258,889
b
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
19,500,000
20,812,399
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
.........................
281,000
232,942
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/29
.....................................
290,000
250,525
GO,
Sub.
Lien
,
2021
,
2.25
%
,
8/15/31
...................................
300,000
250,421
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/33
.....................................
315,000
271,875
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/35
.....................................
335,000
283,967
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/37
.....................................
355,000
287,856
108,042,928
Utah
0.2%
City
of
Lehi
,
Franchise
&
Sales
Tax
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
2/01/48
...
3,000,000
2,786,426
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
4
%
,
10/15/35
.....................
400,000
382,163
3,168,589
Virginia
1.8%
City
of
Richmond
,
Public
Utility
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
1/15/32
......
10,000,000
10,253,238
Virginia
Public
Building
Authority
,
Revenue
,
B
,
4
%
,
8/01/29
............................................
9,605,000
9,696,715
Revenue
,
B
,
Pre-Refunded
,
4
%
,
8/01/29
................................
3,530,000
3,568,497
Virginia
Public
School
Authority
,
Revenue
,
2014
C
,
Refunding
,
5
%
,
8/01/27
........
4,460,000
4,467,498
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/32
........................................................
2,500,000
2,491,268
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
(continued)
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/32
........................................................
$
2,000,000
$
1,992,462
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/35
....................................................
3,000,000
3,103,014
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/36
....................................................
3,000,000
2,893,835
38,466,527
Washington
3.7%
City
of
Seattle
,
Drainage
&
Wastewater
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/26
..............
2,995,000
2,996,191
Municipal
Light
&
Power
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
9/01/34
............
5,300,000
5,359,726
County
of
King
,
Sewer
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
7/01/25
.........................
1,200,000
1,201,317
Sewer
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
7/01/26
.........................
1,200,000
1,200,814
Sewer
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
7/01/27
.........................
1,900,000
1,901,289
Sewer
,
Revenue
,
2014
B
,
Pre-Refunded
,
5
%
,
7/01/28
......................
3,050,000
3,052,336
Energy
Northwest
,
Bonneville
Power
Administration
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/35
......
7,000,000
7,479,023
Bonneville
Power
Administration
,
Revenue
,
A
,
ETM,
5
%
,
7/01/24
..............
1,250,000
1,250,957
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
9,420,000
8,930,678
Port
of
Seattle
,
Revenue
,
2018
A
,
5
%
,
5/01/38
.............................
5,000,000
5,064,419
Seattle
Housing
Authority
,
Yesler
Block
7.3
LLLP
,
Revenue
,
2021
,
1
%
,
6/01/25
.....
7,225,000
6,967,402
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,200,000
1,266,706
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/30
2,800,000
2,960,038
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/32
1,500,000
1,589,210
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/35
1,665,000
1,761,691
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
3,250,000
3,430,662
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/38
........................................................
1,000,000
1,052,352
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/39
........................................................
1,000,000
1,049,671
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/40
........................................................
1,000,000
1,045,369
c
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
3
%
,
12/01/35
.......................................................
440,000
383,388
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/30
........................................................
1,000,000
1,009,977
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/31
........................................................
1,925,000
1,944,860
Virginia
Mason
Medical
Center
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/31
........................................................
2,250,000
2,284,197
Virginia
Mason
Medical
Center
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/32
........................................................
1,605,000
1,628,324
Virginia
Mason
Medical
Center
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/35
........................................................
2,400,000
2,429,604
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
6,687,459
5,930,997
c
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
B
,
5.3
%
,
1/01/30
.
1,300,000
1,180,644
c
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5.625
%
,
7/01/38
........................................................
2,000,000
2,176,165
78,528,007
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
2.4%
City
of
Milwaukee
,
Sewerage
System
,
Revenue
,
2021
S-2
,
Refunding
,
3
%
,
6/01/46
..
$
4,600,000
$
3,306,238
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC
,
Revenue
,
2020
A
,
3.5
%
,
12/01/32
....................
1,405,000
1,220,803
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/15/37
.......................................................
600,000
588,358
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/29
..........
285,000
274,332
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/30
..........
200,000
191,212
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/31
..........
200,000
189,655
c
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
3,500,000
3,527,838
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.375
%
,
7/01/47
....
7,000,000
7,456,950
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
6,980,000
7,260,992
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
A
,
3.8
%
,
12/01/37
5,600,000
4,758,773
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
B
,
5.75
%
,
12/01/27
.......................................................
1,425,000
1,369,373
North
East
Carolina
Preparatory
School,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/15/44
........................................................
800,000
783,938
Renown
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
....................................................
2,100,000
2,025,048
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
.......
1,100,000
858,043
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
...........................................
195,000
194,390
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
...........................................
250,000
249,989
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/29
...........................................
320,000
320,748
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/30
...........................................
265,000
266,314
b,c
WV
2020
Holdings
LLC
Obligated
Group
,
Revenue
,
144A,
2020
A-1
,
Mandatory
Put
,
3.5
%
,
12/01/35
..................................................
9,700,000
8,020,382
Wisconsin
Health
&
Educational
Facilities
Authority
,
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/34
........................................
600,000
592,991
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/35
........................................
1,000,000
986,928
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/36
........................................
600,000
590,269
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/37
........................................
600,000
585,630
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/28
....................................................
375,000
354,382
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/29
....................................................
390,000
364,345
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/30
....................................................
405,000
373,940
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/37
....................................................
1,460,000
1,221,798
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/41
......
1,650,000
1,391,551
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
8/15/44
.....
1,000,000
1,025,822
50,351,032
U.S.
Territories
0.4%
District
of
Columbia
0.3%
Washington
Metropolitan
Area
Transit
Authority
,
Revenue
,
2017
A-1
,
Refunding
,
5
%
,
7/01/30
.........................................................
5,185,000
5,401,323
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
0.1%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/27
..
$
450,000
$
457,635
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/30
..
550,000
571,196
1,028,831
Total
U.S.
Territories
....................................................................
6,430,154
Total
Municipal
Bonds
(Cost
$
2,125,297,399
)
...................................
2,058,555,477
Total
Long
Term
Investments
(Cost
$
2,180,157,962
)
.............................
2,106,069,177
a
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
Maryland
0.0%
†
f
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.95
%
,
11/01/37
........................................................
400,000
400,000
New
York
0.1%
f
Metropolitan
Transportation
Authority
,
Revenue
,
2005
D-2
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.9
%
,
11/01/35
.......................................
800,000
800,000
Virginia
0.0%
†
f
Albemarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
10/01/48
........................................................
200,000
200,000
Total
Municipal
Bonds
(Cost
$
1,400,000
)
.......................................
1,400,000
Total
Short
Term
Investments
(Cost
$
1,400,000
)
.................................
1,400,000
a
Total
Investments
(Cost
$
2,181,557,962
)
99.0
%
..................................
$2,107,469,177
Other
Assets,
less
Liabilities
1.0
%
.............................................
22,899,375
Net
Assets
100.0%
...........................................................
$2,130,368,552
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$182,093,827,
representing
8.5%
of
net
assets.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Security
purchased
on
a
when-issued
basis.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Shares
a
Value
a
Management
Investment
Companies
4.1%
Capital
Markets
4.1%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
1,550,000
$
36,549,000
Total
Management
Investment
Companies
(Cost
$
39,888,825
)
....................
36,549,000
Principal
Amount
a
a
a
a
Corporate
Bonds
0.4%
Electric
Utilities
0.4%
b
,c
AES
Puerto
Rico
LP
,
144A,
12.5
%
,
3/04/26
................................
$
3,847,413
3,847,413
Total
Corporate
Bonds
(Cost
$
3,744,280
)
.......................................
3,847,413
Senior
Floating
Rate
Interests
4.7%
Real
Estate
Management
&
Development
3.3%
d
Baytown
Leased
Housing
Associates
II
LP
,
First
Lien,
Project
CME
Term
Loan
,
7.576
%
,
(
1-month
SOFR
+
2.251
%
),
8/01/40
....................................
25,110,000
25,535,148
b
,d
TBG
Hillcrest
Senior
II
LP
,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B
,
6.89
%
,
(
12-month
SOFR
+
1.55
%
),
1/01/38
....................................
3,797,009
3,797,989
29,333,137
a
a
a
a
a
Residential
REITs
1.4%
b
,d
Centennial
Gardens
LP
,
First
Lien,
Delayed
Draw
CME
Term
Loan
,
6.886
%
,
(
1-month
SOFR
+
2
%
),
1/08/25
...............................................
12,166,852
12,201,708
Total
Senior
Floating
Rate
Interests
(Cost
$
41,073,860
)
..........................
41,534,845
Municipal
Bonds
87.8%
Alabama
7.5%
Black
Belt
Energy
Gas
District
,
e
Revenue
,
2019
A-1
,
Mandatory
Put
,
4
%
,
12/01/25
.........................
5,000,000
4,995,993
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/24
...............................
400,000
400,000
e
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/26
...........................
5,000,000
4,989,901
e
Revenue
,
2022
E
,
Mandatory
Put
,
5
%
,
6/01/28
............................
4,000,000
4,154,678
e
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
10,000,000
10,706,298
e
Revenue
,
2023
D-3
,
Refunding
,
Mandatory
Put
,
5.414
%
,
2/01/29
..............
5,000,000
5,040,578
e
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,147,159
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/33
............
2,500,000
2,784,070
e
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
4,285,000
4,590,679
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
3,500,000
3,827,363
e
Industrial
Development
Board
of
the
City
of
Mobile
Alabama
,
Alabama
Power
Co.
,
Revenue
,
2007
A
,
Mandatory
Put
,
1
%
,
6/26/25
............................
4,000,000
3,864,454
Southeast
Alabama
Gas
Supply
District
(The)
,
f
Revenue
,
FRN
,
2018
A
,
Refunding
,
4
%
,
6/01/49
...........................
5,000,000
5,000,000
e
Revenue
,
2024
A
,
Refunding
,
Mandatory
Put
,
5
%
,
4/01/32
...................
10,000,000
10,596,427
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
A
,
4
%
,
10/01/24
..
725,000
724,977
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/24
...........
1,500,000
1,503,932
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/26
...........
1,030,000
1,050,768
66,377,277
Alaska
1.1%
Borough
of
Matanuska-Susitna
,
State
of
Alaska
Department
of
Administration
,
Revenue
,
2015
,
Refunding
,
5.25
%
,
9/01/29
..............................
10,000,000
10,186,028
Arizona
0.3%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/24
.......................................................
1,000,000
999,341
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/25
.......................................................
$
1,000,000
$
1,001,237
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
C
,
1.8
%
,
7/01/24
...........
450,000
448,298
2,448,876
California
5.6%
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
4
%
,
8/01/25
......................................
535,000
533,625
Revenue
,
2021
B-1
,
4
%
,
2/01/26
......................................
850,000
846,468
Revenue
,
2021
B-1
,
4
%
,
8/01/26
......................................
325,000
323,457
Revenue
,
2021
B-1
,
4
%
,
8/01/27
......................................
400,000
398,227
Revenue
,
2021
B-1
,
4
%
,
2/01/28
......................................
375,000
373,376
Revenue
,
2021
B-1
,
4
%
,
8/01/28
......................................
470,000
468,156
e
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
4,245,000
4,438,894
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
3,090,000
2,815,849
e
California
Health
Facilities
Financing
Authority
,
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2016
B-3
,
Refunding
,
Mandatory
Put
,
2
%
,
10/01/25
...........
13,340,000
12,962,322
g
California
Housing
Finance
Agency
,
Found
Middle
LP
,
Revenue
,
2024
L
,
5.2
%
,
12/01/27
........................................................
1,000,000
1,001,094
c
,e
California
Infrastructure
&
Economic
Development
Bank
,
DesertXpress
Enterprises
LLC
,
Revenue
,
144A,
2020
A
,
Mandatory
Put
,
3.95
%
,
1/30/25
................
5,000,000
5,000,021
c
,e
California
Municipal
Finance
Authority
,
Farmdale
NOHO
LP
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5
%
,
7/01/24
..........................................
13,060,000
13,059,882
City
of
Pasadena
,
Revenue
,
2015
B
,
Pre-Refunded
,
3.865
%
,
5/01/27
............
500,000
493,068
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
985,000
800,542
County
of
Riverside
,
Revenue
,
2005
A
,
4.94
%
,
2/15/25
.......................
4,650,000
4,634,058
f
Long
Beach
Bond
Finance
Authority
,
Revenue
,
FRN
,
2007
B
,
5.191
%
,
(
3-month
TSOF
+
1.712
%
),
11/15/27
................................................
1,125,000
1,126,882
49,275,921
Colorado
0.8%
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/29
...............................................
900,000
956,866
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
5,260,000
5,535,677
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/15/24
........
300,000
300,177
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/15/25
........
325,000
326,572
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/15/25
........
400,000
404,098
7,523,390
Connecticut
0.0%
†
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/24
...
175,000
175,009
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/25
...
170,000
170,966
345,975
Delaware
0.5%
e
Delaware
State
Economic
Development
Authority
,
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
1.25
%
,
10/01/25
..............................
5,000,000
4,717,207
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
2.4%
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
.......................................
$
515,000
$
488,402
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
.........................................................
240,000
222,778
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2021
B-2
,
1.45
%
,
1/01/27
............................................
1,310,000
1,242,480
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........................................................
325,000
296,746
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
...............................................
110,000
106,408
c
Entrada
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
..............................................
370,000
340,171
Florida
Municipal
Power
Agency
,
All-Requirements
Power
Supply
Project
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/25
......................................
1,000,000
1,016,863
Jacksonville
Transportation
Authority
,
Revenue,
Senior
Lien
,
2020
,
5
%
,
8/01/24
................................
1,805,000
1,807,917
Revenue,
Senior
Lien
,
2020
,
5
%
,
8/01/25
................................
1,800,000
1,828,626
Revenue,
Senior
Lien
,
2020
,
5
%
,
8/01/26
................................
1,940,000
2,002,424
Kindred
Community
Development
District
II
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
235,000
216,990
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.........................................................
250,000
239,862
Lakes
by
the
Bay
South
Community
Development
District
,
Special
Assessment
,
2024
,
Refunding
,
5
%
,
5/01/26
.............................................
710,000
720,252
g
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
.
210,000
209,697
c
,e
Lee
County
Housing
Finance
Authority
,
Fort
Myers
Leased
Housing
Associates
I
LLLP
,
Revenue
,
144A,
2023
B
,
Mandatory
Put
,
5.5
%
,
7/01/26
.....................
4,000,000
3,933,997
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
....................................
110,000
102,678
c
,e
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-2
,
Mandatory
Put
,
6.5
%
,
5/01/25
....................................................
2,400,000
2,343,094
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/27
....................................................
400,000
404,114
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
........................................................
230,000
217,463
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4
%
,
5/01/28
300,000
298,596
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.......................................
350,000
332,499
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
.......................................
195,000
180,878
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/25
.......
180,000
177,696
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/26
.......
220,000
214,288
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
................................................
500,000
475,301
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
...................................
175,000
162,014
c
,e
St.
Johns
County
Housing
Finance
Authority
,
Ponte
Vedra
Beach
Leased
Housing
Associates
I
LLLP
,
Revenue
,
144A,
2023
B
,
Mandatory
Put
,
5.5
%
,
12/01/26
......
1,000,000
979,529
c
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
...............................
170,000
159,886
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
....................................
165,000
160,317
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
240,000
230,956
21,112,922
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
4.5%
City
of
Atlanta
,
Department
of
Aviation
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/25
...
$
1,500,000
$
1,523,536
e
Development
Authority
of
Burke
County
(The)
,
Georgia
Power
Co.
,
Revenue
,
4th
1995
,
Mandatory
Put
,
3.8
%
,
5/21/26
.........
3,000,000
3,002,976
g
Georgia
Power
Co.
,
Revenue
,
5th
1994
,
Mandatory
Put
,
3.7
%
,
6/13/28
.........
1,750,000
1,751,920
e
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
........................................................
2,000,000
1,817,056
Georgia
Power
Co.
,
Revenue,
Second
Series
,
2006
,
Refunding
,
Mandatory
Put
,
3.875
%
,
3/06/26
.................................................
3,500,000
3,507,715
Main
Street
Natural
Gas,
Inc.
,
e
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
9/01/27
............................
3,250,000
3,244,366
Revenue
,
2021
C
,
4
%
,
12/01/24
.......................................
735,000
732,026
e
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
4,500,000
4,478,949
c,e
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
15,000,000
14,743,451
e
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
4,000,000
4,184,692
Private
Colleges
&
Universities
Authority
,
Mercer
University
,
Revenue
,
2021
,
Refunding
,
5
%
,
10/01/24
.................
400,000
401,116
Mercer
University
,
Revenue
,
2021
,
Refunding
,
5
%
,
10/01/25
.................
425,000
431,063
39,818,866
Hawaii
1.9%
University
of
Hawaii
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
10/01/24
..............................
3,440,000
3,452,409
Revenue
,
2020
B
,
Refunding
,
5
%
,
10/01/25
..............................
3,440,000
3,502,937
Revenue
,
2020
B
,
Refunding
,
5
%
,
10/01/26
..............................
2,865,000
2,960,430
Revenue
,
2020
D
,
Refunding
,
5
%
,
10/01/24
..............................
600,000
602,164
Revenue
,
2020
D
,
Refunding
,
5
%
,
10/01/25
..............................
1,725,000
1,756,560
Revenue
,
2020
D
,
Refunding
,
5
%
,
10/01/26
..............................
4,360,000
4,505,228
16,779,728
Illinois
8.2%
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/25
..................................
350,000
352,075
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/26
..................................
500,000
509,436
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/27
..................................
550,000
567,636
Chicago
Transit
Authority
Capital
Grant
Receipts
,
Revenue
,
2021
,
Refunding
,
5
%
,
6/01/24
.........................................................
1,425,000
1,425,000
City
of
Chicago
,
GO
,
2015
C
,
Refunding
,
5
%
,
1/01/25
...................................
1,900,000
1,909,789
GO
,
2020
A
,
Refunding
,
5
%
,
1/01/28
...................................
3,100,000
3,232,744
City
of
Moline
,
GO
,
2021
C
,
AGMC
Insured
,
1.151
%
,
12/01/24
...........................
580,000
567,710
GO
,
2021
C
,
AGMC
Insured
,
1.439
%
,
12/01/25
...........................
925,000
870,241
County
of
Cook
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/29
...........
845,000
909,163
Illinois
Finance
Authority
,
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/25
...........
500,000
503,691
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/26
...........
340,000
345,636
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/27
...........
400,000
411,311
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/28
...........
400,000
416,063
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/27
.........
2,810,000
1,124,000
e
Field
Museum
of
Natural
History
,
Revenue
,
2019
,
Refunding
,
Mandatory
Put
,
4.931
%
,
9/01/25
.................................................
3,635,000
3,629,013
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/27
........................................................
590,000
586,794
e
OSF
Healthcare
System
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
Mandatory
Put
,
5
%
,
11/15/24
.......................................
1,250,000
1,250,217
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
3
%
,
6/15/24
..
$
2,500,000
$
2,498,431
Sangamon
County
School
District
No.
186
Springfield
,
GO
,
2020
C
,
AGMC
Insured
,
5
%
,
6/01/36
......................................................
1,485,000
1,570,061
State
of
Illinois
,
GO
,
2010-4
,
AGMC
Insured
,
6.875
%
,
7/01/25
............................
500,000
502,489
GO
,
2016
,
Refunding
,
5
%
,
2/01/25
.....................................
10,000,000
10,068,103
GO
,
2016
,
Refunding
,
5
%
,
2/01/29
.....................................
750,000
771,552
GO
,
2017
C
,
5
%
,
11/01/29
...........................................
2,000,000
2,073,500
GO
,
2017
D
,
5
%
,
11/01/27
...........................................
5,025,000
5,220,941
GO
,
2018
A
,
6
%
,
5/01/25
............................................
6,000,000
6,112,650
GO
,
2018
A
,
Refunding
,
5
%
,
10/01/29
..................................
375,000
393,976
GO
,
2018
B
,
Refunding
,
5
%
,
10/01/31
..................................
625,000
657,325
GO
,
2019
B
,
5
%
,
11/01/30
...........................................
375,000
398,725
Sales
Tax
,
Revenue
,
2021
A
,
4
%
,
6/15/24
...............................
5,000,000
4,999,549
Sales
Tax
,
Revenue
,
2021
A
,
4
%
,
6/15/27
...............................
1,500,000
1,512,354
Sales
Tax
,
Revenue,
Junior
Lien
,
2021
C
,
Refunding
,
5
%
,
6/15/24
.............
3,300,000
3,300,883
Sales
Tax
,
Revenue,
Junior
Lien
,
2021
C
,
Refunding
,
5
%
,
6/15/25
.............
2,000,000
2,021,838
University
of
Illinois
,
Auxiliary
Facilities
System
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
4/01/25
.........................................................
11,660,000
11,551,648
72,264,544
Indiana
1.4%
c
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
B
,
4.75
%
,
8/01/24
1,560,000
1,553,803
Indiana
Finance
Authority
,
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/24
..
1,000,000
994,459
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/25
..
1,000,000
984,242
Indianapolis
Power
&
Light
Co.
,
Revenue
,
2021
B
,
Refunding
,
0.65
%
,
8/01/25
....
4,500,000
4,287,825
e
Southern
Indiana
Gas
&
Electric
Co.
,
Revenue
,
2013
E
,
Refunding
,
Mandatory
Put
,
3.55
%
,
8/01/28
..................................................
5,000,000
4,863,435
12,683,764
Iowa
1.3%
Des
Moines
Independent
Community
School
District
,
Sales
Services
&
Use
Tax
,
Revenue
,
2018
,
AGMC
Insured
,
3
%
,
6/01/29
.............................
9,300,000
8,836,247
Iowa
Finance
Authority
,
e
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
4.281
%
,
5/15/26
.....................................
1,500,000
1,404,506
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.6
%
,
5/15/28
........................................................
1,050,000
1,086,459
11,327,212
Kansas
0.2%
Reno
County
Unified
School
District
No.
308
Hutchinson
,
GO
,
2019
,
Refunding
,
5
%
,
9/01/27
.........................................................
1,575,000
1,642,560
Kentucky
2.9%
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2001
A
,
Refunding
,
0.625
%
,
9/01/26
...
3,375,000
3,066,874
e
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.7
%
,
6/01/27
..
2,500,000
2,502,343
Eastern
Kentucky
University
,
Revenue
,
2021
A
,
Refunding
,
3.5
%
,
10/01/24
.............................
1,120,000
1,116,480
Revenue
,
2021
A
,
Refunding
,
3.5
%
,
10/01/25
.............................
1,155,000
1,139,635
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
..............................
1,205,000
1,209,325
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
..............................
1,255,000
1,264,203
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
..............................
1,305,000
1,314,117
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
e
Kentucky
Public
Energy
Authority
,
Revenue
,
2022
A-2
,
Mandatory
Put
,
4.771
%
,
(
SOFR
+
1.2
%
),
8/01/30
..................................................
$
14,125,000
$
13,714,060
c
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
B
,
6.75
%
,
5/01/25
................................
100,000
98,431
25,425,468
Louisiana
4.8%
City
of
New
Orleans
,
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/26
.........................
450,000
460,411
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/27
.........................
600,000
621,796
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/28
.........................
550,000
575,856
e
Lake
Charles
Harbor
&
Terminal
District
,
Big
Lake
Fuels
LLC
,
Revenue
,
2021
,
Mandatory
Put
,
1
%
,
12/01/24
.........................................
10,000,000
9,835,600
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
2023
A-1
,
5.081
%
,
6/01/31
...........................................
1,833,046
1,818,785
c
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.
,
Revenue
,
144A,
2020
A
,
Refunding
,
2.75
%
,
12/01/25
........................................
384,000
375,838
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,489,324
Louisiana
Public
Facilities
Authority
,
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
5
%
,
10/01/25
.......
250,000
252,565
e
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
Mandatory
Put
,
5
%
,
5/15/25
........................................
7,500,000
7,554,469
e
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-1
,
Refunding
,
Mandatory
Put
,
2.125
%
,
7/01/24
......................................
17,100,000
17,057,584
e
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.231
%
,
(
SOFR
+
0.5
%
),
5/01/26
..........................
2,915,000
2,861,839
42,904,067
Maryland
2.1%
City
of
Cumberland
,
GO
,
2021
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/24
.........................
395,000
395,000
GO
,
2021
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/25
.........................
455,000
460,957
Maryland
Economic
Development
Corp.
,
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
...............................................
10,000,000
10,106,017
e
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2020
B-2
,
Refunding
,
Mandatory
Put
,
5
%
,
7/01/27
......................................................
5,110,000
5,261,167
State
of
Maryland
,
GO
,
2017
B
,
Refunding
,
5
%
,
8/01/26
......................
30,000
31,010
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/26
...............
1,035,000
1,038,300
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/27
...............
1,215,000
1,222,678
18,515,129
Massachusetts
1.2%
e
Massachusetts
Development
Finance
Agency
,
President
&
Trustees
of
Williams
College
,
Revenue
,
2011
N
,
Mandatory
Put
,
0.45
%
,
7/01/25
..................
1,000,000
952,516
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2022
C-3
,
FHA
Insured
,
4
%
,
6/01/26
.........................................................
10,000,000
10,025,621
10,978,137
Michigan
1.8%
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/27
.......................................
2,000,000
2,049,714
e
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
......
5,915,000
5,292,423
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
e
Michigan
Strategic
Fund,
(continued)
Waste
Management
of
Michigan,
Inc.
,
Revenue
,
2001
,
Mandatory
Put
,
0.58
%
,
8/01/24
........................................................
$
3,300,000
$
3,277,581
c
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
144A,
2017
E
,
Refunding
,
4
%
,
12/01/26
.................................
5,000,000
4,978,789
15,598,507
Minnesota
1.8%
e
City
of
Columbia
Heights
,
42
Central
LP
,
Revenue
,
2022
A
,
Mandatory
Put
,
2.7
%
,
7/01/24
.........................................................
1,000,000
997,585
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/26
.....................
1,000,000
1,026,319
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/27
.....................
1,000,000
1,039,281
e
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/27
...........................
5,000,000
5,008,740
Revenue
,
2022
B
,
Mandatory
Put
,
4.571
%
,
12/01/27
.......................
8,000,000
7,945,276
16,017,201
Mississippi
0.3%
e
Mississippi
Business
Finance
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2004
,
Mandatory
Put
,
0.7
%
,
9/01/26
........................................
2,500,000
2,285,812
Mississippi
Home
Corp.
,
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A-5
,
2.75
%
,
6/01/26
174,759
168,936
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group
,
Revenue
,
2021
D-8
,
2.9
%
,
6/01/26
...................................................
51,059
49,503
2,504,251
Missouri
0.7%
Citizens
Memorial
Hospital
District
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
12/01/26
.....
5,000,000
4,949,218
Missouri
Development
Finance
Board
,
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/25
...............
500,000
500,536
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/26
...............
405,000
406,425
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/27
...............
660,000
664,171
6,520,350
Nevada
0.9%
e
County
of
Washoe
,
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
F
,
Refunding
,
Mandatory
Put
,
4.125
%
,
10/01/29
..............................................
3,575,000
3,547,146
Las
Vegas
Valley
Water
District
,
GO
,
2020
D
,
Refunding
,
5
%
,
6/01/24
...................................
1,745,000
1,745,000
GO
,
2020
D
,
Refunding
,
5
%
,
6/01/25
...................................
2,750,000
2,791,121
8,083,267
New
Hampshire
0.6%
e
New
Hampshire
Business
Finance
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2018
A
,
Refunding
,
Mandatory
Put
,
3.735
%
,
(
SIFMA
Municipal
Swap
Index
+
0.375
%
),
7/01/24
.........................................................
5,000,000
4,998,132
New
Jersey
7.9%
City
of
Newark
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/24
...........
1,000,000
1,002,952
County
of
Atlantic
,
GO
,
2020
,
0.375
%
,
6/01/24
..........................................
1,765,000
1,765,000
GO
,
2020
,
0.375
%
,
6/01/25
..........................................
1,800,000
1,720,949
County
of
Morris
,
GO
,
2021
,
2
%
,
2/01/26
.................................
4,215,000
4,073,905
Garden
State
Preservation
Trust
,
Revenue
,
2005
A
,
AGMC
Insured
,
5.75
%
,
11/01/28
25,000,000
26,221,190
New
Jersey
Economic
Development
Authority
,
c
Revenue
,
144A,
2019
,
Refunding
,
5.25
%
,
9/01/27
.........................
6,000,000
6,292,616
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
48
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
(continued)
New
Jersey
Transit
Corp.
,
Revenue
,
2022
A
,
5
%
,
11/01/25
...................
$
1,000,000
$
1,018,552
e
New
Jersey-American
Water
Co.,
Inc.
,
Revenue
,
2019
B
,
Refunding
,
Mandatory
Put
,
2.05
%
,
12/03/29
.................................................
7,500,000
6,516,532
New
Jersey
Educational
Facilities
Authority
,
Revenue
,
2014
,
5
%
,
6/01/24
.........
280,000
280,000
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2006
C
,
AMBAC
Insured
,
Zero
Cpn.,
12/15/26
....................
10,000,000
9,075,248
Revenue
,
2006
C
,
BHAC
Insured
,
Zero
Cpn.,
12/15/27
......................
11,110,000
9,725,356
Newark
Board
of
Education
,
GO
,
2021
,
Refunding
,
5
%
,
7/15/24
................
400,000
400,368
State
of
New
Jersey
,
GO
,
3
%
,
6/01/25
....................................
2,000,000
1,979,361
70,072,029
New
Mexico
2.0%
e
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
4,250,000
3,903,758
h
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
C
,
Refunding
,
Mandatory
Put
,
3.875
%
,
6/01/29
.................................................
11,000,000
10,942,262
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
D
,
Refunding
,
Mandatory
Put
,
3.9
%
,
6/01/28
...................................................
3,000,000
2,981,098
17,827,118
New
York
4.8%
County
of
Suffolk
,
GO
,
2018
B
,
AGMC
Insured
,
4
%
,
10/15/28
..................
4,205,000
4,252,501
Metropolitan
Transportation
Authority
,
Revenue
,
2017
A-2
,
Refunding
,
5
%
,
11/15/25
.
3,980,000
4,057,227
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/25
...........................
1,000,000
1,007,068
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2024
F-2
,
4.67
%
,
2/01/33
...................................................
3,000,000
2,919,111
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
780,000
676,357
New
York
State
Energy
Research
&
Development
Authority
,
New
York
State
Electric
&
Gas
Corp.
,
Revenue
,
1994
D
,
Refunding
,
3.5
%
,
10/01/29
3,000,000
2,889,104
e
Rochester
Gas
and
Electric
Corp.
,
Revenue
,
1997
A
,
Refunding
,
Mandatory
Put
,
3
%
,
7/01/25
........................................................
10,000,000
9,898,334
New
York
State
Housing
Finance
Agency
,
Revenue
,
2020
F
,
1.1
%
,
11/01/26
......................................
2,860,000
2,584,380
e
Revenue
,
2022
A-2
,
Mandatory
Put
,
2.5
%
,
5/01/27
.........................
3,000,000
2,832,946
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
7,195,000
7,401,715
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/25
...
500,000
505,439
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/25
...
2,200,000
2,235,728
State
of
New
York
Mortgage
Agency
,
Homeowner
Mortgage
,
Revenue
,
212
,
2.95
%
,
4/01/25
.........................................................
895,000
884,981
42,144,891
North
Carolina
0.9%
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/24
..........
1,200,000
1,201,817
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/25
..........
1,000,000
1,009,100
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/26
..........
850,000
861,578
North
Carolina
State
University
at
Raleigh
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/26
................................
3,000,000
3,106,049
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/27
................................
1,500,000
1,578,119
7,756,663
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Dakota
1.0%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/27
..
$
2,325,000
$
2,331,287
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/28
..
1,680,000
1,687,899
City
of
Horace
,
GO
,
2023
B
,
Refunding
,
5.125
%
,
7/01/25
.....................
5,000,000
5,003,149
9,022,335
Ohio
1.8%
Columbus
Metropolitan
Housing
Authority
,
Revenue
,
2024
,
4
%
,
6/01/34
..........
1,500,000
1,465,034
e
Ohio
Air
Quality
Development
Authority
,
Duke
Energy
Corp.
,
Revenue
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.25
%
,
6/01/27
...............................
7,500,000
7,475,603
c
Ohio
Housing
Finance
Agency
,
Revenue
,
144A,
2023
B
,
6
%
,
2/01/26
...................................
1,700,000
1,708,255
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
B
,
6.25
%
,
3/01/26
...........
3,000,000
3,021,758
Youngstown
State
University
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/15/24
...................
645,000
645,930
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/15/25
...................
580,000
584,131
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/15/26
...................
850,000
856,365
15,757,076
Oregon
2.1%
Deschutes
&
Jefferson
Counties
School
District
No.
2J
Redmond
,
GO
,
2021
,
3
%
,
6/15/25
.........................................................
850,000
840,928
Oregon
Local
Governments
,
GO
,
2004
,
BAM,
AMBAC
Insured
,
6.095
%
,
6/01/28
....
10,000,000
10,191,503
Salem-Keizer
School
District
No.
24J
,
GO
,
2018
,
5
%
,
6/15/25
..................
2,000,000
2,031,095
State
of
Oregon
,
GO
,
2015
B
,
Refunding
,
5
%
,
8/01/27
........................
2,785,000
2,832,841
c
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/25
............................
2,270,000
2,276,009
18,172,376
Pennsylvania
3.7%
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.25
%
,
1/01/36
1,000,000
1,106,584
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/25
.................................
500,000
501,827
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/26
.................................
500,000
507,247
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/27
.................................
590,000
602,717
e
Bethlehem
Area
School
District
Authority
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
3.921
%
,
(
SOFR
+
0.35
%
),
11/01/25
................................
1,985,000
1,959,251
Chester
County
Industrial
Development
Authority
,
Avon
Grove
Charter
School
,
Revenue
,
2024
,
5
%
,
3/01/27
.........................................
3,250,000
3,269,011
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
B
,
Refunding
,
2.625
%
,
2/15/27
...................................
8,500,000
8,097,404
e
Montgomery
County
Industrial
Development
Authority
,
Constellation
Energy
Generation
LLC
,
Revenue
,
2023
A
,
Refunding
,
Mandatory
Put
,
4.1
%
,
4/03/28
.............
5,000,000
5,058,170
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/29
...........
1,230,000
1,284,397
e
Waste
Management,
Inc.
,
Revenue
,
2021
A
,
Mandatory
Put
,
3.698
%
,
6/03/24
....
6,000,000
6,000,000
e
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
4,000,000
3,668,954
Philadelphia
Gas
Works
Co.
,
Revenue
,
16th
A
,
AGMC
Insured
,
5
%
,
8/01/25
............................
500,000
507,610
Revenue
,
16th
A
,
AGMC
Insured
,
5
%
,
8/01/26
............................
600,000
617,538
33,180,710
Rhode
Island
0.1%
City
of
Providence
,
GO
,
2021
A
,
Refunding
,
5
%
,
1/15/25
...................................
500,000
503,025
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
50
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Rhode
Island
(continued)
City
of
Providence,
(continued)
GO
,
2021
A
,
Refunding
,
5
%
,
1/15/26
...................................
$
500,000
$
508,657
1,011,682
South
Carolina
1.8%
e
Columbia
Housing
Authority
,
Columbia
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2022
,
Mandatory
Put
,
2.25
%
,
10/01/25
..................................
9,000,000
8,726,609
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3
%
,
11/01/26
...................................
520,000
485,267
e
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
3,535,000
3,739,767
South
Carolina
Public
Service
Authority
,
Revenue
,
2021
B
,
5
%
,
12/01/24
..........
1,750,000
1,757,734
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
1,500,000
1,484,230
16,193,607
South
Dakota
0.0%
†
South
Dakota
Health
&
Educational
Facilities
Authority
,
Sanford
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
1.225
%
,
11/01/24
............................
450,000
441,910
Tennessee
3.6%
State
of
Tennessee
,
GO
,
2023
A
,
5
%
,
5/01/31
..............................
6,670,000
7,429,501
e
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
8,010,000
8,475,512
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
5
%
,
11/01/24
.......................................
250,000
250,669
Revenue
,
2021
A
,
5
%
,
11/01/25
.......................................
350,000
354,278
e
Revenue
,
2023
A-1
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/28
.................
14,560,000
15,046,335
31,556,295
Texas
1.9%
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2002
A
,
BHAC,
AMBAC
Insured
,
Zero
Cpn.,
8/15/27
.................................................
3,280,000
2,896,123
City
of
Houston
,
Combined
Utility
System
,
Revenue,
First
Lien
,
2018
D
,
Refunding
,
5
%
,
11/15/26
........................................................
1,000,000
1,034,564
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/24
.............................................
140,000
138,520
GO
,
2021
,
2
%
,
9/01/25
.............................................
145,000
138,242
GO
,
2021
,
2
%
,
9/01/26
.............................................
150,000
137,661
GO
,
2021
,
2
%
,
9/01/27
.............................................
155,000
137,572
e
Mission
Economic
Development
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.25
%
,
6/03/24
.......................................
3,250,000
3,250,000
e
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
5,000,000
5,336,512
e
THF
Public
Facility
Corp.
,
THF
Little
Elm
Leased
Housing
Associates
II
LP
,
Revenue
,
2022
,
Mandatory
Put
,
3.25
%
,
9/01/25
...................................
3,500,000
3,441,685
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
9/01/26
.........................
140,000
128,952
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/25
.....................................
265,000
253,142
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/27
.....................................
280,000
253,920
17,146,893
Virginia
0.5%
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/29
........................................................
180,000
179,124
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/29
........................................................
1,750,000
1,742,833
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
51
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
(continued)
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/24
...
$
220,000
$
218,224
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/25
...
230,000
224,678
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/26
...
235,000
226,930
e
Pure
Salmon
Virginia
LLC
,
Revenue
,
2022
,
Mandatory
Put
,
5
%
,
11/15/24
........
1,500,000
1,499,985
4,091,774
Washington
1.1%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
,
GO
,
2018
,
5
%
,
12/01/27
..
1,700,000
1,794,373
Spokane
County
School
District
No.
354
Mead
,
GO
,
2018
,
4
%
,
12/01/32
.............................................
1,150,000
1,159,687
GO
,
2018
,
5
%
,
12/01/33
.............................................
1,500,000
1,564,508
State
of
Washington
,
GO
,
R-2015
D
,
Refunding
,
5
%
,
7/01/28
..................
3,985,000
4,016,792
c
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/31
..............................
280,000
299,202
c
Washington
State
Housing
Finance
Commission
,
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5
%
,
7/01/28
............................
725,000
740,555
9,575,117
West
Virginia
0.1%
e
West
Virginia
Economic
Development
Authority
,
Appalachian
Power
Co.
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.625
%
,
12/15/25
......................
1,000,000
929,960
Wisconsin
0.8%
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC
,
Revenue
,
2020
A
,
2.75
%
,
12/01/25
...................
261,197
255,258
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/26
..........
150,000
147,250
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
2,985,000
3,105,166
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/25
...........................................
285,000
283,169
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
...........................................
300,000
298,012
c
WV
2020
Holdings
LLC
Obligated
Group
,
Revenue
,
144A,
2020
B
,
4.25
%
,
6/01/25
1,135,000
1,108,200
Wisconsin
Health
&
Educational
Facilities
Authority
,
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/26
....................................................
345,000
334,695
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/27
....................................................
360,000
344,428
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
B-2
,
4.2
%
,
8/15/28
...
840,000
833,575
6,709,753
Wyoming
0.1%
County
of
Laramie
,
Cheyenne
Regional
Medical
Center
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/27
......................................................
550,000
553,983
U.S.
Territories
0.8%
District
of
Columbia
0.7%
e
,g
District
of
Columbia
Housing
Finance
Agency
,
Revenue
,
2024
A-2
,
Mandatory
Put
,
4.1
%
,
9/01/30
....................................................
6,335,000
6,334,430
Puerto
Rico
0.1%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/25
..
195,000
196,516
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority,
(continued)
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/27
..
$
450,000
$
457,635
654,151
Total
U.S.
Territories
....................................................................
6,988,581
Total
Municipal
Bonds
(Cost
$
795,327,459
)
.....................................
777,181,532
Total
Long
Term
Investments
(Cost
$
880,034,424
)
...............................
859,112,790
a
a
a
a
a
Short
Term
Investments
4.6%
Municipal
Bonds
4.6%
California
0.5%
i
University
of
California
,
Revenue
,
2013
AL-1
,
Daily
VRDN
and
Put
,
3.8
%
,
5/15/48
...
4,625,000
4,625,000
Minnesota
0.2%
i
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
3.9
%
,
11/15/48
.....
2,145,000
2,145,000
New
York
1.6%
i
City
of
New
York
,
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
4.1
%
,
10/01/46
...........
5,900,000
5,900,000
i
Metropolitan
Transportation
Authority
,
Revenue
,
2005
D-2
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.9
%
,
11/01/35
.......................................
1,800,000
1,800,000
i
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
1/01/34
1,400,000
1,400,000
i
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2017
BB-1B
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
4.1
%
,
6/15/49
4,300,000
4,300,000
13,400,000
North
Carolina
0.3%
i
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2007
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
1/15/38
......................................................
2,700,000
2,700,000
Ohio
1.1%
i
County
of
Allen
Hospital
Facilities
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.9
%
,
6/01/34
..................
9,700,000
9,700,000
Oregon
0.2%
i
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
8/01/34
..............
1,800,000
1,800,000
Tennessee
0.7%
i
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.25
%
,
6/01/42
...................................
6,000,000
6,000,000
Total
Municipal
Bonds
(Cost
$
40,370,000
)
......................................
40,370,000
Total
Short
Term
Investments
(Cost
$
40,370,000
)
................................
40,370,000
a
Total
Investments
(Cost
$
920,404,424
)
101.6
%
..................................
$899,482,790
Other
Assets,
less
Liabilities
(
1.6
)
%
...........................................
(13,899,983)
Net
Assets
100.0%
...........................................................
$885,582,807
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
See
Abbreviations
on
page
198
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$76,067,305,
representing
8.6%
of
net
assets.
d
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
e
The
maturity
date
shown
represents
the
mandatory
put
date.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Security
purchased
on
a
when-issued
basis.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
i
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Georgia
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
900,000
$
872,944
Total
Corporate
Bonds
(Cost
$
900,000
)
........................................
872,944
Municipal
Bonds
98.1%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,167,268
Florida
2.3%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
2,592,000
2,243,314
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
750,000
515,925
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
3,050,000
2,380,766
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
2,030,000
1,789,445
6,929,450
Georgia
89.4%
Athens
Housing
Authority
,
UGAREF
East
Campus
Housing
Phase
II
LLC
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/15/40
........................................
5,000,000
4,824,630
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax
,
Revenue
,
2015
A-1
,
5.25
%
,
7/01/40
............
7,750,000
7,850,529
City
of
Atlanta
Hotel
Motel
Tax
,
Revenue
,
2015
A-1
,
5.25
%
,
7/01/44
............
3,000,000
3,032,691
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/26
..
2,555,000
2,580,947
Auburn
Urban
Redevelopment
Agency
,
City
of
Auburn
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
10/01/50
.....................................................
1,000,000
952,942
Bainbridge
Public
Facilities
Authority
,
County
of
Decatur
,
Revenue
,
2018
,
AGMC
Insured
,
4
%
,
3/01/43
...............................................
3,000,000
2,891,980
Bleckley
County
School
District
,
GO
,
2020
,
5
%
,
10/01/42
.....................
2,055,000
2,192,933
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
3,000,000
2,833,224
Carroll
City-County
Hospital
Authority
,
Tanner
Medical
Center
Obligated
Group
,
Revenue
,
2015
,
5
%
,
7/01/41
..........
2,000,000
2,010,481
Tanner
Medical
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
.
2,950,000
2,789,191
City
of
Atlanta
,
Airport
Passenger
Facility
Charge
,
Revenue
,
2023
E
,
5.25
%
,
7/01/43
...........
3,000,000
3,226,030
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2019
D
,
4
%
,
7/01/36
.....
4,500,000
4,430,117
BeltLine
Tax
Allocation
District
,
Tax
Allocation
,
2016
B
,
Refunding
,
5
%
,
1/01/31
....
1,780,000
1,830,743
Department
of
Aviation
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
7/01/37
.............
1,500,000
1,593,579
Water
&
Wastewater
,
Revenue
,
2001
A
,
AGMC,
NATL
RE
Insured
,
5.5
%
,
11/01/27
.
4,085,000
4,245,228
Water
&
Wastewater
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
11/01/47
..............
5,000,000
5,139,272
City
of
Baldwin
,
Water
&
Sewerage
,
Revenue
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
6/01/46
.........................................................
1,835,000
1,398,897
City
of
Buford
,
GO
,
2017
C
,
Pre-Refunded
,
4
%
,
1/01/43
......................
5,000,000
5,075,381
City
of
Cartersville
,
Water
&
Sewer
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/48
.......
4,000,000
4,088,690
City
of
Dalton
,
GO
,
2018
,
5
%
,
2/01/48
....................................
3,000,000
3,101,204
City
of
Monroe
,
Combined
Utility
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
12/01/50
....
1,500,000
1,429,241
Clayton
County
Development
Authority
,
USG
Real
Estate
Foundation
XIII
LLC
,
Revenue
,
2022
A
,
5
%
,
6/15/32
..........
1,295,000
1,433,362
USG
Real
Estate
Foundation
XIII
LLC
,
Revenue
,
2022
A
,
5
%
,
6/15/33
..........
1,210,000
1,350,863
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
4/01/52
........................................
3,100,000
2,881,050
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Columbia
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
5.125
%
,
4/01/48
....................................
$
3,000,000
$
3,163,540
County
of
DeKalb
,
Water
&
Sewerage
,
Revenue
,
2006
B
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/35
.....................................................
4,000,000
4,116,233
County
of
Fulton
,
Water
&
Sewerage
,
Revenue
,
2020
A
,
3
%
,
1/01/45
.............
5,000,000
3,940,492
Coweta
County
Water
&
Sewage
Authority
,
Revenue
,
2021
B
,
3
%
,
6/01/43
........................................
820,000
650,761
Revenue
,
2021
B
,
3
%
,
6/01/46
........................................
1,000,000
763,646
Revenue
,
2024
,
5
%
,
6/01/54
.........................................
2,000,000
2,139,500
Dalton
Whitfield
County
Joint
Development
Authority
,
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2017
,
4
%
,
8/15/41
............................
3,000,000
2,895,949
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/45
.................
350,000
350,753
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/50
.................
300,000
294,011
DeKalb
Newton
&
Gwinnett
Counties
Joint
Development
Authority
,
GGCF
Athletic
Fields
LLC
,
Revenue
,
2012
A
,
AGMC
Insured
,
5
%
,
7/01/39
..................
2,500,000
2,501,351
Development
Authority
for
Fulton
County
,
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2018
,
4
%
,
3/01/43
...................
2,000,000
1,948,129
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/49
...................
1,750,000
1,848,128
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/56
...................
2,000,000
2,098,012
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
........................................................
5,840,000
5,878,841
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
......
5,000,000
4,607,365
Tuff/Atlanta
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/01/30
.............
1,030,000
1,103,355
Tuff/Atlanta
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/01/31
.............
1,235,000
1,335,919
Tuff/Atlanta
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/01/32
.............
1,350,000
1,472,141
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/01/50
........
3,000,000
2,808,018
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
D
,
Refunding
,
4.125
%
,
11/01/45
..................................
6,000,000
5,321,173
Development
Authority
of
Cobb
County
(The)
,
Georgia
Tech
Cobb
Research
Campus
LLC
,
Revenue
,
2017
A
,
4
%
,
6/01/42
......
1,600,000
1,535,273
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC
,
Revenue,
Senior
Lien
,
2015
A
,
Refunding
,
5
%
,
7/15/38
.................................
2,000,000
2,021,197
KSU
2020
Housing
Real
Estate
Foundation
LLC
,
Revenue
,
2020
,
4
%
,
7/15/52
....
5,720,000
5,072,766
KSU
University
II
Real
Estate
Foundation
LLC
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/15/34
........................................................
1,000,000
1,008,644
University
System
of
Georgia
,
Revenue
,
2020
C
,
4
%
,
7/15/52
................
2,000,000
1,773,694
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
4,825,000
3,953,525
Etowah
Water
&
Sewer
Authority
,
Revenue
,
2019
,
Refunding
,
BAM
Insured
,
3
%
,
3/01/44
.........................................................
1,250,000
954,997
Floyd
County
Hospital
Authority
,
Floyd
Obligated
Group
,
Revenue
,
2016
,
Pre-
Refunded
,
4
%
,
7/01/43
.............................................
3,000,000
3,031,101
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
6,000,000
5,867,083
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/42
....................................................
7,000,000
7,087,156
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
2/15/45
....................................................
5,000,000
4,745,938
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/15/51
5,000,000
4,631,440
Georgia
Higher
Education
Facilities
Authority
,
USG
Real
Estate
Foundation
III
LLC
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/15/41
.................................
2,305,000
2,170,490
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2013
A
,
3.8
%
,
12/01/37
.....................................
1,655,000
1,557,307
Revenue
,
2018
A
,
3.85
%
,
12/01/38
....................................
1,170,000
1,087,225
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Georgia
Housing
&
Finance
Authority,
(continued)
Revenue
,
2018
A
,
3.95
%
,
12/01/43
....................................
$
1,210,000
$
1,116,159
Revenue
,
2019
A
,
Refunding
,
3.7
%
,
6/01/49
..............................
4,520,000
4,060,681
Georgia
Ports
Authority
,
Revenue
,
2021
,
4
%
,
7/01/51
.........................................
3,395,000
3,228,794
Revenue
,
2022
,
5
%
,
7/01/47
.........................................
2,500,000
2,668,331
Revenue
,
2022
,
5.25
%
,
7/01/52
.......................................
2,000,000
2,158,747
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
5,000,000
4,810,413
Henry
County
School
District
,
GO
,
2016
,
Pre-Refunded
,
4
%
,
8/01/33
.............
5,000,000
5,064,942
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/25
......................................
2,500,000
2,520,525
Revenue
,
2007
A
,
5.5
%
,
9/15/27
......................................
5,000,000
5,123,979
Revenue
,
2019
A
,
5
%
,
5/15/37
........................................
1,975,000
2,051,566
Revenue
,
2019
A
,
5
%
,
5/15/38
........................................
1,000,000
1,024,857
b,c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
8,000,000
7,863,173
c
Revenue
,
2023
A
,
Mandatory
Put
,
5
%
,
6/01/30
............................
5,000,000
5,224,244
c
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
2,000,000
2,092,346
c
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
2,000,000
2,109,374
Monroe
County
Public
Facilities
Authority
,
County
of
Monroe
,
Revenue
,
2020
,
4
%
,
6/01/42
.........................................................
1,000,000
940,402
Moultrie-Colquitt
Counties
Development
Authority
,
Philadelphia
College
of
Osteopathic
Medicine
Obligated
Group
,
Revenue
,
2018
,
5
%
,
12/01/43
...................
4,815,000
4,963,014
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2019
A
,
AGMC
Insured
,
4
%
,
1/01/44
............................
5,000,000
4,769,635
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/50
...............................
3,500,000
3,586,539
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/46
...............................
330,000
294,518
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/51
...............................
425,000
367,520
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/56
...............................
750,000
752,117
Revenue
,
2023
A
,
5.5
%
,
7/01/64
......................................
2,000,000
2,087,313
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2013
A
,
5
%
,
10/01/43
.........................
5,000,000
4,884,056
Mercer
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/50
.................
5,400,000
5,086,965
Mercer
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
10/01/51
...............
4,500,000
4,729,696
Richmond
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/35
.................................
5,000,000
4,915,038
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
10,000,000
9,583,375
Sinclair
Water
Authority
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/48
...
2,000,000
2,061,325
Worth
County
School
District
,
GO
,
2017
,
5
%
,
12/01/42
.......................
5,000,000
5,146,059
274,204,061
Illinois
1.0%
State
of
Illinois
,
GO
,
2021
A
,
5
%
,
3/01/32
............................................
250,000
268,270
GO
,
2021
B
,
4
%
,
12/01/38
...........................................
3,000,000
2,931,559
3,199,829
New
Jersey
0.4%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/35
........................................................
1,200,000
1,261,326
New
York
0.9%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
A-1
,
4
%
,
11/15/53
.....................................
100,000
91,031
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Metropolitan
Transportation
Authority,
(continued)
Revenue
,
2020
D
,
4
%
,
11/15/47
.......................................
$
600,000
$
560,350
Revenue
,
2021
A-2
,
4
%
,
11/15/42
.....................................
2,300,000
2,226,899
2,878,280
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
900,000
763,345
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
900,000
763,345
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
500,000
409,137
1,935,827
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,500,000
1,168,201
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
900,000
763,416
Wisconsin
0.6%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
900,000
727,298
AL-FL
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
A
,
3.4
%
,
12/01/36
.......
1,500,000
1,250,495
1,977,793
U.S.
Territories
1.8%
Puerto
Rico
1.8%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/32
................
923,681
918,973
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
..................
903,650
884,247
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
560,000
552,231
d
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
2,270,000
601,550
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
2,480,000
2,480,804
5,437,805
Total
U.S.
Territories
....................................................................
5,437,805
Total
Municipal
Bonds
(Cost
$
322,467,115
)
.....................................
300,923,256
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
115,316
92,253
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
92,253
Total
Long
Term
Investments
(Cost
$
323,367,115
)
...............................
301,888,453
a
a
a
a
a
a
Total
Investments
(Cost
$
323,367,115
)
98.4
%
...................................
$301,888,453
Other
Assets,
less
Liabilities
1.6
%
.............................................
4,916,605
Net
Assets
100.0%
...........................................................
$306,805,058
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
See
Abbreviations
on
page
198
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$21,584,726,
representing
7.0%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Non-income
producing.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
High
Yield
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
231,664
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
a
Management
Investment
Companies
2.1%
Capital
Markets
2.1%
c
Franklin
Dynamic
Municipal
Bond
ETF
...................................
1,695,000
41,052,900
Vanguard
Tax-Exempt
Bond
Index
ETF
...................................
1,150,000
57,178,000
98,230,900
Total
Management
Investment
Companies
(Cost
$
101,387,868
)
...................
98,230,900
Principal
Amount
a
a
a
a
Corporate
Bonds
2.7%
Commercial
Services
&
Supplies
0.6%
a
CalPlant
I
LLC
,
d
Senior
Secured
Note
,
144A,
15
%
,
7/01/25
...............................
$
5,795,000
5,795,000
e,f
21
A
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,920,000
1,344,000
e,f
21
B
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
7,205,000
5,043,500
e,f
22
A
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
3,975,000
2,782,500
e,f
22
B
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
345,000
241,500
e,f
22
C
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
2,610,000
2,610,000
e,f
22
X
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
3,910,000
3,910,000
e,f
23
A
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,380,000
1,380,000
e,f
23
B
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,225,000
1,225,000
e,f
23
C
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,955,000
1,955,000
e,f
23
D
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,700,000
1,700,000
e,f
23
E
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,915,000
1,915,000
29,901,500
Diversified
Consumer
Services
1.8%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....................
93,710,000
84,421,465
Electric
Utilities
0.3%
d
Mission
Rock
Utilities,
Inc.
,
144A,
7
%
,
7/01/27
..............................
15,000,000
14,602,470
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
,d
Red
River
Biorefinery
LLC
,
2024
,
Senior
Secured
Note
,
144A,
15
%
,
4/30/24
..........................
590,000
590,000
23
A
,
Senior
Secured
Note
,
144A,
15
%
,
4/30/24
...........................
1,280,000
1,280,000
1,870,000
Total
Corporate
Bonds
(Cost
$
144,378,356
)
.....................................
130,795,435
Senior
Floating
Rate
Interests
0.0%
†
a
,g
Rialto
Bioenergy
Facility
LLC
,
First
Lien,
CME
Term
Loan,
B
,
15.329
%
,
(
12-month
SOFR
+
10
%
),
4/01/31
......
1,267,052
1,267,052
First
Lien,
Initial
Roll-Up
CME
Term
Loan,
B
,
15.32
%
,
(
12-month
SOFR
+
10
%
),
9/18/25
.........................................................
1,618,860
615,167
1,882,219
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
2,875,815
)
...........................
1,882,219
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
90.0%
Alabama
0.1%
h
Homewood
Educational
Building
Authority
,
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5
%
,
10/01/56
.....................................................
$
750,000
$
735,727
MidCity
Improvement
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3.875
%
,
11/01/27
..............
300,000
277,405
Assessment
Area
,
Special
Assessment
,
2022
,
4.25
%
,
11/01/32
...............
600,000
525,991
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
11/01/42
................
2,090,000
1,691,395
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
11/01/49
...............
2,400,000
1,914,627
5,145,145
Arizona
1.9%
Arizona
Industrial
Development
Authority
,
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2019
B
,
5.125
%
,
1/01/54
..........................
3,005,000
1,398,368
d
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
6/15/49
1,235,000
1,148,478
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
6/15/57
8,500,000
6,380,845
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
7
%
,
11/15/57
.......................................................
5,000,000
5,327,428
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-1
,
6.625
%
,
5/15/31
........................................................
4,000,000
4,041,227
d
Maricopa
County
Industrial
Development
Authority
,
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/38
........................................................
5,000,000
5,219,597
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/52
........................................................
10,000,000
10,212,805
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
11,105,000
11,669,061
d
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2023
,
5.75
%
,
6/15/58
......
5,000,000
5,030,168
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
A
,
Zero
Cpn.,
10/01/56
.......................................................
18,880,000
14,341,967
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
B
,
6.25
%
,
10/01/36
.......................................................
3,945,000
3,224,938
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
10/01/56
.......................................................
2,327,000
2,168,779
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
B
,
9
%
,
10/01/37
.......................................................
250,000
235,825
Tempe
Industrial
Development
Authority
,
d
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6
%
,
10/01/37
................
1,900,000
1,334,757
d
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/47
.............
4,850,000
2,985,136
d
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/52
.............
2,800,000
1,666,378
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/50
........
4,300,000
4,013,263
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
........
8,000,000
7,356,510
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
12/01/56
.......
2,130,000
1,630,338
89,385,868
Arkansas
0.6%
Arkansas
Development
Finance
Authority
,
d
Hybar
LLC
,
Revenue
,
144A,
2023
B
,
7.375
%
,
7/01/48
......................
12,500,000
13,623,025
United
States
Steel
Corp.
,
Revenue
,
2022
,
5.45
%
,
9/01/52
...................
8,500,000
8,647,535
United
States
Steel
Corp.
,
Revenue
,
2023
,
5.7
%
,
5/01/53
....................
4,575,000
4,727,588
26,998,148
California
20.2%
Alvord
Unified
School
District
,
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
.....
30,750,000
13,534,496
d
California
Community
College
Financing
Authority
,
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
4.25
%
,
7/01/32
.....
500,000
482,072
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
d
California
Community
College
Financing
Authority,
(continued)
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
5.75
%
,
7/01/60
.....
$
17,500,000
$
17,588,806
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
C
,
6.75
%
,
7/01/60
.....
7,000,000
6,980,674
d
California
Community
Housing
Agency
,
Annadel
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/49
..................
5,800,000
4,797,694
Arbors
Apartments
,
Revenue
,
144A,
2020
A
,
5
%
,
8/01/50
....................
13,470,000
12,718,779
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
15,075,000
13,737,516
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
16,500,000
13,271,229
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
21,460,000
17,944,886
K
Street
Flats
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/50
......................
17,830,000
13,874,605
Mira
Vista
Hills
Apartments
,
Revenue
,
144A,
2021
A
,
4
%
,
2/01/56
.............
33,000,000
23,226,390
Twin
Creek
Apartments
,
Revenue,
Junior
Lien
,
144A,
2022
B
,
5.5
%
,
2/01/40
.....
4,400,000
4,139,923
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
19,465,000
18,450,000
California
County
Tobacco
Securitization
Agency
,
Alameda
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2002
,
5.875
%
,
6/01/35
......................
820,000
820,000
d
California
Municipal
Finance
Authority
,
California
Baptist
University
,
Revenue
,
144A,
2015
A
,
5.5
%
,
11/01/45
...........
17,400,000
17,528,001
California
Baptist
University
,
Revenue
,
144A,
2016
A
,
5
%
,
11/01/46
............
5,000,000
4,874,780
Capital
Christian
Center
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/51
...............
8,425,000
7,209,040
d
,f
California
Pollution
Control
Financing
Authority
,
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
7.5
%
,
7/01/32
.......................
24,500,000
330,750
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
8
%
,
7/01/39
........................
10,000,000
135,000
CalPlant
I
LLC
,
Revenue
,
144A,
2020
,
7.5
%
,
7/01/32
.......................
10,000,000
135,000
Rialto
Bioenergy
Facility
LLC
,
Revenue
,
144A,
2018
,
6.75
%
,
12/01/28
..........
1,320,136
99,010
Rialto
Bioenergy
Facility
LLC
,
Revenue
,
144A,
2018
,
7.5
%
,
12/01/40
...........
4,140,071
310,505
d
California
Public
Finance
Authority
,
Crossroads
Christian
Schools
Obligated
Group
,
Revenue
,
144A,
2020
,
5
%
,
1/01/56
....................................
4,015,000
3,439,062
California
Statewide
Communities
Development
Authority
,
Special
Tax
,
2023
C-1
,
5
%
,
9/02/43
....................................
4,060,000
3,797,183
d
Lancer
Educational
Housing
LLC
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
6/01/36
5,000,000
5,061,435
d
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/39
.............
1,275,000
1,294,794
d
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/49
.............
3,725,000
3,736,348
d
City
&
County
of
San
Francisco
,
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
B
,
5.25
%
,
9/01/49
.............................................
2,500,000
2,061,987
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
10,000,000
8,247,949
d
CMFA
Special
Finance
Agency
,
Solana
at
Grand
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/45
...........
35,000,000
28,939,498
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
1,700,000
1,468,244
d
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Junior
Lien
,
144A,
2022
A-2
,
4.5
%
,
8/01/51
.........................................................
38,000,000
29,234,817
d
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
34,395,000
27,953,938
d
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
12,070,000
10,454,305
d
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue
,
144A,
2022
A-2
,
4.375
%
,
8/01/49
...................................................
21,215,000
17,343,583
d
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
15,000,000
10,939,090
Crescent
(The)
,
Revenue
,
144A,
2022
B
,
5.5
%
,
7/01/59
.....................
15,935,000
13,761,989
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
7,500,000
5,479,897
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
6,960,847
Park
Crossing
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/48
.............
14,235,000
10,502,608
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
22,325,000
21,319,067
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
................
5,970,000
4,908,372
Wood
Creek
Apartments
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
4
%
,
12/01/59
......
19,800,000
12,702,399
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.125
%
,
11/01/29
...................................
$
25,155,000
$
26,384,866
Revenue
,
2009
B
,
7
%
,
11/01/34
.......................................
20,000,000
24,100,434
Revenue
,
2009
C
,
6.5
%
,
11/01/39
.....................................
20,000,000
24,755,666
Palmdale
Elementary
School
District
,
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/28
...................................................
1,500,000
1,277,751
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/30
...................................................
1,250,000
985,641
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/31
...................................................
1,250,000
946,824
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/34
...................................................
2,500,000
2,588,915
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien
,
2013
B
,
Zero
Cpn.,
6/01/32
.........................
4,000,000
2,895,154
Revenue,
Senior
Lien
,
2013
B
,
Zero
Cpn.,
6/01/33
.........................
5,500,000
3,822,531
Revenue,
Senior
Lien
,
2013
B
,
Zero
Cpn.,
6/01/41
.........................
5,000,000
2,328,069
Revenue,
Senior
Lien
,
2013
B
,
Zero
Cpn.,
6/01/42
.........................
7,000,000
3,084,882
San
Diego
Unified
School
District
,
GO
,
2012
E
,
Zero
Cpn.,
7/01/42
.......................................
44,565,000
33,883,273
GO
,
2012
E
,
Zero
Cpn.,
7/01/47
.......................................
33,305,000
25,165,385
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
35,834,000
45,590,749
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
35,834,000
45,681,355
Revenue,
Junior
Lien
,
ETM,
Zero
Cpn.,
1/01/26
...........................
110,000,000
104,229,026
Revenue,
Junior
Lien
,
ETM,
Zero
Cpn.,
1/01/27
...........................
125,100,000
114,676,881
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
40,000,000
42,045,888
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
9/01/41
...........
20,000,000
20,260,536
Silicon
Valley
Tobacco
Securitization
Authority
,
Revenue
,
2007
A
,
Zero
Cpn.,
6/01/36
...................................
15,000,000
7,795,383
Revenue
,
2007
C
,
Zero
Cpn.,
6/01/56
..................................
60,000,000
5,959,290
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2006
B
,
Zero
Cpn.,
6/01/46
..............
50,000,000
10,199,170
970,454,237
Colorado
5.3%
3rd
and
Havana
Metropolitan
District
,
GO
,
2020
A
,
5.25
%
,
12/01/49
.............
3,775,000
3,155,249
9th
Avenue
Metropolitan
District
No.
2
,
GO
,
2018
,
5
%
,
12/01/48
................
7,414,000
6,668,270
Allison
Valley
Metropolitan
District
No.
1
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/47
......
5,250,000
4,682,776
Allison
Valley
Metropolitan
District
No.
2
,
GO
,
2020
,
Refunding
,
4.7
%
,
12/01/47
.....
4,750,000
3,909,119
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
1
,
GO
,
2018
A
,
5.375
%
,
12/01/48
........................................................
2,185,000
2,108,011
Baseline
Metropolitan
District
No.
1
,
GO
,
2021
A
,
5
%
,
12/01/51
...........................................
1,500,000
1,336,652
GO
,
2021
B
,
7.5
%
,
12/15/51
.........................................
2,190,000
1,999,137
d
Bent
Grass
Metropolitan
District
,
GO
,
144A,
2020
,
Refunding
,
5.25
%
,
12/01/49
.....
1,685,000
1,573,474
Bradburn
Metropolitan
District
No.
2
,
GO
,
2018
A
,
Refunding
,
5
%
,
12/01/38
..................................
600,000
581,004
GO
,
2018
A
,
Refunding
,
5
%
,
12/01/47
..................................
2,400,000
2,245,201
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Brighton
Crossing
Metropolitan
District
No.
6
,
GO
,
2020
A-3
,
5
%
,
12/01/50
........
$
2,000,000
$
1,716,501
d
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-2
,
Refunding
,
5
%
,
12/01/49
........................................................
724,000
665,603
Clear
Creek
Transit
Metropolitan
District
No.
2
,
GO
,
2021
A
,
5
%
,
12/01/41
...........................................
580,000
508,702
GO
,
2021
A
,
5
%
,
12/01/50
...........................................
1,000,000
813,344
Colliers
Hill
Metropolitan
District
No.
2
,
GO
,
2022
B-1
,
Refunding
,
5.75
%
,
12/15/47
..
2,850,000
2,687,694
Colorado
Health
Facilities
Authority
,
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/49
..........
2,235,000
1,468,184
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/58
..........
4,750,000
2,962,646
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/47
........................................................
6,500,000
6,414,471
Conestoga
Metropolitan
District
No.
2
,
GO
,
2021
A-3
,
Refunding
,
5.25
%
,
12/01/51
..
1,625,000
1,439,097
Copperleaf
Metropolitan
District
No.
6
,
GO
,
2022
B
,
6
%
,
12/15/41
...............
1,225,000
1,171,228
Cornerstar
Metropolitan
District
,
GO
,
A
,
Refunding
,
5.125
%
,
12/01/37
...................................
2,000,000
1,955,219
GO
,
A
,
Refunding
,
5.25
%
,
12/01/47
....................................
5,200,000
4,969,014
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
B
,
6
%
,
12/01/48
........................................................
6,590,000
6,612,474
Eagle
Brook
Meadows
Metropolitan
District
No.
3
,
GO
,
2021-3
,
5
%
,
12/01/51
......
1,600,000
1,381,355
First
Creek
Village
Metropolitan
District
,
GO
,
2019
A
,
5
%
,
12/01/39
...........................................
595,000
598,052
GO
,
2019
A
,
5
%
,
8/01/49
............................................
540,000
520,522
Greenways
Metropolitan
District
No.
1
,
GO
,
2021
A-3
,
4.625
%
,
12/01/51
..........
1,580,000
1,122,797
d
Hidden
Creek
Metropolitan
District
,
GO
,
144A,
2021
A-3
,
4.625
%
,
12/01/45
........
1,140,000
902,526
d
Horizon
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-3
,
4.5
%
,
12/01/51
..........
1,675,000
1,179,036
d
Jacoby
Farm
Metropolitan
District
,
GO
,
144A,
2021
,
Refunding
,
5
%
,
12/15/46
......
5,000,000
4,413,112
Jay
Grove
Metropolitan
District
,
GO
,
2021
,
4.25
%
,
12/01/51
...................
1,225,000
918,612
Jefferson
Center
Metropolitan
District
No.
1
,
Revenue
,
2020
A-2
,
4.125
%
,
12/01/40
..................................
575,000
495,203
Revenue
,
2020
A-2
,
4.375
%
,
12/01/47
..................................
1,125,000
969,572
Johnstown
Farms
East
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
............
1,500,000
1,263,477
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
8,500,000
7,211,003
d
Karl's
Farm
Metropolitan
District
No.
2
,
GO
,
144A,
2020
A-3
,
5.375
%
,
12/01/40
.................................
645,000
606,544
GO
,
144A,
2020
A-3
,
5.625
%
,
12/01/50
.................................
1,900,000
1,764,810
Liberty
Ranch
Metropolitan
District
,
GO
,
2021
A
,
Refunding
,
5.25
%
,
12/01/51
......
6,590,000
5,568,684
Morgan
Hill
Metropolitan
District
No.
3
,
GO
,
2021
B
,
Refunding
,
6.375
%
,
12/15/51
...
1,465,000
1,349,143
Murphy
Creek
Metropolitan
District
No.
4
,
GO
,
2021
,
5
%
,
12/01/51
..............
8,000,000
6,729,379
Nexus
North
at
DIA
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
...............
565,000
482,184
Palisade
Park
West
Metropolitan
District
,
GO
,
2019
A
,
5.125
%
,
12/01/49
..........
1,500,000
1,388,993
d
Platte
River
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
8/01/53
.........................................................
2,250,000
2,291,498
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
5.875
%
,
12/15/46
.
750,000
788,417
Prairie
Center
Metropolitan
District
No.
7
,
GO
,
2020
,
4.125
%
,
12/15/36
.........................................
500,000
442,315
GO
,
2020
,
4.875
%
,
12/15/44
.........................................
725,000
625,364
GO
,
2021
,
6.375
%
,
6/15/46
..........................................
1,330,000
1,212,223
Pronghorn
Valley
Metropolitan
District
,
GO
,
2021
A
,
3.75
%
,
12/01/41
.........................................
515,000
400,600
GO
,
2021
A
,
4
%
,
12/01/51
...........................................
650,000
488,941
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
64
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Ptarmigan
West
Metropolitan
District
No.
2
,
GO
,
2021-3
,
4.125
%
,
12/01/51
........
$
1,475,000
$
1,040,969
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.25
%
,
11/15/28
......................................
12,500,000
13,053,084
Revenue
,
2008
,
6.5
%
,
11/15/38
.......................................
60,100,000
71,998,255
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5
%
,
12/01/40
...................
625,000
599,428
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
................
4,250,000
4,066,252
Rampart
Range
Metropolitan
District
No.
5
,
Revenue
,
2021
,
4
%
,
12/01/41
........................................
2,730,000
2,258,133
Revenue
,
2021
,
4
%
,
12/01/51
........................................
6,670,000
4,958,547
Reunion
Metropolitan
District
,
Water
Activity
Enterprise
,
Revenue
,
2021
A
,
3.625
%
,
12/01/44
........................................................
6,002,392
4,453,908
Ritoro
Metropolitan
District
,
GO
,
2019
A
,
5
%
,
12/01/49
.......................
2,000,000
1,851,446
RRC
Metropolitan
District
No.
2
,
GO
,
2021
,
5.25
%
,
12/01/51
...................
5,625,000
4,753,240
South
Aurora
Regional
Improvement
Authority
,
Revenue
,
2018
,
6.25
%
,
12/01/57
....
2,815,000
2,681,653
Southglenn
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/30
....................................
3,470,000
3,371,014
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
810,000
772,301
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
4,200,000
3,792,853
STC
Metropolitan
District
No.
2
,
GO
,
2019
A
,
Refunding
,
5
%
,
12/01/38
..................................
2,000,000
1,892,193
GO
,
2019
A
,
Refunding
,
5
%
,
12/01/49
..................................
1,000,000
910,514
Timberleaf
Metropolitan
District
,
GO
,
2020
A
,
5.75
%
,
12/01/50
..................
1,730,000
1,678,792
Village
at
Dry
Creek
Metropolitan
District
No.
2
(The)
,
GO
,
2019
,
4.375
%
,
12/01/44
..
819,000
762,645
Village
Metropolitan
District
(The)
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/40
....................................
1,100,000
1,061,990
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
....................................
1,750,000
1,651,885
Villages
at
Castle
Rock
Metropolitan
District
No.
4
,
1989
,
11.12
%
,
6/01/31
.........
3,000,000
2,760,000
Waterfront
at
Foster
Lake
Metropolitan
District
No.
2
,
GO
,
2022
A3-1
,
5
%
,
12/01/42
.........................................
3,705,000
3,319,754
GO
,
2022
A3-1
,
5
%
,
12/01/51
.........................................
4,085,000
3,433,952
GO
,
2022
A3-2
,
Zero
Cpn.,
12/01/51
...................................
5,130,000
3,362,773
Water
Tap
Fee
,
Revenue
,
2022
,
4.625
%
,
12/01/28
.........................
6,000,000
5,676,679
d
West
Meadow
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
12/01/50
........................................................
2,750,000
2,828,029
Wild
Plum
Metropolitan
District
,
GO
,
2019
A
,
Pre-Refunded
,
5
%
,
12/01/49
.........
595,000
616,171
256,363,892
Connecticut
0.5%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
d
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
2016
A
,
5
%
,
9/01/46
..
1,000,000
863,685
d
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
A
,
5
%
,
9/01/53
......
7,850,000
6,457,486
Masonicare
Corp.
Obligated
Group
,
Revenue
,
F
,
Refunding
,
5
%
,
7/01/43
........
13,000,000
12,429,638
d
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/45
........
1,000,000
867,772
d
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/55
........
5,695,000
4,669,533
25,288,114
Florida
17.1%
Abbott
Square
Community
Development
District
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/42
.............................
915,000
927,971
Special
Assessment
,
2022
,
5.5
%
,
6/15/52
...............................
1,500,000
1,517,406
Anabelle
Island
Community
Development
District
,
Special
Assessment
,
2022
,
2.7
%
,
5/01/27
...............................
405,000
386,305
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Anabelle
Island
Community
Development
District,
(continued)
Special
Assessment
,
2022
,
3.1
%
,
5/01/32
...............................
$
750,000
$
673,804
Special
Assessment
,
2022
,
3.5
%
,
5/01/42
...............................
1,945,000
1,572,430
d
,i
Antillia
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
5.6
%
,
5/01/44
.........................................................
645,000
646,143
Arbors
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
.................
630,000
634,713
2023
Project
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
.................
1,705,000
1,747,316
2023
Project
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
...............
2,235,000
2,293,126
Artisan
Lakes
East
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
2.75
%
,
5/01/31
.............
250,000
224,655
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
3.125
%
,
5/01/41
............
470,000
372,036
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
2.75
%
,
5/01/31
........
275,000
247,121
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
3.125
%
,
5/01/41
.......
515,000
408,163
Astonia
Community
Development
District
,
d
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
......................
540,000
504,287
d
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
......................
1,370,000
1,177,549
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
5/01/26
...........
105,000
101,638
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
............
500,000
460,110
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
...........
750,000
604,719
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
410,000
411,610
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
680,000
682,640
d
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
5/01/26
..
100,000
96,798
d
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
....
320,000
294,471
d
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
..
750,000
604,531
Avalon
Groves
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
360,000
289,246
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................................
500,000
430,695
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
200,000
181,648
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
495,000
400,951
Avalon
Park
West
Community
Development
District
,
d
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.25
%
,
5/01/30
..
215,000
209,232
d
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.75
%
,
5/01/40
..
580,000
551,211
d
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/51
.....
880,000
765,826
2022
Project
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
500,000
516,479
2022
Project
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
...............
875,000
896,019
d
Ave
Maria
Stewardship
Community
District
,
BAN
Assessment
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........................................
2,790,000
2,806,872
Avenir
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
A-1
,
2.75
%
,
5/01/31
............
3,210,000
2,875,798
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
3,035,000
3,046,141
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/54
..............
5,125,000
5,179,511
Parcel
A-18
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
..................
270,000
269,901
Parcel
A-18
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
...................
1,005,000
1,004,998
Parcel
A-18
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/55
.....................
1,625,000
1,613,583
Aviary
at
Rutland
Ranch
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.1
%
,
11/01/31
...............
170,000
154,440
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
11/01/41
...............
410,000
331,893
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
..............
465,000
418,215
Assessment
Area
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
250,000
238,396
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
775,000
724,578
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
1,550,000
1,331,028
Assessment
Area
3A
,
Special
Assessment
,
2020
,
2.5
%
,
5/01/25
...............
20,000
19,681
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
250,000
237,088
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Babcock
Ranch
Community
Independent
Special
District,
(continued)
Assessment
Area
3B
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
$
385,000
$
359,952
Assessment
Area
3B
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
890,000
764,268
Balm
Grove
Community
Development
District
,
Special
Assessment
,
2022
,
3.25
%
,
11/01/27
..............................
850,000
821,941
Special
Assessment
,
2022
,
3.625
%
,
11/01/32
.............................
1,290,000
1,195,374
Bannon
Lakes
Community
Development
District
,
d
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...................
700,000
599,780
Phase
3
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
........................
365,000
340,586
Phase
3
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
..........................
1,370,000
1,209,521
Banyan
Cay
Community
Development
District
,
Special
Assessment
,
2020
NM
,
4
%
,
11/01/51
........................................................
3,000,000
2,428,321
Belmond
Reserve
Community
Development
District
,
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
......................
1,750,000
1,705,658
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
......................
2,000,000
1,762,355
Belmont
II
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/15/30
.............................
325,000
308,608
Special
Assessment
,
2020
,
3.625
%
,
12/15/40
.............................
1,390,000
1,276,674
Berry
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/26
..............
105,000
101,636
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
366,512
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,042,702
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
985,000
1,007,221
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,675,000
1,718,326
Black
Creek
Community
Development
District
,
Special
Assessment
,
2022
,
5.125
%
,
6/15/32
.............................
150,000
152,815
Special
Assessment
,
2022
,
5.625
%
,
6/15/52
.............................
2,000,000
2,033,531
Boggy
Branch
Community
Development
District
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
...............................
190,000
183,295
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
450,000
409,390
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
...............................
1,165,000
957,262
Bradbury
Community
Development
District
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
.............................
590,000
590,721
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
2,245,000
2,250,175
Bridgewalk
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
12/15/43
..............
760,000
797,234
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
12/15/53
...............
700,000
734,431
Bridgewater
North
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
3.125
%
,
5/01/27
..................
125,000
121,067
Assessments
,
Special
Assessment
,
2022
,
3.5
%
,
5/01/32
....................
350,000
326,730
Brightwater
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
...............
290,000
260,340
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.15
%
,
5/01/41
...............
720,000
562,685
Brookstone
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
325,000
327,379
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
................
1,000,000
1,018,620
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
..............
1,750,000
1,773,412
Buckhead
Trails
Community
Development
District
,
Special
Assessment
,
2022
,
5.25
%
,
5/01/32
..............................
400,000
406,007
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
.............................
1,000,000
1,017,064
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
..............................
1,410,000
1,422,667
Special
Assessment
,
2024
,
4.7
%
,
5/01/31
...............................
560,000
556,771
Special
Assessment
,
2024
,
5.6
%
,
5/01/44
...............................
650,000
643,102
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
.............................
1,500,000
1,481,346
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Buena
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
5.25
%
,
5/01/42
...............
$
665,000
$
674,948
Assessment
Area
1
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
................
1,135,000
1,165,597
d
Cape
Coral
Health
Facilities
Authority
,
Gulf
Care,
Inc.
Obligated
Group
,
Revenue,
Senior
Lien
,
144A,
2015
,
Refunding
,
6
%
,
7/01/45
..........................
5,250,000
3,742,707
d
Capital
Trust
Agency,
Inc.
,
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
3
%
,
7/01/31
..........
100,000
89,248
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/41
..........
450,000
375,404
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
..........
540,000
408,028
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/56
..........
445,000
326,392
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/41
.........
750,000
625,674
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/51
.........
975,000
736,718
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/56
.........
750,000
550,099
Educational
Growth
Fund
LLC
,
Revenue
,
144A,
2021
B
,
Zero
Cpn.,
7/01/31
......
9,275,000
5,922,143
Educational
Growth
Fund
LLC
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
5
%
,
7/01/56
1,000,000
924,995
Sarasota-Manatee
Jewish
Housing
Council
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
7/01/46
............................................
3,250,000
2,352,168
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-2
,
4.43
%
,
1/01/57
...........
10,245,000
7,303,194
South
Tech
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/40
......
1,235,000
1,174,794
South
Tech
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/55
......
3,805,000
3,374,067
University
Bridge
LLC
,
Revenue
,
144A,
2018
A
,
5.25
%
,
12/01/43
..............
31,755,000
31,411,259
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
3.3
%
,
1/01/31
..............
715,000
655,096
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
5
%
,
1/01/56
...............
1,050,000
923,449
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
3,500,000
3,128,576
d
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
17,500,000
13,660,133
Caymas
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
................
800,000
788,352
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
..............
690,000
678,680
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.25
%
,
5/01/26
..............................
100,000
96,646
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
..............................
240,000
222,778
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
590,000
502,624
Celebration
Pointe
Community
Development
District
No.
1
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
...................................................
885,000
730,118
Center
Lake
Ranch
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
1,365,000
1,400,166
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
2,330,000
2,392,878
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
...............................
500,000
492,972
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................................
750,000
739,798
CFM
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
....................................................
145,000
139,682
Chaparral
Palm
Bay
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,220,000
1,143,253
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/50
...................
1,985,000
1,716,487
Chapel
Creek
Community
Development
District
,
d
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
..............
200,000
181,249
d
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
675,000
546,593
Assessment
Area
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.................
570,000
572,175
Assessment
Area
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
................
1,055,000
1,054,925
d
Chapel
Crossings
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
,
2.625
%
,
5/01/25
.............
115,000
113,074
Assessments
,
Special
Assessment
,
144A,
2020
,
3.2
%
,
5/01/30
...............
645,000
599,552
Assessments
,
Special
Assessment
,
144A,
2020
,
3.7
%
,
5/01/40
...............
1,700,000
1,446,012
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
68
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
d
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
B
,
5
%
,
10/01/36
..................................
$
2,500,000
$
2,189,905
Coddington
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/42
...................
615,000
638,614
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...................
1,000,000
1,026,386
Connerton
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
...............
1,395,000
1,424,141
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
2,250,000
2,282,909
Copes
Landing
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
................
210,000
218,199
2023
Project
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
...............
1,825,000
1,886,504
Coral
Bay
Lee
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.....................................
250,000
252,380
Coral
Creek
Community
Development
District
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
..............................
2,145,000
2,153,205
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
1,700,000
1,703,717
Coral
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
11/01/44
...............
780,000
791,764
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
11/01/53
..............
1,000,000
1,010,864
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/31
.............
835,000
783,069
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
.............
825,000
698,261
Cordova
Palms
Community
Development
District
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
...............................
100,000
96,403
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...............................
385,000
344,296
Special
Assessment
,
2021
,
3
%
,
5/01/41
.................................
1,025,000
785,940
Special
Assessment
,
2022-1
,
5.7
%
,
5/01/42
..............................
330,000
340,829
Special
Assessment
,
2022-1
,
5.8
%
,
5/01/53
..............................
565,000
579,958
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
4.5
%
,
5/01/27
..............
115,000
115,167
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.1
%
,
5/01/32
..............
340,000
346,522
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.4
%
,
5/01/42
..............
1,020,000
1,035,686
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
2,005,000
2,038,498
Creekview
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/32
.......................
805,000
797,099
Phase
1
,
Special
Assessment
,
2022
,
4.625
%
,
5/01/42
......................
2,455,000
2,362,171
i
Cresswind
DeLand
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
..............
700,000
685,406
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
730,000
720,916
d
Crestview
II
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
250,000
253,416
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/37
...................
475,000
459,606
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/42
..............................
2,340,000
2,158,597
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
1,000,000
1,003,142
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
1,255,000
1,258,013
Crosswinds
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,205,000
1,210,512
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,500,000
1,501,031
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
200,000
182,613
Special
Assessment
,
2021
,
3.05
%
,
5/01/41
..............................
850,000
699,116
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................................
1,000,000
863,528
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
d
Currents
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
A
,
4
%
,
5/01/40
................................................
$
3,100,000
$
2,756,384
Cypress
Bay
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,375,000
1,381,728
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
1,205,000
1,213,368
d
Cypress
Bluff
Community
Development
District
,
Special
Assessment
,
144A,
2020
A
,
3.125
%
,
5/01/30
.......................
250,000
241,741
Special
Assessment
,
144A,
2020
A
,
3.625
%
,
5/01/40
.......................
800,000
747,870
Special
Assessment
,
144A,
2020
A
,
3.8
%
,
5/01/50
.........................
1,170,000
1,006,077
Cypress
Park
Estates
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
80,000
79,609
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
350,000
351,087
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
295,000
275,987
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
5/01/40
.........
1,170,000
1,027,277
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............
1,210,000
981,988
Cypress
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
1,565,000
1,591,769
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
1,340,000
1,365,493
Darby
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
A-1
,
5.625
%
,
5/01/44
...............
1,290,000
1,307,041
Assessments
,
Special
Assessment
,
2024
A-1
,
6
%
,
5/01/54
...................
1,610,000
1,634,084
Assessments
,
Special
Assessment
,
2024
A-2
,
5.875
%
,
5/01/35
...............
1,000,000
1,010,371
Deerbrook
Community
Development
District
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
.............................
120,000
120,271
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
..............................
680,000
684,295
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
1,250,000
1,262,205
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
1,435,000
1,427,989
Special
Assessment
,
2023
,
5.25
%
,
5/01/53
..............................
2,000,000
2,004,134
DG
Farms
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
200,000
189,025
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
255,000
222,925
Dowden
West
Community
Development
District
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
..............................
495,000
489,593
Special
Assessment
,
2024
,
5.55
%
,
5/01/54
..............................
855,000
843,983
DW
Bayview
Community
Development
District
,
d
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
5/01/26
..........
165,000
159,830
d
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/32
..............
430,000
404,986
d
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
1,160,000
1,010,358
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
5/01/32
.................
185,000
187,477
Assessment
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/42
...............
1,115,000
1,128,847
East
547
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
55,000
53,095
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
110,000
99,748
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.3
%
,
5/01/41
................
465,000
370,445
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/43
...............
405,000
424,474
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/54
................
1,000,000
1,052,981
East
Bonita
Beach
Road
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
255,000
237,025
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
750,000
616,380
East
Nassau
Stewardship
District
,
Assessments
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
....................
135,000
130,025
Assessments
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
......................
500,000
452,016
Assessments
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
....................
1,260,000
1,030,844
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
East
Nassau
Stewardship
District,
(continued)
Assessments
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
......................
$
1,515,000
$
1,228,577
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
................
110,000
106,408
Assessment
Area
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
...................
300,000
281,128
Assessment
Area
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
................
280,000
274,646
Assessment
Area
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
...............
610,000
584,407
Assessment
Area
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
...................
1,640,000
1,457,587
Edgewater
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
220,000
212,297
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.1
%
,
5/01/31
................
700,000
641,150
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.6
%
,
5/01/41
................
2,625,000
2,214,103
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.375
%
,
5/01/32
..............
1,980,000
1,827,905
Assessment
Area
2
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
.................
3,995,000
3,482,809
Assessment
Area
2
,
Special
Assessment
,
2022
,
4
%
,
5/01/52
.................
7,680,000
6,110,546
d
Enbrook
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............................
500,000
442,305
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............................
1,150,000
931,728
Entrada
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/43
...............................
500,000
517,642
d
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
.............
370,000
340,171
d
Assessments
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
5/01/41
.............
935,000
798,847
Epperson
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
90,000
86,737
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
240,000
217,214
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
1,205,000
978,727
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
2.45
%
,
11/01/26
............
135,000
129,084
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
3.1
%
,
11/01/31
.............
400,000
362,183
Epperson
Ranch
II
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/25
...............
90,000
89,101
Assessment
Area
2
,
Special
Assessment
,
2020
,
3.625
%
,
5/01/30
..............
510,000
484,307
Fallschase
Community
Development
District
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........................................................
1,000,000
809,014
d
Florida
Development
Finance
Corp.
,
j
AAF
Operations
Holdings
LLC
,
Revenue
,
144A,
2024
,
Refunding
,
Mandatory
Put
,
12
%
,
7/15/28
...................................................
15,000,000
15,600,000
j
Brightline
Florida
Holdings
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
Mandatory
Put
,
7.5
%
,
8/15/24
...................................................
6,000,000
6,172,706
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/31
........................................................
450,000
441,936
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/51
........................................................
5,500,000
4,553,113
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
6/01/50
........................................................
7,000,000
5,924,477
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/55
............................................
3,900,000
2,475,033
d
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
350,000
334,870
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
5/01/27
..........
30,000
30,159
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5
%
,
5/01/32
............
75,000
76,324
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
5/01/42
.........
310,000
317,708
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
5/01/52
...........
275,000
279,924
Gracewater
Sarasota
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
....................
125,000
120,349
Assessments
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...................
500,000
450,155
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
71
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Gracewater
Sarasota
Community
Development
District,
(continued)
Assessments
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...................
$
3,170,000
$
2,533,920
Grand
Oaks
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.25
%
,
5/01/40
...............
1,095,000
999,941
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.5
%
,
5/01/52
................
3,500,000
3,073,242
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
11/01/31
...............
215,000
195,821
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.5
%
,
11/01/41
...............
555,000
449,422
Assessment
Area
3
,
Special
Assessment
,
2021
,
4
%
,
11/01/51
................
1,205,000
975,290
Grande
Pines
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/41
...............
710,000
596,602
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................
750,000
607,434
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
1,010,000
1,005,799
Grove
Resort
Community
Development
District
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
...............................
170,000
154,606
Special
Assessment
,
2022
,
3.55
%
,
5/01/42
..............................
435,000
352,704
Hamilton
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,000,000
993,962
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
1,250,000
1,237,660
Hammock
Oaks
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
180,000
181,608
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
645,000
658,582
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,000,000
1,011,089
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/44
...............
750,000
752,359
Assessment
Area
2
,
Special
Assessment
,
2024
,
6.15
%
,
5/01/54
...............
705,000
707,159
Hammock
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
.................
540,000
493,855
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
.................
860,000
722,964
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
200,000
181,716
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
520,000
424,916
Assessment
Area
3
,
Special
Assessment
,
2022
,
4.4
%
,
5/01/32
................
445,000
442,943
Harmony
West
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................
360,000
361,268
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.3
%
,
5/01/53
................
305,000
308,005
Hawkstone
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.6
%
,
5/01/26
................
80,000
77,399
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
440,000
403,871
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
1,125,000
923,004
Assessment
Area
4
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
..............
255,000
255,574
Highland
Trails
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
....................
780,000
777,154
Assessments
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
...................
770,000
771,100
Hills
of
Minneola
Community
Development
District
,
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
.....
525,000
526,640
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
....
700,000
702,143
d
South
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
5/01/31
..
1,000,000
942,303
d
South
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
...
2,625,000
2,341,337
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
2.375
%
,
5/01/26
........................................................
50,000
48,170
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
250,000
224,086
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/41
500,000
394,369
Hilltop
Point
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
5.375
%
,
5/01/52
............
700,000
696,408
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
745,000
749,686
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
$
3,000,000
$
3,047,557
Holly
Hill
Road
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2020
,
4.5
%
,
11/01/31
...............
165,000
172,720
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/41
................
350,000
364,848
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/50
................
520,000
527,852
Hyde
Park
Community
Development
District
No.
1
,
Assessments
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
.................................................
2,710,000
2,368,348
Indigo
Community
Development
District
,
Special
Assessment
,
1999
A
,
7
%
,
5/01/31
...............................
395,000
395,655
Special
Assessment
,
1999
C
,
7
%
,
5/01/30
...............................
4,123,752
2,577,345
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
2.2
%
,
5/01/26
.........
125,000
120,153
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........
240,000
218,065
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.......
855,000
675,041
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...........
1,375,000
1,149,629
Island
Lake
Estates
Community
Development
District
,
Special
Assessment
,
2023
,
5.75
%
,
12/15/43
.............................
1,240,000
1,286,950
Special
Assessment
,
2023
,
6
%
,
12/15/53
................................
1,430,000
1,476,291
Kelly
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
11/01/43
................
915,000
940,834
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.25
%
,
11/01/53
..............
1,220,000
1,249,534
Kindred
Community
Development
District
II
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
...............................
395,000
352,526
Special
Assessment
,
2020
,
3.75
%
,
5/01/50
..............................
570,000
471,918
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
235,000
216,989
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
500,000
427,191
Special
Assessment
,
2023
,
5.875
%
,
5/01/54
.............................
1,100,000
1,131,552
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
6/15/30
.............................
375,000
362,840
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................................
775,000
744,777
Special
Assessment
,
2020
,
4
%
,
6/15/50
.................................
2,270,000
2,004,761
Special
Assessment
,
2021
,
2.5
%
,
6/15/26
...............................
60,000
58,301
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.............................
250,000
239,862
Special
Assessment
,
2021
,
3.6
%
,
6/15/41
...............................
750,000
683,655
Lake
Ashton
Community
Development
District
,
Special
Assessment
,
2015
A-1
,
Refunding
,
5
%
,
5/01/32
.............................................
1,995,000
2,005,257
Lake
Deer
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
...................
295,000
293,275
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
1,005,000
1,007,711
Assessment
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/53
...............
1,795,000
1,789,389
d
Lake
Emma
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
5/01/43
..........
1,235,000
1,243,671
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........
810,000
814,735
Lake
Harris
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
595,000
605,719
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
585,000
596,461
Lake
Hideaway
Community
Development
District
,
Assessment
Area
One
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
............
595,000
590,545
Assessment
Area
One
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/44
............
1,435,000
1,414,819
Assessment
Area
One
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/54
.............
2,555,000
2,495,243
Lake
Mattie
Preserve
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
2,065,000
2,025,723
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,750,000
1,723,167
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
73
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Lakes
at
Bella
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
5.75
%
,
5/01/43
.............
$
810,000
$
827,502
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
6
%
,
5/01/53
................
1,905,000
1,945,718
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
5.75
%
,
5/01/43
.............
1,000,000
1,021,607
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
6
%
,
5/01/54
................
2,395,000
2,446,191
Lakes
of
Sarasota
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
.............
135,000
126,719
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.9
%
,
5/01/41
.............
285,000
250,657
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
4.1
%
,
5/01/51
.............
265,000
219,990
Assessment
Area
1
,
Special
Assessment
,
2021
A-2
,
3.875
%
,
5/01/31
...........
200,000
194,966
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
3.625
%
,
5/01/31
...........
125,000
119,875
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
4.125
%
,
5/01/41
...........
200,000
180,459
Lakeside
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
.................................
735,000
761,612
Special
Assessment
,
2023
,
6.375
%
,
5/01/54
.............................
1,250,000
1,304,083
Lakewood
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
125,000
115,449
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
325,000
270,452
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
910,000
933,539
Lakewood
Ranch
Stewardship
District
,
Assessment
Azario
,
Special
Assessment
,
2020
A
,
3.75
%
,
5/01/40
.............
525,000
454,499
Assessment
Azario
,
Special
Assessment
,
2020
A
,
3.9
%
,
5/01/50
..............
770,000
635,550
d
Assessment
Lorraine
Lakes
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
..
250,000
232,321
d
Assessment
Lorraine
Lakes
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
..
1,075,000
918,667
d
Assessment
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.2
%
,
5/01/30
..........................................
440,000
410,146
d
Assessment
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.75
%
,
5/01/40
.........................................
2,100,000
1,829,573
Assessment
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
........................................................
470,000
432,929
Assessment
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
........................................................
750,000
626,658
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....
95,000
91,429
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
....
105,000
92,755
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
3
%
,
5/01/41
.....
430,000
333,852
Assessments
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/43
..................
1,500,000
1,576,577
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
....................
5,000,000
5,217,854
Laurel
Road
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
A-1
,
2.6
%
,
5/01/26
.................
195,000
187,490
Assessments
,
Special
Assessment
,
2021
A-1
,
3
%
,
5/01/31
...................
350,000
309,508
Assessments
,
Special
Assessment
,
2021
A-1
,
3.25
%
,
5/01/41
................
1,195,000
913,674
Assessments
,
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/52
...................
1,450,000
1,114,323
Assessments
,
Special
Assessment
,
2021
A-2
,
3.125
%
,
5/01/31
...............
1,730,000
1,541,423
Lawson
Dunes
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
125,000
124,714
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
510,000
512,734
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
................
110,000
106,180
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
410,000
382,710
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
1,070,000
893,643
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
.................
530,000
429,534
d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
8,000,000
7,052,000
Live
Oak
Lake
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
4.4
%
,
5/01/40
....................
1,600,000
1,487,366
Assessments
,
Special
Assessment
,
2020
,
4.6
%
,
5/01/51
....................
2,845,000
2,549,607
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
d
Longleaf
Community
Development
District
,
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
........................................................
$
850,000
$
858,402
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
5/01/54
........................................................
1,160,000
1,173,913
LT
Ranch
Community
Development
District
,
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.3
%
,
5/01/32
.........
120,000
122,920
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.75
%
,
5/01/42
........
380,000
391,243
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.9
%
,
5/01/53
.........
500,000
510,733
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5
%
,
5/01/32
.........
1,245,000
1,270,896
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.5
%
,
5/01/42
........
2,500,000
2,533,451
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.7
%
,
5/01/53
........
5,790,000
5,881,701
LTC
Ranch
West
Residential
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
B
,
3.25
%
,
5/01/31
...............
4,000,000
3,670,356
Assessment
Area
1
,
Special
Assessment
,
2021
A
,
3.125
%
,
5/01/31
............
700,000
637,193
Assessment
Area
1
,
Special
Assessment
,
2021
A
,
3.45
%
,
5/01/41
.............
1,250,000
1,010,447
Assessment
Area
Three
,
Special
Assessment
,
2024
AA-3
,
5.75
%
,
5/01/44
.......
1,250,000
1,244,190
Assessment
Area
Three
,
Special
Assessment
,
2024
AA-3
,
6.05
%
,
5/01/54
.......
1,375,000
1,367,432
Assessment
Area
Two
,
Special
Assessment
,
2024
AA-2
,
5.7
%
,
5/01/44
.........
300,000
298,601
Assessment
Area
Two
,
Special
Assessment
,
2024
AA-2
,
6
%
,
5/01/54
...........
305,000
303,316
d
Magnolia
Park
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
250,000
253,407
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/39
...................
688,000
652,338
d
Mandarin
Grove
Community
Development
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
5/01/53
...................................................
1,770,000
1,891,535
Mangrove
Point
&
Mangrove
Manor
,
Community
Development
District
,
Special
Assessment
,
2022
,
4
%
,
5/01/32
.......
345,000
335,976
Community
Development
District
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/42
.....
1,130,000
1,022,231
d
,h
Marion
Ranch
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
5.7
%
,
5/01/44
....................................................
695,000
695,785
Marshall
Creek
Community
Development
District
,
Special
Assessment
,
2015
A
,
Refunding
,
5
%
,
5/01/32
.............................................
1,475,000
1,480,992
Meadow
View
at
Twin
Creeks
Community
Development
District
,
Phase
3B
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
.......................
115,000
110,803
Phase
3B
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
........................
205,000
185,553
Phase
3B
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
......................
790,000
621,866
Phase
3B
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/52
......................
625,000
483,152
Phase
4
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
225,000
203,656
Phase
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
.......................
1,155,000
909,183
Merrick
Square
Community
Development
District
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
...............................
205,000
206,262
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
...............................
725,000
739,344
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
1,000,000
1,021,013
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
....................................................
3,230,000
3,361,184
Mirada
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/32
...............................................
1,700,000
1,548,845
Mirada
II
Community
Development
District
,
2021
Project
Area
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
.................
205,000
197,377
2021
Project
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
...............
645,000
574,692
2021
Project
Area
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
.................
2,080,000
1,698,423
2022
Project
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/32
...............
300,000
307,057
2022
Project
Area
,
Special
Assessment
,
2022
,
5.6
%
,
5/01/42
.................
910,000
932,131
2022
Project
Area
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/53
................
1,670,000
1,704,105
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
New
Port
Tampa
Bay
Community
Development
District
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/26
.............................
$
180,000
$
174,644
Special
Assessment
,
2021
,
3.5
%
,
5/01/31
...............................
500,000
466,892
Special
Assessment
,
2021
,
3.875
%
,
5/01/41
.............................
1,250,000
1,070,055
North
AR-1
Pasco
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/26
..............
70,000
67,731
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
275,000
251,539
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
2.625
%
,
5/01/26
............
115,000
111,272
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.25
%
,
5/01/31
.............
170,000
156,744
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.55
%
,
5/01/41
.............
570,000
470,667
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
790,000
804,903
Assessment
Area
3
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
1,160,000
1,180,037
Assessment
Area
4
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
..............
270,000
269,375
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
1,055,000
1,048,748
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,100,000
1,089,567
Assessment
Area
Five
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
..........
585,000
585,290
Assessment
Area
Five
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
...........
1,500,000
1,502,259
Assessment
Area
Five
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/54
.............
1,605,000
1,607,278
North
Loop
Community
Development
District
,
Special
Assessment
,
2023
,
6.375
%
,
5/01/43
.............................
525,000
558,058
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.............................
1,000,000
1,066,121
North
Park
Isle
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.45
%
,
11/01/26
..............
160,000
152,887
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
500,000
453,131
North
Powerline
Road
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
.............................
490,000
453,244
Special
Assessment
,
2020
,
3.625
%
,
5/01/40
.............................
1,000,000
843,452
d
Special
Assessment
,
144A,
2022
,
5.25
%
,
5/01/32
.........................
205,000
206,363
d
Special
Assessment
,
144A,
2022
,
5.625
%
,
5/01/52
.........................
1,415,000
1,422,091
North
River
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A-1
,
3
%
,
5/01/25
...................
155,000
153,165
Assessments
,
Special
Assessment
,
2020
A-1
,
3.5
%
,
5/01/30
.................
855,000
807,384
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,150,000
1,022,501
Assessments
,
Special
Assessment
,
2020
A-2
,
4.2
%
,
5/01/35
.................
765,000
728,840
North
River
Ranch
Improvement
Stewardship
District
,
Assessments
,
Special
Assessment
,
2023
A
,
6.7
%
,
5/01/55
...................
1,500,000
1,587,917
Assessments
,
Special
Assessment
,
2023
A-1
,
6
%
,
5/01/54
...................
4,955,000
4,998,891
Orange
Blossom
Groves
Community
Development
District
,
Special
Assessment
,
2023
,
4.25
%
,
6/15/30
..............................
485,000
487,992
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
..............................
1,100,000
1,122,979
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
.............................
1,375,000
1,395,111
d
Osceola
Village
Center
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
5/01/31
.........................
180,000
161,761
Special
Assessment
,
144A,
2021
,
3.3
%
,
5/01/41
..........................
370,000
294,403
Palermo
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
1,945,000
1,946,363
Special
Assessment
,
2023
,
5.25
%
,
6/15/53
..............................
1,500,000
1,506,394
Palm
Beach
County
Health
Facilities
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.5
%
,
5/15/53
........................................................
2,035,000
2,224,415
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.625
%
,
5/15/58
.................................................
1,500,000
1,640,959
Palm
Coast
Park
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
...............................
1,000,000
1,013,327
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Palm
Coast
Park
Community
Development
District,
(continued)
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...........
$
350,000
$
312,804
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........
730,000
565,113
Park
East
Community
Development
District
,
Special
Assessment
,
2021
,
3.15
%
,
11/01/41
........................................................
595,000
457,595
Parkland
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2023
A-1
,
6.45
%
,
5/01/54
...................................................
2,445,000
2,484,159
Parkview
at
Long
Lake
Ranch
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
...............................................
955,000
815,323
Parrish
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
................
1,605,000
1,593,301
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.375
%
,
5/01/43
............
1,080,000
1,086,403
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.625
%
,
5/01/53
............
1,535,000
1,548,962
Parrish
Plantation
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
135,000
130,349
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
235,000
215,223
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
790,000
645,542
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
140,000
140,641
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
5/01/42
..............
500,000
503,014
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
................
800,000
803,730
Assessment
Area
Four
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
...........
250,000
250,945
Assessment
Area
Four
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
...........
375,000
377,356
Assessment
Area
Three
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
..........
300,000
300,358
Assessment
Area
Three
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/44
............
500,000
505,225
Assessment
Area
Three
,
Special
Assessment
,
2024
,
6.05
%
,
5/01/54
...........
1,195,000
1,207,338
Peace
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,450,000
1,469,330
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,615,000
1,640,952
Peace
Creek
Village
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
1,100,000
1,103,365
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
910,000
906,079
d
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
12/15/26
........................
65,000
62,502
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
...........................
225,000
212,736
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
.........................
1,000,000
855,851
Special
Assessment
,
144A,
2021
,
4
%
,
12/15/51
...........................
1,200,000
1,050,841
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment
,
2020
A-2
,
Refunding
,
3.75
%
,
5/01/37
.......................................
700,000
656,151
Preserve
at
Savannah
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
135,000
135,517
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,000,000
1,002,183
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
150,000
142,500
Phase
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
........................
750,000
675,046
Prosperity
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............
360,000
374,235
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............
1,000,000
1,039,094
Quail
Roost
Community
Development
District
,
Expansion
Area
,
Special
Assessment
,
2021
,
2.2
%
,
12/15/26
.................
120,000
114,455
Expansion
Area
,
Special
Assessment
,
2021
,
2.7
%
,
12/15/31
.................
200,000
180,192
Expansion
Area
,
Special
Assessment
,
2021
,
3.125
%
,
12/15/41
................
990,000
776,844
Expansion
Area
,
Special
Assessment
,
2021
,
4
%
,
12/15/51
...................
2,360,000
1,981,227
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
...............................
$
730,000
$
739,833
Reserve
at
Van
Oaks
Community
Development
District
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
285,000
288,136
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
965,000
975,502
Reunion
East
Community
Development
District
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
...............................
210,000
202,541
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
..............................
400,000
357,848
Special
Assessment
,
2021
,
3.15
%
,
5/01/41
..............................
1,455,000
1,162,766
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
2.6
%
,
5/01/27
.................
80,000
76,971
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
...................
190,000
176,240
Assessment
Area
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/42
.................
490,000
400,278
Ridge
at
Apopka
Community
Development
District
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
...............................
2,150,000
2,119,706
Parcel
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
........................
310,000
313,465
Parcel
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
.......................
545,000
549,122
River
Glen
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
320,449
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
1,000,000
831,084
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/31
.......
1,000,000
909,473
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/36
.......
1,000,000
829,681
Assessment
Area
3
,
Special
Assessment
,
2020
A
,
3.625
%
,
5/01/40
............
1,030,000
866,752
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.25
%
,
5/01/43
.............
500,000
524,867
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.5
%
,
5/01/54
..............
1,300,000
1,363,854
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A
,
3
%
,
5/01/25
....................
100,000
98,807
Assessments
,
Special
Assessment
,
2020
A
,
3.6
%
,
5/01/30
...................
475,000
450,740
Assessments
,
Special
Assessment
,
2020
A
,
4.125
%
,
5/01/40
.................
850,000
766,414
Assessments
,
Special
Assessment
,
2020
A
,
4.35
%
,
5/01/51
..................
1,100,000
948,198
Assessments
,
Special
Assessment
,
2020
B
,
4.25
%
,
11/01/35
.................
290,000
271,970
Assessments
,
Special
Assessment
,
2023
A
,
5.5
%
,
5/01/43
...................
750,000
766,919
Assessments
,
Special
Assessment
,
2023
A
,
5.75
%
,
5/01/53
..................
1,000,000
1,024,444
River
Place
on
the
St.
Lucie
Community
Development
District
,
Special
Assessment
,
2001
A
,
7.625
%
,
5/01/30
............................
810,000
798,725
f
Special
Assessment
,
2001
B
,
7.25
%
,
5/01/10
.............................
35,000
1,750
Rivers
Edge
II
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................................
205,000
186,122
Rivers
Edge
III
Community
Development
District
,
d
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
.................
300,000
272,091
d
Assessments
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...............
775,000
632,062
Assessments
,
Special
Assessment
,
2024
,
5.95
%
,
5/01/55
...................
1,920,000
1,925,928
Rivington
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,685,000
1,445,686
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
.............................
430,000
400,843
Rolling
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
A-1
,
4
%
,
5/01/52
...............
945,000
761,662
Assessment
Area
,
Special
Assessment
,
2022
A-2
,
Refunding
,
3.65
%
,
5/01/32
....
900,000
838,135
d
Rolling
Oaks
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
5/01/53
...........................................
1,500,000
1,562,636
Rustic
Oaks
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
3.2
%
,
5/01/32
....................
1,000,000
901,873
Assessments
,
Special
Assessment
,
2022
,
3.45
%
,
5/01/42
...................
2,000,000
1,611,852
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Rustic
Oaks
Community
Development
District,
(continued)
Assessments
,
Special
Assessment
,
2022
,
4
%
,
5/01/52
......................
$
1,450,000
$
1,160,076
Rye
Ranch
Community
Development
District
,
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/43
...........
1,000,000
1,070,909
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.........
1,600,000
1,699,571
d
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
11/01/43
....
710,000
723,048
d
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
11/01/53
......
215,000
219,634
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3
%
,
6/15/30
.................
250,000
236,714
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................
610,000
569,458
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.1
%
,
12/15/32
...............
300,000
276,641
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.35
%
,
12/15/41
..............
485,000
400,023
Saltleaf
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
...................
450,000
446,240
Assessments
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..................
1,565,000
1,549,206
Assessments
,
Special
Assessment
,
2024
,
6
%
,
5/01/56
......................
3,000,000
2,995,992
Sanctuary
Cove
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/31
...............
190,000
172,634
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
400,000
321,785
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...................
770,000
662,025
Sandmine
Road
Community
Development
District
,
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
.........
300,000
289,981
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
.........
1,040,000
971,081
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/50
..........
2,020,000
1,719,583
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.3
%
,
11/01/26
...............
155,000
149,148
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
450,000
426,089
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.3
%
,
11/01/41
...............
1,180,000
1,016,741
Sandridge
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
2.875
%
,
5/01/26
..........................
165,000
161,658
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
............................
750,000
731,574
Special
Assessment
,
2021
A-1
,
3.875
%
,
5/01/41
..........................
730,000
666,260
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/51
..............................
735,000
635,678
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
...............................
1,000,000
1,005,704
Sarasota
National
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
3.5
%
,
5/01/31
...........
1,490,000
1,472,834
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
5/01/39
.............
2,210,000
2,161,319
d
Savanna
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
6/15/43
.........
395,000
398,546
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
6/15/53
.........
1,065,000
1,075,219
Sawgrass
Village
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
515,000
518,512
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
1,500,000
1,513,579
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,595,000
1,608,172
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
11/01/43
.............
1,000,000
1,042,107
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.375
%
,
11/01/53
.............
1,000,000
1,041,619
d
Assessment
Area
Three
,
Special
Assessment
,
144A,
2024
,
4.7
%
,
5/01/31
.......
260,000
259,352
d
Assessment
Area
Three
,
Special
Assessment
,
144A,
2024
,
5.55
%
,
5/01/44
......
700,000
696,854
d
Assessment
Area
Three
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
5/01/54
.....
1,180,000
1,178,276
Sawyers
Landing
Community
Development
District
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/31
..............................
1,400,000
1,287,181
Special
Assessment
,
2021
,
4.125
%
,
5/01/41
.............................
3,055,000
2,525,414
Scenic
Highway
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
470,000
454,284
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,230,000
1,113,864
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Scenic
Terrace
North
Community
Development
District
,
2023
Assessment
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
...........
$
2,155,000
$
2,199,036
2023
Assessment
Area
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
...........
1,875,000
1,919,441
Scenic
Terrace
South
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/27
..............................
310,000
304,535
Special
Assessment
,
2022
,
4.125
%
,
5/01/32
.............................
610,000
592,738
d
Seaton
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
6/15/53
................................
980,000
993,200
Sedona
Point
Community
Development
District
,
Special
Assessment
,
2023
,
4.125
%
,
6/15/30
.............................
75,000
74,996
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
705,000
709,618
d
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/36
.....
310,000
287,525
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/41
.....
425,000
366,524
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/51
.....
830,000
660,773
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/56
.....
705,000
545,657
Seminole
Palms
Community
Development
District
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/30
..............................
290,000
291,491
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
...............................
990,000
1,007,385
Special
Assessment
,
2023
,
5.7
%
,
5/01/53
...............................
1,000,000
1,015,287
Sherwood
Manor
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
1,695,000
1,733,238
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
1,570,000
1,596,863
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
...............................
375,000
356,475
Special
Assessment
,
2021
,
3.5
%
,
6/15/41
...............................
1,000,000
884,035
Silver
Oaks
Community
Development
District
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
..............................
1,000,000
1,003,056
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,475,000
1,479,450
Silver
Palms
West
Community
Development
District
,
Special
Assessment
,
2022
,
2.6
%
,
6/15/27
...............................
330,000
313,031
Special
Assessment
,
2022
,
3
%
,
6/15/32
.................................
765,000
691,238
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
1,750,000
1,466,374
Silverlake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
245,000
248,978
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
985,000
994,294
Six
Mile
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
3.125
%
,
11/01/25
....
150,000
148,269
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
3.625
%
,
11/01/31
....
495,000
493,554
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.125
%
,
11/01/40
....
1,370,000
1,310,788
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.25
%
,
11/01/50
.....
2,285,000
2,075,640
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
2.5
%
,
5/01/26
.......
120,000
116,097
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
3.1
%
,
5/01/31
.......
250,000
228,857
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
3.4
%
,
5/01/41
.......
750,000
608,132
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
145,000
140,420
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
520,000
473,546
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
805,000
652,728
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
1,585,000
1,301,985
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
4.75
%
,
5/01/30
...........
495,000
498,200
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.5
%
,
5/01/43
...........
1,200,000
1,224,497
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.7
%
,
5/01/54
...........
1,500,000
1,527,170
Solaeris
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/31
................
175,000
175,384
Assessment
Area
1
,
Special
Assessment
,
2024
,
6
%
,
5/01/44
.................
1,000,000
1,005,869
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Solaeris
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2024
,
6.25
%
,
5/01/55
...............
$
2,535,000
$
2,531,375
d
Somerset
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/44
.........
920,000
910,402
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.9
%
,
5/01/54
...........
1,075,000
1,061,830
Somerset
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
Refunding
,
4
%
,
5/01/32
.............
750,000
718,492
Assessments
,
Special
Assessment
,
2022
,
Refunding
,
4.2
%
,
5/01/37
...........
1,000,000
930,847
Sorrento
Pines
Community
Development
District
,
Assessment
Area
1
,
Revenue
,
2023
,
5.25
%
,
5/01/43
.......................
445,000
449,711
Assessment
Area
1
,
Revenue
,
2023
,
5.5
%
,
5/01/53
........................
500,000
505,941
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
..............
175,000
162,015
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
6/15/41
...............
500,000
409,999
Southern
Groves
Community
Development
District
No.
5
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
.................
215,000
208,170
Assessment
Area
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
.................
400,000
372,240
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
1,100,000
939,821
Assessment
Area
,
Special
Assessment
,
2022-1
,
6
%
,
5/01/49
.................
1,105,000
1,159,059
Assessment
Area
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
................
1,000,000
999,999
Assessment
Area
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/50
.................
1,035,000
1,034,992
Stellar
North
Community
Development
District
,
Special
Assessment
,
2021
,
2.45
%
,
5/01/26
..............................
75,000
72,225
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
235,000
212,578
Special
Assessment
,
2021
,
3.2
%
,
5/01/41
...............................
820,000
639,562
d
Stillwater
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
6/15/26
.........................
230,000
220,913
Special
Assessment
,
144A,
2021
,
3
%
,
6/15/31
............................
325,000
294,068
Special
Assessment
,
144A,
2021
,
3.5
%
,
6/15/41
..........................
1,290,000
1,056,633
Stonegate
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............................
700,000
726,616
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............................
1,250,000
1,295,134
d
Stonewater
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
11/01/32
................
250,000
221,707
Assessments
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
11/01/41
..............
635,000
506,641
Stoneybrook
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
Refunding
,
6.375
%
,
11/01/52
..........................
1,835,000
1,967,352
Stoneybrook
South
at
Championsgate
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
4.5
%
,
6/15/30
.................
110,000
111,908
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/43
...............
395,000
411,770
Assessment
Area
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
.................
390,000
404,946
d
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3
%
,
12/15/30
....
500,000
476,940
d
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
12/15/40
...
1,000,000
901,609
d
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
12/15/50
..
1,500,000
1,258,436
Storey
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
5
%
,
6/15/32
.................
240,000
246,707
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.2
%
,
6/15/42
................
625,000
627,430
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/52
..............
1,000,000
1,002,240
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.45
%
,
6/15/31
...............
265,000
266,611
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............
655,000
661,602
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
6/15/54
................
800,000
803,652
Storey
Drive
Community
Development
District
,
Special
Assessment
,
2022
,
2.55
%
,
6/15/27
..............................
165,000
156,778
Special
Assessment
,
2022
,
3
%
,
6/15/32
.................................
375,000
335,897
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
81
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Storey
Drive
Community
Development
District,
(continued)
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
$
900,000
$
710,613
d
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
.........
230,000
216,317
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
6/15/41
...........
620,000
542,924
Summer
Woods
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
150,000
140,931
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
395,000
333,138
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
100,000
96,585
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.15
%
,
5/01/31
...............
200,000
183,103
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
725,000
589,076
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
.............
165,000
160,317
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
.............
700,000
643,028
Assessment
Phase
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
910,000
796,881
d
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
5/01/31
........
175,000
164,050
d
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
........
700,000
599,240
d
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
5/01/51
...........
1,750,000
1,532,463
Summit
View
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
1,025,000
1,015,362
Assessment
Area
2
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
1,300,000
1,285,840
Sunbridge
Stewardship
District
,
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
........................................................
350,000
357,280
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.4
%
,
5/01/42
...................................................
920,000
935,343
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
...................................................
1,725,000
1,742,501
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
4.2
%
,
5/01/27
........................................................
245,000
243,271
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
4.6
%
,
5/01/32
........................................................
460,000
458,173
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/42
........................................................
1,000,000
1,001,050
Tamarindo
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
185,000
167,629
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.............................
820,000
664,253
Tern
Bay
Community
Development
District
,
Special
Assessment
,
2022
,
3.4
%
,
6/15/32
...............................
1,650,000
1,526,515
Special
Assessment
,
2022
,
4
%
,
6/15/42
.................................
3,600,000
3,175,383
Three
Rivers
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
Refunding
,
5.75
%
,
5/01/53
......................................
3,700,000
3,735,709
Timber
Creek
Southwest
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.35
%
,
12/15/26
..............
245,000
233,529
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
12/15/31
................
750,000
673,449
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.3
%
,
12/15/41
...............
2,175,000
1,726,431
Tohoqua
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
......................
215,000
199,652
Phase
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
......................
810,000
675,663
Tolomato
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
B
,
Refunding
,
3
%
,
5/01/32
........
1,500,000
1,358,825
Assessment
Area
,
Special
Assessment
,
2022
C
,
Refunding
,
3.2
%
,
5/01/32
.......
1,500,000
1,375,212
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
3.3
%
,
5/01/32
..............
515,000
475,557
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
3.3
%
,
5/01/32
..............
195,000
180,065
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
d
Towne
Park
Community
Development
District
,
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
........
$
410,000
$
387,130
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
........
1,075,000
940,997
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
...........
1,000,000
852,912
d
Towns
at
Woodsdale
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
11/01/43
.............
325,000
339,263
Assessments
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
11/01/53
.............
1,325,000
1,387,401
Tradition
Community
Development
District
No.
9
,
Assessments
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....................
200,000
192,484
Assessments
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
....................
445,000
394,445
d
Trevesta
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
235,000
227,120
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/40
..........
880,000
799,012
Triple
Creek
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
..................
250,000
225,426
Assessment
Area
,
Special
Assessment
,
2021
,
3.5
%
,
11/01/41
................
740,000
609,028
d
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
11/01/26
.......................................................
110,000
104,864
d
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
11/01/31
.......................................................
450,000
402,336
d
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
11/01/41
.......................................................
1,190,000
928,058
Tuckers
Pointe
Community
Development
District
,
Master
Infrastructure
Project
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
.......
4,500,000
4,188,963
Phase
1
Project
,
Special
Assessment
,
2022
,
3
%
,
5/01/27
....................
195,000
187,303
Phase
1
Project
,
Special
Assessment
,
2022
,
3.375
%
,
5/01/32
................
565,000
518,137
Phase
1
Project
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
....................
1,505,000
1,315,263
Twisted
Oaks
Pointe
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
740,000
743,864
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
500,000
503,628
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
..............
500,000
512,894
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
..............
500,000
512,759
Assessment
Area
Three
,
Special
Assessment
,
2024
,
4.8
%
,
5/01/31
............
345,000
344,384
Assessment
Area
Three
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..........
1,000,000
998,755
Assessment
Area
Three
,
Special
Assessment
,
2024
,
6
%
,
5/01/55
..............
1,400,000
1,397,953
Two
Rivers
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
180,000
181,250
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
2,000,000
2,041,803
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
3,465,000
3,513,948
Two
Rivers
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.625
%
,
5/01/27
.............................
60,000
59,933
Special
Assessment
,
2022
,
4.875
%
,
5/01/32
.............................
380,000
382,392
Two
Rivers
West
Community
Development
District
,
Special
Assessment
,
2022
,
6
%
,
5/01/43
.................................
1,055,000
1,088,707
Special
Assessment
,
2022
,
6.25
%
,
5/01/53
..............................
1,405,000
1,450,197
Special
Assessment
,
2023
,
6
%
,
11/01/43
................................
1,455,000
1,498,217
Special
Assessment
,
2023
,
6.125
%
,
11/01/53
.............................
2,145,000
2,196,434
d
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/44
.........................
405,000
400,264
d
Union
Park
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
2.95
%
,
5/01/31
..........
65,000
58,602
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
3.35
%
,
5/01/41
..........
160,000
127,584
Varrea
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
...............
1,075,000
1,085,288
Assessment
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
.................
1,320,000
1,337,632
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
83
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
V-Dana
Community
Development
District
,
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
5/01/31
...........
$
375,000
$
351,608
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............
1,775,000
1,581,338
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
367,652
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,056,301
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.3
%
,
5/01/30
................
900,000
904,093
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,900,000
1,926,909
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
................
2,505,000
2,534,766
Veranda
Community
Development
District
II
,
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.125
%
,
5/01/44
.....
1,685,000
1,690,805
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/54
.....
3,485,000
3,472,864
d
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.5
%
,
5/01/26
..
105,000
101,321
d
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
290,000
264,265
d
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.6
%
,
5/01/41
..
600,000
500,013
d
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.5
%
,
5/01/26
..
50,000
48,248
d
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
65,000
59,232
d
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.6
%
,
5/01/41
..
275,000
229,173
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/44
........................................................
1,145,000
1,152,908
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.625
%
,
5/01/54
........................................................
500,000
500,535
Verano
No.
2
Community
Development
District
,
Pod
D
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
..........................
1,630,000
1,628,199
Pod
D
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
..........................
1,910,000
1,907,190
Verano
No.
3
Community
Development
District
,
Phase
1
Assessment
Area
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........
750,000
607,790
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.45
%
,
11/01/42
.........
1,000,000
1,055,650
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.625
%
,
11/01/52
........
1,475,000
1,560,527
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
1,020,000
1,039,837
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
250,000
255,609
Viera
Stewardship
District
,
Assessments
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....................
400,000
384,463
Assessments
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
....................
800,000
712,041
Assessments
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
..................
1,750,000
1,364,803
Assessments
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
....................
2,500,000
2,524,720
Village
Community
Development
District
No.
13
,
Phase
III
,
Special
Assessment
,
2021
,
2.85
%
,
5/01/36
.......................
1,645,000
1,404,410
Phase
III
,
Special
Assessment
,
2021
,
3
%
,
5/01/41
.........................
2,440,000
1,961,215
Phase
III
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/52
.......................
5,200,000
3,912,353
Village
Community
Development
District
No.
14
,
Phase
I
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
....................................................
11,700,000
12,078,634
Villages
of
Glen
Creek
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
3.15
%
,
5/01/32
......
210,000
190,122
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
3.45
%
,
5/01/42
......
550,000
439,792
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
4
%
,
5/01/52
........
1,205,000
977,204
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
4.625
%
,
5/01/27
............
100,000
100,034
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
4.875
%
,
5/01/32
............
250,000
252,720
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
5.125
%
,
5/01/42
............
710,000
710,234
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
...............................
240,000
230,956
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
655,000
592,647
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
440,000
451,157
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,310,000
1,328,147
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
670,000
678,705
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Villamar
Community
Development
District,
(continued)
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
$
480,000
$
483,938
Phase
4
Project
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
.................
110,000
106,624
Phase
4
Project
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
................
250,000
232,485
Phase
4
Project
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
....................
670,000
580,113
Waterford
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
395,000
399,600
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
750,000
759,401
Waterset
South
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
6.1
%
,
5/01/53
....................
665,000
690,095
Assessments
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/54
...................
1,680,000
1,701,679
Wellness
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,410,000
1,426,747
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,340,000
1,359,599
West
Hillcrest
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
.........................................................
825,000
839,229
West
Port
Community
Development
District
,
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
..
100,000
96,333
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
...
570,000
516,560
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
..
1,470,000
1,183,273
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/31
..........
410,000
376,282
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/41
.........
1,085,000
896,962
West
Villages
Improvement
District
,
Unit
of
Development
No.
10
Assessment
Area
One
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
...................................................
585,000
581,548
Unit
of
Development
No.
10
Assessment
Area
One
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
.................................................
935,000
925,375
Unit
of
Development
No.
10
Assessment
Area
One
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
.................................................
1,000,000
980,792
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
..........
105,000
101,384
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
200,000
183,161
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
..........
800,000
655,772
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
............
245,000
256,921
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/54
.........
585,000
613,667
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
..........
80,000
77,245
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
525,000
479,335
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
..........
1,000,000
819,715
Unit
of
Development
No.
8
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
..........
1,905,000
1,927,956
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
4.625
%
,
5/01/30
........
240,000
242,139
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
........
1,500,000
1,530,248
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
........
2,005,000
2,046,755
Westside
Haines
City
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
130,000
125,273
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
314,851
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
1,000,000
782,121
Assessment
Area
Two
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
............
565,000
564,841
Assessment
Area
Two
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/44
.............
1,920,000
1,920,058
Assessment
Area
Two
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
...............
2,685,000
2,684,918
Westview
North
Community
Development
District
,
Special
Assessment
,
2022
,
5.75
%
,
6/15/42
..............................
1,000,000
1,030,426
Special
Assessment
,
2022
,
6
%
,
6/15/52
.................................
1,250,000
1,286,846
Westview
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/28
..............
515,000
517,040
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
2,185,000
2,199,544
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
3,795,000
3,822,670
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
85
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Westview
South
Community
Development
District,
(continued)
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/28
...............
$
185,000
$
185,424
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
1,250,000
1,262,713
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
1,000,000
1,012,875
Westwood
of
Pasco
Community
Development
District
,
Assessments
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
....................
500,000
506,679
Assessments
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..................
145,000
146,866
Whispering
Pines
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
500,000
511,161
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
930,000
943,687
Willowbrook
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
630,000
623,909
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/55
................
820,000
810,027
Willows
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.7
%
,
5/01/29
................
285,000
287,816
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
..............
1,440,000
1,485,329
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...............
1,200,000
1,232,882
Wind
Meadows
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
................
115,000
110,782
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
250,000
225,353
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
940,000
754,136
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
920,000
933,286
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
980,000
995,728
Windsor
Cay
Community
Development
District
,
Assessment
Area
One
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
............
1,000,000
996,440
Assessment
Area
One
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
............
765,000
763,869
Windward
Community
Development
District
,
Special
Assessment
,
2020
A-1
,
3.65
%
,
5/01/30
.........................................................
130,000
123,694
Wiregrass
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
..............
645,000
596,460
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.7
%
,
5/01/40
................
1,680,000
1,431,944
Zephyr
Lakes
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
90,000
86,846
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
150,000
135,605
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
660,000
530,706
Assessment
Area
2
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................
935,000
758,231
822,708,608
Georgia
0.9%
d
Development
Authority
of
Cobb
County
(The)
,
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/39
1,825,000
1,534,942
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/49
10,760,000
8,186,633
d
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
B
,
4.5
%
,
12/01/36
................................
10,835,000
9,394,465
Forsyth
County
Hospital
Authority
,
Georgia
Baptist
Healthcare
System
Obligated
Group
,
Revenue
,
1998
,
ETM,
6.375
%
,
10/01/28
...........................
4,610,000
4,918,365
d
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC
,
Revenue,
Second
Tier
,
144A,
2021
B
,
5
%
,
1/01/36
2,500,000
2,447,686
Signia
Hotel
Management
LLC
,
Revenue,
Second
Tier
,
144A,
2021
B
,
5
%
,
1/01/54
7,500,000
6,684,231
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/27
......................................
4,000,000
4,099,183
Revenue
,
2007
A
,
5.5
%
,
9/15/28
......................................
5,000,000
5,158,111
42,423,616
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Idaho
0.3%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2010
A
,
7
%
,
2/01/36
............
$
13,305,000
$
13,327,431
Illinois
1.4%
Illinois
Finance
Authority
,
d
DePaul
College
Prep
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.5
%
,
8/01/43
........
500,000
531,378
d
DePaul
College
Prep
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.625
%
,
8/01/53
......
2,055,000
2,148,325
d
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
A
,
Refunding
,
5.125
%
,
11/01/55
.......................................
13,560,000
11,458,563
d
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
B
,
7
%
,
11/01/37
.......................................................
3,685,000
3,560,883
Plymouth
Place
Obligated
Group
,
Revenue
,
2022
A
,
6.75
%
,
5/15/58
...........
3,000,000
3,109,122
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
5/01/48
........................................................
10,000,000
8,971,866
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.5
%
,
5/01/53
........................................................
10,810,000
9,744,328
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
1996
,
ETM,
7
%
,
7/01/26
.....................................
3,020,000
3,116,228
Revenue
,
2010
B-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
6/15/45
............
18,100,000
6,604,877
State
of
Illinois
,
GO
,
2022
C
,
5.5
%
,
10/01/44
...............................
4,645,000
5,059,771
d
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
C
,
Refunding
,
5
%
,
12/01/50
.......
10,750,000
8,820,012
d
Village
of
Lincolnwood
,
North
Lincoln
Redevelopment
Project
Area
,
COP
,
144A,
2021
A
,
4.82
%
,
1/01/41
.................................................
1,535,000
1,386,325
Village
of
Villa
Park
,
Garden
Station
Redevelopment
Area
,
Tax
Allocation
,
2021
,
Zero
Cpn.,
12/31/38
....................................................
1,815,000
1,427,336
65,939,014
Indiana
0.4%
d
City
of
Anderson
,
Sweet
Galilee
at
the
Wigwam
LLC
,
Revenue
,
144A,
2020
A
,
5.375
%
,
1/01/40
.........................................................
2,740,000
2,225,222
d
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
8/01/41
..
4,065,000
3,319,463
d
City
of
Jeffersonville
,
Vivera
Senior
Living
of
Columbus
LLC
,
Revenue
,
144A,
2020
A
,
5.25
%
,
11/01/40
...................................................
4,500,000
3,621,917
d
City
of
Valparaiso
,
Green
Oaks
of
Valparaiso
LLC
,
Revenue
,
144A,
2021
,
5.375
%
,
12/01/41
........................................................
3,650,000
2,871,183
Indiana
Finance
Authority
,
University
of
Evansville
,
Revenue
,
2022
B
,
7
%
,
9/01/32
..
4,000,000
3,778,496
d
Indiana
Housing
&
Community
Development
Authority
,
Vita
of
Marion
LLC
,
Revenue
,
144A,
2021
A
,
5.25
%
,
4/01/41
........................................
4,750,000
3,830,494
19,646,775
Iowa
0.2%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
5/15/48
....
2,090,000
1,845,448
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
1,000,000
1,098,450
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.25
%
,
5/15/38
........................................................
1,500,000
1,676,415
Northcrest
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
3/01/48
..................
7,500,000
6,505,299
11,125,612
Kansas
0.0%
†
Wyandotte
County-Kansas
City
Unified
Government
,
Revenue
,
2018
,
4.5
%
,
6/01/40
.
1,420,000
1,353,691
Kentucky
0.7%
Kentucky
Public
Transportation
Infrastructure
Authority
,
Revenue,
First
Tier
,
2013
C
,
6.6
%
,
7/01/39
...............................
10,000,000
11,530,890
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
Kentucky
Public
Transportation
Infrastructure
Authority,
(continued)
Revenue,
First
Tier
,
2013
C
,
6.75
%
,
7/01/43
..............................
$
5,000,000
$
5,732,673
d
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
19,650,000
14,673,292
31,936,855
Louisiana
1.5%
Juban
Trails
Community
Development
District
,
Special
Assessment
,
2022
,
3.375
%
,
6/01/27
.............................
100,000
93,840
Special
Assessment
,
2022
,
4.25
%
,
6/01/51
..............................
1,235,000
1,019,526
Lakeshore
Villages
Master
Community
Development
District
,
Special
Assessment
,
2021
,
2.375
%
,
6/01/26
.............................
280,000
265,729
Special
Assessment
,
2021
,
2.875
%
,
6/01/31
.............................
695,000
598,589
Special
Assessment
,
2021
,
3.2
%
,
6/01/41
...............................
2,730,000
2,134,786
Special
Assessment
,
2021
,
4
%
,
6/01/51
.................................
2,035,000
1,623,351
Special
Assessment
,
2022
,
5.375
%
,
6/01/42
.............................
730,000
724,925
Special
Assessment
,
2022
,
5.5
%
,
6/01/52
...............................
1,425,000
1,421,790
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
GOMESA
,
Revenue
,
144A,
2018
,
5.375
%
,
11/01/38
........................
1,825,000
1,906,720
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.
,
Revenue
,
144A,
2020
A
,
Refunding
,
4
%
,
12/01/40
...........................................
2,970,000
2,519,535
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.
,
Revenue
,
144A,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
........................................
5,665,000
4,583,245
Parish
of
Jefferson
,
Revenue
,
144A,
2019
,
4
%
,
11/01/44
....................
2,550,000
2,286,319
Parish
of
Lafourche
,
Revenue
,
144A,
2019
,
3.95
%
,
11/01/43
.................
4,032,776
3,626,490
Parish
of
St.
John
the
Baptist
,
Revenue
,
144A,
2019
,
3.9
%
,
11/01/44
...........
2,105,000
1,860,136
Parish
of
St.
Martin
,
Revenue
,
144A,
2019
,
4.4
%
,
11/01/44
...................
5,510,000
5,329,481
Parish
of
Vermilion
,
Revenue
,
144A,
2019
,
4.625
%
,
11/01/38
.................
1,640,000
1,664,443
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
C
,
5.5
%
,
10/01/61
.
6,300,000
5,077,536
Terrebonne
Parish
Consolidated
Government
,
Revenue
,
144A,
2018
,
5.5
%
,
11/01/39
1,490,000
1,558,041
d
Louisiana
Public
Facilities
Authority
,
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.375
%
,
1/01/40
5,000,000
4,919,528
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
4,500,000
4,303,623
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-2
,
7
%
,
1/01/57
...
10,000,000
9,474,165
Parish
of
Beauregard
,
OfficeMax,
Inc.
,
Revenue
,
2002
,
Refunding
,
6.8
%
,
2/01/27
...
13,990,000
14,016,774
St.
Tammany
Parish
Finance
Authority
,
Christwood
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5.25
%
,
11/15/29
.......
1,200,000
1,194,354
Christwood
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5.25
%
,
11/15/37
.......
1,650,000
1,567,475
73,770,401
Maryland
0.2%
County
of
Frederick
,
Oakdale-Lake
Linganore
Development
District
,
Special
Tax
,
2019
,
Refunding
,
3.25
%
,
7/01/29
........................................................
750,000
686,928
Oakdale-Lake
Linganore
Development
District
,
Special
Tax
,
2019
,
Refunding
,
3.75
%
,
7/01/39
........................................................
1,410,000
1,213,191
Urbana
Community
Development
Authority
,
Special
Tax
,
2020
B
,
Refunding
,
4
%
,
7/01/40
........................................................
335,000
301,001
d
Town
of
La
Plata
,
Heritage
Green
Special
Taxing
District
,
Special
Tax
,
144A,
2023
A
,
6.5
%
,
2/15/53
....................................................
8,500,000
8,478,301
10,679,421
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
88
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
0.5%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2006
B
,
NATL
Insured
,
5
%
,
7/01/36
..........................
$
15,000
$
15,013
City
of
Ecorse
,
GO
,
2011
,
6.5
%
,
11/01/35
.................................
1,115,000
1,116,596
Kalamazoo
Economic
Development
Corp.
,
d
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
800,000
765,416
d
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
3,015,000
2,399,201
Heritage
Community
of
Kalamazoo
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/43
1,120,000
987,256
Heritage
Community
of
Kalamazoo
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/55
8,860,000
7,289,217
d
Michigan
Finance
Authority
,
Revenue
,
144A,
2014
,
6.75
%
,
7/01/44
..................................
1,695,000
1,656,498
Revenue
,
144A,
2014
,
Pre-Refunded
,
6.75
%
,
7/01/44
......................
2,110,000
2,113,538
Thomas
M
Cooley
Law
School
,
Revenue
,
144A,
2014
,
Refunding
,
6
%
,
7/01/24
...
700,000
699,631
d
Michigan
Strategic
Fund
,
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
690,000
660,172
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/41
....................................................
895,000
771,248
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
1,380,000
1,098,141
Michigan
Tobacco
Settlement
Finance
Authority
,
Michigan
Finance
Authority
Tobacco
Settlement
,
Revenue
,
2007
B
,
Zero
Cpn.,
6/01/52
.........................
26,990,000
3,299,708
22,871,635
Minnesota
0.1%
City
of
Minneapolis
,
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.25
%
,
11/01/45
..............
2,800,000
2,511,290
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.375
%
,
11/01/50
..............
1,000,000
899,371
d
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
8/01/37
.............................................
1,300,000
1,255,101
4,665,762
Mississippi
0.5%
d
Mississippi
Development
Bank
,
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/34
900,000
796,423
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/35
800,000
706,929
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/36
850,000
745,240
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/41
3,000,000
2,412,753
Mississippi
Home
Corp.
,
d
Revenue
,
144A,
2023
A-2
,
12
%
,
12/01/33
...............................
875,000
832,078
d
Revenue
,
144A,
2023
B-2
,
8
%
,
12/01/38
................................
4,390,000
4,057,169
d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A-5
,
4.5
%
,
6/01/62
.
7,000,000
5,183,735
d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
C-5
,
5.1
%
,
6/01/62
8,000,000
6,065,872
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group
,
Revenue
,
2021
D-8
,
4.65
%
,
6/01/62
..................................................
5,515,000
4,203,288
25,003,487
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
89
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
0.3%
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
A
,
Refunding
,
6
%
,
3/01/33
.......................................
$
3,580,000
$
3,655,669
City
of
Maryland
Heights
,
Westport
Plaza
Redevelopment
Area
,
Tax
Allocation
,
2020
,
4.125
%
,
11/01/38
..................................................
2,500,000
2,393,610
Kirkwood
Industrial
Development
Authority
,
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/42
...................................
1,000,000
858,243
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/50
...................................
3,500,000
2,803,293
Stoddard
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
B
,
Refunding
,
6
%
,
3/01/37
.............................................
3,450,000
3,525,030
13,235,845
Nevada
0.7%
City
of
Henderson
,
Local
Improvement
District
No.
T-16
,
Special
Assessment
,
2005
,
5.125
%
,
3/01/25
.
300,000
298,216
Local
Improvement
District
No.
T-18
,
Special
Assessment
,
2016
,
Refunding
,
4
%
,
9/01/32
........................................................
1,700,000
1,586,442
City
of
Las
Vegas
,
Special
Improvement
District
No.
610
,
Special
Assessment
,
2018
,
5
%
,
6/01/48
....
7,490,000
7,419,017
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/33
....
180,000
161,560
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/34
....
185,000
164,285
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/35
....
185,000
162,593
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/40
....
440,000
371,831
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
3.5
%
,
6/01/35
........................................................
200,000
163,255
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
4
%
,
6/01/50
........................................................
975,000
747,329
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/30
...
1,520,000
1,515,107
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/35
...
960,000
957,935
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/39
....
430,000
377,370
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/44
....
700,000
574,946
Special
Improvement
District
No.
815
,
Special
Assessment
,
2020
,
4.75
%
,
12/01/40
980,000
907,263
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/33
.
520,000
414,595
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/36
.
825,000
619,891
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
640,000
464,834
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3.125
%
,
6/01/51
1,415,000
935,157
d
City
of
North
Las
Vegas
,
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
6/01/47
........................................................
1,600,000
1,568,966
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
6
%
,
6/01/52
1,800,000
1,807,257
d
City
of
Reno
,
Sales
Tax
,
Revenue
,
144A,
2018
C
,
Refunding
,
Zero
Cpn.,
7/01/58
....
14,500,000
1,864,126
County
of
Clark
,
Special
Improvement
District
No.
128
,
Special
Assessment
,
2001-2007
,
5
%
,
2/01/26
535,000
535,308
Special
Improvement
District
No.
128
,
Special
Assessment
,
2001-2007
,
5.05
%
,
2/01/31
........................................................
980,000
980,247
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/35
....
2,005,000
2,010,490
Henderson
Local
Improvement
Districts
,
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
3
%
,
9/01/36
...............................
315,000
256,651
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
3.5
%
,
9/01/45
..............................
750,000
571,666
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
4
%
,
9/01/51
...............................
500,000
413,563
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5
%
,
3/01/38
.....
775,000
768,556
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5
%
,
3/01/43
.....
1,000,000
950,043
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
90
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nevada
(continued)
Henderson
Local
Improvement
Districts,
(continued)
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/48
..
$
1,000,000
$
958,004
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/53
..
300,000
284,257
d
,f
State
of
Nevada
Department
of
Business
&
Industry
,
Fulcrum
Sierra
Biofuels
LLC
,
Revenue
,
144A,
2017
,
5.875
%
,
12/15/27
..........
8,179,605
1,635,921
Fulcrum
Sierra
Biofuels
LLC
,
Revenue
,
144A,
2017
,
6.25
%
,
12/15/37
...........
9,000,000
1,800,000
34,246,681
New
Hampshire
0.2%
New
Hampshire
Business
Finance
Authority
,
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
3.75
%
,
8/15/30
...............
100,000
94,575
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.125
%
,
8/15/40
..............
2,545,000
2,229,962
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.25
%
,
8/15/46
...............
2,860,000
2,407,935
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.5
%
,
8/15/55
................
5,940,000
5,004,024
9,736,496
New
Jersey
1.4%
New
Jersey
Economic
Development
Authority
,
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
2,200,000
2,115,447
United
Airlines,
Inc.
,
Revenue
,
2003
,
5.5
%
,
6/01/33
........................
8,480,000
8,531,461
d,f
White
Horse
HMT
Urban
Renewal
LLC
,
Revenue
,
144A,
2020
,
5
%
,
1/01/40
......
3,000,000
2,053,762
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2008
A
,
Zero
Cpn.,
12/15/38
........................................................
46,750,000
24,929,363
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
.............................
7,000,000
7,210,602
Revenue
,
2018
B
,
Refunding
,
5
%
,
6/01/46
...............................
20,000,000
20,136,332
64,976,967
New
Mexico
0.0%
†
Lower
Petroglyphs
Public
Improvement
District
,
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/33
..............................
500,000
476,974
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/38
..............................
450,000
419,266
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/48
..............................
1,205,000
1,089,107
1,985,347
New
York
3.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2016
A-1
,
5.25
%
,
11/15/56
...................................
4,765,000
4,834,173
Revenue
,
2020
C-1
,
4.75
%
,
11/15/45
...................................
13,220,000
13,454,970
Revenue
,
2020
C-1
,
5
%
,
11/15/50
.....................................
10,000,000
10,304,358
Revenue
,
2020
C-1
,
5.25
%
,
11/15/55
...................................
29,500,000
30,407,756
Revenue
,
2020
D
,
4
%
,
11/15/50
.......................................
11,500,000
10,595,060
New
York
Liberty
Development
Corp.
,
d
3
World
Trade
Center
LLC
,
Revenue
,
144A,
2014
,
2
,
Refunding
,
5.375
%
,
11/15/40
.
7,500,000
7,529,211
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
..
23,000,000
26,128,106
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.
,
Revenue
,
2020
,
Refunding
,
5.375
%
,
8/01/36
...........
5,000,000
5,280,618
Laguardia
Gateway
Partners
LLC
,
Revenue
,
2016
A
,
5
%
,
7/01/46
.............
13,505,000
13,441,628
d
Rockland
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
144A,
2005
A
,
Zero
Cpn.,
8/15/45
.........................................................
57,000,000
16,701,598
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
5.75
%
,
12/01/44
......................................
5,000,000
5,170,201
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Suffolk
Regional
Off-Track
Betting
Co.,
(continued)
Revenue
,
2024
,
6
%
,
12/01/53
........................................
$
7,175,000
$
7,426,500
151,274,179
North
Dakota
0.1%
County
of
Burleigh
,
University
of
Mary
,
Revenue
,
2016
,
5.1
%
,
4/15/36
.........................
3,550,000
3,554,782
University
of
Mary
,
Revenue
,
2016
,
5.2
%
,
4/15/46
.........................
3,130,000
2,999,665
d
,f
County
of
Grand
Forks
,
Red
River
Biorefinery
LLC
,
Revenue
,
144A,
2021
A
,
6.625
%
,
12/15/31
..........
2,875,000
86,250
Red
River
Biorefinery
LLC
,
Revenue
,
144A,
2021
A
,
7
%
,
12/15/43
.............
14,000,000
420,000
7,060,697
Ohio
3.2%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
B-2
,
2
,
Refunding
,
5
%
,
6/01/55
.............................................
34,050,000
30,510,141
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/50
..........................................
5,000,000
4,463,484
Cleveland-Cuyahoga
County
Port
Authority
,
d
Flats
East
Bank
TIF
District
,
Tax
Allocation
,
144A,
2021
B
,
Refunding
,
4.5
%
,
12/01/55
1,500,000
1,232,235
d
Flats
East
Bank
TIF
District
,
Tax
Allocation,
Senior
Lien
,
144A,
2021
A
,
Refunding
,
4
%
,
12/01/55
...................................................
1,150,000
910,348
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.25
%
,
12/01/38
.....
700,000
710,338
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.5
%
,
12/01/43
......
700,000
709,436
County
of
Fairfield
,
Fairfield
Medical
Center
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/15/43
.............................................
10,000,000
8,519,777
County
of
Franklin
,
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/40
2,910,000
2,813,482
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/55
8,800,000
7,792,180
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.625
%
,
12/01/42
................................................
10,000,000
10,807,508
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.......................................................
17,000,000
18,276,425
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,360,000
1,304,534
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,205,000
1,132,461
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,570,000
2,348,214
Ohio
Housing
Finance
Agency
,
Revenue
,
2023
C
,
8
%
,
8/01/34
........................................
1,000,000
1,025,839
d
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
C
,
8
%
,
9/01/39
..............
1,400,000
1,454,149
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
35,000,000
40,061,896
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/35
.......................................................
1,000,000
923,296
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
.......................................................
1,000,000
862,179
d
State
of
Ohio
,
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/38
.......................................................
5,000,000
4,685,581
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/48
.......................................................
15,195,000
13,455,168
153,998,671
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oklahoma
0.2%
Tulsa
County
Industrial
Authority
,
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/37
.......
$
1,000,000
$
1,006,545
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/45
.......
6,500,000
6,425,622
7,432,167
Oregon
0.3%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.125
%
,
11/15/40
.
500,000
485,120
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.25
%
,
11/15/50
..
1,250,000
1,157,550
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.375
%
,
11/15/55
.
1,500,000
1,393,961
Polk
County
Hospital
Facility
Authority
,
Dallas
Mennonite
Retirement
Community
Obligated
Group
,
Revenue
,
2020
A
,
5.125
%
,
7/01/55
.......................
3,500,000
3,057,436
Yamhill
County
Hospital
Authority
,
Friendsview
Manor
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/15/51
..
4,325,000
3,411,731
Friendsview
Manor
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/56
..
6,115,000
4,700,304
14,206,102
Pennsylvania
2.0%
d
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Center
City
Investment
Corp.
,
Revenue
,
144A,
2018
,
5.375
%
,
5/01/42
..........
5,000,000
4,850,859
Center
City
Investment
Corp.
,
Revenue
,
144A,
2022
,
5.25
%
,
5/01/42
...........
6,070,000
5,870,489
Berks
County
Industrial
Development
Authority
,
Tower
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
11/01/29
........
460,000
251,673
Tower
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/01/31
........
5,000,000
2,662,184
Tower
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/01/32
........
2,845,000
1,509,648
Tower
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
11/01/34
........
1,735,000
906,352
Tower
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/01/39
........
455,000
233,840
Tower
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
11/01/47
........
4,725,000
2,391,604
Tower
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/01/50
........
1,135,000
573,529
Tower
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
11/01/50
........
1,000,000
506,021
Berks
County
Municipal
Authority
(The)
,
Tower
Health
Obligated
Group
,
Revenue
,
2012
A
,
5
%
,
11/01/40
...............
1,300,000
668,406
Tower
Health
Obligated
Group
,
Revenue
,
2012
A
,
4.25
%
,
11/01/41
.............
235,000
120,726
Tower
Health
Obligated
Group
,
Revenue
,
2012
A
,
5
%
,
11/01/44
...............
1,100,000
562,420
d
Chester
County
Industrial
Development
Authority
,
Borough
of
Phoenixville
Steelpointe
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.75
%
,
3/01/50
..............................
4,220,000
3,477,950
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5
%
,
3/01/38
...........................................
325,000
312,046
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5.125
%
,
3/01/48
.......................................
900,000
827,516
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
4,000,000
3,495,891
d
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
B
,
7.25
%
,
3/01/50
.................................................
4,495,000
4,101,540
Franklin
County
Industrial
Development
Authority
,
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/38
...
1,000,000
947,623
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/43
...
1,200,000
1,082,295
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/48
...
4,600,000
3,981,790
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/53
...
3,050,000
2,564,356
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
............
1,000,000
836,519
Lancaster
County
Hospital
Authority
,
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.125
%
,
7/01/37
...
1,000,000
961,702
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
7/01/41
....
3,500,000
3,322,012
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/31
............
$
665,000
$
622,079
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
............
2,385,000
1,756,946
Pennsylvania
Turnpike
Commission
,
Revenue
,
B-2
,
Zero
Cpn.,
12/01/37
....................................
20,000,000
18,884,800
Revenue
,
B-2
,
Zero
Cpn.,
12/01/40
....................................
25,075,000
23,119,233
Philadelphia
Authority
for
Industrial
Development
,
Evangelical
Services
for
the
Aging
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
7/01/49
......................
3,000,000
2,449,911
93,851,960
South
Carolina
1.4%
County
of
Dorchester
,
Summers
Corner
Improvement
District
,
Special
Assessment
,
2023
,
5.5
%
,
10/01/51
...............................................
2,110,000
2,016,927
d
Greenville
Housing
Authority
,
Revenue
,
144A,
2023
B
,
8.375
%
,
5/01/47
..........
10,600,000
10,787,947
South
Carolina
Jobs-Economic
Development
Authority
,
d
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
14,400,000
11,070,330
d
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
25,550,000
18,188,708
d
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
B
,
II
,
7.5
%
,
8/01/47
.................
9,565,000
9,378,475
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2017
,
5
%
,
4/01/52
........................................................
1,750,000
1,462,986
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
4/01/48
............................................
3,500,000
2,996,339
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
4/01/53
.........................................
11,000,000
9,524,442
65,426,154
South
Dakota
0.2%
City
of
Sioux
Falls
,
Dow
Rummel
Village
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/46
...............
7,110,000
6,038,032
Dow
Rummel
Village
,
Revenue
,
2017
,
5
%
,
11/01/42
........................
2,000,000
1,766,606
7,804,638
Tennessee
1.4%
d
Cleveland
Housing
Authority
,
Cleveland
Forward
Phase
One
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
4/01/41
....
1,000,000
988,560
Cleveland
Forward
Phase
Two
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
4/01/41
....
1,000,000
988,559
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
7/01/27
...................................................
19,365,000
16,955,959
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
7/01/28
...................................................
19,400,000
16,266,324
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
7/01/29
...................................................
19,365,000
15,556,478
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
7/01/30
...................................................
19,370,000
14,883,228
65,639,108
Texas
10.6%
Cedar
Bayou
Navigation
District
,
Special
Assessment
,
2020
,
6
%
,
9/15/51
.........
7,500,000
6,081,126
Central
Texas
Regional
Mobility
Authority
,
Revenue
,
2010
,
Zero
Cpn.,
1/01/35
....................................
3,000,000
1,928,695
Revenue
,
2010
,
Zero
Cpn.,
1/01/37
....................................
2,500,000
1,436,958
Revenue
,
2010
,
Zero
Cpn.,
1/01/38
....................................
2,405,000
1,305,267
Revenue
,
2010
,
Zero
Cpn.,
1/01/39
....................................
2,545,000
1,295,888
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Anna
,
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/01/42
..............................
$
972,000
$
970,838
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/52
................................
1,907,000
1,910,422
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
300,000
262,686
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/41
................................
867,000
740,772
Sherley
Tract
Public
Improvement
District
No.
2
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/15/31
...............................
157,000
145,304
Sherley
Tract
Public
Improvement
District
No.
2
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/51
................................
503,000
464,101
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/43
.............................
751,000
750,234
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/15/53
.............................
1,075,000
1,080,961
d
City
of
Aubrey
,
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/01/43
........................................................
1,075,000
1,077,007
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
1,600,000
1,604,645
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/32
........................................
852,000
854,448
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/45
...........................................
1,803,000
1,826,246
d
City
of
Boyd
,
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/15/43
.......................................
690,000
689,524
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/53
.........................................
1,408,000
1,409,625
City
of
Celina
,
d
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
..........................
470,000
467,593
d
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/54
.........................
1,300,000
1,302,354
d
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..................................................
767,000
755,416
d
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
1,764,000
1,749,814
d
Creeks
of
Legacy
Public
Improvement
District
Phase
No.
3
,
Special
Assessment
,
144A,
2020
,
4.25
%
,
9/01/40
........................................
230,000
202,724
d
Cross
Creek
Meadows
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/01/30
.........................................
586,000
571,726
d
Cross
Creek
Meadows
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/43
.......................................
1,624,000
1,597,812
d
Cross
Creek
Meadows
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,741,000
1,701,676
d
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
5
%
,
9/01/30
..........................
431,000
421,103
d
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/53
.......................
1,549,000
1,548,150
d
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/31
..................................................
195,000
186,283
d
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..................................................
370,000
357,218
d
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...................................................
500,000
486,959
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
d
Edgewood
Creek
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/41
........................................
$
500,000
$
435,289
d
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.75
%
,
9/01/27
........................................................
245,000
219,221
d
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.125
%
,
9/01/32
.................................................
231,000
189,420
d
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
.................................................
866,000
638,626
d
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.................................................
405,000
393,504
d
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
9/01/43
.................................................
1,225,000
1,166,410
d
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
...................................................
1,851,000
1,796,325
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
4.375
%
,
9/01/30
............................................
440,000
429,358
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.375
%
,
9/01/43
............................................
812,000
797,961
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.625
%
,
9/01/52
............................................
1,005,000
995,717
d
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
4.875
%
,
9/01/30
.......................................
228,000
223,159
d
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/52
.......................................
999,000
987,586
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/26
..........
245,000
235,991
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/31
...........
473,000
438,387
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/41
.........
2,015,000
1,770,703
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
..............................
145,000
137,161
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
150,000
132,729
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,205,000
979,107
d
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/43
1,500,000
1,483,393
d
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/53
2,000,000
1,990,060
d
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................
227,000
207,144
d
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.625
%
,
9/01/32
.......................................
336,000
290,279
d
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/43
...........................................
1,009,000
839,968
d
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/51
.......................................
1,033,000
828,331
d
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.......................
1,791,000
1,446,271
d
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
2.875
%
,
9/01/27
.......................
92,000
83,409
d
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/32
........................
250,000
210,535
d
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/42
.........................
1,175,000
895,180
d
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
..............................
491,000
482,977
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
d
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/42
...............................
$
1,169,000
$
1,160,945
d
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/52
..............................
1,494,000
1,494,865
d
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/30
...............................
234,000
230,259
d
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/42
..............................
801,000
795,759
d
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/52
...............................
1,300,000
1,300,688
d
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
425,000
347,262
d
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
498,000
403,025
d
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
........................................................
150,000
134,565
d
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
350,000
301,821
d
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
965,000
768,303
d
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
..........................
158,000
136,233
d
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.......................
379,000
298,516
d
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/01/42
.........................
490,000
487,179
d
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/01/52
.......................
1,314,000
1,298,223
d
City
of
Crandall
,
Cartwright
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/31
................................
409,000
379,865
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/15/31
..............................
161,000
153,488
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/41
................................
1,144,000
1,081,147
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/15/51
..............................
750,000
708,141
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
528,000
538,557
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
5,000,000
5,137,846
River
Ridge
Public
Improvement
District
Single-Family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/32
.......................
256,000
257,482
River
Ridge
Public
Improvement
District
Single-Family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.75
%
,
9/15/52
........................
1,750,000
1,823,917
d
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue
,
144A,
2022
B
,
Zero
Cpn.,
12/01/62
....................................................
173,445,000
12,368,554
d
City
of
Dayton
,
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Junior
Lien
,
144A,
2022
B
,
5.75
%
,
9/01/52
...................
1,444,000
1,341,357
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
4.875
%
,
9/01/32
..................
269,000
267,132
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
5.125
%
,
9/01/42
..................
764,000
745,827
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Junior
Lien
,
144A,
2024
B
,
6.25
%
,
9/01/54
...................
1,225,000
1,181,313
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Dayton,
(continued)
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.375
%
,
9/01/44
..................
$
608,000
$
577,278
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.75
%
,
9/01/54
...................
866,000
831,135
d
City
of
Decatur
,
Vista
Park
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.875
%
,
9/15/54
.........................
2,160,000
2,182,460
d
City
of
DeSoto
,
Danieldale
Homestead
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/15/50
.....................
1,430,000
1,366,380
d
City
of
Dripping
Springs
,
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/01/30
.........................................
395,000
385,172
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,219,000
1,171,284
d
City
of
Elmendorf
,
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.............................
398,000
345,465
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
..............................
1,205,000
943,568
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
................................
1,172,000
898,994
d
City
of
Fate
,
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
8/15/26
........................................
300,000
281,041
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
8/15/31
.......................................
711,000
623,072
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
8/15/41
........................................
1,871,000
1,514,930
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
8/15/44
.......................................
800,000
767,123
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
8/15/54
........................................
1,350,000
1,308,425
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
8/15/30
.............................
125,000
108,978
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
8/15/40
.............................
691,000
560,167
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
8/15/50
.............................
994,000
805,222
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
8/15/42
.............................
1,617,000
1,595,089
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
8/15/52
................................
2,500,000
2,520,714
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.125
%
,
8/15/30
.......................................
591,000
543,587
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.625
%
,
8/15/40
.......................................
1,163,000
1,035,382
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.875
%
,
8/15/50
.......................................
1,772,000
1,562,922
Williamsburg
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.25
%
,
8/15/42
..................................................
1,204,000
1,057,786
Williamsburg
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
8/15/52
.................................................
1,100,000
932,028
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
8/15/30
........................................
275,000
267,864
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
8/15/43
.......................................
357,000
345,349
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
98
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Fate,
(continued)
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
8/15/53
.......................................
$
1,287,000
$
1,253,152
d
City
of
Ferris
,
Woodstone
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/32
.............................
845,000
727,228
Woodstone
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
..............................
1,259,000
964,185
d
City
of
Fort
Worth
,
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/27
................................................
1,150,000
1,127,524
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/32
................................................
1,270,000
1,230,902
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5.125
%
,
9/01/37
............................................
1,650,000
1,577,785
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/27
...........................................
965,000
946,699
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/32
...........................................
1,530,000
1,478,958
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/37
...........................................
1,975,000
1,860,400
d
City
of
Georgetown
,
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.................................................
409,000
369,448
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/42
.................................................
1,060,000
916,124
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.25
%
,
9/15/47
..................................................
716,000
607,147
d
City
of
Haslet
,
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/01/26
.......................................
191,000
177,441
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
........................................
150,000
127,018
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.......................................
1,271,000
979,963
City
of
Horseshoe
Bay
,
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3
%
,
10/01/30
.......................................................
500,000
436,679
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
10/01/33
.................................................
435,000
369,134
d
City
of
Hutto
,
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
9/01/26
...............................
138,000
128,597
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/31
.............................
260,000
226,429
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,038,000
811,412
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
..................................................
171,000
160,011
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/31
........................................................
392,000
343,866
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/41
.................................................
1,000,000
823,471
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
........................................................
3,479,000
2,742,793
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
99
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Hutto,
(continued)
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
$
206,000
$
178,386
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.............................
519,000
418,702
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
................................
1,146,000
903,490
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
..............................
859,000
858,802
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/58
.............................
2,000,000
2,009,771
d
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
................................
475,000
419,822
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.............................
2,709,000
2,168,122
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.5
%
,
9/01/31
.........................................
200,000
199,560
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
.........................................
580,000
581,526
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
........................................
755,000
756,849
d
City
of
Kaufman
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
........................................................
230,000
193,633
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
........................................................
570,000
442,300
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
.
93,000
94,560
City
of
Kyle
,
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
9/01/44
.........................................
1,380,000
1,038,837
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.......................................
400,000
353,545
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
9/01/40
.......................................
1,310,000
1,071,706
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
........................................
125,000
119,948
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.......................................
530,000
481,627
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
........................................
1,428,000
1,206,581
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
2,250,000
2,254,511
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/47
.........................................
1,396,000
1,400,526
Kyle
57
Public
Improvement
District
,
Special
Assessment
,
2022
,
4.75
%
,
9/01/32
..
400,000
393,345
d
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/33
..............................
176,000
172,004
d
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/43
...............................
678,000
665,221
d
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
..............................
1,250,000
1,232,770
d
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
..............................
1,113,000
1,091,547
d
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
500,000
455,496
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
100
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Kyle,
(continued)
d
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/41
.............................
$
1,185,000
$
1,039,386
d
Plum
Creek
North
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.625
%
,
9/01/41
.............................
1,092,000
1,006,561
d
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..............................
1,229,000
1,202,136
d
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
................................
3,000,000
2,947,641
d
Southwest
Kyle
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/48
..............................
1,400,000
1,451,851
City
of
Lago
Vista
,
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2020
,
Refunding
,
3.125
%
,
9/01/30
.........................
300,000
268,235
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2020
,
Refunding
,
3.75
%
,
9/01/42
..........................
1,045,000
836,021
d
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/43
.............................
563,000
547,718
d
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/54
................................
2,113,000
2,098,010
d
Tessera
on
Lake
Travis
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
A
,
Refunding
,
5.125
%
,
9/01/35
...................
2,070,000
1,766,940
d
Tessera
on
Lake
Travis
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
A
,
Refunding
,
5.5
%
,
9/01/40
.....................
2,715,000
2,242,895
d
City
of
Lavon
,
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/15/27
.........................................
500,000
472,594
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.......................................
1,000,000
913,965
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/15/42
...........................................
2,259,000
1,965,150
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/52
.......................................
2,500,000
2,077,827
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/15/27
........................................
305,000
285,933
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/32
.......................................
455,000
419,555
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/15/42
.......................................
1,000,000
886,877
Lakepointe
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
........................................................
1,500,000
1,504,060
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/32
...........................................
530,000
460,045
d
City
of
Lewisville
,
Lakeside
Crossing
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
8
%
,
9/01/53
............................................
1,625,000
1,678,383
d
City
of
Liberty
Hill
,
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.625
%
,
9/01/27
........................................................
361,000
336,266
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.125
%
,
9/01/32
........................................................
750,000
660,203
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
........................................................
1,771,000
1,373,640
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/27
...............................
225,000
210,353
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
275,000
244,037
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
101
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Liberty
Hill,
(continued)
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/42
.............................
$
1,097,000
$
914,597
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/52
.............................
1,705,000
1,389,480
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.................................................
250,000
222,465
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
845,000
742,159
d
City
of
Manor
,
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/15/30
..............................................
250,000
243,612
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/15/43
.............................................
328,000
316,301
i
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
............................................
298,000
290,152
i
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
584,000
566,166
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/26
.............................
135,000
124,325
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
250,000
211,881
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
310,000
264,933
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/41
...............................
700,000
531,720
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/41
.............................
830,000
699,922
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
................................
1,000,000
772,556
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.............................
1,225,000
981,071
d
City
of
Marble
Falls
,
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/31
.............................
350,000
313,743
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/41
.............................
1,000,000
868,869
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/01/51
.............................
1,470,000
1,239,180
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.625
%
,
9/01/31
.............................
150,000
136,896
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/41
.............................
450,000
396,321
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.125
%
,
9/01/51
.............................
620,000
571,544
d
City
of
Mclendon-Chisholm
,
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.......................................
105,000
97,215
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
.......................................
620,000
477,069
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
...........................................
865,000
672,258
Sonoma
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/32
.......................................
250,000
247,788
Sonoma
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/52
........................................
3,075,000
2,962,058
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
102
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
........................................
$
647,000
$
631,358
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/43
.........................................
3,021,000
2,943,346
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
........................................
4,965,000
4,889,725
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/43
.............................
750,000
734,423
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,210,000
1,190,573
Solterra
Public
Improvement
District
Improvement
Area
No.
C-2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,017,000
995,030
d
City
of
Midlothian
,
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/31
........................................................
410,000
358,854
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/15/41
.................................................
1,105,000
892,641
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/51
.................................................
1,635,000
1,302,940
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/31
.............................
230,000
215,342
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/15/41
...............................
420,000
378,028
Westside
Preserve
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/15/32
..............................
625,000
601,008
Westside
Preserve
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/42
..............................
1,516,000
1,437,024
Westside
Preserve
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/52
.............................
2,509,000
2,387,746
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
309,000
299,428
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/42
................................
750,000
740,741
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
1,410,000
1,410,187
d
City
of
Mustang
Ridge
,
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/43
.......................................
515,000
519,244
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.......................................
498,000
504,174
d
City
of
New
Braunfels
,
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/26
.............................
141,000
133,616
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/31
..............................
320,000
291,590
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
...............................
882,000
756,845
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/51
..............................
1,454,000
1,231,666
d
City
of
Oak
Point
,
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
..................................................
300,000
263,909
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
..................................................
1,170,000
963,798
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
103
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Oak
Point,
(continued)
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
$
1,060,000
$
843,939
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/31
..............................
160,000
134,704
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/41
.............................
643,000
472,657
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
................................
987,000
783,565
d
City
of
Pilot
Point
,
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
200,000
198,157
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
800,000
779,945
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/52
.............................
1,450,000
1,420,480
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/32
........................................
200,000
197,803
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.......................................
2,078,000
2,098,422
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
300,000
297,236
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
750,000
731,199
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/52
.............................
1,303,000
1,276,473
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/15/32
.......................................
500,000
494,217
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/48
.........................................
4,026,000
3,958,612
Mobberly
Public
Improvement
District
Improvement
Area
No.
1B
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/48
.............................
926,000
926,806
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/32
.......................................
810,000
811,108
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
...........................................
4,001,000
4,034,006
Mobberly
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
.........................................
1,600,000
1,625,243
d
City
of
Plano
,
Collin
Creek
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.................................................
7,750,000
6,127,062
Collin
Creek
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
....................................................
2,277,000
1,788,264
Haggard
Farm
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.5
%
,
9/15/53
...............................
1,000,000
1,042,641
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.25
%
,
9/15/43
..............................
1,250,000
1,296,202
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.5
%
,
9/15/53
...............................
2,193,000
2,282,530
d
City
of
Princeton
,
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
2.875
%
,
9/01/25
.................................................
54,000
52,325
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/01/30
.................................................
180,000
159,840
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/01/40
.................................................
650,000
534,345
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
104
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Princeton,
(continued)
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.................................................
$
930,000
$
753,202
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
........................................................
180,000
171,415
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
280,000
262,198
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/52
.................................................
1,139,000
940,662
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
9/01/26
........................................................
60,000
55,598
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........................................................
126,000
107,400
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
........................................................
325,000
245,168
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
431,000
340,113
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
........................................
382,000
374,382
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/01/42
.......................................
850,000
808,833
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
1,155,000
1,124,725
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,220,000
1,185,652
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/43
................................
1,000,000
1,001,788
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/53
................................
2,000,000
1,985,373
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.875
%
,
9/01/53
.............................
1,000,000
1,006,111
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/43
..............................
1,355,000
1,383,181
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.............................
1,380,000
1,407,596
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
9/01/30
........................................
250,000
239,682
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/53
.......................................
2,041,000
1,961,450
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
........................................................
200,000
175,809
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
470,000
378,888
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
675,000
533,457
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
........................................................
110,000
92,814
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/41
........................................................
518,000
379,554
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
616,000
484,643
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
461,000
451,806
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/01/42
.................................................
1,011,000
964,265
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/52
..................................................
2,220,000
2,095,084
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
105
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Red
Oak
,
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
1
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.............................
$
145,000
$
134,249
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
354,000
297,530
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.............................
500,000
380,422
d
City
of
Rowlett
,
Trails
at
Cottonwood
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
........................
300,000
272,427
Trails
at
Cottonwood
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/41
.......................
600,000
508,942
Trails
at
Cottonwood
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/15/51
........................
1,000,000
795,414
Trails
at
Cottonwood
Creek
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
..............
200,000
183,827
Trails
at
Cottonwood
Creek
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/41
...............
820,000
690,803
d
City
of
Royse
City
,
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
9/15/30
.............................
225,000
200,300
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/40
.............................
590,000
511,244
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/50
.............................
715,000
601,893
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
9/15/42
.............................
589,000
585,868
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
................................
1,267,000
1,277,452
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/30
.............................
210,000
197,924
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
4.875
%
,
9/15/40
.............................
375,000
346,025
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.125
%
,
9/15/50
.............................
575,000
530,757
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.......................................
450,000
404,474
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/15/40
.......................................
1,190,000
997,973
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/50
.......................................
1,780,000
1,439,204
Liberty
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/15/53
.............................
1,107,000
1,129,190
Waterscape
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
9/15/54
............................................
1,000,000
997,706
Waterscape
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
9/15/49
..............................
1,495,000
1,349,761
d
City
of
Sachse
,
Sachse
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
7
%
,
9/15/52
........................................................
750,000
765,397
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
..............................
405,000
356,043
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
..............................
1,070,000
872,558
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/15/50
................................
1,485,000
1,197,963
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
106
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Sachse,
(continued)
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/50
................................
$
200,000
$
202,814
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.375
%
,
9/15/40
.............................
1,800,000
1,741,285
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.625
%
,
9/15/50
.............................
2,235,000
2,101,542
City
of
San
Marcos
,
d
Trace
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/48
.
1,295,000
1,258,567
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
4.375
%
,
9/01/25
.
160,000
159,293
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
4.875
%
,
9/01/30
.
305,000
297,733
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.375
%
,
9/01/40
.
1,300,000
1,293,447
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.625
%
,
9/01/50
.
1,300,000
1,284,604
d
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
..................................................
300,000
286,416
d
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
425,000
396,338
d
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.5
%
,
9/01/51
........................................................
1,621,000
1,366,743
d
City
of
Santa
Fe
,
Mulberry
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.875
%
,
9/01/42
.................................................
508,000
470,042
Mulberry
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5
%
,
9/01/52
........................................................
858,000
781,880
d
City
of
Sinton
,
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/27
.................................................
381,000
365,828
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
660,000
620,909
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/01/42
.................................................
1,000,000
939,556
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/51
..................................................
1,250,000
1,160,773
d
City
of
Tomball
,
Raburn
Reserve
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/15/52
.............................................
1,000,000
1,000,420
Raburn
Reserve
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/15/53
................................................
1,307,000
1,324,592
Raburn
Reserve
Public
Improvement
District
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.............................
285,000
256,592
d
City
of
Uhland
,
Watermill
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
9/01/52
..............................................
3,000,000
3,112,212
d
City
of
Venus
,
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.25
%
,
9/15/42
..................................................
1,000,000
992,136
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
...................................................
1,009,000
1,013,279
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.................................................
120,000
111,490
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.................................................
171,000
146,712
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.................................................
1,005,000
772,067
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
........................................................
1,832,000
1,476,145
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
107
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Waxahachie
,
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
8/15/32
........................................................
$
302,000
$
299,941
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
8/15/52
........................................................
2,395,000
2,344,531
d
Club
Municipal
Management
District
No.
1
,
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
9/01/26
.......
129,000
119,760
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........
271,000
229,449
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/41
......
1,006,000
751,929
d
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Second
Lien
,
144A,
2021
B
,
3.5
%
,
10/01/31
....................................
450,000
359,022
d
County
of
Hays
,
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
........................................................
100,000
86,292
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
........................................................
800,000
635,923
La
Cima
Public
Improvement
District
Neighborhood
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/52
..............................
3,375,000
3,364,758
d
County
of
Medina
,
i
Haby
Farms
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
9/01/54
.............................
1,135,000
1,115,098
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/31
.............................
815,000
748,854
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..............................
780,000
714,207
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...............................
1,160,000
1,071,930
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/26
.........................
125,000
117,930
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/31
.......................
400,000
370,062
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
.........................
1,085,000
965,784
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
5.8
%
,
10/01/45
..........
10,000,000
10,746,991
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/48
...................
5,000,000
4,283,408
d
Joshua
Farms
Municipal
Management
District
No.
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.........................
395,000
385,654
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
..........................
3,393,000
3,311,625
f
Mesquite
Health
Facilities
Development
Corp.
,
Christian
Care
Centers,
Inc.
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5
%
,
2/15/36
........................................................
1,000,000
3,384
Christian
Care
Centers,
Inc.
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5.125
%
,
2/15/42
........................................................
3,750,000
12,690
Christian
Care
Centers,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
2/15/35
........................................................
5,175,000
17,512
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
f
Cardinal
Bay,
Inc.
,
Revenue
,
D
,
6
%
,
7/01/26
.............................
110,000
7,150
f
Cardinal
Bay,
Inc.
,
Revenue
,
D
,
7
%
,
7/01/51
.............................
5,110,000
332,150
CHF-Collegiate
Housing
College
Station
I
LLC
,
Revenue
,
2014
A
,
5
%
,
4/01/46
....
1,500,000
1,463,823
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/42
......
5,000,000
4,583,186
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/47
......
4,595,000
4,077,207
Morningside
Ministries
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
1/01/55
.........
4,100,000
3,137,907
NCCD-College
Station
Properties
LLC
,
Revenue
,
A
,
5
%
,
7/01/47
..............
30,000,000
28,537,500
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/39
.......................................................
2,750,000
2,476,641
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
108
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
(continued)
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5.25
%
,
10/01/49
.......................................................
$
12,600,000
$
10,850,123
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2020
A
,
5.25
%
,
10/01/55
...
2,500,000
2,092,488
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/39
.......................................................
425,000
410,332
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/49
.......................................................
1,180,000
1,060,905
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Second
Tier
,
2019
B
,
5.5
%
,
12/01/54
................................................
15,270,000
14,493,029
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Third
Tier
,
2019
C
,
6
%
,
12/01/54
...................................................
6,295,000
6,024,029
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/43
............
3,200,000
2,767,699
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/49
............
1,000,000
821,129
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/50
.....
1,180,000
882,835
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/55
.....
4,400,000
3,201,491
d
North
Parkway
Municipal
Management
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/26
.........................
1,000,000
967,411
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/15/41
.........................
5,000,000
4,720,215
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/51
............................
4,250,000
3,989,356
City
of
Celina
Legacy
Hills
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/31
............................................
250,000
223,689
City
of
Celina
Legacy
Hills
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/41
................................................
1,000,000
869,814
North
Texas
Tollway
Authority
,
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
Zero
Cpn.,
9/01/37
....
7,500,000
3,659,566
Special
Projects
System
,
Revenue
,
2011
C
,
Pre-Refunded
,
7
%
,
9/01/43
.........
10,000,000
12,000,226
d
Northwood
Municipal
Utility
District
No.
1
,
GO
,
144A,
2020
,
Refunding
,
3.5
%
,
8/01/25
..............................
585,000
572,522
GO
,
144A,
2020
,
Refunding
,
4
%
,
8/01/31
................................
1,070,000
1,032,145
d
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
B
,
6
%
,
12/01/52
..............
5,075,000
4,055,445
f
Red
River
Health
Facilities
Development
Corp.
,
Eden
Home,
Inc.
Obligated
Group
,
Revenue
,
2012
,
7.25
%
,
12/15/42
......................................
11,000,000
6,600,000
South
Manvel
Development
Authority
,
City
of
Manvel
Tax
Increment
Reinvestment
Zone
No.
3
,
Tax
Allocation
,
2023
,
5
%
,
4/01/38
........................................................
500,000
486,731
City
of
Manvel
Tax
Increment
Reinvestment
Zone
No.
3
,
Tax
Allocation
,
2023
,
5
%
,
4/01/43
........................................................
1,355,000
1,274,270
City
of
Manvel
Tax
Increment
Reinvestment
Zone
No.
3
,
Tax
Allocation
,
2023
,
5.25
%
,
4/01/50
........................................................
1,395,000
1,327,555
d
Town
of
Flower
Mound
,
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.625
%
,
9/01/26
........................................
525,000
493,556
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.25
%
,
9/01/31
.........................................
750,000
665,426
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.5
%
,
9/01/36
..........................................
800,000
681,301
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
4
%
,
9/01/43
............................................
2,450,000
2,016,537
d
Town
of
Lakewood
Village
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/15/32
445,000
427,342
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/42
1,400,000
1,325,548
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/52
........................................................
2,400,000
2,274,375
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
109
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
Town
of
Little
Elm
,
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................................
$
139,000
$
128,818
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/32
........................................................
205,000
175,283
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
........................................................
529,000
410,412
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/51
........................................................
509,000
399,261
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/01/32
.................................................
712,000
728,375
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.875
%
,
9/01/52
.................................................
2,700,000
2,799,978
d
Travis
County
Development
Authority
,
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/44
........................................................
843,000
818,968
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/51
........................................................
750,000
730,828
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
...................
302,000
295,181
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/01/42
..................
868,000
845,800
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/01/52
....................
1,244,000
1,172,539
Viridian
Municipal
Management
District
,
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
2.875
%
,
12/01/30
.
258,000
218,209
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/01/35
.
415,000
331,106
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.375
%
,
12/01/40
.
486,000
370,488
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.5
%
,
12/01/47
..
835,000
606,473
506,563,310
Utah
0.5%
Military
Installation
Development
Authority
,
Military
Recreation
Assessment
Area
,
Revenue
,
2021
A-1
,
4
%
,
6/01/52
.........
3,000,000
2,238,173
Military
Recreation
Assessment
Area
,
Revenue
,
2021
A-2
,
4
%
,
6/01/36
.........
2,250,000
1,933,523
Military
Recreation
Assessment
Area
,
Revenue
,
2021
A-2
,
4
%
,
6/01/41
.........
5,000,000
4,116,276
Military
Recreation
Assessment
Area
,
Revenue
,
2021
A-2
,
4
%
,
6/01/52
.........
21,745,000
16,223,027
d
Utah
Charter
School
Finance
Authority
,
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/39
..
475,000
447,664
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/49
..
825,000
723,613
25,682,276
Virginia
0.4%
Henrico
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/01/44
........................................................
3,550,000
3,271,640
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/01/49
........................................................
4,065,000
3,673,283
d
Virginia
Small
Business
Financing
Authority
,
P3
VB
Holdings
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
8.5
%
,
12/01/52
....................................
11,000,000
10,646,010
17,590,933
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
110
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
1.3%
Jefferson
County
Public
Hospital
District
No.
2
,
Revenue
,
2023
A
,
Refunding
,
6.875
%
,
12/01/53
........................................................
$
10,000,000
$
9,888,992
Ocean
Shores
Local
Improvement
District
,
Special
Assessment
,
2011
,
7.25
%
,
2/01/31
385,000
414,409
j
Washington
Economic
Development
Finance
Authority
,
Propeller
Airports
Paine
Field
LLC
,
Revenue
,
A
,
Mandatory
Put
,
7.609
%
,
2/28/25
.........................
23,250,000
23,248,037
d
Washington
State
Housing
Finance
Commission
,
eliseo
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
1/01/51
........
15,070,000
10,746,712
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
1/01/55
..............................................
4,700,000
3,577,760
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/46
.........................................
2,250,000
1,827,691
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/51
.........................................
1,700,000
1,322,564
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
5
%
,
1/01/55
........................................................
9,020,000
7,313,385
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/51
........................................................
6,000,000
4,966,288
63,305,838
West
Virginia
0.1%
d
County
of
Monongalia
,
Monongalia
County
Building
Commission
Development
District
No.
4
,
Tax
Allocation
,
144A,
2023
A
,
Refunding
,
5.75
%
,
6/01/43
..............................
1,000,000
1,045,615
Monongalia
County
Building
Commission
Development
District
No.
4
,
Tax
Allocation
,
144A,
2023
A
,
Refunding
,
6
%
,
6/01/53
................................
2,000,000
2,102,918
3,148,533
Wisconsin
2.7%
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC
,
Revenue
,
2020
A
,
4
%
,
12/01/40
.....................
1,070,000
878,817
2017
IAVF
Rubix
LLC
,
Revenue
,
2020
A
,
4.25
%
,
12/01/50
...................
7,225,000
5,661,796
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2019
B
,
5
%
,
6/01/49
.............
7,900,000
7,504,939
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2017
A
,
5
%
,
7/01/45
..........
1,805,000
1,695,093
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2017
A
,
5
%
,
7/01/53
..........
4,345,000
3,918,662
d
Coral
Academy
of
Science
Reno
,
Revenue
,
144A,
2022
A
,
6
%
,
6/01/62
.........
1,565,000
1,564,992
d
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
5,500,000
5,543,745
d
Eno
River
Academy
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/40
...................
815,000
809,657
d
Eno
River
Academy
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/54
...................
1,380,000
1,296,435
d
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/41
1,000,000
784,463
d
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4.25
%
,
7/01/51
........................................................
5,345,000
3,946,382
d
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
B
,
6.625
%
,
2/01/46
..............
11,095,000
10,422,037
d
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/39
..
1,230,000
1,200,431
d
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/49
..
7,600,000
6,901,299
d
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/54
..
1,920,000
1,697,027
d
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
7,465,000
7,765,516
d
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/36
....
300,000
271,739
d
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/51
....
1,000,000
783,934
d
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
....
1,275,000
965,933
d
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
C
,
4.6
%
,
12/01/37
5,460,000
4,678,047
d
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
3/01/37
............................................
1,000,000
955,419
d
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
3/01/52
............................................
4,100,000
3,404,925
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
111
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
d
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
3/01/55
..................................................
$
12,975,000
$
11,210,653
d
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
4
%
,
10/15/31
..........
185,000
169,525
d
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/41
..........
570,000
521,050
d
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/51
..........
1,130,000
976,227
d
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
,
Zero
Cpn.,
12/01/45
...
11,680,000
7,839,106
d
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/31
.............
600,000
590,915
d
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/51
.............
2,250,000
1,991,810
d
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/56
.............
2,465,000
2,131,693
d
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
A-2
,
5.35
%
,
7/01/40
.....
3,000,000
2,416,467
d
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
B
,
5.25
%
,
7/01/61
.......
2,000,000
1,694,995
d
UMA
Education,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
10/01/39
.........
2,000,000
2,015,670
d
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
5
%
,
1/01/56
...............
1,865,000
1,640,221
d,j
WV
2020
Holdings
LLC
Obligated
Group
,
Revenue
,
144A,
2020
A-1
,
Mandatory
Put
,
3.5
%
,
12/01/35
..................................................
2,000,000
1,653,687
d,j
WV
2020
Holdings
LLC
Obligated
Group
,
Revenue
,
144A,
2020
A-2
,
Mandatory
Put
,
4
%
,
12/01/35
...................................................
18,000,000
15,368,774
Wisconsin
Health
&
Educational
Facilities
Authority
,
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6
%
,
7/01/28
...................
160,000
144,152
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6.5
%
,
7/01/33
..................
300,000
252,470
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7
%
,
7/01/43
...................
1,000,000
761,618
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7.5
%
,
7/01/53
..................
6,620,000
5,002,430
HOPE
Christian
Schools
Obligated
Group
,
Revenue
,
2021
,
4
%
,
12/01/41
........
850,000
665,055
129,697,806
U.S.
Territories
7.5%
District
of
Columbia
0.8%
District
of
Columbia
,
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2006
A
,
Zero
Cpn.,
6/15/46
.....................................................
175,000,000
40,359,218
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
5,625,000
5,450,326
Puerto
Rico
6.6%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
2,500,000
2,529,623
Commonwealth
of
Puerto
Rico
,
k
GO
,
FRN
,
Zero
Cpn.,
11/01/43
........................................
1
1
GO
,
2022
A-1
,
5.375
%
,
7/01/25
.......................................
1
1
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
2,166,031
2,414,552
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
15,191,884
14,924,525
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
31,512,915
30,573,852
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
20,434,144
18,994,072
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
6,799,278
6,149,513
GO
,
2022
A-1
,
Zero
Cpn.,
7/01/24
.....................................
253,356
252,464
GO
,
2022
A-1
,
Zero
Cpn.,
7/01/33
.....................................
2,011,366
1,335,807
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
34,858,605
33,943,567
HTA
CL
6
Trust
,
Revenue
,
L-2028
,
5.25
%
,
7/01/38
..........................
1,239,120
1,239,452
HTA
TRRB
Custodial
Trust
,
Revenue
,
2007
N
,
5.25
%
,
7/01/36
..................
575,050
577,413
d
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
,
Revenue
,
144A,
2021
B
,
Refunding
,
4
%
,
7/01/42
..........................
2,500,000
2,314,247
Revenue,
Senior
Lien
,
144A,
2020
A
,
Refunding
,
5
%
,
7/01/47
................
26,750,000
27,027,826
f
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
1
,
10
%
,
1/01/21
...........................................
6,000,000
1,575,000
Revenue
,
2
,
10
%
,
7/01/21
...........................................
6,000,000
1,576,500
Revenue
,
2013
A
,
10
%
,
7/01/19
.......................................
5,500,000
1,443,750
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
f
Puerto
Rico
Electric
Power
Authority,
(continued)
Revenue
,
2013
A
,
7.25
%
,
7/01/30
.....................................
$
25,000,000
$
6,625,000
Revenue
,
2013
A
,
6.75
%
,
7/01/36
.....................................
29,750,000
7,883,750
Revenue
,
2013
A
,
7
%
,
7/01/43
........................................
5,000,000
1,325,000
Revenue
,
2016
B-1
,
10
%
,
7/01/19
.....................................
5,500,000
1,443,750
Revenue
,
3
,
10
%
,
1/01/22
...........................................
1,989,500
522,244
Revenue
,
4
,
10
%
,
7/01/22
...........................................
1,989,499
522,741
Revenue
,
XX
,
5.75
%
,
7/01/36
........................................
23,620,000
6,259,300
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
10,895,000
2,887,175
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
1,381,057
1,359,482
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
10,533,091
10,347,144
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
55,915,000
55,933,134
Sales
Tax
,
Revenue
,
A-1
,
Zero
Cpn.,
7/01/46
.............................
25,400,000
8,135,691
Sales
Tax
,
Revenue
,
A-1
,
Zero
Cpn.,
7/01/51
.............................
206,837,000
49,193,533
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
12,000,000
11,962,453
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
6,000,000
5,946,928
317,219,490
Total
U.S.
Territories
....................................................................
363,029,034
Total
Municipal
Bonds
(Cost
$
4,548,138,594
)
...................................
4,318,980,454
Shares
Escrows
and
Litigation
Trusts
0.1%
a
,b
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
6,159,207
4,927,366
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
4,927,366
Total
Long
Term
Investments
(Cost
$
4,796,780,633
)
.............................
4,554,816,374
a
a
a
a
a
Short
Term
Investments
4.2%
Principal
Amount
Municipal
Bonds
4.2%
Arizona
0.1%
l
Arizona
Health
Facilities
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2015
C
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
1/01/46
...............
2,000,000
2,000,000
Colorado
0.4%
l
Colorado
Health
Facilities
Authority
,
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
12/01/52
........................................................
16,835,000
16,835,000
Louisiana
0.1%
l
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2023
A-1
,
Refunding
,
LOC
Toronto
Dominion
Bank
(The)
,
Daily
VRDN
and
Put
,
4
%
,
5/01/43
.
4,700,000
4,700,000
Massachusetts
0.0%
†
l
Massachusetts
Health
&
Educational
Facilities
Authority
,
President
and
Fellows
of
Harvard
College
,
Revenue
,
R
,
Daily
VRDN
and
Put
,
3.1
%
,
11/01/49
............
675,000
675,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
113
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Minnesota
0.3%
l
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
3.9
%
,
11/15/48
.....
$
15,900,000
$
15,900,000
l
Midwest
Consortium
of
Municipal
Utilities
,
Revenue
,
2005
B
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.35
%
,
10/01/35
......................................
300,000
300,000
16,200,000
New
Jersey
0.3%
l
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
B
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.35
%
,
7/01/43
.................................
520,000
520,000
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.6
%
,
7/01/43
..................................
13,950,000
13,950,000
14,470,000
New
York
1.6%
l
City
of
New
York
,
GO
,
2015
F-6
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
6/01/44
2,400,000
2,400,000
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
4.1
%
,
10/01/46
.......................
2,300,000
2,300,000
l
Metropolitan
Transportation
Authority
,
Revenue
,
2005
D-2
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.9
%
,
11/01/35
.......................................
18,800,000
18,800,000
l
New
York
City
,
Water
&
Sewer
System
,
Revenue
,
2007
CC-2
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
4
%
,
6/15/38
.............................
27,300,000
27,300,000
l
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2014
AA-1
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
6/15/50
......................................
5,500,000
5,500,000
Water
&
Sewer
System
,
Revenue
,
2021
EE-1
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.15
%
,
6/15/45
..............................................
3,800,000
3,800,000
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
4.1
%
,
6/15/33
........................................................
14,240,000
14,240,000
74,340,000
North
Carolina
0.7%
l
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2007
C
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
1/15/37
............................
2,700,000
2,700,000
Atrium
Health
Obligated
Group
,
Revenue
,
2018
G
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
1/15/48
....................................
7,000,000
7,000,000
Atrium
Health
Obligated
Group
,
Revenue
,
2018
H
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
1/15/48
....................................
23,750,000
23,750,000
33,450,000
Ohio
0.0%
†
l
County
of
Allen
Hospital
Facilities
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.9
%
,
6/01/34
..................
1,100,000
1,100,000
Oregon
0.1%
l
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
8/01/34
.............
6,000,000
6,000,000
l
State
of
Oregon
,
GO
,
2020
J
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
6/01/39
....................................................
300,000
300,000
6,300,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
See
Abbreviations
on
page
198
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Pennsylvania
0.3%
l
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
4.1
%
,
12/01/37
................................................
$
5,800,000
$
5,800,000
l
Delaware
County
Industrial
Development
Authority
,
United
Parcel
Service,
Inc.
,
Revenue
,
2015
,
Refunding
,
Daily
VRDN
and
Put
,
4.05
%
,
9/01/45
..............
8,600,000
8,600,000
14,400,000
Tennessee
0.3%
l
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.25
%
,
6/01/42
...................................
15,000,000
15,000,000
Total
Municipal
Bonds
(Cost
$
199,470,000
)
.....................................
199,470,000
Total
Short
Term
Investments
(Cost
$
199,470,000
)
...............................
199,470,000
a
Total
Investments
(Cost
$
4,996,250,633
)
99.1
%
..................................
$4,754,286,374
Other
Assets,
less
Liabilities
0.9
%
.............................................
46,685,618
Net
Assets
100.0%
...........................................................
$4,800,971,992
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$1,563,489,464,
representing
32.6%
of
net
assets.
e
See
Note
3
regarding
restricted
securities.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
Security
purchased
on
a
when-issued
basis.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
j
The
maturity
date
shown
represents
the
mandatory
put
date.
k
The
coupon
rate
shown
represents
the
rate
at
period
end.
l
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Louisiana
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
115
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.1%
Florida
0.9%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
$
500,000
$
343,950
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
2,400,000
1,873,390
2,217,340
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
1,225,000
1,003,745
Louisiana
92.7%
Ascension
Parish
School
Board
,
GO
,
2020
,
4
%
,
3/01/40
......................
1,000,000
1,001,347
Caddo
Parish
Parishwide
School
District
,
GO
,
2021
,
AGMC
Insured
,
3
%
,
3/01/36
...
505,000
447,040
Calcasieu
Parish
School
District
No.
23
,
GO
,
2019
,
BAM
Insured
,
4
%
,
9/01/36
.....
670,000
675,586
Calcasieu
Parish
School
District
No.
31
,
GO
,
2018
,
BAM
Insured
,
5
%
,
3/01/36
...................................
1,000,000
1,061,756
GO
,
2018
,
BAM
Insured
,
5
%
,
3/01/38
...................................
1,000,000
1,052,469
GO
,
2019
,
BAM
Insured
,
4
%
,
3/01/37
...................................
1,000,000
1,005,148
Central
Community
School
System
,
GO
,
2020
,
4
%
,
3/01/39
.............................................
1,125,000
1,119,654
GO
,
2020
,
4
%
,
3/01/40
.............................................
1,190,000
1,175,885
City
of
Bossier
City
,
Utilities
,
Revenue
,
2014
,
Pre-Refunded
,
5
%
,
10/01/37
........
1,280,000
1,285,037
City
of
Lafayette
,
Sales
&
Use
Tax
,
Revenue
,
2019
A
,
5
%
,
5/01/44
..............
4,350,000
4,556,355
City
of
Lafayette
Sales
&
Use
Tax
,
Public
Improvement
1961
Sales
Tax
Trust
,
Revenue
,
2024
A
,
5
%
,
3/01/49
................................................
1,500,000
1,586,979
City
of
Natchitoches
,
Utilities
,
Revenue
,
2023
,
AGMC
Insured
,
5.5
%
,
6/01/53
.......
750,000
818,646
City
of
New
Orleans
,
GO
,
2021
A
,
5
%
,
12/01/39
...........................................
6,000,000
6,410,991
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/45
.........................
1,700,000
1,745,944
Sewerage
Service
,
Revenue
,
2020
B
,
4
%
,
6/01/50
.........................
1,300,000
1,176,403
City
of
Shreveport
,
Water
&
Sewer
,
Revenue
,
2016
B
,
5
%
,
12/01/41
..........................
4,000,000
4,022,204
Water
&
Sewer
,
Revenue
,
2020
B
,
Refunding
,
3
%
,
12/01/50
..................
5,070,000
3,547,377
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2014
B
,
Pre-Refunded
,
5
%
,
2/01/39
............................
5,000,000
5,047,318
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
...............................
5,000,000
4,852,823
Greater
New
Orleans
Expressway
Commission
,
Revenue
,
2017
,
AGMC
Insured
,
5
%
,
11/01/47
........................................................
4,000,000
4,015,602
Jefferson
Parish
Consolidated
Sewerage
District
No.
1
,
Revenue
,
2022
,
BAM
Insured
,
4
%
,
2/01/38
......................................................
1,000,000
993,425
Jefferson
Parish
Consolidated
Waterworks
District
No.
2
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
4
%
,
2/01/40
...........................................
5,000,000
4,909,347
Jefferson
Sales
Tax
District
,
Revenue
,
2017
B
,
AGMC
Insured
,
5
%
,
12/01/42
.......
2,250,000
2,308,775
Lafayette
Consolidated
Government
,
GO
,
2020
,
Refunding
,
3
%
,
3/01/34
.....................................
250,000
224,802
GO
,
2020
,
Refunding
,
3
%
,
3/01/35
.....................................
200,000
177,717
Lafayette
Parish
School
Board
,
Sales
Tax
,
Revenue
,
2023
,
4
%
,
4/01/53
..........
2,500,000
2,329,285
Louisiana
Correctional
Facilities
Corp.
,
State
of
Louisiana
Office
of
Juvenile
Justice
,
Revenue
,
2021
,
4
%
,
10/01/37
......
875,000
870,405
State
of
Louisiana
Office
of
Juvenile
Justice
,
Revenue
,
2021
,
4
%
,
10/01/40
......
1,305,000
1,261,848
Louisiana
Housing
Corp.
,
Revenue
,
2021
B
,
GNMA
Insured
,
2.05
%
,
6/01/36
.........................
615,000
473,272
Revenue
,
2021
B
,
GNMA
Insured
,
2.2
%
,
6/01/41
..........................
1,965,000
1,379,007
Revenue
,
2024
A
,
GNMA
Insured
,
4.4
%
,
12/01/44
.........................
1,000,000
981,929
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
116
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
a
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
$
1,900,000
$
1,692,647
East
Ascension
Parish
Gravity
Drainage
District
No.
1
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/40
........................................
2,925,000
2,962,521
Entergy
Louisiana
LLC
,
Revenue
,
2021
A
,
Refunding
,
2
%
,
6/01/30
.............
1,500,000
1,302,458
Entergy
Louisiana
LLC
,
Revenue
,
2021
B
,
Refunding
,
2.5
%
,
4/01/36
...........
3,000,000
2,439,208
Innovative
Student
Facilities,
Inc.
,
Revenue
,
2016
A
,
AGMC
Insured
,
4
%
,
10/01/33
.
800,000
800,718
Innovative
Student
Facilities,
Inc.
,
Revenue
,
2016
A
,
AGMC
Insured
,
4
%
,
10/01/34
.
620,000
620,522
a
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.
,
Revenue
,
144A,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
........................................
8,000,000
6,472,367
a
Parish
of
Assumption
,
Revenue
,
144A,
2021
,
3.875
%
,
11/01/45
...............
1,000,000
877,055
a
Parish
of
St.
Bernard
,
Revenue
,
144A,
2021
,
4
%
,
11/01/45
...................
1,225,000
1,094,737
a
Parish
of
St.
Charles
,
Revenue
,
144A,
2022
,
4.5
%
,
11/01/47
.................
2,000,000
1,943,501
a
Parish
of
St.
Tammany
LA
GOMESA
,
Revenue
,
144A,
2020
,
3.875
%
,
11/01/45
....
2,775,000
2,433,826
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
10/01/43
...
250,000
193,357
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4.25
%
,
10/01/48
221,200
166,403
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4.5
%
,
10/01/53
.
309,471
233,050
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/61
...
249,529
198,225
Ragin
Cajun
Facilities,
Inc.
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/39
.......................................................
1,000,000
1,018,596
University
of
Louisiana
at
Lafayette
,
Revenue
,
2018
,
AGMC
Insured
,
5
%
,
10/01/48
3,500,000
3,525,478
University
of
Louisiana
System
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/34
........................................................
1,000,000
1,001,667
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
10/01/39
.......................................
1,060,000
1,009,470
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
10/01/41
.......................................
500,000
481,111
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
10/01/43
.......................................
500,000
466,542
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/30
....................................................
1,020,000
1,021,786
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/31
....................................................
1,065,000
1,064,778
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/32
....................................................
1,100,000
1,084,964
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/33
....................................................
1,155,000
1,137,421
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2023
A
,
AGMC
Insured
,
5
%
,
10/01/43
.............................................
600,000
621,644
Woman's
Hospital
Foundation
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/41
......
5,230,000
5,316,982
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,489,324
Louisiana
Public
Facilities
Authority
,
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2018
E
,
5
%
,
7/01/48
...........
5,000,000
5,050,682
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
7/01/35
..............................................
4,965,000
5,005,560
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
Pre-Refunded
,
5
%
,
7/01/35
..................................
35,000
35,549
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2015
A-1
,
5
%
,
6/01/45
........................................................
10,000,000
10,162,345
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
6/01/50
5,000,000
4,540,355
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/46
..............................................
6,500,000
6,538,548
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2017
,
5
%
,
7/01/52
................................................
2,310,000
2,314,088
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/37
.......
2,020,000
1,960,759
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
117
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/39
.......
$
3,460,000
$
3,305,257
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/41
.......
2,850,000
2,663,699
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/34
........................................................
30,000
30,760
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/47
........................................................
20,000
20,507
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/42
5,695,000
5,756,409
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/46
6,305,000
6,331,693
a
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
2,000,000
1,912,721
Roman
Catholic
Church
of
the
Archdiocese
of
New
Orleans
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/37
............................................
3,750,000
3,000,000
Tulane
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/15/41
................
3,000,000
3,047,372
Tulane
University
,
Revenue
,
2017
A
,
Pre-Refunded
,
4
%
,
12/15/50
.............
60,000
61,039
Louisiana
Stadium
&
Exposition
District
,
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
5.25
%
,
7/01/53
...................................................
1,750,000
1,873,294
Louisiana
State
University
&
Agricultural
&
Mechanical
College
,
Auxiliary
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
7/01/40
....................................
4,500,000
4,636,081
Natchitoches
Parish
School
District
No.
9
,
GO
,
2018
,
AGMC
Insured
,
5
%
,
3/01/38
...
1,440,000
1,525,102
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
A
,
5
%
,
1/01/48
........................................
8,000,000
8,115,741
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
MovEBR
Sales
Tax
,
Revenue
,
2019
,
5
%
,
8/01/48
.........................................
500,000
513,846
Parish
of
Terrebonne
,
Sales
&
Use
Tax
,
Revenue
,
2020
A
,
4
%
,
3/01/41
...........
2,660,000
2,590,696
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
4/01/48
............................
2,750,000
2,788,851
Revenue
,
2020
D
,
5
%
,
4/01/50
........................................
6,000,000
6,124,913
Rapides
Parish
Consolidated
School
District
No.
62
,
GO
,
2022
,
AGMC
Insured
,
5
%
,
3/01/42
.........................................................
1,100,000
1,164,173
Rapides
Parish
School
District
No.
11
Rigolette
,
GO
,
2023
,
AGMC
Insured
,
4
%
,
3/01/41
.........................................................
1,000,000
964,619
St.
John
the
Baptist
,
Parish
School
District
No.
1
,
GO
,
2023
,
5.25
%
,
3/01/43
.......
3,300,000
3,410,782
St.
Tammany
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/48
.........................................................
5,500,000
5,548,178
State
of
Louisiana
,
GO
,
2016
A
,
5
%
,
9/01/35
............................................
2,575,000
2,648,661
GO
,
2019
A
,
5
%
,
3/01/37
............................................
3,000,000
3,191,418
Gasoline
&
Fuels
Tax
,
Revenue,
First
Lien
,
2015
A
,
Pre-Refunded
,
5
%
,
5/01/41
...
3,000,000
3,040,421
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2017
C
,
Refunding
,
5
%
,
5/01/40
...
5,000,000
5,159,624
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2017
C
,
Refunding
,
5
%
,
5/01/45
...
10,000,000
10,233,290
Tangipahoa
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/35
.................................
2,250,000
2,173,762
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/38
.................................
2,000,000
1,872,617
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/41
......................................................
1,000,000
966,550
West
Feliciana
Parish
Parishwide
Consolidated
School
District
No.
1
,
GO
,
2020
,
4
%
,
3/01/50
.........................................................
3,000,000
2,736,227
238,200,923
South
Carolina
0.4%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
600,000
508,897
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
700,000
593,713
1,102,610
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
118
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.6%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
$
450,000
$
440,737
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,250,000
973,501
1,414,238
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
700,000
593,768
Wisconsin
0.8%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
646,487
AL-FL
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
A
,
3.4
%
,
12/01/36
.......
1,225,000
1,021,238
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
500,000
507,811
2,175,536
U.S.
Territories
2.1%
Puerto
Rico
2.1%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
500,000
493,064
b
Revenue
,
WW
,
5.25
%
,
7/01/33
........................................
855,000
226,575
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
3,500,000
3,478,022
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
1,196,000
1,196,388
5,394,049
Total
U.S.
Territories
....................................................................
5,394,049
Total
Municipal
Bonds
(Cost
$
268,819,237
)
.....................................
252,102,209
Shares
Escrows
and
Litigation
Trusts
0.0%
†
c
,d
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
43,434
34,747
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
34,747
Total
Long
Term
Investments
(Cost
$
268,819,237
)
...............................
252,136,956
a
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
119
See
Abbreviations
on
page
198
.
Short
Term
Investments
0.7%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.7%
Louisiana
0.7%
e
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2023
A-1
,
Refunding
,
LOC
Toronto
Dominion
Bank
(The)
,
Daily
VRDN
and
Put
,
4
%
,
5/01/43
.
$
1,900,000
$
1,900,000
Total
Municipal
Bonds
(Cost
$
1,900,000
)
.......................................
1,900,000
Total
Short
Term
Investments
(Cost
$
1,900,000
)
.................................
1,900,000
a
Total
Investments
(Cost
$
270,719,237
)
98.8
%
...................................
$254,036,956
Other
Assets,
less
Liabilities
1.2
%
.............................................
2,874,845
Net
Assets
100.0%
...........................................................
$256,911,801
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$24,690,676,
representing
9.6%
of
net
assets.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
c
Non-income
producing.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Maryland
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
120
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.8%
Florida
0.7%
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
$
2,650,000
$
2,068,534
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
1,325,000
1,085,683
Maryland
87.0%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District
,
Revenue
,
2016
,
Refunding
,
5.125
%
,
6/01/43
.
3,000,000
2,930,244
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/46
.....................
2,000,000
2,042,308
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2022
,
4.5
%
,
1/01/42
1,500,000
1,388,074
b
County
of
Anne
Arundel
,
Glenview
Housing
LP
,
Revenue
,
2009
,
Mandatory
Put
,
5
%
,
1/01/27
.........................................................
1,780,000
1,781,643
County
of
Baltimore
,
GO
,
2023
,
5
%
,
3/01/53
...............................
6,000,000
6,459,772
a
County
of
Frederick
,
Urbana
Community
Development
Authority
,
Special
Tax
,
144A,
2020
C
,
4
%
,
7/01/50
...............................................
3,995,000
3,452,568
County
of
Harford
,
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/31
........................................................
150,000
151,999
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/36
........................................................
750,000
750,999
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/40
........................................................
675,000
656,619
County
of
Prince
George's
,
GO
,
2018
A
,
4
%
,
7/15/35
........................
3,000,000
3,045,920
Howard
County
Housing
Commission
,
Revenue
,
2013
,
5
%
,
10/01/28
........................................
10,000,000
10,009,062
Revenue
,
2016
,
4
%
,
6/01/46
.........................................
2,000,000
1,815,684
Revenue
,
2017
,
5
%
,
12/01/46
........................................
5,000,000
5,067,862
Maryland
Community
Development
Administration
,
Housing
,
Revenue
,
2019
D
,
3
%
,
7/01/39
................................
1,500,000
1,250,920
Housing
,
Revenue
,
2019
D
,
3.2
%
,
7/01/44
...............................
1,000,000
827,646
Maryland
Community
Development
Administration
Local
Government
Infrastructure
,
Revenue
,
2017
A-1
,
4
%
,
6/01/47
......................................
2,300,000
2,178,851
Revenue
,
2018
A-1
,
5
%
,
6/01/48
......................................
1,310,000
1,349,202
Revenue,
Senior
Lien
,
2019
B-1
,
4
%
,
6/01/49
.............................
3,000,000
2,851,640
Maryland
Economic
Development
Corp.
,
Annapolis
Parking
System
,
Revenue,
Senior
Lien
,
2022
A
,
5.25
%
,
12/31/47
......
5,000,000
5,211,748
Frostburg
State
University
Project
,
Revenue,
Senior
Lien
,
2013
,
Refunding
,
5
%
,
10/01/33
.......................................................
5,000,000
5,000,303
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4
%
,
7/01/40
.
1,000,000
921,070
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
5
%
,
7/01/50
.
1,250,000
1,253,194
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2022
A
,
6
%
,
7/01/58
4,620,000
4,980,792
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/47
...........
5,000,000
5,160,704
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/55
...........
5,000,000
5,125,191
University
of
Maryland
College
Park
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/35
........................................................
4,225,000
4,316,500
University
of
Maryland
College
Park
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/43
........................................................
3,305,000
3,335,495
University
Park
Phase
I
&
II
at
Salisbury
University
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/01/34
........................................................
2,040,000
2,040,093
University
Village
at
Sheppard
Pratt
,
Revenue
,
2012
,
Refunding
,
5
%
,
7/01/27
.....
1,500,000
1,500,265
University
Village
at
Sheppard
Pratt
,
Revenue
,
2012
,
Refunding
,
5
%
,
7/01/33
.....
2,495,000
2,495,296
West
Village
&
Millennium
Hall
Student
Housing
at
Towson
University
,
Revenue,
Senior
Lien
,
2012
,
5
%
,
7/01/27
......................................
940,000
940,719
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
5.5
%
,
1/01/46
.........
$
9,750,000
$
9,848,478
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/38
...
865,000
815,327
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
1/01/51
..........
2,000,000
1,679,675
Charlestown
Community,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/45
........
4,170,000
4,194,268
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
..
1,715,000
1,549,911
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.25
%
,
7/01/53
1,500,000
1,548,683
Goucher
College
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/44
.................
7,470,000
7,202,071
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2001
,
AMBAC
Insured
,
5
%
,
7/01/27
..............................................
655,000
659,733
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2004
,
AMBAC
Insured
,
5
%
,
7/01/34
..............................................
5,000,000
5,036,450
LifeBridge
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/47
.....
4,000,000
4,038,540
Loyola
University
Maryland,
Inc.
,
Revenue
,
2014
,
Refunding
,
5
%
,
10/01/45
......
2,250,000
2,213,458
Loyola
University
Maryland,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
.....
2,000,000
2,053,418
Maryland
Institute
College
of
Art
,
Revenue
,
2012
,
5
%
,
6/01/29
................
1,000,000
1,000,428
Maryland
Institute
College
of
Art
,
Revenue
,
2016
,
Refunding
,
4
%
,
6/01/42
.......
5,325,000
4,746,934
MedStar
Health
Obligated
Group
,
Revenue
,
1997
,
AMBAC
Insured
,
ETM,
5
%
,
7/01/27
........................................................
5,935,000
6,025,088
MedStar
Health
Obligated
Group
,
Revenue
,
2013
A
,
5
%
,
8/15/38
..............
5,000,000
5,000,280
MedStar
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/38
.......
2,100,000
2,111,751
MedStar
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/15/45
..............
5,000,000
5,064,264
Meritus
Medical
Center
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/40
.
8,535,000
8,567,764
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/28
..........
630,000
644,809
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/30
..........
1,225,000
1,268,342
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/32
..........
800,000
829,376
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/34
..........
350,000
335,244
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/36
..........
1,125,000
1,066,439
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/40
..........
1,850,000
1,673,542
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/46
..........
1,000,000
862,080
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/55
..........
3,250,000
2,726,906
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/39
............................................
10,000,000
10,225,700
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
D
,
4
%
,
7/01/48
........................................................
5,000,000
4,635,125
Maryland
Industrial
Development
Financing
Authority
,
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/43
..............
1,100,000
1,052,745
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/48
..............
610,000
557,414
Maryland
Stadium
Authority
,
Baltimore
City
Public
School
Construction
Financing
Fund
,
Revenue
,
2016
,
Pre-
Refunded
,
5
%
,
5/01/46
............................................
4,085,000
4,205,537
Baltimore
City
Public
School
Construction
Financing
Fund
,
Revenue
,
2020
A
,
5
%
,
5/01/50
........................................................
11,225,000
12,132,100
Built
to
Learn
,
Revenue
,
2021
,
4
%
,
6/01/35
..............................
1,590,000
1,609,249
Built
to
Learn
,
Revenue
,
2022
A
,
4
%
,
6/01/47
.............................
5,000,000
4,736,631
Maryland
State
Transportation
Authority
,
Revenue
,
2020
,
4
%
,
7/01/45
.........................................
4,000,000
3,839,597
Revenue
,
2021
A
,
Refunding
,
5
%
,
7/01/46
...............................
2,000,000
2,112,675
Montgomery
County
Housing
Opportunities
Commission
,
Revenue
,
2023
C
,
5.125
%
,
1/01/53
.........................................................
915,000
958,297
State
of
Maryland
,
GO
,
2022
A
,
5
%
,
6/01/37
...............................
8,000,000
8,959,378
State
of
Maryland
Department
of
Transportation
,
Maryland
Aviation
Administration
,
Revenue
,
2021
B
,
5
%
,
8/01/46
..............
3,000,000
3,097,245
Maryland
Aviation
Administration
,
Revenue
,
2021
B
,
4
%
,
8/01/51
..............
3,500,000
3,117,346
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/34
...............
3,420,000
3,171,402
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Town
of
Chestertown,
(continued)
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/36
...............
$
2,700,000
$
2,466,883
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/37
...............
3,095,000
2,793,784
University
System
of
Maryland
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
........
5,260,000
4,958,135
Washington
Suburban
Sanitary
Commission
,
Revenue
,
2023
,
4
%
,
6/01/49
.........................................
9,500,000
9,185,315
Revenue,
Second
Series
,
2016
,
4
%
,
6/01/43
.............................
5,000,000
4,843,961
261,714,161
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2022
BB
,
4
%
,
6/15/39
...
2,500,000
2,470,778
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
700,000
593,713
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
700,000
593,713
a
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
1,350,000
961,047
2,148,473
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
550,000
538,679
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,300,000
1,012,441
1,551,120
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
700,000
593,768
Wisconsin
0.4%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
646,487
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
500,000
507,811
1,154,298
U.S.
Territories
7.1%
District
of
Columbia
3.6%
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2020
A
,
5
%
,
7/15/45
...............................
2,500,000
2,634,863
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/46
...............................
3,000,000
3,178,337
Dedicated
,
Revenue
,
2023
A
,
5
%
,
7/15/43
...............................
2,500,000
2,701,033
Dedicated
,
Revenue
,
2023
A
,
4.125
%
,
7/15/47
............................
2,500,000
2,422,179
10,936,412
Puerto
Rico
3.5%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/33
................
347,342
344,642
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
2,094,826
2,049,846
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
2,000,000
1,972,254
c
Revenue
,
WW
,
5.5
%
,
7/01/38
.........................................
1,975,000
523,375
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
3,600,000
3,577,395
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
123
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
$
1,900,000
$
1,900,616
10,368,128
Total
U.S.
Territories
....................................................................
21,304,540
Total
Municipal
Bonds
(Cost
$
309,074,314
)
.....................................
294,091,355
Shares
Escrows
and
Litigation
Trusts
0.0%
†
d
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
100,330
80,264
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
80,264
Total
Long
Term
Investments
(Cost
$
309,074,314
)
...............................
294,171,619
a
a
a
a
a
Short
Term
Investments
0.6%
Principal
Amount
Municipal
Bonds
0.6%
Maryland
0.6%
f
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.95
%
,
11/01/37
........................................................
1,800,000
1,800,000
Total
Municipal
Bonds
(Cost
$
1,800,000
)
.......................................
1,800,000
Total
Short
Term
Investments
(Cost
$
1,800,000
)
.................................
1,800,000
a
Total
Investments
(Cost
$
310,874,314
)
98.4
%
...................................
$295,971,619
Other
Assets,
less
Liabilities
1.6
%
.............................................
4,697,029
Net
Assets
100.0%
...........................................................
$300,668,648
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$10,922,052,
representing
3.6%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Non-income
producing.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Massachusetts
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
900,000
$
872,944
Total
Corporate
Bonds
(Cost
$
900,000
)
........................................
872,944
Senior
Floating
Rate
Interests
0.4%
Residential
REITs
0.4%
a
,b
Centennial
Gardens
LP
,
First
Lien,
Delayed
Draw
CME
Term
Loan,
1
,
6.886
%
,
(
1-month
SOFR
+
1.55
%
),
7/27/24
.....................................
1,000,000
1,002,865
Total
Senior
Floating
Rate
Interests
(Cost
$
1,000,000
)
...........................
1,002,865
Municipal
Bonds
97.7%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,200,000
1,077,478
Florida
1.6%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
750,000
515,925
c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
2,800,000
2,185,621
c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
2,000,000
1,763,000
4,464,546
Illinois
0.4%
State
of
Illinois
,
GO
,
2017
D
,
5
%
,
11/01/27
...........................................
140,000
145,459
GO
,
2020
B
,
5
%
,
10/01/29
...........................................
1,000,000
1,061,200
1,206,659
Massachusetts
88.9%
City
of
Worcester
,
GO
,
2020
A
,
3
%
,
2/01/42
................................
1,685,000
1,371,987
Commonwealth
of
Massachusetts
,
GO
,
2017
F
,
5
%
,
11/01/46
...........................................
5,000,000
5,129,679
GO
,
2022
E
,
5
%
,
11/01/52
...........................................
3,000,000
3,186,853
GO
,
A
,
5.25
%
,
4/01/42
..............................................
5,000,000
5,197,026
Revenue
,
2005
,
Refunding
,
AGMC,
NATL
Insured
,
5.5
%
,
1/01/34
..............
11,900,000
13,566,674
Transportation
Fund
,
Revenue
,
2016
B
,
4
%
,
6/01/45
.......................
5,000,000
4,766,798
Transportation
Fund
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/43
...............
4,805,000
4,971,197
Transportation
Fund
,
Revenue
,
2018
A
,
5
%
,
6/01/48
.......................
5,000,000
5,155,191
Transportation
Fund
,
Revenue
,
2023
A
,
5
%
,
6/01/53
.......................
5,000,000
5,341,828
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
A
,
5
%
,
7/01/40
....................................
5,000,000
5,057,079
Sales
Tax
,
Revenue
,
A-1
,
Refunding
,
5.25
%
,
7/01/30
.......................
4,000,000
4,470,002
Sales
Tax
,
Revenue,
Senior
Lien
,
B
,
Refunding
,
5
%
,
7/01/33
.................
2,500,000
2,537,756
Massachusetts
Development
Finance
Agency
,
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2015
F
,
Refunding
,
5
%
,
8/15/32
2,975,000
2,998,176
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2015
F
,
Refunding
,
5
%
,
8/15/34
5,000,000
5,039,176
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2023
M
,
5
%
,
7/01/34
.......
1,500,000
1,682,887
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2023
G
,
Refunding
,
5.25
%
,
7/01/52
........................................................
3,535,000
3,723,690
Brandeis
University
,
Revenue
,
2019
S-1
,
Refunding
,
5
%
,
10/01/39
.............
2,660,000
2,819,371
Broad
Institute,
Inc.
(The)
,
Revenue
,
2017
,
Refunding
,
4
%
,
4/01/41
............
5,000,000
4,808,794
Dana-Farber
Cancer
Institute
Obligated
Group
,
Revenue
,
2016
N
,
5
%
,
12/01/46
..
6,890,000
6,968,763
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
C
,
4
%
,
11/01/46
.......................................................
1,250,000
1,169,828
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
(continued)
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/41
......................
$
435,000
$
405,903
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/51
......................
300,000
256,925
c
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/31
........
870,000
872,136
c
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/41
........
485,000
452,558
c
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/51
........
520,000
445,337
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
5
%
,
7/01/33
.......
1,880,000
1,973,531
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
4
%
,
7/01/41
.......
7,500,000
7,271,871
Mass
General
Brigham,
Inc.
,
Revenue
,
2024
D
,
Refunding
,
5
%
,
7/01/54
.........
1,500,000
1,574,381
Merrimack
College
,
Revenue
,
2021
B
,
4
%
,
7/01/50
........................
3,650,000
3,102,363
Merrimack
College
,
Revenue
,
2022
,
5
%
,
7/01/52
..........................
1,000,000
996,085
c
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
11/15/38
.......................................................
3,000,000
3,090,524
c
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5.125
%
,
11/15/46
.......................................................
5,000,000
5,105,402
Northeastern
University
,
Revenue
,
2014
A
,
5
%
,
3/01/44
.....................
5,000,000
4,757,483
Northeastern
University
,
Revenue
,
2022
,
Refunding
,
5
%
,
10/01/44
.............
2,375,000
2,562,936
President
&
Trustees
of
Williams
College
,
Revenue
,
2017
S
,
4
%
,
7/01/46
........
5,000,000
4,872,584
President
and
Fellows
of
Harvard
College
,
Revenue
,
2024
B
,
5
%
,
2/15/33
.......
3,000,000
3,425,264
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/39
.
750,000
722,550
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/41
.
500,000
470,780
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/48
.
1,750,000
1,548,290
Simmons
University
,
Revenue
,
2023
N
,
Refunding
,
5
%
,
10/01/43
..............
1,750,000
1,743,245
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
4
%
,
7/01/46
........................................................
3,000,000
2,684,728
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
5
%
,
7/01/50
........................................................
5,590,000
5,710,015
Springfield
College
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
6/01/50
................
2,695,000
2,220,146
Suffolk
University
,
Revenue
,
2021
,
4
%
,
7/01/46
...........................
2,000,000
1,725,922
Suffolk
University
,
Revenue
,
2021
,
4
%
,
7/01/51
...........................
5,000,000
4,141,042
Trustees
of
Boston
College
,
Revenue
,
2017
T
,
Refunding
,
5
%
,
7/01/42
..........
3,750,000
3,870,469
Trustees
of
Boston
University
,
Revenue
,
BB-1
,
4
%
,
10/01/46
.................
5,000,000
4,807,711
Wellesley
College
,
Revenue
,
2018
L
,
Refunding
,
4
%
,
7/01/44
.................
6,160,000
6,168,249
Wheaton
College
,
Revenue
,
2021
I
,
5
%
,
1/01/53
..........................
3,000,000
2,931,133
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/35
..
1,200,000
1,262,839
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/36
..
1,000,000
1,049,434
Worcester
Polytechnic
Institute
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/42
........
1,090,000
1,119,792
Worcester
Polytechnic
Institute
,
Revenue
,
2019
,
4
%
,
9/01/44
.................
1,350,000
1,290,867
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2017
B
,
Refunding
,
4.25
%
,
7/01/46
.............................
2,500,000
2,243,195
Revenue
,
2021
C
,
3
%
,
7/01/51
........................................
3,000,000
1,957,000
Revenue
,
2023
C
,
5
%
,
7/01/53
........................................
4,375,000
4,080,715
Massachusetts
Health
&
Educational
Facilities
Authority
,
Trustees
of
Boston
College
,
Revenue
,
M-2
,
5.5
%
,
6/01/35
.........................................
8,600,000
10,112,833
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2009
C
,
5.125
%
,
12/01/39
...................................
75,000
75,044
Revenue
,
2009
C
,
5.35
%
,
12/01/49
....................................
210,000
210,044
Revenue
,
2012
F
,
3.15
%
,
12/01/32
.....................................
105,000
94,415
Revenue
,
2012
F
,
3.45
%
,
12/01/37
.....................................
45,000
40,620
Revenue
,
214
,
GNMA
Insured
,
2.55
%
,
12/01/34
...........................
1,000,000
821,458
Revenue
,
214
,
GNMA
Insured
,
2.8
%
,
12/01/39
............................
2,860,000
2,345,153
Revenue
,
A
,
3.25
%
,
12/01/27
.........................................
4,000,000
3,865,250
Revenue
,
A
,
3.5
%
,
12/01/31
..........................................
5,805,000
5,551,543
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Port
Authority
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/39
.........
$
1,175,000
$
1,242,770
Massachusetts
School
Building
Authority
,
Revenue,
Senior
Lien
,
2016
C
,
Refunding
,
5
%
,
11/15/34
.....................................................
5,000,000
5,167,400
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System
,
Revenue
,
2019
B-1
,
Refunding
,
5
%
,
1/01/37
.....................................
1,015,000
1,085,437
Massachusetts
Water
Resources
Authority
,
Revenue
,
2016
C
,
Pre-Refunded
,
5
%
,
8/01/40
............................
5,000,000
5,168,273
Revenue
,
2018
B
,
5
%
,
8/01/43
........................................
4,000,000
4,157,804
Revenue
,
B
,
Refunding
,
AGMC
Insured
,
5.25
%
,
8/01/28
.....................
5,490,000
5,946,719
Revenue
,
B
,
5
%
,
8/01/40
............................................
1,140,000
1,180,157
Revenue
,
B
,
5
%
,
8/01/42
............................................
3,145,000
3,246,237
Town
of
Natick
,
GO
,
2018
,
4
%
,
7/15/35
...................................
4,970,000
5,063,848
Town
of
Plymouth
,
GO
,
2017
,
4
%
,
5/01/47
.................................
5,000,000
4,793,019
University
of
Massachusetts
Building
Authority
,
Revenue
,
2022-1
,
4
%
,
11/01/46
.......................................
4,000,000
3,880,097
Revenue,
Senior
Lien
,
1
,
Pre-Refunded
,
5
%
,
11/01/44
......................
760,000
764,049
Revenue,
Senior
Lien
,
2017-1
,
5.25
%
,
11/01/42
...........................
5,000,000
5,224,335
252,912,665
New
Jersey
0.5%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/32
..............................
1,000,000
1,052,278
Revenue
,
2020
AA
,
3
%
,
6/15/50
.......................................
500,000
362,912
1,415,190
New
York
0.9%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
A-1
,
4
%
,
11/15/40
.....................................
750,000
733,305
Revenue
,
2020
A-1
,
4
%
,
11/15/53
.....................................
1,900,000
1,729,596
2,462,901
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
800,000
678,529
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
800,000
678,529
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
818,274
2,175,332
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/37
.................................
300,000
241,526
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,400,000
1,090,321
1,331,847
Washington
0.2%
c
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
800,000
678,592
Wisconsin
0.6%
c
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
646,487
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,000,000
1,015,622
1,662,109
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
127
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
3.0%
Puerto
Rico
3.0%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
$
205,375
$
200,965
Revenue
,
2007
N
,
5.25
%
,
7/01/34
.....................................
4,107,501
4,120,713
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/31
..
440,000
459,638
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/39
..
200,000
178,914
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
3,660,000
3,661,187
8,621,417
Total
U.S.
Territories
....................................................................
8,621,417
Total
Municipal
Bonds
(Cost
$
291,649,152
)
.....................................
278,008,736
Total
Long
Term
Investments
(Cost
$
293,549,152
)
...............................
279,884,545
a
a
a
a
a
Short
Term
Investments
0.4%
Municipal
Bonds
0.4%
Massachusetts
0.4%
d
Massachusetts
Development
Finance
Agency
,
Trustees
of
Boston
University
,
Revenue
,
2008
U6E
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
10/01/42
.....
1,100,000
1,100,000
Total
Municipal
Bonds
(Cost
$
1,100,000
)
.......................................
1,100,000
Total
Short
Term
Investments
(Cost
$
1,100,000
)
.................................
1,100,000
a
Total
Investments
(Cost
$
294,649,152
)
98.8
%
...................................
$280,984,545
Other
Assets,
less
Liabilities
1.2
%
.............................................
3,471,177
Net
Assets
100.0%
...........................................................
$284,455,722
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$19,358,328,
representing
6.8%
of
net
assets.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Michigan
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,800,000
$
1,745,887
Total
Corporate
Bonds
(Cost
$
1,800,000
)
.......................................
1,745,887
Municipal
Bonds
96.3%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,650,000
2,379,432
Florida
2.0%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
5,256,000
4,548,942
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
900,000
619,110
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
6,125,000
4,781,046
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
4,100,000
3,614,150
13,563,248
Illinois
0.6%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
..
2,500,000
2,244,701
State
of
Illinois
,
GO
,
2021
B
,
4
%
,
12/01/39
................................
1,860,000
1,796,796
4,041,497
Kentucky
1.0%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
8,625,000
6,440,567
Michigan
84.8%
Bangor
Township
School
District
,
GO
,
2023
,
5
%
,
5/01/53
......................
2,000,000
2,092,989
Battle
Creek
School
District
,
GO
,
2022
,
4
%
,
5/01/45
.........................
3,000,000
2,917,611
Belding
Area
Schools
,
GO
,
2022
,
4.25
%
,
5/01/52
...........................
7,330,000
7,055,958
Byron
Center
Public
Schools
,
GO
,
2017
I
,
5
%
,
5/01/34
.............................................
1,000,000
1,045,994
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,920,000
2,005,438
GO
,
2017
I
,
5
%
,
5/01/36
.............................................
650,000
678,141
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,480,000
1,537,684
GO
,
2017
I
,
5
%
,
5/01/38
.............................................
1,330,000
1,375,687
GO
,
2017
I
,
5
%
,
5/01/47
.............................................
6,730,000
6,824,052
Caledonia
Community
Schools
,
GO
,
2023
I
,
5
%
,
5/01/53
......................
2,000,000
2,114,172
Central
Michigan
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
10/01/34
................................
1,600,000
1,602,815
Revenue
,
2014
,
Refunding
,
5
%
,
10/01/39
................................
2,000,000
2,000,521
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/46
................................
1,325,000
983,012
Charter
Township
of
Bloomfield
,
GO
,
2016
,
Refunding
,
5
%
,
5/01/32
..............
1,000,000
1,027,184
City
of
Battle
Creek
,
Water
&
Wastewater
System
,
Revenue
,
2016
A
,
5
%
,
6/01/36
...
1,300,000
1,331,070
City
of
Detroit
,
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Second
Lien
,
2003
B
,
NATL
Insured
,
5
%
,
7/01/34
.........................................
25,000
25,024
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Senior
Lien
,
06
A
,
AGMC
Insured
,
5
%
,
7/01/34
........................................
30,000
30,030
City
of
Grand
Rapids
,
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/37
.......................
1,040,000
1,090,727
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/43
.......................
1,000,000
1,034,212
Sanitary
Sewer
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
1/01/45
..............
2,000,000
2,102,055
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
City
of
Grand
Rapids,
(continued)
Water
Supply
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/41
...............
$
2,190,000
$
2,211,597
Water
Supply
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/46
...............
2,525,000
2,540,330
Water
Supply
System
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/43
...............
1,500,000
1,551,317
Water
Supply
System
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/48
...............
2,000,000
2,055,876
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/40
........................
2,400,000
2,561,918
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/50
........................
3,000,000
3,134,225
City
of
Lansing
,
GO
,
2023
,
AGMC
Insured
,
4.25
%
,
6/01/53
...............................
2,225,000
2,072,674
GO
,
2023
B
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/48
.......................
9,980,000
10,452,002
Comstock
Public
Schools
,
GO
,
2022
I
,
4
%
,
5/01/52
..........................
3,000,000
2,745,873
County
of
Kent
,
GO
,
2016
,
5
%
,
6/01/32
.............................................
1,305,000
1,341,504
GO
,
2016
,
5
%
,
6/01/33
.............................................
1,275,000
1,308,931
County
of
Muskegon
,
GO
,
2015
,
Refunding
,
5
%
,
11/01/33
....................................
1,360,000
1,381,274
GO
,
2015
,
Refunding
,
5
%
,
11/01/36
....................................
1,735,000
1,759,516
Detroit
City
School
District
,
GO
,
2001
A
,
AGMC
Insured
,
6
%
,
5/01/29
............
7,525,000
7,976,021
DeWitt
Public
Schools
,
GO
,
2017
,
5
%
,
5/01/30
.............................................
500,000
522,190
GO
,
2017
,
5
%
,
5/01/33
.............................................
815,000
849,327
GO
,
2017
,
5
%
,
5/01/34
.............................................
1,000,000
1,040,072
GO
,
2017
,
5
%
,
5/01/35
.............................................
1,000,000
1,038,026
GO
,
2017
,
5
%
,
5/01/36
.............................................
1,000,000
1,036,829
Downriver
Utility
Wastewater
Authority
,
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/34
....................
510,000
531,455
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/36
....................
1,600,000
1,659,692
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/38
....................
1,500,000
1,544,244
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/43
....................
3,000,000
3,070,000
East
Grand
Rapids
Public
School
District
,
GO
,
2024
I
,
5
%
,
5/01/53
..............
700,000
729,754
East
Lansing
School
District
,
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,500,000
1,565,479
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,100,000
1,142,256
GO
,
2017
I
,
5
%
,
5/01/42
.............................................
3,500,000
3,609,525
Farmington
Public
School
District
,
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/27
.........................
1,000,000
1,010,458
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/28
.........................
2,000,000
2,020,199
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/32
.........................
4,035,000
4,077,919
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/33
.........................
2,900,000
2,930,587
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/34
.........................
3,000,000
3,032,448
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/35
.........................
1,000,000
1,010,547
GO
,
2018
,
BAM
Insured
,
4.5
%
,
5/01/38
.................................
7,225,000
7,372,968
Flat
Rock
Community
School
District
,
GO
,
2022
I
,
4.5
%
,
5/01/52
................
2,100,000
1,977,148
Gerald
R
Ford
International
Airport
Authority
,
Revenue
,
2021
,
5
%
,
1/01/46
.........
2,000,000
2,096,887
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
7/01/44
...........
2,000,000
2,000,403
Munson
Healthcare
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
7/01/47
...........
2,500,000
2,500,458
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
7/01/44
...........
1,110,000
1,143,932
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
B
,
5
%
,
7/01/39
...........
1,625,000
1,695,521
Munson
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/51
....
10,000,000
7,401,422
Grand
Valley
State
University
,
Revenue
,
2018
,
5
%
,
12/01/38
........................................
900,000
927,872
Revenue
,
2018
,
5
%
,
12/01/43
........................................
1,800,000
1,834,673
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Grandville
Public
Schools
,
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/29
....................................
$
750,000
$
758,784
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/30
....................................
1,000,000
1,010,816
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/31
....................................
1,150,000
1,162,438
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/32
....................................
1,165,000
1,177,496
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/34
....................................
1,315,000
1,329,341
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/35
....................................
1,225,000
1,237,701
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/37
....................................
2,915,000
2,937,671
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/40
....................................
6,215,000
6,251,164
Great
Lakes
Water
Authority
,
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
.......
1,500,000
1,633,804
Water
Supply
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
..........
5,000,000
5,446,013
Gull
Lake
Community
School
District
,
GO
,
2018
I
,
5
%
,
5/01/45
.............................................
4,000,000
4,118,997
GO
,
2018
I
,
5
%
,
5/01/48
.............................................
1,000,000
1,025,817
Hudsonville
Public
Schools
,
GO
,
2017
,
Refunding
,
5
%
,
5/01/41
.................
2,500,000
2,592,653
Kent
Hospital
Finance
Authority
,
Mary
Free
Bed
Rehabilitation
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
4/01/51
..................................
6,010,000
4,156,805
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/45
................
1,655,000
1,324,955
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/31
.......
1,940,000
1,840,207
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/43
.......
8,820,000
7,224,140
Kentwood
Public
Schools
,
GO
,
2016
,
5
%
,
5/01/44
...........................
2,920,000
2,945,444
Lansing
Board
of
Water
&
Light
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/54
........
9,500,000
10,134,509
Lansing
School
District
,
GO
,
2016
I
,
5
%
,
5/01/39
.............................................
2,125,000
2,149,725
GO
,
2016
I
,
5
%
,
5/01/40
.............................................
2,200,000
2,225,195
Ludington
Area
School
District
,
GO
,
2022
II
,
BAM
Insured
,
4
%
,
5/01/51
...........
7,820,000
7,158,792
Macomb
Interceptor
Drain
Drainage
District
,
Special
Assessment
,
2017
A
,
Refunding
,
5
%
,
5/01/42
......................................................
4,000,000
4,112,955
Melvindale
Northern
Allen
Park
Public
Schools
,
GO
,
2022
,
AGMC
Insured
,
4.375
%
,
5/01/47
...................................................
1,500,000
1,474,846
Meridian
Public
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
5/01/31
..............
1,130,000
1,141,210
Michigan
Finance
Authority
,
Albion
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/36
....................
3,270,000
2,127,636
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/46
....................
5,365,000
3,169,455
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/51
....................
3,415,000
1,914,952
Bronson
Health
Care
Group
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/54
........................................................
11,000,000
11,109,348
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/50
......
895,000
597,981
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/50
......
2,600,000
2,240,732
Clean
Water
Revolving
Fund
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
10/01/30
.......
2,750,000
2,780,105
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/38
.......
8,055,000
8,487,429
Corewell
Health
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
11/01/44
.............
12,000,000
12,098,941
County
of
Wayne
,
Revenue,
Second
Lien
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
11/01/55
.......................................................
4,000,000
3,566,445
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/41
.......................................................
7,000,000
7,071,987
Kalamazoo
College
,
Revenue
,
2018
,
Refunding
,
4
%
,
12/01/47
................
2,610,000
2,327,256
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/35
.................
400,000
390,131
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/36
.................
565,000
553,997
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/37
.................
640,000
611,575
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/38
.................
675,000
633,825
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/39
.................
645,000
602,680
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/45
.................
3,780,000
3,419,609
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
.................
$
3,000,000
$
2,637,640
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
2/01/42
........................................................
745,000
597,562
Michigan
Finance
Authority
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/39
...........................................
6,000,000
6,309,500
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/49
............
1,500,000
1,615,698
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
4.375
%
,
2/28/54
..........
1,895,000
1,827,209
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/57
............
1,750,000
1,880,807
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A-2
,
Refunding
,
5
%
,
6/01/40
....
1,000,000
1,035,858
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/49
...
7,170,000
6,381,135
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
B-1
,
2
,
Refunding
,
5
%
,
6/01/49
..
1,560,000
1,584,184
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
5
%
,
12/01/45
.........
7,710,000
7,759,650
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
Pre-Refunded
,
5
%
,
12/01/45
.......................................................
290,000
298,678
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.5
%
,
11/01/48
.......................................................
2,000,000
1,932,507
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.625
%
,
11/01/52
.......................................................
2,280,000
2,216,624
Michigan
State
Building
Authority
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
4/15/41
................................
12,000,000
12,261,091
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/46
...............................
9,910,000
10,070,671
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/51
...............................
1,000,000
1,012,155
Revenue
,
2019
I
,
Refunding
,
4
%
,
4/15/54
................................
2,000,000
1,871,649
Revenue
,
2021
I
,
3
%
,
10/15/51
.......................................
1,500,000
1,113,270
Revenue
,
2022
I
,
4
%
,
10/15/52
.......................................
4,250,000
3,914,330
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
4
%
,
11/15/33
.............
5,370,000
5,409,736
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-7
,
Refunding
,
5
%
,
11/15/47
....
10,000,000
10,098,220
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-8
,
Refunding
,
5
%
,
11/15/46
....
5,000,000
5,053,385
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
B
,
3.1
%
,
12/01/44
.....................................
15,000,000
11,719,741
Revenue
,
2020
A
,
2.8
%
,
12/01/45
.....................................
4,350,000
3,185,861
Revenue
,
2020
A
,
2.85
%
,
6/01/50
.....................................
5,150,000
3,654,812
Revenue
,
2021
A
,
2.5
%
,
6/01/52
......................................
3,000,000
1,941,695
Revenue
,
2021
A
,
2.7
%
,
10/01/56
.....................................
5,000,000
3,131,043
Revenue
,
2021
A
,
2.73
%
,
10/01/59
....................................
5,000,000
3,028,481
Revenue
,
2022
A
,
4.1
%
,
6/01/43
......................................
5,000,000
4,776,594
Michigan
State
University
,
Revenue
,
2015
A
,
5
%
,
8/15/40
.....................
8,500,000
8,558,168
Michigan
Strategic
Fund
,
State
of
Michigan
Trunk
Line
,
Revenue
,
2018
,
5
%
,
6/30/33
...................
2,200,000
2,251,685
State
of
Michigan
Trunk
Line
,
Revenue
,
2018
,
5
%
,
6/30/48
...................
7,000,000
7,000,081
Michigan
Technological
University
,
Revenue
,
2015
A
,
5
%
,
10/01/45
.......................................
2,400,000
2,423,616
Revenue
,
2023
A
,
AGMC
Insured
,
5
%
,
10/01/47
...........................
3,000,000
3,104,611
Revenue
,
2023
A
,
AGMC
Insured
,
5.25
%
,
10/01/52
........................
1,675,000
1,752,724
Revenue
,
2023
C
,
AGMC
Insured
,
5.25
%
,
10/01/53
........................
2,000,000
2,148,928
Oakland
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
3/01/39
.................................
3,000,000
3,005,400
Revenue
,
2016
,
5
%
,
3/01/41
.........................................
5,000,000
5,038,598
Revenue
,
2019
,
5
%
,
3/01/50
.........................................
2,230,000
2,275,443
Plainwell
Community
Schools
,
GO
,
2022
II
,
4
%
,
5/01/52
......................
7,000,000
6,545,903
Rochester
Community
School
District
,
GO
,
2016
I
,
5
%
,
5/01/36
.................
2,800,000
2,857,304
Roseville
Community
Schools
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
5/01/30
..................................
1,620,000
1,641,099
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Roseville
Community
Schools,
(continued)
GO
,
2014
,
Pre-Refunded
,
5
%
,
5/01/31
..................................
$
1,585,000
$
1,605,643
Saginaw
Valley
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/31
...............................
2,170,000
2,216,086
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/33
...............................
1,240,000
1,266,543
Saline
Area
Schools
,
GO
,
2016
,
5
%
,
5/01/34
.............................................
2,750,000
2,814,435
GO
,
2016
,
5
%
,
5/01/36
.............................................
2,950,000
3,016,384
South
Haven
Public
Schools
,
GO
,
2015
B
,
AGMC
Insured
,
5
%
,
5/01/33
................................
350,000
353,723
GO
,
2015
B
,
AGMC
Insured
,
5
%
,
5/01/35
................................
1,575,000
1,591,612
Sparta
Area
Schools
,
GO
,
2019
II
,
5
%
,
5/01/48
.............................
5,750,000
6,003,681
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2023
,
5.25
%
,
11/15/49
................
2,000,000
2,194,152
Trenton
Public
Schools
School
District
,
GO
,
2018
,
5
%
,
5/01/42
.............................................
4,920,000
5,119,452
GO
,
2018
,
5
%
,
5/01/45
.............................................
11,480,000
11,850,805
Universal
Academy
,
Revenue
,
2021
,
Refunding
,
2
%
,
12/01/26
................................
305,000
289,404
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/31
................................
500,000
483,625
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/40
................................
1,100,000
986,571
University
of
Michigan
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
4/01/46
..............................
2,000,000
2,059,853
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/37
............................
2,700,000
2,823,466
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/42
............................
5,635,000
5,892,679
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/47
............................
5,000,000
5,228,641
Walled
Lake
Consolidated
School
District
,
GO
,
2020
,
5
%
,
5/01/45
.............................................
2,500,000
2,618,729
GO
,
2022
,
5
%
,
5/01/49
.............................................
1,500,000
1,580,611
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2018
A
,
5
%
,
12/01/43
......
7,750,000
8,001,236
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/40
......
3,330,000
3,587,357
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/46
......
4,670,000
4,924,921
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
B
,
5
%
,
12/01/39
......
1,675,000
1,763,263
Wayne
State
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/31
..............................
1,860,000
1,866,590
Revenue
,
2018
A
,
5
%
,
11/15/43
.......................................
4,500,000
4,621,778
Revenue
,
2018
A
,
4
%
,
11/15/48
.......................................
10,000,000
9,209,845
Wayne-Westland
Community
Schools
,
GO
,
2022
,
3
%
,
11/01/44
.............................................
2,830,000
2,150,217
GO
,
2022
,
3
%
,
11/01/46
.............................................
1,475,000
1,093,328
Western
Michigan
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/30
..............................
2,500,000
2,530,779
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/40
..............................
1,560,000
1,571,073
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/45
..............................
2,000,000
2,008,275
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/44
..............................
2,315,000
2,414,138
Revenue
,
2021
A
,
AGMC
Insured
,
5
%
,
11/15/51
...........................
2,785,000
2,906,622
Western
School
District
,
GO
,
2022
,
5.25
%
,
5/01/52
..........................
2,000,000
2,144,771
Zeeland
Public
Schools
,
GO
,
2015
A
,
AGMC
Insured
,
5
%
,
5/01/31
................................
1,530,000
1,545,589
GO
,
2015
A
,
AGMC
Insured
,
5
%
,
5/01/33
................................
2,000,000
2,019,484
GO
,
2015
A
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
5/01/35
....................
2,000,000
2,026,048
566,920,042
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
0.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2019
BB
,
4
%
,
6/15/50
.......................................
$
500,000
$
463,385
Revenue
,
2020
AA
,
3
%
,
6/15/50
.......................................
600,000
435,494
898,879
New
York
1.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
9,300,000
8,527,320
South
Carolina
1.2%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,800,000
1,526,690
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,800,000
1,526,691
b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
6,200,000
4,413,698
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
818,274
8,285,353
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/39
325,000
251,690
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/40
300,000
227,229
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,500,000
2,725,802
3,204,721
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,800,000
1,526,831
Wisconsin
0.2%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
1,800,000
1,454,595
U.S.
Territories
4.0%
Guam
0.5%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
1,750,000
1,782,038
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
1/01/46
............................................
1,770,000
1,865,200
3,647,238
Puerto
Rico
3.5%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/32
....................................
404,110
402,051
Revenue
,
2007
CC
,
5.25
%
,
7/01/36
....................................
291,537
292,734
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
3,203,851
3,135,058
Revenue
,
2007
N
,
5.25
%
,
7/01/34
.....................................
6,095,532
6,115,137
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
410,750
412,438
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
12,900,000
12,904,183
23,261,601
Total
U.S.
Territories
....................................................................
26,908,839
Total
Municipal
Bonds
(Cost
$
682,806,015
)
.....................................
644,151,324
Total
Long
Term
Investments
(Cost
$
684,606,015
)
...............................
645,897,211
a
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
See
Abbreviations
on
page
198
.
Short
Term
Investments
1.3%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.3%
Michigan
1.3%
c
Green
Lake
Township
Economic
Development
Corp.
,
Interlochen
Center
for
the
Arts
,
Revenue
,
2004
,
Refunding
,
LOC
PNC
Bank
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
6/01/34
.........................................................
$
3,800,000
$
3,800,000
c
University
of
Michigan
,
Revenue
,
2012
D-1
,
Daily
VRDN
and
Put
,
3.7
%
,
12/01/24
...
4,600,000
4,600,000
8,400,000
Total
Municipal
Bonds
(Cost
$
8,400,000
)
.......................................
8,400,000
Total
Short
Term
Investments
(Cost
$
8,400,000
)
.................................
8,400,000
a
Total
Investments
(Cost
$
693,006,015
)
97.9
%
...................................
$654,297,211
Other
Assets,
less
Liabilities
2.1
%
.............................................
14,540,137
Net
Assets
100.0%
...........................................................
$668,837,348
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$27,920,763,
representing
4.2%
of
net
assets.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Minnesota
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.0%
Florida
1.0%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
$
6,192,000
$
5,359,027
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,100,000
1,444,590
6,803,617
Minnesota
95.1%
Alexandria
Independent
School
District
No.
206
,
GO
,
2017
A
,
Refunding
,
3
%
,
2/01/37
29,905,000
26,237,938
Anoka-Hennepin
Independent
School
District
No.
11
,
GO
,
2018
A
,
3.25
%
,
2/01/37
..........................................
5,355,000
4,928,320
GO
,
2018
A
,
4
%
,
2/01/39
............................................
8,905,000
8,997,579
GO
,
2018
A
,
3.375
%
,
2/01/43
.........................................
4,020,000
3,440,258
Becker
Independent
School
District
No.
726
,
GO
,
2022
A
,
Zero
Cpn.,
2/01/41
.......................................
1,000,000
445,748
GO
,
2022
A
,
Zero
Cpn.,
2/01/43
.......................................
1,700,000
675,071
Blooming
Prairie
Independent
School
District
No.
756
,
GO
,
2022
A
,
Refunding
,
2.25
%
,
2/01/45
.........................................................
1,500,000
971,560
Brainerd
Independent
School
District
No.
181
,
GO
,
2018
A
,
4
%
,
2/01/32
............................................
3,065,000
3,111,513
GO
,
2018
A
,
4
%
,
2/01/39
............................................
9,600,000
9,509,857
GO
,
2018
A
,
4
%
,
2/01/43
............................................
1,900,000
1,844,866
Centennial
Independent
School
District
No.
12
,
GO
,
2015
A
,
Refunding
,
Zero
Cpn.,
2/01/32
..............................
1,450,000
1,081,840
GO
,
2015
A
,
Refunding
,
Zero
Cpn.,
2/01/34
..............................
1,600,000
1,093,688
GO
,
2015
A
,
Refunding
,
Zero
Cpn.,
2/01/35
..............................
350,000
229,121
City
of
Center
City
,
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/01/41
........................................................
1,000,000
909,583
City
of
Coon
Rapids
,
Mississippi
View
Housing
Partners
LP
,
Revenue
,
2023
,
FNMA
Insured
,
5.6
%
,
12/01/39
.............................................
3,744,665
3,894,862
City
of
Corcoran
,
GO
,
2023
A
,
BAM
Insured
,
4
%
,
2/01/53
.....................
3,605,000
3,377,938
City
of
Elk
River
,
Electric
,
Revenue
,
2021
B
,
2.25
%
,
8/01/47
...................
1,475,000
912,264
City
of
Fridley
,
GO
,
2022
A
,
4
%
,
2/01/36
............................................
350,000
351,556
GO
,
2022
A
,
4
%
,
2/01/37
............................................
735,000
740,911
GO
,
2022
A
,
4
%
,
2/01/38
............................................
800,000
806,360
Fridley
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2018
,
FNMA
Insured
,
3.75
%
,
11/01/34
.......................................................
9,338,335
8,637,875
a
Roers
Fridley
Apartments
Owner
II
LLC
,
Revenue
,
144A,
2023
A
,
5.75
%
,
6/01/41
..
16,000,000
15,965,562
City
of
Minneapolis
,
GO
,
2018
,
4
%
,
12/01/46
.............................................
3,500,000
3,393,706
GO
,
2019
,
3
%
,
12/01/40
.............................................
2,000,000
1,637,874
14th
and
Central
LLLP
,
Revenue
,
2020
,
FNMA
Insured
,
2.35
%
,
2/01/38
.........
7,408,538
5,593,559
Allina
Health
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/40
.................
6,750,000
6,512,896
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/44
.......................................................
1,325,000
1,328,600
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/15/44
.............................................
10,000,000
10,052,489
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/15/49
.............................................
6,000,000
6,092,503
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/49
.......................................................
4,535,000
4,569,816
b
City
of
Mounds
View
,
Sherman
Forbes
Housing
Partners
LP
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.05
%
,
11/01/24
.......................................
1,000,000
997,156
City
of
Rochester
,
Electric
Utility
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/42
...................
1,395,000
1,410,584
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
City
of
Rochester,
(continued)
Electric
Utility
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/47
...................
$
9,815,000
$
9,876,346
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/33
....................
9,425,000
10,718,520
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
....................
5,235,000
6,006,112
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/36
....................
8,400,000
9,761,992
Mayo
Clinic
,
Revenue
,
2018
,
4
%
,
11/15/48
...............................
6,000,000
5,789,970
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
3.25
%
,
11/15/41
...................
4,000,000
3,508,241
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
5
%
,
11/15/57
......................
2,000,000
2,136,164
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
5/01/37
........................................................
7,310,000
6,971,128
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/01/46
........................................................
4,650,000
4,682,291
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
........................................................
10,000,000
10,223,952
City
of
St.
Paul
,
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/46
.......................
13,340,000
13,058,345
City
of
Wadena
,
Astera
Health
,
Revenue
,
2024
A
,
5
%
,
12/01/45
.................
1,900,000
1,983,882
Cloquet
Independent
School
District
No.
94
,
GO
,
2015
B
,
5
%
,
2/01/32
............
3,615,000
3,643,172
County
of
Norman
,
GO
,
2022
A
,
3.25
%
,
2/01/52
............................
3,115,000
2,438,828
County
of
Rice
,
GO
,
2022
A
,
4
%
,
2/01/48
.................................
5,200,000
4,961,476
Dakota
County
Community
Development
Agency
,
Revenue
,
2011
A
,
GNMA
Insured
,
4.875
%
,
12/01/33
..................................................
350,000
350,060
Dawson-Boyd
Independent
School
District
No.
378
,
GO
,
2019
A
,
3.125
%
,
2/01/40
...
2,965,000
2,524,889
Duluth
Economic
Development
Authority
,
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
2/15/53
.....
15,830,000
15,928,822
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
2/15/53
...
13,105,000
13,261,188
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/38
........................................................
150,000
150,543
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/39
........................................................
155,000
154,410
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
6/15/44
........................................................
850,000
693,435
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/29
........................................................
400,000
423,286
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/30
........................................................
425,000
455,026
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/31
........................................................
450,000
487,026
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/32
........................................................
500,000
545,727
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/33
........................................................
600,000
655,235
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/34
........................................................
520,000
532,232
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/35
........................................................
425,000
434,000
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/36
........................................................
400,000
407,111
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/37
........................................................
375,000
379,735
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/38
........................................................
400,000
401,624
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/39
........................................................
250,000
249,049
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
B
,
5.25
%
,
6/15/52
..
8,000,000
8,536,207
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Duluth
Independent
School
District
No.
709
,
GO
,
2015
B
,
Refunding
,
2.5
%
,
2/01/26
..................................
$
2,840,000
$
2,749,372
GO
,
2021
C
,
Zero
Cpn.,
2/01/29
.......................................
1,870,000
1,494,168
GO
,
2021
C
,
Zero
Cpn.,
2/01/30
.......................................
1,275,000
970,284
GO
,
2021
C
,
Zero
Cpn.,
2/01/31
.......................................
1,325,000
958,792
GO
,
2021
C
,
Zero
Cpn.,
2/01/32
.......................................
1,080,000
741,798
GO
,
2021
C
,
Zero
Cpn.,
2/01/33
.......................................
1,075,000
699,954
Forest
Lake
Independent
School
District
No.
831
,
GO
,
2023
A
,
4
%
,
2/01/37
........
2,000,000
2,034,121
Fridley
Independent
School
District
No.
14
,
GO
,
2016
A
,
4
%
,
2/01/29
............
2,220,000
2,233,589
Gibbon
Independent
School
District
No.
2365
,
GO
,
2023
A
,
5
%
,
2/01/48
............................................
1,850,000
1,950,778
GO
,
2023
A
,
4.125
%
,
2/01/52
.........................................
2,250,000
2,185,433
Hastings
Independent
School
District
No.
200
,
GO
,
2018
A
,
Zero
Cpn.,
2/01/38
.......................................
4,685,000
2,530,767
GO
,
2018
A
,
Zero
Cpn.,
2/01/39
.......................................
4,685,000
2,366,176
GO
,
2018
A
,
Zero
Cpn.,
2/01/40
.......................................
4,685,000
2,237,443
Hennepin
County
Regional
Railroad
Authority
,
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/37
...........................
1,000,000
1,061,233
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/38
...........................
3,965,000
4,195,821
Hopkins
Independent
School
District
No.
270
,
GO
,
2019
A
,
3
%
,
2/01/33
............................................
5,640,000
5,193,887
GO
,
2019
A
,
3
%
,
2/01/34
............................................
2,450,000
2,246,114
Jordan
Independent
School
District
No.
717
,
GO
,
2023
A
,
4
%
,
2/01/42
...........
1,300,000
1,292,830
Lakeview
Independent
School
District
No.
2167
,
GO
,
2021
A
,
2
%
,
2/01/38
.........
1,055,000
758,557
Lakeville
Independent
School
District
No.
194
,
GO
,
2021
B
,
2.125
%
,
2/01/42
.......
2,085,000
1,372,784
Mankato
Independent
School
District
No.
77
,
COP
,
2022
A
,
3
%
,
2/01/42
..........
2,730,000
2,120,929
Metropolitan
Council
,
GO
,
2020
B
,
2.125
%
,
3/01/36
.........................................
3,500,000
2,736,699
GO
,
2020
B
,
2.125
%
,
3/01/37
.........................................
4,000,000
3,059,089
GO
,
2020
B
,
2.125
%
,
3/01/38
.........................................
4,000,000
2,983,026
GO
,
2022
C
,
4
%
,
3/01/40
............................................
3,275,000
3,296,530
GO
,
2022
C
,
4
%
,
3/01/41
............................................
3,410,000
3,422,663
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue
,
2022
A
,
Refunding
,
4.25
%
,
1/01/52
.............................
2,990,000
2,856,152
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/34
..............................
2,870,000
2,977,456
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/35
..............................
4,025,000
4,175,465
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/41
..............................
20,730,000
21,263,542
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/46
..............................
14,475,000
14,770,555
Minnesota
Agricultural
&
Economic
Development
Board
,
HealthPartners
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
1/01/54
.................................
5,000,000
5,340,358
Minnesota
Higher
Education
Facilities
Authority
,
Macalester
College
,
Revenue
,
2017
,
Refunding
,
3
%
,
3/01/33
.................
1,510,000
1,376,283
Macalester
College
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/36
.................
125,000
127,445
Macalester
College
,
Revenue
,
2021
,
Refunding
,
3
%
,
3/01/40
.................
365,000
302,426
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/43
.....................
600,000
599,155
St.
Catherine
University
,
Revenue
,
2023
,
5.125
%
,
10/01/48
..................
750,000
742,362
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/52
.....................
3,000,000
2,874,532
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/32
...............
255,000
257,376
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/33
...............
240,000
242,030
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/34
...............
355,000
357,953
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/37
...............
250,000
211,463
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/38
...............
250,000
207,293
St.
Olaf
College
,
Revenue
,
2021
,
3
%
,
10/01/41
...........................
1,600,000
1,288,672
St.
Olaf
College
,
Revenue
,
8
N
,
Refunding
,
4
%
,
10/01/35
....................
500,000
501,041
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Minnesota
Higher
Education
Facilities
Authority,
(continued)
University
of
St.
Thomas
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/36
..........
$
750,000
$
750,123
University
of
St.
Thomas
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/37
..........
750,000
742,756
University
of
St.
Thomas
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...................
10,000,000
10,334,041
University
of
St.
Thomas
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................
4,000,000
4,181,017
Minnesota
Housing
Finance
Agency
,
Revenue
,
2009
,
4
%
,
8/01/29
.........................................
1,675,000
1,614,052
Revenue
,
2011
,
5
%
,
8/01/31
.........................................
2,225,000
2,227,162
Revenue
,
2020
B
,
GNMA
Insured
,
2.8
%
,
1/01/44
..........................
2,870,000
2,165,760
Revenue
,
2020
D
,
4
%
,
8/01/42
........................................
1,815,000
1,759,353
Revenue
,
2020
E
,
GNMA
Insured
,
2.5
%
,
7/01/40
..........................
1,840,000
1,396,542
Revenue
,
2021
B
,
GNMA
Insured
,
2.1
%
,
7/01/36
..........................
950,000
735,265
Revenue
,
2021
B
,
GNMA
Insured
,
2.3
%
,
7/01/41
..........................
3,345,000
2,393,369
Revenue
,
2021
B
,
GNMA
Insured
,
2.45
%
,
7/01/46
.........................
3,320,000
2,201,678
Revenue
,
2021
H
,
GNMA
Insured
,
2.55
%
,
1/01/46
.........................
3,950,000
2,718,151
Revenue
,
2022
A
,
GNMA
Insured
,
2.75
%
,
7/01/42
.........................
2,660,000
2,043,953
Revenue
,
2023
D
,
GNMA
Insured
,
4.5
%
,
7/01/43
..........................
1,000,000
1,004,439
Revenue
,
2023
D
,
GNMA
Insured
,
4.6
%
,
7/01/45
..........................
1,000,000
991,479
b
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/27
..
13,550,000
13,573,684
Minnesota
Municipal
Power
Agency
,
Revenue
,
2014
A
,
Refunding
,
4
%
,
10/01/32
....
1,200,000
1,195,854
Minnesota
Office
of
Higher
Education
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
4
%
,
11/01/42
........................................................
2,250,000
2,079,306
Moorhead
Independent
School
District
No.
152
,
GO
,
2020
A
,
2.5
%
,
2/01/37
.......
7,795,000
6,292,181
Nashwauk
Keewatin
Independent
School
District
No.
319
,
GO
,
2022
A
,
Refunding
,
4
%
,
2/01/48
.........................................................
9,020,000
8,606,253
North
St.
Paul-Maplewood-Oakdale
Independent
School
District
No.
622
,
GO
,
2019
A
,
3
%
,
2/01/42
............................................
5,975,000
4,814,013
GO
,
2019
A
,
3
%
,
2/01/46
............................................
22,965,000
17,717,461
Northern
Municipal
Power
Agency
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
1/01/30
...............................
1,190,000
1,190,911
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/41
.................................
800,000
813,713
Norwood
Young
America
Independent
School
District
No.
108
,
GO
,
2022
A
,
2.25
%
,
2/01/45
.........................................................
1,700,000
1,091,625
Prior
Lake-Savage
Independent
School
District
No.
719
,
GO
,
2018
B
,
Zero
Cpn.,
2/01/27
.......................................
10,545,000
9,383,783
GO
,
2018
B
,
Zero
Cpn.,
2/01/28
.......................................
13,055,000
11,147,824
GO
,
2018
B
,
Zero
Cpn.,
2/01/30
.......................................
9,010,000
7,055,995
GO
,
2018
B
,
Zero
Cpn.,
2/01/31
.......................................
5,310,000
3,979,019
Red
Rock
Central
Independent
School
District
No.
2884
,
GO
,
2022
A
,
2.375
%
,
2/01/47
3,000,000
1,930,012
Rosemount-Apple
Valley-Eagan
Independent
School
District
No.
196
,
GO
,
2023
A
,
4
%
,
2/01/44
.........................................................
2,000,000
1,962,081
Roseville
Independent
School
District
No.
623
,
GO
,
2018
A
,
4
%
,
2/01/35
............................................
4,900,000
4,970,219
GO
,
2018
A
,
4
%
,
2/01/37
............................................
5,000,000
5,058,439
Sartell-St.
Stephen
Independent
School
District
No.
748
,
GO
,
2016
B
,
Zero
Cpn.,
2/01/36
.......................................
3,000,000
1,748,007
GO
,
2016
B
,
Zero
Cpn.,
2/01/37
.......................................
2,820,000
1,556,833
GO
,
2016
B
,
Zero
Cpn.,
2/01/38
.......................................
5,220,000
2,719,953
GO
,
2016
B
,
Zero
Cpn.,
2/01/39
.......................................
3,020,000
1,480,089
a
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
5.25
%
,
8/01/37
...............................
8,000,000
7,872,590
Southern
Minnesota
Municipal
Power
Agency
,
Revenue
,
1994
A
,
NATL
Insured
,
Zero
Cpn.,
1/01/26
.......................
5,395,000
5,040,471
Revenue
,
1994
A
,
NATL
Insured
,
Zero
Cpn.,
1/01/27
.......................
6,600,000
5,910,961
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/41
...............................
2,085,000
2,108,942
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
139
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Southern
Minnesota
Municipal
Power
Agency,
(continued)
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/46
...............................
$
7,260,000
$
7,315,791
Revenue
,
2017
A
,
5
%
,
1/01/47
........................................
1,315,000
1,355,800
St.
Cloud
Independent
School
District
No.
742
,
COP
,
2017
A
,
4
%
,
2/01/38
...........................................
1,000,000
996,549
GO
,
2017
B
,
Refunding
,
4
%
,
2/01/30
...................................
4,060,000
4,081,966
GO
,
2017
B
,
Refunding
,
4
%
,
2/01/36
...................................
2,500,000
2,513,526
GO
,
2017
B
,
Refunding
,
4
%
,
2/01/37
...................................
2,250,000
2,262,173
St.
Francis
Independent
School
District
No.
15
,
GO
,
2018
A
,
3.5
%
,
2/01/41
........
3,350,000
2,966,201
St.
Paul
Port
Authority
,
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2021-1
,
Refunding
,
3
%
,
10/01/34
300,000
261,736
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-3
,
4.75
%
,
10/01/43
.....
1,000,000
1,005,332
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-4
,
5.25
%
,
10/01/42
.....
1,000,000
1,005,955
State
of
Minnesota
,
GO
,
2023
B
,
4
%
,
8/01/43
..............................
4,745,000
4,733,578
Stearns
County
Housing
&
Redevelopment
Authority
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/61
......................................................
1,105,000
727,994
University
of
Minnesota
,
Revenue
,
2014
B
,
Refunding
,
4
%
,
1/01/44
...............................
3,750,000
3,749,930
Revenue
,
2017
A
,
5
%
,
9/01/40
........................................
1,240,000
1,278,212
Revenue
,
2017
A
,
5
%
,
9/01/41
........................................
3,000,000
3,090,179
Revenue
,
2017
B
,
Refunding
,
5
%
,
12/01/30
..............................
3,000,000
3,146,932
Revenue
,
2019
A
,
5
%
,
4/01/39
........................................
3,055,000
3,232,457
Revenue
,
2019
A
,
5
%
,
4/01/40
........................................
2,110,000
2,225,205
Revenue
,
2019
A
,
5
%
,
4/01/41
........................................
6,045,000
6,358,702
Revenue
,
2019
A
,
5
%
,
4/01/44
........................................
2,000,000
2,088,385
Revenue
,
2020
A
,
5
%
,
11/01/39
.......................................
2,000,000
2,165,846
Revenue
,
2020
A
,
5
%
,
11/01/42
.......................................
1,230,000
1,319,646
Watertown-Mayer
Independent
School
District
No.
111
,
GO
,
2020
A
,
Zero
Cpn.,
2/01/33
.......................................
2,470,000
1,672,077
GO
,
2020
A
,
Zero
Cpn.,
2/01/34
.......................................
2,470,000
1,598,059
GO
,
2020
A
,
Zero
Cpn.,
2/01/36
.......................................
1,470,000
866,341
GO
,
2020
A
,
Zero
Cpn.,
2/01/37
.......................................
2,470,000
1,380,582
West
St.
Paul-Mendota
Heights-Eagan
Independent
School
District
No.
197
,
GO
,
2018
A
,
4
%
,
2/01/34
....................................................
2,655,000
2,684,876
Western
Minnesota
Municipal
Power
Agency
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/35
...............................
3,000,000
3,048,358
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/36
...............................
2,035,000
2,062,821
Revenue
,
2018
A
,
5
%
,
1/01/49
........................................
5,000,000
5,109,875
Zumbro
Education
District
,
COP
,
2021
A
,
4
%
,
2/01/32
...........................................
200,000
191,395
COP
,
2021
A
,
4
%
,
2/01/33
...........................................
150,000
142,841
COP
,
2021
A
,
4
%
,
2/01/34
...........................................
125,000
118,465
COP
,
2021
A
,
2.125
%
,
2/01/35
........................................
325,000
247,577
COP
,
2021
A
,
4
%
,
2/01/38
...........................................
390,000
356,809
COP
,
2021
A
,
4
%
,
2/01/41
...........................................
635,000
557,259
645,926,662
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
2,100,000
1,781,139
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
2,100,000
1,781,139
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,500,000
2,863,958
6,426,236
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.5%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
$
4,000,000
$
3,115,202
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,100,000
1,781,303
Wisconsin
0.2%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
2,100,000
1,697,028
Total
Municipal
Bonds
(Cost
$
710,722,240
)
.....................................
665,750,048
a
a
a
a
Short
Term
Investments
0.4%
Municipal
Bonds
0.4%
Minnesota
0.4%
c
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
3.9
%
,
11/15/48
.....
2,810,000
2,810,000
Total
Municipal
Bonds
(Cost
$
2,810,000
)
.......................................
2,810,000
Total
Short
Term
Investments
(Cost
$
2,810,000
)
.................................
2,810,000
a
Total
Investments
(Cost
$
713,532,240
)
98.4
%
...................................
$668,560,048
Other
Assets,
less
Liabilities
1.6
%
.............................................
10,575,421
Net
Assets
100.0%
...........................................................
$679,135,469
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$36,521,372,
representing
5.4%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Missouri
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.9%
California
0.1%
Santa
Barbara
Secondary
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
8/01/40
....
$
1,790,000
$
906,087
Florida
1.6%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
5,544,000
4,798,199
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
584,715
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
6,500,000
5,073,763
10,456,677
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
3,250,000
2,662,996
Missouri
90.3%
Affton
School
District
No.
101
,
GO
,
2017
A
,
Refunding
,
5
%
,
3/01/32
...................................
1,500,000
1,563,141
GO
,
2017
A
,
Refunding
,
5
%
,
3/01/33
...................................
1,595,000
1,663,232
GO
,
2017
A
,
Refunding
,
5
%
,
3/01/34
...................................
1,700,000
1,773,971
GO
,
2017
A
,
Refunding
,
5
%
,
3/01/35
...................................
1,810,000
1,888,531
GO
,
2017
A
,
5
%
,
3/01/36
............................................
300,000
312,668
GO
,
2017
A
,
Pre-Refunded
,
5
%
,
3/01/36
................................
1,620,000
1,684,319
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/41
..............................
3,010,000
2,862,870
Mercy
Health
,
Revenue
,
2021
,
3
%
,
3/01/46
..............................
3,000,000
2,213,441
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/46
..............................
8,730,000
8,052,157
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1998
,
5.3
%
,
5/15/28
..................
6,875,000
6,883,856
St.
Francis
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
..........
7,110,000
7,171,116
Cape
Girardeau
County
School
District
No.
R-2
,
GO
,
2018
,
5
%
,
3/01/38
..........
2,195,000
2,318,858
City
of
Bridgeton
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
2
%
,
12/01/32
......................
500,000
402,008
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
2.125
%
,
12/01/33
..................
1,170,000
936,162
City
of
Harrisonville
,
COP
,
2023
A
,
Refunding
,
4.375
%
,
3/01/43
...............................
1,000,000
972,833
COP
,
2023
A
,
Refunding
,
4.5
%
,
3/01/48
.................................
2,000,000
1,939,439
COP
,
2023
A
,
Refunding
,
4.625
%
,
3/01/53
...............................
2,000,000
1,945,745
City
of
Kansas
City
,
GO
,
2024
A
,
4
%
,
2/01/44
............................................
1,700,000
1,654,375
Sanitary
Sewer
System
,
Revenue
,
2018
A
,
4
%
,
1/01/35
.....................
1,500,000
1,527,113
Sanitary
Sewer
System
,
Revenue
,
2023
A
,
4
%
,
1/01/48
.....................
5,000,000
4,775,559
Sanitary
Sewer
System
,
Revenue
,
2024
A
,
4
%
,
1/01/49
.....................
3,500,000
3,318,925
Water
,
Revenue
,
2017
A
,
4
%
,
12/01/41
.................................
4,970,000
4,900,749
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/47
.................................
2,120,000
2,038,067
City
of
Kirkwood
,
COP
,
2024
A
,
4.25
%
,
4/01/50
.........................................
535,000
508,454
COP
,
2024
A
,
4.25
%
,
4/01/54
.........................................
1,700,000
1,596,132
City
of
Marshfield
,
Waterworks
&
Sewer
System
,
Revenue
,
2020
B
,
AGMC
Insured
,
5
%
,
2/01/47
......................................................
1,775,000
1,825,746
City
of
Republic
,
Revenue
,
2022
,
3
%
,
5/01/47
.........................................
5,000,000
3,746,615
Revenue
,
2023
,
4.5
%
,
5/01/41
........................................
1,000,000
994,740
Revenue
,
2023
,
4.5
%
,
5/01/44
........................................
1,000,000
984,642
City
of
Springfield
,
Revenue
,
2023
,
4.375
%
,
11/01/42
........................
500,000
507,547
City
of
St.
Charles
,
COP
,
2020
B
,
Refunding
,
3
%
,
2/01/39
.....................
1,500,000
1,253,349
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
142
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
City
of
St.
Louis
,
Airport
,
Revenue
,
2005
,
Refunding
,
NATL
Insured
,
5.5
%
,
7/01/29
..............
$
13,070,000
$
14,333,663
Airport
,
Revenue
,
2017
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/25
.............
5,000,000
5,070,500
Airport
,
Revenue
,
2017
D
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/35
.............
1,000,000
1,025,908
Airport
,
Revenue
,
2017
D
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/36
.............
2,125,000
2,177,564
Airport
,
Revenue
,
2019
C
,
Refunding
,
5
%
,
7/01/27
.........................
1,705,000
1,778,291
b
Airport
,
Revenue
,
2024
A
,
AGMC
Insured
,
5.25
%
,
7/01/54
...................
5,000,000
5,405,290
Clay
County
Reorganized
School
District
No.
R-1
,
GO
,
2017
,
3
%
,
3/01/36
.............................................
1,540,000
1,374,515
GO
,
2017
,
3.125
%
,
3/01/37
..........................................
1,855,000
1,644,913
Community
College
District
of
Central
Southwest
Missouri
,
COP
,
2021
,
3
%
,
3/01/40
.............................................
575,000
476,252
COP
,
2021
,
3
%
,
3/01/41
.............................................
400,000
327,167
County
of
Jackson
,
Revenue
,
2023
A
,
4.25
%
,
12/01/53
....................................
2,660,000
2,515,729
Revenue
,
2023
A
,
5.25
%
,
12/01/58
....................................
2,500,000
2,653,371
Ferguson
Reorganized
School
District
No.
R-2
,
GO
,
2018
,
4
%
,
5/01/32
.............................................
1,000,000
1,003,168
GO
,
2018
,
5
%
,
5/01/38
.............................................
2,250,000
2,318,517
Hannibal
Board
of
Public
Works
,
COP
,
2022
,
3.625
%
,
4/01/44
.........................................
1,000,000
838,670
COP
,
2022
,
3.75
%
,
4/01/47
..........................................
1,000,000
843,643
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/40
......
1,650,000
1,584,475
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/45
......
1,300,000
1,200,870
BJC
Healthcare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
7/01/51
.....
13,000,000
9,413,674
CoxHealth
Obligated
Group
,
Revenue
,
2013
A
,
5
%
,
11/15/44
.................
2,760,000
2,760,491
CoxHealth
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/33
........
3,200,000
3,212,200
CoxHealth
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/39
........
6,690,000
6,729,046
CoxHealth
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/15/44
.................
5,000,000
4,770,653
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/42
......................
2,800,000
2,857,195
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/47
......................
4,875,000
4,933,682
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/40
........................................................
2,060,000
1,483,174
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/41
........................................................
2,120,000
1,505,168
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/46
........................................................
5,590,000
3,644,573
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/46
.......
4,000,000
3,861,197
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
2/01/46
........................................................
11,575,000
11,173,339
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/34
.......
2,000,000
2,017,162
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/42
.......
1,750,000
1,731,673
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
C
,
Refunding
,
4
%
,
2/01/33
........................................................
1,730,000
1,664,828
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
C
,
Refunding
,
4
%
,
2/01/48
........................................................
485,000
400,515
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/30
........
2,035,000
1,983,554
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/42
........
9,900,000
8,704,719
Maryville
University
of
St.
Louis
,
Revenue
,
2015
,
5
%
,
6/15/44
.................
5,000,000
5,001,305
Maryville
University
of
St.
Louis
,
Revenue
,
2019
A
,
5
%
,
6/15/45
...............
4,000,000
3,994,358
Maryville
University
of
St.
Louis
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/15/34
......
4,345,000
4,178,138
Maryville
University
of
St.
Louis
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/15/38
......
4,885,000
4,522,042
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.125
%
,
6/15/38
...
2,300,000
1,924,424
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.375
%
,
6/15/45
...
1,000,000
777,851
Mercy
Health
,
Revenue
,
2012
,
4
%
,
11/15/42
.............................
8,000,000
7,448,915
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
143
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
Mercy
Health
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
2/01/45
....................
$
6,870,000
$
6,900,473
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
11/15/42
...................
9,720,000
9,876,193
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
11/15/47
...................
10,000,000
9,368,275
Mercy
Health
,
Revenue
,
2020
,
4
%
,
6/01/53
..............................
2,000,000
1,862,193
Mercy
Health
,
Revenue
,
2023
,
5
%
,
12/01/52
.............................
18,000,000
18,887,886
Mosaic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/15/54
4,000,000
3,682,571
SSM
Health
Care
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
6/01/48
............
13,500,000
13,636,770
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/42
.......................
9,200,000
9,441,265
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/47
.......................
11,490,000
11,716,740
St.
Luke's
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/34
4,030,000
4,111,967
St.
Luke's
Health
System
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/43
.......................................................
2,000,000
2,049,268
Howard
Bend
Levee
District
,
Special
Tax
,
2021
,
2.75
%
,
3/01/31
.....................................
400,000
340,123
Special
Tax
,
2021
,
3
%
,
3/01/36
.......................................
500,000
398,615
Special
Tax
,
2021
,
3.125
%
,
3/01/41
....................................
1,000,000
747,037
Special
Tax
,
2022
,
3.375
%
,
3/01/32
....................................
75,000
65,837
Special
Tax
,
2022
,
3.5
%
,
3/01/37
......................................
175,000
144,470
Special
Tax
,
2022
,
3.625
%
,
3/01/42
....................................
200,000
157,575
Jefferson
City
School
District
,
GO
,
2018
,
5
%
,
3/01/38
........................
2,070,000
2,143,252
Jefferson
County
School
District
No.
R-VI
,
Festus
,
COP
,
2021
B
,
3
%
,
4/01/42
.....................................
500,000
391,237
Festus
,
COP
,
2021
B
,
3
%
,
4/01/44
.....................................
1,500,000
1,141,367
Festus
,
COP
,
2021
B
,
2.375
%
,
4/01/46
..................................
2,000,000
1,314,829
Kansas
City
Industrial
Development
Authority
,
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/29
..............................
5,000,000
5,006,529
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/30
..............................
12,000,000
12,016,242
Revenue
,
2011
A
,
Refunding
,
5
%
,
9/01/32
...............................
3,000,000
3,003,201
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/46
...................
30,680,000
31,359,381
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AGMC
Insured
,
5
%
,
3/01/49
.......
8,000,000
8,159,846
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/54
...................
5,090,000
5,160,240
City
of
Kansas
City
Airport
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
3/01/57
.......
5,000,000
4,432,449
City
of
Kansas
City
Airport
,
Revenue
,
2020
A
,
AGMC
Insured
,
5
%
,
3/01/57
.......
100,000
101,888
Lebanon
Reorganized
School
District
No.
R-3
,
GO
,
2024
,
4
%
,
3/01/44
...........
4,000,000
3,880,522
Liberty
Public
School
District
No.
53
,
GO
,
2018
,
4
%
,
3/01/37
...................
4,500,000
4,508,889
Metropolitan
St.
Louis
Sewer
District
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
5/01/46
...............................
24,700,000
25,313,622
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/01/47
...............................
15,000,000
15,341,105
Missouri
Development
Finance
Board
,
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/30
...............
930,000
941,471
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/36
...............
1,140,000
1,067,645
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/37
...............
500,000
460,197
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/41
...............
515,000
448,583
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
3
%
,
3/01/46
...............
2,640,000
1,795,748
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/51
...............
9,445,000
7,609,823
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1999
,
5.2
%
,
3/15/29
..................
3,000,000
3,185,379
Zoological
Subdistrict
of
the
Metropolitan
Zoo
Park
&
Museum
District
of
St.
Louis
,
Revenue
,
2022
,
5.25
%
,
5/01/55
.....................................
2,500,000
2,621,747
Missouri
Housing
Development
Commission
,
Revenue
,
2018
B
,
GNMA
Insured
,
4
%
,
11/01/38
...........................
785,000
750,471
Revenue
,
2019
C
,
GNMA
Insured
,
3
%
,
11/01/44
...........................
3,030,000
2,322,782
Revenue
,
2020
C
,
GNMA
Insured
,
2.4
%
,
11/01/45
.........................
2,010,000
1,345,947
Revenue
,
2020
D
,
GNMA
Insured
,
2.55
%
,
11/01/50
........................
2,715,000
1,782,782
Revenue
,
2021
B
,
GNMA
Insured
,
2.2
%
,
11/01/46
.........................
1,160,000
726,991
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Missouri
Housing
Development
Commission,
(continued)
Revenue
,
2021
B
,
GNMA
Insured
,
2.3
%
,
11/01/51
.........................
$
7,220,000
$
4,456,160
Revenue
,
2022
A
,
GNMA
Insured
,
3.125
%
,
11/01/42
.......................
3,425,000
2,767,617
Revenue
,
2022
C
,
GNMA
Insured
,
4.3
%
,
11/01/47
.........................
1,980,000
1,887,360
Revenue
,
2022
C
,
GNMA
Insured
,
4.35
%
,
11/01/52
........................
2,470,000
2,272,181
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Iatan
2
Project
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
12/01/35
..................
7,335,000
7,381,079
MoPEP
1
Pool
Fund
,
Revenue
,
2018
,
5
%
,
12/01/43
........................
2,000,000
2,030,432
Prairie
State
Project
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/01/40
..............
27,950,000
28,173,908
Monarch-Chesterfield
Levee
District
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
3/01/40
....
2,395,000
2,396,283
Move
Rolla
Transportation
Development
District
,
Revenue
,
2017
,
4.75
%
,
6/01/47
...
5,050,000
4,935,802
Normandy
Schools
Collaborative
,
GO
,
2021
B
,
2
%
,
3/01/40
............................................
2,050,000
1,396,654
GO
,
2021
B
,
2
%
,
3/01/41
............................................
1,700,000
1,133,591
Poplar
Bluff
Regional
Transportation
Development
District
,
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
3.375
%
,
12/01/31
..................
2,000,000
1,856,456
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
12/01/37
......................
2,600,000
2,464,955
Republic
School
District
No.
R-3
,
GO
,
2023
,
4
%
,
3/01/43
......................
1,470,000
1,441,908
Riverside-Quindaro
Bend
Levee
District
of
Platte
County
,
Special
Assessment
,
2017
,
Refunding
,
5
%
,
3/01/29
.............................................
2,585,000
2,605,149
Springfield
School
District
No.
R-12
,
GO
,
2023
,
4
%
,
3/01/43
...................
2,000,000
1,990,165
St.
Charles
County
Public
Water
Supply
District
No.
2
,
COP
,
2022
,
4
%
,
12/01/44
....
5,000,000
4,832,534
St.
Charles
County
School
District
No.
R-IV
Wentzville
,
GO
,
2018
,
Refunding
,
4
%
,
3/01/38
.........................................................
15,400,000
15,430,403
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2013
A
,
5.875
%
,
9/01/43
..
7,000,000
7,004,462
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/48
........................................................
7,095,000
6,676,740
St.
Louis
Land
Clearance
for
Redevelopment
Authority
,
Revenue
,
2021
,
2.125
%
,
7/15/39
......................................
3,680,000
2,468,840
Revenue
,
2021
,
2.25
%
,
7/15/41
.......................................
3,845,000
2,548,982
Revenue
,
2021
A
,
Refunding
,
2.125
%
,
4/01/39
............................
6,075,000
4,555,545
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/36
...........................
2,025,000
2,070,365
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/41
...........................
2,000,000
1,984,420
City
of
St.
Louis
,
Revenue
,
2022
C
,
5.125
%
,
6/01/46
.......................
2,600,000
2,576,248
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/45
...............
5,685,000
5,866,325
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/49
...............
2,175,000
2,226,112
St.
Louis
Municipal
Library
District
,
COP
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
3/15/48
2,800,000
2,634,107
St.
Louis
School
District
,
GO
,
2023
,
AGMC
Insured
,
4
%
,
4/01/43
................
7,000,000
6,906,786
Strafford
Reorganized
School
District
No.
R-VI
,
GO
,
2023
,
4
%
,
3/01/43
...........
4,000,000
3,881,668
Washington
Industrial
Development
Authority
,
Revenue
,
2021
,
Refunding
,
2.5
%
,
11/01/29
........................................................
100,000
90,701
604,148,103
Oregon
0.2%
a
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
1,400,000
1,420,860
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,900,000
1,611,507
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,900,000
1,611,507
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority,
(continued)
a
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
$
3,200,000
$
2,278,038
5,501,052
Texas
0.8%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,958,833
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
2.5
%
,
9/01/41
........................................................
525,000
356,494
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/44
700,000
503,509
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,200,000
2,492,162
5,310,998
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,900,000
1,611,655
Wisconsin
1.1%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,535,406
AL-FL
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
A
,
3.4
%
,
12/01/36
.......
3,250,000
2,709,407
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,509,282
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,523,433
7,277,528
U.S.
Territories
3.4%
Guam
0.9%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
5,790,000
5,896,001
Puerto
Rico
2.5%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/33
....................................
192,434
190,938
Revenue
,
2007
CC
,
5.25
%
,
7/01/36
....................................
1,193,087
1,197,989
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
4,275,909
4,184,097
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
410,750
412,437
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,750,000
1,725,722
c
Revenue
,
WW
,
5.5
%
,
7/01/38
.........................................
4,690,000
1,242,850
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,404,000
1,395,184
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
6,000,000
6,001,946
16,351,163
Total
U.S.
Territories
....................................................................
22,247,164
Total
Municipal
Bonds
(Cost
$
700,879,501
)
.....................................
661,543,120
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
See
Abbreviations
on
page
198
.
a
a
Shares
a
Value
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
†
d
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
238,252
$
190,602
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
190,602
Total
Long
Term
Investments
(Cost
$
700,879,501
)
...............................
661,733,722
a
a
a
a
a
Short
Term
Investments
0.5%
Principal
Amount
Municipal
Bonds
0.5%
Missouri
0.5%
f
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
St.
Louis
University
,
Revenue
,
2008
B-1
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
3.95
%
,
10/01/35
.............................................
$
1,270,000
1,270,000
Washington
University
(The)
,
Revenue
,
2000
B
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.95
%
,
3/01/40
.................................
500,000
500,000
Washington
University
(The)
,
Revenue
,
2003
B
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
2/15/33
...............................................
1,700,000
1,700,000
3,470,000
Total
Municipal
Bonds
(Cost
$
3,470,000
)
.......................................
3,470,000
Total
Short
Term
Investments
(Cost
$
3,470,000
)
.................................
3,470,000
a
Total
Investments
(Cost
$
704,349,501
)
99.4
%
...................................
$665,203,722
Other
Assets,
less
Liabilities
0.6
%
.............................................
3,612,430
Net
Assets
100.0%
...........................................................
$668,816,152
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$25,013,224,
representing
3.7%
of
net
assets.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Non-income
producing.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
New
Jersey
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,600,000
$
1,551,900
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,551,900
Municipal
Bonds
97.3%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,167,268
Delaware
2.1%
Delaware
River
&
Bay
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/44
.................................
12,500,000
12,294,265
Revenue
,
2021
,
4
%
,
1/01/46
.........................................
1,750,000
1,702,824
Revenue
,
2024
A
,
5
%
,
1/01/49
........................................
1,000,000
1,065,889
15,062,978
Florida
1.6%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,536,000
3,925,799
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
584,715
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
5,450,000
4,254,155
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
3,650,000
3,217,475
11,982,144
Georgia
0.3%
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
2,650,000
2,171,366
New
Jersey
79.6%
Atlantic
County
Improvement
Authority
(The)
,
Stockton
University
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
7/01/47
..........................................
1,000,000
926,409
Camden
County
Improvement
Authority
(The)
,
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/32
.....................
250,000
256,810
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/52
.....................
3,000,000
2,896,268
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/47
..........
1,700,000
1,816,629
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/52
..........
2,100,000
2,231,886
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
5
%
,
11/15/42
.........
1,000,000
1,072,133
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
5.375
%
,
11/15/52
.....
1,500,000
1,630,265
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
6
%
,
11/15/62
.........
1,000,000
1,120,060
County
of
Middlesex
,
COP
,
1998
,
NATL
Insured
,
Zero
Cpn.,
6/15/24
.............
1,000,000
998,605
Cumberland
County
Improvement
Authority
(The)
,
County
of
Cumberland
,
Revenue
,
2014
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
9/01/39
2,000,000
2,005,860
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/36
............
955,000
999,035
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/37
............
1,000,000
1,042,269
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/38
............
1,020,000
1,058,050
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/39
............
1,070,000
1,107,367
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/44
............
5,725,000
5,876,399
Essex
County
Improvement
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/38
........................................................
1,645,000
1,561,667
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/51
........................................................
2,700,000
2,338,807
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
148
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Essex
County
Improvement
Authority,
(continued)
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/56
........................................................
$
4,925,000
$
4,176,639
Gloucester
County
Improvement
Authority
(The)
,
Rowan
University
,
Revenue
,
2015
C
,
AGMC
Insured
,
4
%
,
7/01/42
.............
2,500,000
2,430,413
Rowan
University
,
Revenue
,
2015
C
,
5
%
,
7/01/44
.........................
3,500,000
3,520,919
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/37
...........................
750,000
764,094
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/38
...........................
700,000
709,461
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/39
...........................
600,000
605,981
Rowan
University
,
Revenue
,
2019
,
5
%
,
7/01/44
...........................
4,925,000
5,156,978
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/48
...........................
5,250,000
5,114,338
Rowan
University
,
Revenue
,
2024
,
BAM
Insured
,
5
%
,
7/01/54
................
5,000,000
5,250,337
Hudson
County
Improvement
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/40
.................................
1,000,000
991,114
County
of
Hudson
,
Revenue
,
2016
,
5.25
%
,
5/01/51
........................
6,000,000
6,102,661
Jersey
City
Municipal
Utilities
Authority
,
Water
Fund
,
Revenue
,
2024
C
,
AGMC
Insured
,
5.25
%
,
10/15/54
...................................................
1,500,000
1,635,064
Monmouth
County
Improvement
Authority
(The)
,
Revenue
,
2019
A
,
4
%
,
8/01/35
........................................
525,000
542,270
Revenue
,
2019
A
,
4
%
,
8/01/36
........................................
500,000
514,929
Revenue
,
2019
A
,
4
%
,
8/01/37
........................................
275,000
281,952
Revenue
,
2019
A
,
4
%
,
8/01/38
........................................
225,000
229,722
Revenue
,
2019
A
,
4
%
,
8/01/39
........................................
400,000
407,092
New
Brunswick
Parking
Authority
,
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/39
.........................................................
5,000,000
5,088,855
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/39
.....................................
2,500,000
2,470,778
Revenue
,
2021
QQQ
,
4
%
,
6/15/46
.....................................
1,250,000
1,192,592
Revenue
,
2021
QQQ
,
4
%
,
6/15/50
.....................................
1,250,000
1,158,462
Middlesex
Water
Co.
,
Revenue
,
2019
,
4
%
,
8/01/59
........................
6,200,000
5,483,754
Middlesex
Water
Co.
,
Revenue
,
2019
,
5
%
,
8/01/59
........................
7,245,000
7,376,157
New
Jersey
Transit
Corp.
,
Revenue
,
2022
A
,
5
%
,
11/01/52
...................
5,000,000
5,208,236
Port
Newark
Container
Terminal
LLC
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/47
...
13,625,000
13,723,603
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/32
..........
640,000
644,895
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/37
..........
600,000
599,976
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
1,500,000
1,442,350
Provident
Group-Montclair
Properties
LLC
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/42
..............................................
6,000,000
6,107,395
Provident
Group-Rowan
Properties
LLC
,
Revenue
,
A
,
5
%
,
1/01/48
.............
7,000,000
6,575,550
State
of
New
Jersey
Department
of
the
Treasury
,
Revenue
,
2005
N-1
,
Refunding
,
NATL
Insured
,
5.5
%
,
9/01/27
........................................
8,660,000
9,183,418
State
of
New
Jersey
Department
of
the
Treasury
,
Revenue
,
2015
WW
,
Pre-Refunded
,
5
%
,
6/15/37
....................................................
4,760,000
4,833,860
New
Jersey
Educational
Facilities
Authority
,
Revenue
,
2023
A
,
4.625
%
,
9/01/48
....................................
2,000,000
2,039,475
Revenue
,
2023
A
,
5.25
%
,
9/01/53
.....................................
2,000,000
2,153,271
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/34
......
2,205,000
2,244,564
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/35
......
5,000,000
5,088,383
Kean
University
,
Revenue
,
2017
D
,
Refunding
,
BAM
Insured
,
4
%
,
9/01/38
.......
1,150,000
1,136,474
Montclair
State
University,
Inc.
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/39
.......
5,000,000
5,004,225
Montclair
State
University,
Inc.
,
Revenue
,
2015
D
,
Refunding
,
5
%
,
7/01/35
.......
2,245,000
2,272,324
Montclair
State
University,
Inc.
,
Revenue
,
2015
D
,
Refunding
,
5
%
,
7/01/36
.......
1,210,000
1,223,945
Montclair
State
University,
Inc.
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/34
.......
1,325,000
1,355,948
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
........................................................
1,000,000
1,112,901
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
149
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Educational
Facilities
Authority,
(continued)
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/44
........................................................
$
1,000,000
$
1,089,518
Ramapo
College
of
New
Jersey
,
Revenue
,
2017
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/35
........................................................
3,955,000
4,130,558
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/34
..............
400,000
403,790
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/37
..............
1,300,000
1,310,675
Seton
Hall
University
,
Revenue
,
2017
D
,
Refunding
,
5
%
,
7/01/42
..............
3,945,000
3,992,387
Seton
Hall
University
,
Revenue
,
2020
C
,
AGMC
Insured
,
3.25
%
,
7/01/49
........
1,150,000
908,384
Seton
Hall
University
,
Revenue
,
2020
C
,
AGMC
Insured
,
4
%
,
7/01/50
...........
1,850,000
1,777,058
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
1998-1
,
ETM,
5
%
,
7/01/28
........................................................
405,000
416,068
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/36
........................................................
1,600,000
1,642,836
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
9,310,000
9,413,841
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
........................................................
4,085,000
4,108,513
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
5
%
,
7/01/45
.
4,000,000
4,047,729
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
4
%
,
7/01/50
.
11,640,000
10,091,185
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
4
%
,
3/01/53
..........
5,000,000
4,801,841
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
5.25
%
,
3/01/54
........
8,500,000
9,349,470
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.
,
Revenue
,
2008
A
,
5
%
,
7/01/27
........................
180,000
180,055
AHS
Hospital
Corp.
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/41
.................
10,000,000
9,744,291
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
4
%
,
7/01/37
.......
750,000
755,443
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
3
%
,
7/01/46
.......
1,000,000
754,580
Hackensack
Meridian
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/39
........................................................
11,000,000
11,321,335
Hunterdon
Medical
Center
Obligated
Group
,
Revenue
,
2014
A
,
Pre-Refunded
,
5
%
,
7/01/45
........................................................
2,650,000
2,651,924
Inspira
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
......
18,500,000
18,685,377
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............
7,000,000
7,109,232
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
4
%
,
7/01/47
...............
8,700,000
8,023,770
New
Jersey
Department
of
Human
Services
,
Revenue
,
2024
,
Refunding
,
5
%
,
9/15/27
........................................................
2,000,000
2,081,489
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2013
A
,
Refunding
,
5.5
%
,
7/01/43
4,000,000
4,011,970
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/43
3,650,000
3,657,442
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/44
15,530,000
15,561,666
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/43
10,000,000
10,120,807
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
7/01/54
........................................................
5,115,000
5,543,422
St.
Joseph's
Healthcare
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/41
........................................................
5,850,000
5,797,474
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/35
...........
1,000,000
1,009,275
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/37
...........
3,950,000
3,960,624
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/38
...........
2,200,000
2,192,132
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/44
...........
12,000,000
11,466,768
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2019
B
,
Refunding
,
3.25
%
,
12/01/39
............................
5,195,000
4,766,159
Revenue
,
2020
C
,
Refunding
,
4.25
%
,
12/01/50
...........................
1,750,000
1,535,133
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/29
..............................
2,830,000
2,922,145
Revenue
,
2023
C
,
5
%
,
12/01/53
.......................................
3,125,000
2,993,058
Revenue
,
2024
C
,
5.25
%
,
12/01/54
....................................
2,000,000
1,978,792
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
4,590,000
4,191,184
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Housing
&
Mortgage
Finance
Agency
,
Revenue
,
2018
A
,
Refunding
,
3.95
%
,
11/01/43
............................
$
1,100,000
$
1,001,068
Revenue
,
2019
A
,
Refunding
,
3
%
,
11/01/44
..............................
510,000
382,731
Revenue
,
2019
C
,
Refunding
,
3.95
%
,
10/01/44
...........................
3,955,000
3,590,376
Revenue
,
2020
E
,
Refunding
,
2.05
%
,
10/01/35
............................
4,005,000
3,145,640
Revenue
,
2020
E
,
Refunding
,
2.25
%
,
10/01/40
............................
8,020,000
5,802,674
Revenue
,
2020
E
,
Refunding
,
2.4
%
,
10/01/45
.............................
3,205,000
2,147,970
Revenue
,
2020
E
,
Refunding
,
2.45
%
,
10/01/50
............................
2,400,000
1,553,566
c
New
Jersey
Infrastructure
Bank
,
Revenue
,
2024
A-W1
,
5
%
,
9/01/49
.............
2,000,000
2,176,170
New
Jersey
Institute
of
Technology
,
Revenue
,
2015
A
,
5
%
,
7/01/45
..............
6,000,000
6,019,797
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2006
C
,
AGMC
Insured
,
Zero
Cpn.,
12/15/33
.....................
10,000,000
6,863,056
Revenue
,
2009
A
,
Zero
Cpn.,
12/15/32
..................................
10,000,000
7,111,029
Revenue
,
2009
A
,
Zero
Cpn.,
12/15/36
..................................
500,000
296,310
Revenue
,
2009
A
,
BAM
Insured
,
Zero
Cpn.,
12/15/39
.......................
10,000,000
5,121,957
Revenue
,
2010
A
,
Zero
Cpn.,
12/15/29
..................................
5,000,000
4,025,479
Revenue
,
2010
A
,
Zero
Cpn.,
12/15/40
..................................
4,750,000
2,252,140
Revenue
,
2019
BB
,
4
%
,
6/15/44
.......................................
6,000,000
5,734,938
Revenue
,
2020
AA
,
5
%
,
6/15/45
.......................................
1,500,000
1,574,596
Revenue
,
2020
AA
,
4
%
,
6/15/50
.......................................
3,670,000
3,401,244
Revenue
,
2022
A
,
4
%
,
6/15/41
........................................
2,000,000
1,942,455
Revenue
,
2022
BB
,
4
%
,
6/15/42
.......................................
2,400,000
2,320,120
Revenue
,
2022
BB
,
4
%
,
6/15/46
.......................................
7,325,000
6,968,582
Revenue
,
2022
CC
,
5.5
%
,
6/15/50
.....................................
1,250,000
1,357,183
Revenue
,
2023
BB
,
5.25
%
,
6/15/50
....................................
2,000,000
2,144,050
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
6/15/38
...............
4,000,000
4,383,368
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
6/15/41
............
2,500,000
2,747,108
New
Jersey
Turnpike
Authority
,
Revenue
,
2017
A
,
5
%
,
1/01/34
........................................
10,005,000
10,310,812
Revenue
,
2017
B
,
Refunding
,
5
%
,
1/01/40
...............................
15,245,000
15,690,886
Revenue
,
2017
G
,
Refunding
,
4
%
,
1/01/43
...............................
5,000,000
4,870,358
Revenue
,
2019
A
,
5
%
,
1/01/48
........................................
15,500,000
16,049,794
Revenue
,
2021
A
,
4
%
,
1/01/51
........................................
3,000,000
2,853,438
Revenue
,
2022
B
,
4.5
%
,
1/01/48
......................................
5,000,000
5,044,229
Revenue
,
2024
B
,
4.125
%
,
1/01/54
....................................
1,500,000
1,444,613
Revenue
,
2024
B
,
5.25
%
,
1/01/54
.....................................
2,000,000
2,176,968
Newark
Board
of
Education
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/39
..........................
700,000
568,286
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/40
..........................
750,000
594,488
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/41
..........................
750,000
585,808
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/42
..........................
700,000
541,622
Newark
Housing
Authority
,
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
2017
,
Refunding
,
4
%
,
1/01/37
.............................................
20,745,000
20,784,171
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
4.25
%
,
7/01/33
........
210,000
209,892
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.25
%
,
7/01/43
........
670,000
686,637
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.375
%
,
7/01/53
.......
1,000,000
1,015,287
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
.........
1,000,000
1,019,863
Salem
County
Pollution
Control
Financing
Authority
,
Constellation
Energy
Generation
LLC
,
Revenue
,
1993
A
,
Refunding
,
4.45
%
,
3/01/25
.........................
1,825,000
1,825,816
South
Jersey
Transportation
Authority
,
Revenue
,
2020
A
,
5
%
,
11/01/45
.......................................
5,750,000
5,917,776
Revenue
,
2022
A
,
4.625
%
,
11/01/47
....................................
5,000,000
5,030,908
Revenue
,
2022
A
,
5.25
%
,
11/01/52
.....................................
5,540,000
5,817,808
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
State
of
New
Jersey
,
GO
,
2020
A
,
4
%
,
6/01/31
............................................
$
4,500,000
$
4,669,065
GO
,
2020
A
,
3
%
,
6/01/32
............................................
3,400,000
3,177,489
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
..
17,000,000
17,511,462
Union
County
Improvement
Authority
,
Revenue
,
2024
,
4.125
%
,
4/15/54
...........
5,500,000
5,331,041
580,385,398
New
York
2.1%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
240
,
Refunding
,
5
%
,
7/15/53
.................................
2,500,000
2,670,766
Revenue
,
242
,
Refunding
,
5
%
,
12/01/53
.................................
6,250,000
6,433,724
Revenue
,
244
,
Refunding
,
5
%
,
7/15/30
.................................
700,000
770,197
Revenue
,
244
,
Refunding
,
5
%
,
7/15/54
.................................
5,000,000
5,369,091
15,243,778
Oregon
0.3%
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
2,000,000
2,029,800
Pennsylvania
7.3%
Delaware
River
Joint
Toll
Bridge
Commission
,
Revenue
,
2017
,
5
%
,
7/01/42
.........................................
19,500,000
20,207,148
Revenue
,
2019
A
,
5
%
,
7/01/37
........................................
150,000
160,672
Revenue
,
2019
A
,
5
%
,
7/01/38
........................................
150,000
160,147
Revenue
,
2019
A
,
5
%
,
7/01/39
........................................
150,000
158,810
Revenue
,
2019
A
,
5
%
,
7/01/44
........................................
760,000
788,715
Delaware
River
Port
Authority
,
Revenue
,
2013
,
5
%
,
1/01/37
.........................................
10,000,000
10,022,878
Revenue
,
2018
A
,
5
%
,
1/01/37
........................................
3,285,000
3,499,181
Revenue
,
2018
A
,
5
%
,
1/01/38
........................................
5,050,000
5,378,210
Revenue
,
2018
A
,
5
%
,
1/01/39
........................................
2,300,000
2,444,635
Revenue
,
2018
A
,
5
%
,
1/01/40
........................................
9,565,000
10,121,192
52,941,588
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,500,000
1,272,242
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,500,000
1,272,242
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
818,274
3,362,758
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,958,833
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,700,000
2,102,762
4,061,595
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,500,000
1,272,359
Wisconsin
0.4%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,500,000
1,212,163
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
152
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
b
Public
Finance
Authority,
(continued)
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
$
2,000,000
$
2,031,244
3,243,407
U.S.
Territories
2.2%
Guam
0.1%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
850,000
865,561
Puerto
Rico
2.1%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
2,218,051
2,170,425
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
246,450
247,463
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,200,000
1,183,352
d
Revenue
,
WW
,
5.5
%
,
7/01/38
.........................................
3,950,000
1,046,750
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
10,850,000
10,853,519
15,501,509
Total
U.S.
Territories
....................................................................
16,367,070
Total
Municipal
Bonds
(Cost
$
736,456,734
)
.....................................
709,291,509
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
200,660
160,528
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
160,528
Total
Long
Term
Investments
(Cost
$
738,056,734
)
...............................
711,003,937
a
a
a
a
a
Short
Term
Investments
1.3%
Principal
Amount
Municipal
Bonds
1.3%
New
Jersey
1.3%
f
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
B
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.35
%
,
7/01/43
.................................
4,100,000
4,100,000
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.6
%
,
7/01/43
..................................
5,500,000
5,500,000
9,600,000
Total
Municipal
Bonds
(Cost
$
9,600,000
)
.......................................
9,600,000
Total
Short
Term
Investments
(Cost
$
9,600,000
)
.................................
9,600,000
a
Total
Investments
(Cost
$
747,656,734
)
98.8
%
...................................
$720,603,937
Other
Assets,
less
Liabilities
1.2
%
.............................................
8,467,662
Net
Assets
100.0%
...........................................................
$729,071,599
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
153
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$24,119,633,
representing
3.3%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Non-income
producing.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
North
Carolina
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
154
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,600,000
$
1,551,900
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,551,900
Municipal
Bonds
98.6%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,300,000
2,065,167
Florida
2.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,680,000
4,050,427
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,500,000
1,031,851
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
5,600,000
4,371,242
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
3,750,000
3,305,625
12,759,145
Illinois
0.7%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
..
500,000
510,153
State
of
Illinois
,
GO
,
2016
,
5
%
,
11/01/34
.............................................
1,100,000
1,121,530
GO
,
2021
A
,
5
%
,
3/01/33
............................................
2,000,000
2,154,736
3,786,419
Kentucky
0.7%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
5,600,000
4,181,701
New
Jersey
1.2%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/41
...
1,000,000
971,227
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2019
BB
,
5
%
,
6/15/44
.......................................
2,900,000
2,982,519
Revenue
,
2020
AA
,
3
%
,
6/15/50
.......................................
500,000
362,912
Revenue
,
2020
AA
,
5
%
,
6/15/50
.......................................
1,290,000
1,345,478
Revenue
,
2022
BB
,
4
%
,
6/15/46
.......................................
1,000,000
951,342
6,613,478
New
York
1.6%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
..............................
1,595,000
1,512,893
Revenue
,
2021
A-1
,
4
%
,
11/15/48
.....................................
5,325,000
4,882,578
Revenue
,
2021
A-2
,
4
%
,
11/15/41
.....................................
3,000,000
2,916,832
9,312,303
North
Carolina
85.8%
Cape
Fear
Public
Utility
Authority
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
8/01/44
.......
3,070,000
2,973,970
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/40
.......
14,000,000
14,139,422
Atrium
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/15/36
.......
5,000,000
5,282,698
Atrium
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
1/15/43
.......
2,000,000
1,943,497
City
of
Charlotte
,
COP
,
2019
A
,
Refunding
,
5
%
,
6/01/44
..................................
8,250,000
8,672,805
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/42
...................................
2,925,000
3,226,323
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
155
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
City
of
Charlotte,
(continued)
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/43
...................................
$
2,300,000
$
2,526,673
Airport
,
Revenue
,
2019
B
,
4
%
,
7/01/44
..................................
5,515,000
5,151,553
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/39
.........................
6,000,000
5,990,482
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/40
.........................
9,030,000
8,918,954
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
.........................
2,410,000
2,377,955
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/48
..................................
4,500,000
4,822,350
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/53
..................................
6,155,000
6,535,641
Water
&
Sewer
System
,
Revenue
,
2018
,
Refunding
,
4
%
,
7/01/38
..............
4,150,000
4,188,302
Water
&
Sewer
System
,
Revenue
,
2020
,
Refunding
,
2
%
,
7/01/41
..............
500,000
334,935
c
City
of
Durham
,
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/49
..................
3,960,000
3,822,208
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/53
..................
3,400,000
3,256,279
City
of
Fayetteville
,
Public
Works
Commission
,
Revenue
,
2018
,
Refunding
,
4
%
,
3/01/41
4,015,000
3,962,242
City
of
Greensboro
,
Combined
Water
&
Sewer
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
....
4,500,000
4,393,188
c
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/49
.............
1,500,000
1,620,075
c
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/54
.............
3,500,000
3,743,110
City
of
Raleigh
,
GO
,
2023
A
,
Refunding
,
5
%
,
4/01/41
...................................
1,775,000
1,960,162
Combined
Enterprise
System
,
Revenue
,
2016
A
,
4
%
,
3/01/46
.................
3,000,000
2,929,433
Combined
Enterprise
System
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
3/01/34
........
1,000,000
1,010,100
Combined
Enterprise
System
,
Revenue
,
2023
,
Refunding
,
4
%
,
9/01/53
.........
9,305,000
8,896,005
City
of
Salisbury
,
Combined
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
2/01/45
.........................................................
1,000,000
1,048,054
City
of
Winston-Salem
,
Water
&
Sewer
System
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/34
............
1,350,000
1,358,771
Water
&
Sewer
System
,
Revenue
,
2017
,
4
%
,
6/01/47
.......................
10,000,000
9,699,375
County
of
Brunswick
,
GO
,
2022
,
4
%
,
8/01/39
..............................
1,550,000
1,590,808
County
of
Catawba
,
Revenue
,
2023
,
4
%
,
4/01/43
...........................
400,000
389,597
County
of
Dare
,
Revenue
,
2021
A
,
3
%
,
6/01/38
........................................
375,000
326,987
Revenue
,
2021
A
,
3
%
,
6/01/39
........................................
585,000
502,087
Revenue
,
2021
A
,
3
%
,
6/01/40
........................................
250,000
210,648
Revenue
,
2021
A
,
3
%
,
6/01/41
........................................
450,000
373,622
County
of
Durham
,
GO
,
2019
,
4
%
,
6/01/36
.............................................
500,000
511,399
GO
,
2019
,
4
%
,
6/01/37
.............................................
450,000
457,701
GO
,
2019
,
4
%
,
6/01/39
.............................................
700,000
705,872
County
of
Forsyth
,
GO
,
2023
A
,
4
%
,
6/01/42
...............................
1,000,000
1,003,313
County
of
Guilford
,
GO
,
2017
B
,
4
%
,
5/01/33
............................................
5,000,000
5,060,732
GO
,
2024
,
4
%
,
3/01/43
.............................................
5,000,000
4,960,064
County
of
Johnston
,
Water
&
Sewer
System
,
Revenue
,
2023
,
4
%
,
4/01/53
.........
1,150,000
1,101,668
County
of
Lincoln
,
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/38
..................
400,000
347,861
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/41
..................
480,000
395,020
County
of
Mecklenburg
,
GO
,
2017
A
,
4
%
,
4/01/30
...........................
5,000,000
5,057,375
County
of
New
Hanover
,
Revenue
,
2021
,
Refunding
,
5
%
,
8/01/30
.................................
3,375,000
3,711,788
New
Hanover
Regional
Medical
Center
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/42
.......................................................
5,000,000
5,228,284
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
156
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
County
of
New
Hanover,
(continued)
New
Hanover
Regional
Medical
Center
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/47
.......................................................
$
13,565,000
$
14,184,333
County
of
Union
,
Enterprise
System
,
Revenue
,
2021
,
4
%
,
6/01/32
...............
1,050,000
1,092,597
County
of
Wake
,
GO
,
2019
A
,
5
%
,
3/01/32
............................................
7,870,000
8,512,370
Revenue
,
2021
,
3
%
,
3/01/35
.........................................
5,535,000
5,034,591
Revenue
,
2021
,
3
%
,
3/01/36
.........................................
6,000,000
5,404,579
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2023
,
AGMC
Insured
,
5.25
%
,
7/01/53
.........................................................
2,500,000
2,618,614
North
Carolina
Agricultural
&
Technical
State
University
,
Revenue
,
2023
,
5
%
,
10/01/43
1,000,000
1,071,457
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/25
..........
1,700,000
1,715,470
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/27
..........
400,000
408,297
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/28
..........
500,000
513,613
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/29
..........
550,000
568,590
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/30
..........
1,860,000
1,931,379
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/31
..........
1,855,000
1,931,871
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/32
..........
1,000,000
1,039,385
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/33
..........
1,670,000
1,730,258
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/34
..........
740,000
707,319
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/35
..........
360,000
342,495
Duke
University
,
Revenue
,
2015
B
,
Pre-Refunded
,
5
%
,
10/01/41
..............
13,585,000
13,849,495
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/40
.................
2,500,000
2,563,155
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/42
..................
5,500,000
5,626,624
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
10/01/44
.................
5,085,000
5,074,389
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/44
.................
13,000,000
13,267,363
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/32
................
2,000,000
1,996,657
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/33
................
3,210,000
3,196,538
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/34
................
2,270,000
2,253,624
Wake
Forest
University
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/38
..............
5,500,000
5,518,308
Wake
Forest
University
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/39
..............
5,250,000
5,259,749
Wake
Forest
University
,
Revenue
,
2018
,
4
%
,
1/01/48
.......................
10,000,000
9,660,249
Wake
Forest
University
,
Revenue
,
2018
,
5
%
,
1/01/48
.......................
13,500,000
13,881,687
North
Carolina
Central
University
,
Revenue
,
2019
,
AGMC
Insured
,
5
%
,
4/01/44
.............................
1,575,000
1,636,886
Revenue
,
2019
,
4
%
,
4/01/49
.........................................
1,000,000
899,744
North
Carolina
Housing
Finance
Agency
,
Revenue
,
41
,
GNMA
Insured
,
3.55
%
,
7/01/44
.............................
4,180,000
3,586,051
Revenue
,
41
,
GNMA
Insured
,
3.625
%
,
7/01/49
............................
6,405,000
5,588,336
Revenue
,
42
,
GNMA
Insured
,
2.45
%
,
7/01/34
.............................
750,000
609,753
Revenue
,
42
,
GNMA
Insured
,
2.625
%
,
7/01/39
............................
3,035,000
2,423,836
Revenue
,
42
,
GNMA
Insured
,
2.85
%
,
1/01/43
.............................
2,660,000
2,024,628
Revenue
,
43
,
GNMA
Insured
,
2.8
%
,
1/01/40
..............................
4,715,000
3,817,412
Revenue
,
43
,
GNMA
Insured
,
2.95
%
,
7/01/43
.............................
2,170,000
1,677,447
Revenue
,
44
,
3
%
,
7/01/46
...........................................
2,740,000
2,041,132
Revenue
,
45
,
Refunding
,
GNMA
Insured
,
2.2
%
,
7/01/40
.....................
1,805,000
1,297,464
Revenue
,
46
A
,
GNMA
Insured
,
1.55
%
,
1/01/30
...........................
2,100,000
1,736,219
Revenue
,
46
A
,
GNMA
Insured
,
1.75
%
,
1/01/31
...........................
975,000
792,442
North
Carolina
Medical
Care
Commission
,
Atrium
Health
Wake
Forest
Baptist
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
12/01/33
1,000,000
1,051,988
Caromont
Health
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/01/36
.............
1,675,000
1,680,496
Duke
University
Health
System,
Inc.
,
Revenue
,
2016
D
,
Refunding
,
4
%
,
6/01/42
...
7,000,000
6,871,249
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/47
..........
2,935,000
2,357,839
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/51
..........
960,000
749,914
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
157
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/33
............
$
180,000
$
170,889
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/34
............
185,000
174,411
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/41
............
920,000
786,771
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/46
............
1,665,000
1,361,431
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/51
............
1,670,000
1,316,318
Friends
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
9/01/50
..............
3,000,000
2,316,503
Novant
Health
Obligated
Group
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
11/01/46
.....
20,000,000
20,004,772
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/49
..............
2,115,000
2,020,087
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/52
..............
6,640,000
6,213,856
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/34
........
2,050,000
2,114,883
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/49
........
5,000,000
5,007,905
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/41
1,020,000
890,239
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/52
3,510,000
2,713,443
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
10/01/31
5,000,000
5,109,808
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/40
.........
1,800,000
1,868,041
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/45
.........
1,000,000
898,826
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
.........
2,420,000
2,484,498
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/50
.........
1,350,000
1,171,288
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.........
1,400,000
1,422,669
Rex
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/49
............
4,000,000
3,719,936
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/44
...................................................
750,000
775,507
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................................................
750,000
765,628
Vidant
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/40
........
5,000,000
5,033,454
North
Carolina
Municipal
Power
Agency
No.
1
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/32
.........................................................
4,200,000
4,272,894
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/25
..............................
125,000
126,064
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/26
..............................
300,000
305,093
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
450,000
460,195
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
516,937
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
350,000
362,626
Revenue,
Senior
Lien
,
2020
A
,
3.125
%
,
6/01/39
...........................
55,000
55,000
North
Carolina
Turnpike
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/54
...............................
2,560,000
2,567,370
Revenue
,
2018
A
,
Refunding
,
4
%
,
1/01/33
...............................
4,625,000
4,701,154
Revenue
,
2018
A
,
Refunding
,
4
%
,
1/01/39
...............................
9,815,000
9,875,309
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/35
.................................
1,300,000
1,445,878
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/36
.................................
1,750,000
1,941,660
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/37
.................................
1,770,000
1,955,046
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/38
.................................
1,250,000
1,373,757
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/39
.................................
1,500,000
1,637,591
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/40
.................................
1,270,000
1,379,770
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/41
.................................
2,000,000
2,161,980
Revenue,
Senior
Lien
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/31
...........
1,000,000
1,036,218
Revenue,
Senior
Lien
,
2019
,
AGMC
Insured
,
5
%
,
1/01/49
...................
2,000,000
2,072,155
Revenue,
Senior
Lien
,
2019
,
4
%
,
1/01/55
................................
5,000,000
4,254,946
Revenue,
Senior
Lien
,
2024
A
,
AGMC
Insured
,
5
%
,
1/01/58
..................
3,000,000
3,158,369
Raleigh
Durham
Airport
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/27
...............................
350,000
354,015
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/30
...............................
550,000
555,513
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/01/36
...............................
2,580,000
2,727,712
State
of
North
Carolina
,
GO
,
2019
B
,
5
%
,
6/01/29
............................................
2,500,000
2,714,372
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
158
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
State
of
North
Carolina,
(continued)
GO
,
2020
A
,
5
%
,
6/01/31
............................................
$
2,500,000
$
2,746,251
Town
of
Cary
,
Combined
Utility
Systems
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
12/01/42
8,000,000
7,891,007
Town
of
Oak
Island
,
Enterprise
System
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/33
......................................................
1,000,000
1,040,665
University
of
North
Carolina
at
Chapel
Hill
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/37
..............................
2,180,000
2,439,618
Hospitals
at
Chapel
Hill
,
Revenue
,
2019
,
5
%
,
2/01/49
.......................
6,920,000
7,656,462
University
of
North
Carolina
at
Charlotte
(The)
,
Revenue
,
2017
,
5
%
,
10/01/47
........................................
5,000,000
5,147,826
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/40
..............................
2,250,000
2,241,927
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/40
..............................
290,000
288,959
University
of
North
Carolina
at
Greensboro
,
Revenue
,
2017
,
Refunding
,
4
%
,
4/01/35
.................................
1,205,000
1,209,795
Revenue
,
2017
,
Refunding
,
4
%
,
4/01/36
.................................
1,000,000
1,004,342
University
of
North
Carolina
at
Wilmington
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/37
.
3,000,000
3,025,392
University
of
North
Carolina
System
,
Appalachian
State
University
,
Revenue
,
2008
A
,
AGMC
Insured
,
5
%
,
10/01/33
.........................................
160,000
152,669
Water
and
Sewer
Authority
of
Cabarrus
County
,
Revenue
,
2024
,
4
%
,
6/01/49
......
2,685,000
2,572,021
Western
Carolina
University
,
Revenue
,
2020
B
,
3
%
,
4/01/36
........................................
1,000,000
888,658
Revenue
,
2020
B
,
4
%
,
4/01/50
........................................
5,000,000
4,754,018
491,929,677
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,600,000
1,357,059
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,600,000
1,357,058
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,500,000
2,045,684
4,759,801
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/32
200,000
189,787
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/33
200,000
188,341
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,800,000
2,180,642
2,558,770
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,600,000
1,357,183
Wisconsin
0.2%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
1,600,000
1,292,974
U.S.
Territories
4.3%
Guam
0.8%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/30
............................
750,000
752,354
Revenue
,
2023
A
,
Refunding
,
5.125
%
,
10/01/34
...........................
390,000
384,907
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/35
............................
265,000
263,558
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
3,205,000
3,263,676
4,664,495
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
159
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
3.5%
Commonwealth
of
Puerto
Rico
,
d
GO
,
FRN
,
Zero
Cpn.,
11/01/43
........................................
$
103,304
$
64,177
GO
,
2022
A-1
,
5.625
%
,
7/01/27
.......................................
25,850
27,031
GO
,
2022
A-1
,
5.625
%
,
7/01/29
.......................................
25,431
27,373
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
24,701
27,535
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
23,423
23,422
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
21,054
20,683
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
18,070
17,532
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
24,568
22,837
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
25,551
23,109
GO
,
2022
A-1
,
Zero
Cpn.,
7/01/24
.....................................
3,797
3,784
GO
,
2022
A-1
,
Zero
Cpn.,
7/01/33
.....................................
30,143
20,019
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
1,643,000
1,607,722
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
246,450
247,463
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,500,000
1,479,191
e
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
4,120,000
1,091,800
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/33
..
440,000
459,522
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/41
..
220,000
194,024
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
12,890,000
12,894,180
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
2,000,000
1,993,742
20,245,146
Total
U.S.
Territories
....................................................................
24,909,641
Total
Municipal
Bonds
(Cost
$
597,649,152
)
.....................................
565,526,259
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,f
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
209,296
167,437
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
167,437
Total
Long
Term
Investments
(Cost
$
599,249,152
)
...............................
567,245,596
a
a
a
a
a
Short
Term
Investments
2.2%
Principal
Amount
Municipal
Bonds
2.2%
North
Carolina
2.2%
g
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2007
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
1/15/38
............................
4,000,000
4,000,000
Atrium
Health
Obligated
Group
,
Revenue
,
2007
C
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
1/15/37
............................
5,500,000
5,500,000
Atrium
Health
Obligated
Group
,
Revenue
,
2018
G
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
1/15/48
....................................
1,000,000
1,000,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
160
See
Abbreviations
on
page
198
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
North
Carolina
(continued)
g
Charlotte-Mecklenburg
Hospital
Authority
(The),
(continued)
Atrium
Health
Obligated
Group
,
Revenue
,
2018
H
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
1/15/48
....................................
$
1,900,000
$
1,900,000
12,400,000
Total
Municipal
Bonds
(Cost
$
12,400,000
)
......................................
12,400,000
Total
Short
Term
Investments
(Cost
$
12,400,000
)
................................
12,400,000
a
Total
Investments
(Cost
$
611,649,152
)
101.1
%
..................................
$579,645,596
Other
Assets,
less
Liabilities
(
1.1
)
%
...........................................
(6,104,835)
Net
Assets
100.0%
...........................................................
$573,540,761
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$21,123,961,
representing
3.7%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
Non-income
producing.
g
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Ohio
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
161
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
3,200,000
$
3,103,799
Total
Corporate
Bonds
(Cost
$
3,200,000
)
.......................................
3,103,799
Municipal
Bonds
96.5%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,800,000
2,514,117
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
9,144,000
7,913,912
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,200,000
1,513,380
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
11,000,000
8,586,369
18,013,661
Kentucky
1.1%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
15,210,000
11,357,800
New
Jersey
0.2%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2022
A
,
4
%
,
6/15/38
....
2,000,000
1,991,523
New
York
0.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
750,000
687,687
Ohio
89.8%
Akron
City
School
District
,
COP
,
2023
,
AGMC
Insured
,
5
%
,
8/01/53
..............
3,000,000
3,127,544
American
Municipal
Power,
Inc.
,
Combined
Hydroelectric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
2/15/35
............
1,000,000
988,144
Combined
Hydroelectric
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/46
............
7,500,000
7,555,346
Greenup
Hydroelectric
,
Revenue
,
2016
A
,
5
%
,
2/15/41
......................
5,000,000
5,043,414
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/37
........
3,700,000
3,859,724
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/38
........
3,500,000
3,638,210
Solar
Electricity
Prepayment
,
Revenue
,
2019
A
,
5
%
,
2/15/44
.................
3,345,000
3,447,167
Anthony
Wayne
Local
School
District
,
GO
,
2017
A
,
4
%
,
12/01/39
................
3,000,000
2,943,987
Apollo
Joint
Vocational
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/39
........
6,530,000
6,500,266
Beachwood
City
School
District
,
GO
,
2023
,
4
%
,
12/01/53
.....................
7,575,000
7,110,028
Bethel
Local
School
District
,
COP
,
2020
,
BAM
Insured
,
2.75
%
,
12/01/49
..........
4,000,000
2,622,746
Big
Walnut
Local
School
District
,
GO
,
2019
,
5
%
,
12/01/53
.....................
9,155,000
9,434,521
Bloom-Carroll
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
.................
7,025,000
7,254,439
Bowling
Green
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/42
........
1,045,000
1,067,819
Brooklyn
City
School
District
,
GO
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/38
........................
1,905,000
1,950,837
GO
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/49
........................
9,000,000
9,102,800
Butler
County
Port
Authority
,
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/33
........................................................
135,000
131,562
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/34
........................................................
185,000
179,972
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/35
........................................................
195,000
189,248
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
162
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Butler
County
Port
Authority,
(continued)
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/36
........................................................
$
205,000
$
198,052
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/37
........................................................
210,000
200,988
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/38
........................................................
220,000
207,949
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/39
........................................................
225,000
209,965
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/40
........................................................
240,000
222,434
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/41
........................................................
245,000
224,601
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/46
........................................................
900,000
787,931
Canal
Winchester
Local
School
District
,
GO
,
2005
,
NATL
Insured
,
Zero
Cpn.,
12/01/32
............................
3,955,000
2,812,114
GO
,
2005
,
NATL
Insured
,
Zero
Cpn.,
12/01/33
............................
2,000,000
1,359,469
Chillicothe
City
School
District
,
GO
,
2006
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
12/01/24
........................................................
1,905,000
1,865,910
Cincinnati
City
School
District
,
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/27
......................
14,900,000
15,864,334
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/28
......................
8,180,000
8,819,186
City
of
Chillicothe
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/37
.
2,890,000
2,950,738
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/47
.
2,110,000
2,118,578
City
of
Cincinnati
,
GO
,
2015
A
,
Pre-Refunded
,
5.25
%
,
12/01/40
.................
6,500,000
6,612,947
City
of
Cleveland
,
GO
,
2012
,
5
%
,
12/01/30
.............................................
35,000
35,028
GO
,
2020
A
,
2
%
,
12/01/36
...........................................
1,215,000
915,672
Water
Pollution
Control
,
Revenue
,
2016
,
5
%
,
11/15/41
......................
2,000,000
2,010,574
City
of
Columbus
,
GO
,
2018
A
,
5
%
,
4/01/34
............................................
7,000,000
7,470,518
GO
,
2019
A
,
5
%
,
4/01/40
............................................
3,000,000
3,183,986
GO
,
2021
A
,
5
%
,
4/01/40
............................................
1,900,000
2,053,317
Sewerage
,
Revenue
,
2014
,
Refunding
,
4
%
,
6/01/31
........................
15,000,000
14,844,629
Sewerage
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/30
........................
5,000,000
5,133,059
City
of
Marysville
,
Wastewater
Treatment
System
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/40
.......................................................
3,015,000
2,980,148
Wastewater
Treatment
System
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/47
.......................................................
5,035,000
5,045,015
Wastewater
Treatment
System
,
Revenue
,
2016
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/46
.......................................................
9,370,000
8,986,620
City
of
Mount
Vernon
,
Mount
Vernon
Nazarene
University
,
Revenue
,
2022
,
Refunding
,
4
%
,
2/01/37
......................................................
995,000
915,834
City
of
St.
Bernard
,
Income
Tax
,
Revenue
,
2013
,
AGMC
Insured
,
5
%
,
12/01/43
.....
3,760,000
3,584,003
City
of
Westerville
,
Revenue
,
2014
,
5
%
,
12/01/30
...........................
2,765,000
2,766,767
Cleveland
Department
of
Public
Utilities
Division
of
Public
Power
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
11/15/38
..................
600,000
596,898
Revenue
,
B-2
,
NATL
Insured
,
Zero
Cpn.,
11/15/38
.........................
10,000,000
5,057,325
Cleveland-Cuyahoga
County
Port
Authority
,
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/37
.......
700,000
706,018
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/38
.......
100,000
100,038
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/39
.......
700,000
698,332
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
163
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Cleveland-Cuyahoga
County
Port
Authority,
(continued)
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/40
.......
$
100,000
$
98,023
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/46
.......
500,000
461,731
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/51
.......
2,000,000
1,804,149
Euclid
Avenue
Development
Corp.
,
Revenue
,
2022
A
,
5.5
%
,
8/01/52
...........
9,000,000
9,306,468
Columbus-Franklin
County
Finance
Authority
,
Revenue
,
2021
C
,
2.5
%
,
11/15/41
.....................................
900,000
648,121
Revenue
,
2021
C
,
3
%
,
5/15/51
........................................
2,180,000
1,436,512
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
..........
5,020,000
4,815,326
UC
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/15/36
..........
2,140,000
1,939,255
UC
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/15/37
..........
1,500,000
1,348,719
County
of
Cuyahoga
,
GO
,
2020
A
,
Refunding
,
4
%
,
12/01/34
...................
750,000
765,022
County
of
Franklin
,
Nationwide
Children's
Hospital,
Inc.
,
Revenue
,
2016
C
,
Refunding
,
4
%
,
11/01/40
..
5,000,000
4,868,524
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/33
..........
5,270,000
4,784,715
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/34
..........
2,240,000
2,016,432
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/35
..........
2,900,000
2,578,088
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/36
..........
2,640,000
2,317,229
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/40
..........
2,590,000
2,151,986
Ohio
Living
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.25
%
,
7/01/41
........
5,000,000
4,905,861
OhioHealth
Obligated
Group
,
Revenue
,
2015
,
5
%
,
5/15/33
...................
3,290,000
3,323,221
Sales
Tax
,
Revenue
,
2018
,
5
%
,
6/01/43
.................................
6,000,000
6,266,534
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2017
,
5
%
,
12/01/46
............
3,515,000
3,565,657
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2017
A-OH
,
5
%
,
12/01/47
.......
11,800,000
11,970,888
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
12/01/49
..........
6,030,000
5,538,744
County
of
Hamilton
,
TriHealth
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
8/15/42
.....
5,000,000
5,088,706
County
of
Lucas
,
GO
,
2022
,
4.75
%
,
12/01/52
..............................
3,000,000
3,025,020
County
of
Mahoning
,
Sewer
System
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/46
....................
3,000,000
3,118,664
Western
Reserve
Care
System
,
Revenue
,
1995
,
NATL
Insured
,
ETM,
5.5
%
,
10/15/25
1,165,000
1,180,423
County
of
Miami
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
8/01/45
.............................................
5,000,000
5,050,468
County
of
Montgomery
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
11/15/39
............................................
5,000,000
4,632,069
County
of
Perry
,
GO
,
2023
,
5
%
,
12/01/61
.................................
1,500,000
1,450,566
County
of
Ross
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/39
.
3,805,000
3,899,537
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/44
.
1,300,000
1,314,525
County
of
Union
,
GO
,
2018
,
5
%
,
12/01/47
.................................
5,000,000
5,068,276
Cuyahoga
Falls
City
School
District
,
GO
,
2021
,
BAM
Insured
,
4
%
,
12/01/51
.......
1,485,000
1,364,438
Dayton
City
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
11/01/30
................
5,000,000
5,478,696
Dayton-Montgomery
County
Port
Authority
,
Southwest
Ohio
Regional
Bond
Fund
,
Revenue
,
2021
C
,
2
%
,
11/15/31
..........
390,000
323,011
Southwest
Ohio
Regional
Bond
Fund
,
Revenue
,
2021
C
,
2.5
%
,
11/15/41
........
1,615,000
1,163,017
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
164
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Deer
Park
Community
City
School
District
,
GO
,
2017
A
,
5.25
%
,
12/01/53
.........
$
3,000,000
$
3,020,554
Dublin
City
School
District
,
GO
,
2019
A
,
4
%
,
12/01/44
........................
10,000,000
9,745,291
Elyria
City
School
District
,
GO
,
2017
A
,
5
%
,
12/01/43
........................
5,500,000
5,597,781
Franklin
County
Convention
Facilities
Authority
,
Revenue
,
2014
,
Pre-Refunded
,
5
%
,
12/01/35
........................................................
20,000,000
20,107,884
Fremont
City
School
District
,
GO
,
2017
A
,
5
%
,
1/15/49
.......................
13,970,000
14,064,416
Grandview
Heights
City
School
District
,
GO
,
2019
,
5
%
,
12/01/53
................
2,150,000
2,215,790
Green
Local
School
District
,
COP
,
2022
,
AGMC
Insured
,
5
%
,
11/01/52
...........
2,000,000
2,049,564
Hilliard
School
District
,
GO
,
2017
,
4
%
,
12/01/46
............................
10,000,000
9,411,049
Hudson
City
School
District
,
GO
,
2018
,
4
%
,
12/01/45
........................
18,870,000
18,449,020
Indian
Creek
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
...........................................
3,000,000
3,073,687
GO
,
2018
B
,
BAM
Insured
,
5
%
,
11/01/55
................................
3,910,000
4,017,088
Lakota
Local
School
District
,
GO
,
2005
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/26
.
2,000,000
2,088,222
Licking
Heights
Local
School
District
,
GO
,
2022
,
4.5
%
,
10/01/51
................
1,800,000
1,795,094
Little
Miami
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/43
...........................................
1,000,000
1,007,567
GO
,
2018
A
,
5
%
,
11/01/48
...........................................
2,460,000
2,472,596
Madeira
City
School
District
,
GO
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/32
.....
9,605,000
10,645,148
Miami
University
,
Revenue
,
2014
,
5
%
,
9/01/31
.........................................
2,320,000
2,326,227
Revenue
,
2014
,
5
%
,
9/01/34
.........................................
3,500,000
3,509,393
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/41
.................................
5,000,000
5,031,433
Revenue
,
2022
A
,
Refunding
,
5
%
,
9/01/34
...............................
1,000,000
1,101,445
Miami
Valley
Career
Technology
Center
,
GO
,
2018
,
5
%
,
12/01/44
...............
20,000,000
20,726,782
Northeast
Ohio
Medical
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/25
..............................
125,000
125,999
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/27
..............................
100,000
102,006
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/29
..............................
110,000
113,419
Revenue
,
2021
A
,
Refunding
,
3
%
,
12/01/40
..............................
500,000
384,536
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/45
..............................
450,000
385,778
Revenue
,
2022
,
BAM
Insured
,
5
%
,
12/01/43
.............................
1,000,000
1,028,507
Northeast
Ohio
Regional
Sewer
District
,
Revenue
,
2019
,
Refunding
,
3
%
,
11/15/35
..
3,500,000
3,104,286
Northeastern
Local
School
District
,
GO
,
2018
,
AGMC
Insured
,
5.25
%
,
12/01/45
..............................
5,420,000
5,700,036
GO
,
2018
,
AGMC
Insured
,
4
%
,
12/01/55
................................
5,000,000
4,445,388
Norwood
City
School
District
,
GO
,
2017
A
,
Pre-Refunded
,
5
%
,
11/01/46
...............................
5,000,000
5,138,191
GO
,
2017
A
,
Pre-Refunded
,
5.25
%
,
11/01/51
.............................
7,645,000
7,891,321
c
Ohio
Air
Quality
Development
Authority
,
Ohio
Valley
Electric
Corp.
,
Revenue
,
2009
B
,
Mandatory
Put
,
1.375
%
,
11/01/24
...
1,875,000
1,841,497
Ohio
Valley
Electric
Corp.
,
Revenue
,
2009
C
,
Mandatory
Put
,
1.5
%
,
11/04/25
.....
2,000,000
1,887,073
Ohio
Higher
Educational
Facility
Commission
,
Ashtabula
County
Medical
Center
Obligated
Group
,
Revenue
,
2022
,
5.25
%
,
1/01/52
4,895,000
5,012,775
Baldwin
Wallace
University
,
Revenue
,
2022
,
6
%
,
12/01/52
...................
5,970,000
6,151,653
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/42
..................
4,900,000
5,020,800
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/47
..................
2,000,000
2,028,302
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/52
..................
5,100,000
5,140,076
Case
Western
Reserve
University
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/40
.....
6,000,000
6,120,906
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5
%
,
12/01/32
..............
300,000
300,916
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5.125
%
,
12/01/42
...........
3,390,000
3,357,694
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5.375
%
,
12/01/52
...........
3,100,000
3,028,897
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
165
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Ohio
Higher
Educational
Facility
Commission,
(continued)
John
Carroll
University
,
Revenue
,
2020
,
4
%
,
10/01/45
......................
$
1,100,000
$
995,454
John
Carroll
University
,
Revenue
,
2020
,
4
%
,
10/01/50
......................
3,500,000
3,098,133
John
Carroll
University
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/47
..............
6,360,000
5,662,325
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,540,000
1,477,193
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,360,000
1,278,130
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,900,000
2,649,736
Kenyon
College
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
...................
5,320,000
5,396,465
Kenyon
College
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/44
...................
5,180,000
4,838,694
Kenyon
College
,
Revenue
,
2017
,
5
%
,
7/01/42
............................
1,250,000
1,276,717
Kenyon
College
,
Revenue
,
2017
,
4
%
,
7/01/47
............................
4,000,000
3,687,674
Otterbein
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/30
......
1,095,000
1,079,137
University
of
Dayton
,
Revenue
,
2018
A
,
4
%
,
12/01/43
.......................
11,885,000
11,370,044
University
of
Dayton
,
Revenue
,
2020
,
Refunding
,
5
%
,
2/01/32
................
340,000
363,319
University
of
Dayton
,
Revenue
,
2020
,
Refunding
,
5
%
,
2/01/33
................
130,000
138,948
University
of
Dayton
,
Revenue
,
2020
,
Refunding
,
5
%
,
2/01/34
................
500,000
534,440
University
of
Dayton
,
Revenue
,
2020
,
Refunding
,
4
%
,
2/01/36
................
900,000
905,583
University
of
Dayton
,
Revenue
,
2020
,
Refunding
,
4
%
,
2/01/39
................
480,000
472,541
Ohio
Housing
Finance
Agency
,
Revenue
,
2020
B
,
GNMA
Insured
,
2.1
%
,
9/01/35
..........................
485,000
384,434
b
Revenue
,
144A,
2023
A
,
5.625
%
,
8/01/41
...............................
17,000,000
17,056,243
b
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
A
,
6
%
,
9/01/41
..............
11,000,000
11,404,902
Ohio
State
University
(The)
,
Revenue
,
2021
A
,
4
%
,
12/01/48
...................
10,020,000
9,535,163
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue
,
2018
A
,
5
%
,
2/15/43
........................................
19,600,000
20,237,949
Revenue
,
2018
A
,
5
%
,
2/15/46
........................................
13,750,000
14,140,342
Revenue,
Junior
Lien
,
2013
A-2
,
BAM
Insured
,
Zero
Cpn.,
2/15/38
.............
3,665,000
2,067,417
Revenue,
Junior
Lien
,
2013
A-2
,
Zero
Cpn.,
2/15/43
........................
10,485,000
4,365,546
Ohio
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/45
...................
7,000,000
7,105,377
Ohio
Water
Development
Authority
,
Revenue
,
2019
,
5
%
,
12/01/39
........................................
5,000,000
5,366,823
Revenue
,
2019
,
5
%
,
6/01/44
.........................................
1,330,000
1,404,965
Revenue
,
2021
,
5
%
,
6/01/46
.........................................
10,555,000
11,299,559
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2019
B
,
Refunding
,
5
%
,
12/01/44
...
10,000,000
10,563,923
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2020
A
,
5
%
,
12/01/50
............
6,820,000
7,165,880
Ohio
Water
Development
Authority
Water
Pollution
,
Control
Loan
Fund
,
Revenue
,
2023
B
,
5
%
,
12/01/36
...................................................
5,675,000
6,403,866
Olentangy
Local
School
District
,
GO
,
2016
,
4
%
,
12/01/46
.....................
7,660,000
7,341,273
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/53
..............................
1,500,000
1,565,692
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/63
..............................
2,000,000
2,058,574
Revenue
,
2024
C
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/53
...............
1,000,000
1,054,702
Revenue
,
2024
C
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/58
...............
1,000,000
1,054,021
Revenue
,
2024
C
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/63
...............
1,000,000
1,045,850
Princeton
City
School
District
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
12/01/39
.................................
12,000,000
12,070,588
GO
,
2014
,
Refunding
,
Zero
Cpn.,
12/01/40
...............................
6,000,000
2,826,923
GO
,
2014
,
Refunding
,
Zero
Cpn.,
12/01/41
...............................
6,000,000
2,676,073
Russia
Local
School
District
,
GO
,
2023
,
5
%
,
12/01/52
........................
1,670,000
1,733,672
Springboro
Community
City
School
District
,
GO
,
2007
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/27
.....................
5,175,000
5,448,723
GO
,
2007
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/28
.....................
2,000,000
2,133,918
State
of
Ohio
,
GO
,
2019
A
,
5
%
,
6/15/38
............................................
6,500,000
6,927,740
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
166
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
State
of
Ohio,
(continued)
GO
,
2020
C
,
5
%
,
3/01/38
............................................
$
2,300,000
$
2,514,364
GO
,
V
,
5
%
,
5/01/34
................................................
4,000,000
4,237,095
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
1/01/29
........................................................
4,850,000
5,196,022
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/37
1,000,000
920,307
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/39
875,000
792,649
University
Hospitals
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/15/46
............................................
6,795,000
6,290,791
Summit
County
Development
Finance
Authority
,
City
of
Akron
,
Revenue
,
2022
,
4
%
,
5/15/46
...............................
5,585,000
4,896,363
UAkronPark,
Inc.
,
Revenue
,
2023
,
5.625
%
,
12/01/48
.......................
4,700,000
4,970,852
UAkronPark,
Inc.
,
Revenue
,
2023
,
5.75
%
,
12/01/53
........................
5,000,000
5,296,213
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/45
.............
6,000,000
5,795,761
Sylvania
City
School
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/36
....
9,700,000
9,790,111
Three
Rivers
Local
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
12/01/39
...........
5,885,000
5,907,562
Toledo-Lucas
County
Port
Authority
,
Revenue
,
2021
A
,
2
%
,
11/15/31
.......................................
390,000
324,489
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/46
...........................
1,625,000
1,459,516
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/51
...........................
2,840,000
2,454,774
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/57
...........................
6,000,000
5,039,944
Triway
Local
School
District
,
COP
,
2021
,
BAM
Insured
,
4
%
,
12/01/39
............
2,200,000
2,172,510
University
of
Akron
(The)
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/31
...............................
4,365,000
4,389,860
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
1/01/34
....................
6,000,000
6,111,172
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/36
...............................
11,065,000
11,246,121
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/38
...............................
8,000,000
8,092,817
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/42
...............................
5,725,000
5,874,005
University
of
Cincinnati
,
Revenue
,
2017
A
,
5
%
,
6/01/45
........................................
2,205,000
2,249,741
Revenue
,
2018
A
,
Refunding
,
4
%
,
6/01/48
...............................
10,000,000
9,555,572
d
Revenue
,
2024
A
,
5.25
%
,
6/01/54
.....................................
8,000,000
8,585,394
Upper
Arlington
City
School
District
,
GO
,
2018
A
,
Pre-Refunded
,
5
%
,
12/01/48
.....
13,000,000
13,778,977
Village
of
Bluffton
,
Blanchard
Valley
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
12/01/33
.......................................................
1,655,000
1,633,408
Blanchard
Valley
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
12/01/34
.......................................................
1,900,000
1,895,119
Warren
County
Port
Authority
,
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
C
,
4
%
,
12/01/41
..........
2,075,000
1,755,332
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
C
,
4
%
,
12/01/55
..........
3,500,000
2,641,912
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
D
,
5
%
,
12/01/46
..........
3,895,000
3,259,710
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
H
,
4
%
,
12/01/53
..........
1,375,000
1,044,006
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2022
A
,
5.5
%
,
12/01/50
.........
3,210,000
3,076,260
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2022
B
,
4.75
%
,
12/01/34
........
1,035,000
1,023,201
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2020
D-1
,
Refunding
,
4
%
,
12/01/40
.......................................
1,390,000
1,190,858
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2020
D-1
,
Refunding
,
4
%
,
12/01/52
.......................................
1,930,000
1,471,335
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
167
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Westerville
City
School
District
,
GO
,
2006
,
Refunding
,
XLCA
Insured
,
5
%
,
12/01/27
..
$
3,820,000
$
3,985,061
Westlake
City
School
District
,
GO
,
2021
A
,
Refunding
,
4
%
,
12/01/49
.............
3,965,000
3,658,046
Willoughby-Eastlake
City
School
District
,
GO
,
2016
,
Pre-Refunded
,
5
%
,
12/01/46
...
10,000,000
10,220,802
Winton
Woods
City
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
11/01/43
...........
7,000,000
6,930,913
Xenia
Community
School
District
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
12/01/40
.........
7,285,000
7,331,412
928,246,487
South
Carolina
1.2%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
3,200,000
2,714,117
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
3,200,000
2,714,117
b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
5,250,000
4,036,057
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,200,000
2,618,476
12,082,767
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/38
.................................
300,000
236,895
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
6,000,000
4,672,803
4,909,698
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
3,200,000
2,714,367
Wisconsin
0.5%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
3,100,000
2,505,136
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
2,800,000
2,817,327
5,322,463
U.S.
Territories
0.9%
Puerto
Rico
0.9%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/32
....................................
556,133
553,298
Revenue
,
2007
CC
,
5.25
%
,
7/01/34
....................................
153,947
154,442
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
3,709,073
3,629,432
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
1,293,863
1,299,179
Revenue
,
2007
N
,
5.25
%
,
7/01/39
.....................................
288,720
290,267
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,000,000
986,127
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
987,649
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/33
..
440,000
459,522
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/35
..
235,000
245,313
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
168
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
$
1,100,000
$
1,100,357
9,705,586
Total
U.S.
Territories
....................................................................
9,705,586
Total
Municipal
Bonds
(Cost
$
1,027,275,695
)
...................................
997,546,156
Total
Long
Term
Investments
(Cost
$
1,030,475,695
)
.............................
1,000,649,955
a
a
a
a
a
Short
Term
Investments
2.4%
Municipal
Bonds
2.4%
Ohio
2.4%
e
County
of
Allen
Hospital
Facilities
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.9
%
,
6/01/34
..................
14,500,000
14,500,000
e
Ohio
Higher
Educational
Facility
Commission
,
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2013
B-3
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
1/01/39
.........................................................
1,200,000
1,200,000
e
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
F
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
1/01/52
.........................
8,850,000
8,850,000
24,550,000
Total
Municipal
Bonds
(Cost
$
24,550,000
)
......................................
24,550,000
Total
Short
Term
Investments
(Cost
$
24,550,000
)
................................
24,550,000
a
Total
Investments
(Cost
$
1,055,025,695
)
99.2
%
..................................
$1,025,199,955
Other
Assets,
less
Liabilities
0.8
%
.............................................
8,038,611
Net
Assets
100.0%
...........................................................
$1,033,238,566
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$71,996,977,
representing
7.0%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
purchased
on
a
when-issued
basis.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Oregon
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
169
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
2,500,000
$
2,424,843
Total
Corporate
Bonds
(Cost
$
2,500,000
)
.......................................
2,424,843
Municipal
Bonds
99.3%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
3,500,000
3,142,645
Florida
1.4%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
1,500,000
1,031,850
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
8,400,000
6,556,864
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
5,600,000
4,936,400
12,525,114
Illinois
0.4%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
BAM
Insured
,
4
%
,
12/15/42
...................
2,520,000
2,437,887
Revenue
,
2022
A
,
Refunding
,
BAM
Insured
,
4
%
,
6/15/52
....................
1,000,000
908,067
3,345,954
Kentucky
0.7%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
8,300,000
6,197,879
New
Jersey
0.9%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2019
BB
,
5
%
,
6/15/44
.......................................
2,250,000
2,314,024
Revenue
,
2020
AA
,
3
%
,
6/15/50
.......................................
1,000,000
725,824
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/36
...............................
1,000,000
1,007,116
Revenue
,
2022
A
,
4
%
,
6/15/38
........................................
2,165,000
2,155,824
Revenue
,
2022
BB
,
4
%
,
6/15/46
.......................................
2,000,000
1,902,684
8,105,472
New
York
0.6%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/47
..........
5,500,000
5,084,113
Oregon
88.6%
Astoria
Hospital
Facilities
Authority
,
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2016
,
5
%
,
8/01/41
......
4,250,000
4,281,124
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2016
,
4
%
,
8/01/46
......
1,750,000
1,485,714
c
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
8/01/49
...
5,000,000
5,232,650
c
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
8/01/54
...
5,500,000
5,736,338
Benton
&
Polk
School
District
No.
17J
,
GO
,
2010
B
,
Zero
Cpn.,
6/15/31
...........
1,000,000
761,999
Central
Lincoln
People's
Utility
District
JATC,
Inc.
,
Revenue
,
2016
,
5
%
,
12/01/45
....
2,900,000
2,925,476
City
of
Beaverton
,
Water
,
Revenue
,
2020
,
5
%
,
4/01/32
....................................
1,000,000
1,091,578
Water
,
Revenue
,
2020
,
5
%
,
4/01/38
....................................
1,940,000
2,089,270
Water
,
Revenue
,
2020
,
5
%
,
4/01/39
....................................
2,040,000
2,190,528
Water
,
Revenue
,
2020
,
5
%
,
4/01/40
....................................
2,140,000
2,287,798
City
of
Eugene
,
Electric
Utility
System
,
Revenue
,
2017
,
5
%
,
8/01/47
.............
3,580,000
3,649,528
City
of
Forest
Grove
,
Pacific
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/36
.................
6,575,000
6,592,389
Pacific
University
,
Revenue
,
2017
,
Refunding
,
4
%
,
3/01/37
...................
3,500,000
3,153,247
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
170
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
City
of
Forest
Grove,
(continued)
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/26
.................
$
335,000
$
336,433
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/27
.................
1,195,000
1,203,817
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/29
.................
1,315,000
1,333,398
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/30
.................
1,385,000
1,407,891
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/31
.................
1,450,000
1,475,099
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/32
.................
1,525,000
1,548,569
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/33
.................
1,600,000
1,621,743
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/35
.................
490,000
458,536
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/37
.................
1,905,000
1,749,849
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/38
.................
3,960,000
3,566,101
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/39
.................
1,750,000
1,555,008
City
of
Keizer
,
Special
Assessment
,
2008
,
5.2
%
,
6/01/31
......................
1,090,000
1,094,653
City
of
Molalla
,
GO
,
2024
A
,
BAM
Insured
,
4
%
,
6/01/49
.......................
3,115,000
2,974,752
City
of
Tigard
,
Water
,
Revenue
,
2015
,
5
%
,
8/01/45
..........................
23,545,000
23,706,189
Clackamas
Community
College
District
,
GO
,
2017
A
,
5
%
,
6/15/39
...............
2,250,000
2,309,987
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
2017
A
,
Zero
Cpn.,
6/15/40
.......................................
10,000,000
4,670,614
GO
,
2017
A
,
Zero
Cpn.,
6/15/41
.......................................
17,030,000
7,480,129
GO
,
2017
A
,
Zero
Cpn.,
6/15/42
.......................................
16,625,000
6,900,657
GO
,
2017
B
,
5
%
,
6/15/34
............................................
11,000,000
11,433,370
GO
,
2017
B
,
5
%
,
6/15/37
............................................
7,000,000
7,233,064
GO
,
2018
,
5
%
,
6/15/42
.............................................
1,750,000
1,827,239
Clackamas
County
School
District
No.
46
Oregon
Trail
,
GO
,
Zero
Cpn.,
6/15/37
.............................................
12,130,000
7,233,671
GO
,
Zero
Cpn.,
6/15/38
.............................................
12,495,000
7,049,661
Clackamas
County
School
District
No.
7J
Lake
Oswego
,
GO
,
2005
,
Refunding
,
AGMC
Insured
,
5.25
%
,
6/01/25
.............................................
3,075,000
3,128,432
Clackamas
County
School
District
No.
86
Canby
,
GO
,
2020
A
,
Refunding
,
4
%
,
6/15/40
3,470,000
3,458,953
Columbia
County
School
District
No.
502
,
GO
,
2017
,
5
%
,
6/15/39
...............
1,000,000
1,024,652
Coos
County
School
District
No.
9
Coos
Bay
,
GO
,
2018
,
5
%
,
6/15/43
............
5,005,000
5,226,970
County
of
Benton
,
GO
,
2023
,
4.125
%
,
6/01/53
.............................
2,035,000
1,981,554
County
of
Yamhill
,
George
Fox
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/36
..............
2,585,000
2,566,024
George
Fox
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/46
..............
2,330,000
2,126,272
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/40
................
7,010,000
6,928,619
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/45
................
9,285,000
8,953,065
Deschutes
County
Hospital
Facilities
Authority
,
St.
Charles
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/48
.........................
13,890,000
13,931,421
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
3,235,000
3,234,918
Jackson
County
School
District
No.
5
Ashland
,
GO
,
2019
,
5
%
,
6/15/34
.............................................
1,000,000
1,073,473
GO
,
2019
,
5
%
,
6/15/43
.............................................
6,495,000
6,805,521
GO
,
2019
,
5
%
,
6/15/44
.............................................
6,000,000
6,275,472
Jackson
County
School
District
No.
6
Central
Point
,
GO
,
2019
A
,
5
%
,
6/15/31
............................................
2,665,000
2,892,402
GO
,
2019
B
,
Zero
Cpn.,
6/15/40
.......................................
705,000
333,952
GO
,
2019
B
,
Zero
Cpn.,
6/15/41
.......................................
710,000
318,142
GO
,
2019
B
,
Zero
Cpn.,
6/15/42
.......................................
610,000
258,603
GO
,
2019
B
,
Zero
Cpn.,
6/15/43
.......................................
820,000
328,101
GO
,
2019
B
,
Zero
Cpn.,
6/15/44
.......................................
1,115,000
421,784
GO
,
2019
B
,
Zero
Cpn.,
6/15/45
.......................................
985,000
352,133
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
171
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Klamath
Falls
Intercommunity
Hospital
Authority
,
Sky
Lakes
Medical
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/46
.................................
$
1,000,000
$
1,006,403
Marion
&
Linn
Counties
School
District
No.
14J
Jefferson
,
GO
,
2017
B
,
5
%
,
6/15/41
.
1,360,000
1,386,919
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/15/45
..............................................
5,620,000
5,329,835
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/45
8,245,000
8,465,332
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/50
11,235,000
10,304,361
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/50
4,500,000
4,595,457
Metro
,
County
of
Multnomah
Transient
Lodging
Tax
,
Revenue
,
2017
,
5
%
,
6/15/42
.......
7,500,000
7,648,451
County
of
Multnomah
Transient
Lodging
Tax
,
Revenue
,
2017
,
5
%
,
6/15/47
.......
10,950,000
11,101,441
Multnomah
&
Clackamas
Counties
School
District
No.
10JT
Gresham-Barlow
,
GO
,
2017
A
,
5
%
,
6/15/37
................................................
7,885,000
8,129,289
Multnomah
County
School
District
No.
40
,
GO
,
2012
B
,
Zero
Cpn.,
6/15/26
.......................................
2,585,000
2,393,041
GO
,
2012
B
,
Zero
Cpn.,
6/15/27
.......................................
2,655,000
2,365,327
GO
,
2012
B
,
Zero
Cpn.,
6/15/28
.......................................
2,495,000
2,139,312
GO
,
2012
B
,
Zero
Cpn.,
6/15/29
.......................................
2,595,000
2,142,777
GO
,
2012
B
,
Zero
Cpn.,
6/15/30
.......................................
1,885,000
1,496,419
GO
,
2012
B
,
Zero
Cpn.,
6/15/31
.......................................
2,030,000
1,548,993
GO
,
2012
B
,
Zero
Cpn.,
6/15/32
.......................................
2,000,000
1,464,776
GO
,
2023
A
,
Zero
Cpn.,
6/15/30
.......................................
425,000
337,389
Multnomah-Clackamas
Counties
Centennial
School
District
No.
28JT
,
GO
,
2020
,
Refunding
,
5
%
,
6/15/45
.....................................
3,000,000
3,155,639
GO
,
2020
,
Refunding
,
5
%
,
6/15/50
.....................................
24,655,000
25,721,977
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
2,345,000
2,425,671
Oregon
Health
&
Science
University
,
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/44
.................
12,645,000
12,196,871
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
10,000,000
10,239,572
Oregon
State
Facilities
Authority
,
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
4
%
,
10/01/26
.................
925,000
906,844
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
5
%
,
10/01/36
.................
1,670,000
1,592,952
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
5
%
,
10/01/48
.................
4,000,000
3,682,930
Legacy
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/46
......
25,945,000
26,064,446
Legacy
Health
Obligated
Group
,
Revenue
,
2022
A
,
4.125
%
,
6/01/52
...........
3,000,000
2,778,775
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2015
C
,
5
%
,
10/01/45
..
4,000,000
4,017,796
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/41
.......................................................
7,800,000
7,835,346
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
10/01/46
.
3,280,000
3,229,837
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
10/01/46
...................................................
220,000
227,029
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/40
.......................................................
11,025,000
11,254,928
Willamette
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/40
.............
1,950,000
1,950,924
Willamette
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
.............
47,505,000
38,711,454
c
Oregon
State
University
,
Revenue
,
2024
A
,
Refunding
,
4.25
%
,
4/01/52
...........
2,610,000
2,536,726
Port
of
Portland
,
Airport
,
Revenue
,
24
A
,
5
%
,
7/01/47
....................................
4,700,000
4,785,598
Airport
,
Revenue
,
24
B
,
5
%
,
7/01/42
....................................
7,645,000
7,744,981
Airport
,
Revenue
,
24
B
,
5
%
,
7/01/47
....................................
1,750,000
1,765,700
Airport
,
Revenue
,
25
A
,
5
%
,
7/01/49
....................................
7,825,000
8,131,670
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/44
....................................
4,830,000
4,935,764
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/49
....................................
6,300,000
6,402,565
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/30
....................................
1,585,000
1,681,777
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
172
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Port
of
Portland,
(continued)
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/31
....................................
$
3,880,000
$
4,097,612
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/32
....................................
3,170,000
3,347,352
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/37
....................................
5,000,000
5,248,155
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/45
....................................
10,670,000
10,927,320
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/33
.............
545,000
551,797
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/38
.............
500,000
498,495
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/43
.............
2,250,000
2,175,059
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/48
.............
3,700,000
3,464,585
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/25
....
130,000
130,247
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/26
....
135,000
135,818
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/27
....
260,000
262,760
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/28
....
310,000
314,872
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/29
....
515,000
501,449
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/30
....
385,000
372,892
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/31
....
400,000
385,392
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/32
....
370,000
354,635
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/40
....
1,540,000
1,347,377
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/57
....
2,750,000
2,055,212
Salem
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/46
.......
17,105,000
17,242,054
Salem-Keizer
School
District
No.
24J
,
GO
,
2009
B
,
Zero
Cpn.,
6/15/30
.......................................
8,500,000
6,743,787
GO
,
2020
C
,
4
%
,
6/15/38
............................................
6,000,000
6,047,517
Seaside
School
District
No.
10
,
GO
,
2017
B
,
5
%
,
6/15/35
............................................
2,000,000
2,075,298
GO
,
2017
B
,
5
%
,
6/15/36
............................................
2,500,000
2,586,135
State
of
Oregon
,
GO
,
2007
A
,
4.7
%
,
8/01/42
...........................................
3,050,000
2,985,674
GO
,
2017
A
,
5
%
,
5/01/42
............................................
2,500,000
2,558,223
GO
,
2017
H
,
5
%
,
8/01/42
............................................
15,000,000
15,371,496
GO
,
2019
G
,
5
%
,
8/01/33
............................................
3,000,000
3,231,444
GO
,
2019
G
,
5
%
,
8/01/34
............................................
1,900,000
2,046,488
GO
,
L
,
Refunding
,
5
%
,
8/01/42
........................................
3,270,000
3,352,935
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
5
%
,
11/15/37
12,500,000
13,446,935
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
5
%
,
11/15/39
23,175,000
24,801,055
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
4
%
,
11/15/42
3,300,000
3,306,900
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
20,000,000
20,297,998
Tillamook
&
Yamhill
Counties
School
District
No.
101
Nestucca
Valley
,
GO
,
2018
B
,
5
%
,
6/15/36
............................................
2,850,000
3,039,177
GO
,
2018
B
,
5
%
,
6/15/37
............................................
2,520,000
2,676,095
Tri-County
Metropolitan
Transportation
District
of
Oregon
,
Revenue
,
2018
A
,
5
%
,
10/01/31
.......................................
5,025,000
5,265,113
Revenue
,
2018
A
,
5
%
,
10/01/32
.......................................
1,865,000
1,954,185
Umatilla
Hospital
District
No.
1
,
GO
,
2023
,
5
%
,
6/01/53
.......................
750,000
751,503
Union
County
Hospital
Facility
Authority
,
Grande
Ronde
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2022
,
5
%
,
7/01/47
......
2,250,000
2,162,009
Grande
Ronde
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2022
,
5
%
,
7/01/52
......
3,680,000
3,490,746
University
of
Oregon
,
Revenue
,
2015
A
,
5
%
,
4/01/45
........................................
20,000,000
20,050,504
Revenue
,
2016
A
,
5
%
,
4/01/46
........................................
11,690,000
11,754,334
Revenue
,
2018
A
,
5
%
,
4/01/48
........................................
10,000,000
10,293,315
b
Warm
Springs
Reservation
Confederated
Tribe
,
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/33
.........................
250,000
266,594
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
173
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
b
Warm
Springs
Reservation
Confederated
Tribe,
(continued)
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/34
.........................
$
300,000
$
321,416
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/39
.........................
2,200,000
2,318,234
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin
,
GO
,
2017
,
5
%
,
6/15/36
.............................................
9,400,000
9,742,967
GO
,
2017
,
5
%
,
6/15/37
.............................................
6,000,000
6,198,032
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO
,
2017
D
,
5
%
,
6/15/35
............................................
15,050,000
15,616,622
GO
,
2017
D
,
5
%
,
6/15/36
............................................
5,000,000
5,165,026
GO
,
2022
B
,
5
%
,
6/15/52
............................................
19,145,000
20,332,555
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO
,
2018
A
,
Zero
Cpn.,
6/15/38
.......................................
2,350,000
1,242,984
GO
,
2018
A
,
Zero
Cpn.,
6/15/39
.......................................
3,275,000
1,632,792
Washington
County
School
District
No.
15
Forest
Grove
,
GO
,
2012
B
,
Zero
Cpn.,
6/15/29
.......................................
2,545,000
2,096,308
GO
,
2012
B
,
Zero
Cpn.,
6/15/30
.......................................
2,490,000
1,976,703
GO
,
2012
B
,
Zero
Cpn.,
6/15/31
.......................................
3,140,000
2,392,676
Yachats
Rural
Fire
Protection
District
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
6/15/47
......
1,600,000
1,635,378
Yamhill
County
School
District
No.
8
Dayton
,
GO
,
2019
,
Refunding
,
5
%
,
6/15/32
.....................................
1,045,000
1,124,987
GO
,
2019
,
Refunding
,
5
%
,
6/15/33
.....................................
1,080,000
1,164,136
776,031,185
South
Carolina
1.5%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
2,500,000
2,120,404
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
2,500,000
2,120,404
b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
7,650,000
5,881,112
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,000,000
2,454,821
12,576,741
Texas
0.4%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/30
250,000
255,892
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/31
250,000
256,662
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,200,000
3,270,963
3,783,517
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,500,000
2,120,599
Wisconsin
0.2%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
2,400,000
1,939,460
U.S.
Territories
3.9%
Puerto
Rico
3.9%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
6,000,000
6,071,096
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
328,600
321,544
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
903,650
907,363
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,300,000
1,281,965
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
987,649
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
174
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
(continued)
d
Revenue
,
WW
,
5.25
%
,
7/01/33
........................................
$
7,040,000
$
1,865,600
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
19,745,000
19,751,404
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
3,000,000
2,990,613
34,177,234
Total
U.S.
Territories
....................................................................
34,177,234
Total
Municipal
Bonds
(Cost
$
898,624,773
)
.....................................
869,029,913
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
357,633
286,106
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
286,106
Total
Long
Term
Investments
(Cost
$
901,124,773
)
...............................
871,740,862
a
a
a
a
a
Short
Term
Investments
0.6%
Principal
Amount
Municipal
Bonds
0.6%
Oregon
0.6%
f
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
8/01/34
..................................
925,000
925,000
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
8/01/34
....................................
300,000
300,000
f
State
of
Oregon
,
GO
,
2020
J
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
6/01/39
...
100,000
100,000
GO
,
2020
M
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
12/01/44
..........
900,000
900,000
GO
,
2022
E
,
Daily
VRDN
and
Put
,
4.05
%
,
6/01/45
.........................
2,900,000
2,900,000
5,125,000
Total
Municipal
Bonds
(Cost
$
5,125,000
)
.......................................
5,125,000
Total
Short
Term
Investments
(Cost
$
5,125,000
)
.................................
5,125,000
a
Total
Investments
(Cost
$
906,249,773
)
100.2
%
..................................
$876,865,862
Other
Assets,
less
Liabilities
(
0.2
)
%
...........................................
(1,267,496)
Net
Assets
100.0%
...........................................................
$875,598,366
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
175
See
Abbreviations
on
page
198
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$65,897,320,
representing
7.5%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Non-income
producing.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Pennsylvania
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
176
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
2,000,000
$
1,939,875
Total
Corporate
Bonds
(Cost
$
2,000,000
)
.......................................
1,939,875
Municipal
Bonds
98.4%
Florida
1.6%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
5,688,000
4,922,827
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,000,000
687,900
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
6,800,000
5,307,937
10,918,664
New
York
1.8%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/44
.....................................
6,700,000
6,414,177
Revenue
,
2021
A-1
,
4
%
,
11/15/46
.....................................
6,050,000
5,638,954
12,053,131
Pennsylvania
92.2%
Allegheny
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
1/01/32
........................................
4,345,000
4,605,953
Revenue
,
2021
A
,
5
%
,
1/01/34
........................................
8,155,000
8,642,659
Revenue
,
2021
A
,
5
%
,
1/01/51
........................................
3,500,000
3,582,976
Revenue
,
2021
B
,
5
%
,
1/01/36
........................................
2,735,000
2,961,927
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
1/01/53
..........................
5,000,000
5,354,542
Allegheny
County
Higher
Education
Building
Authority
,
Chatham
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
9/01/33
..............
700,000
673,796
Chatham
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
9/01/34
..............
1,090,000
1,044,920
Duquesne
University
of
the
Holy
Spirit
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/40
.
2,115,000
2,074,876
Duquesne
University
of
the
Holy
Spirit
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/41
.
3,000,000
2,908,670
Robert
Morris
University
,
Revenue
,
2017
,
5
%
,
10/15/37
.....................
1,000,000
941,307
Robert
Morris
University
,
Revenue
,
2017
,
5
%
,
10/15/47
.....................
1,300,000
1,123,053
Allentown
Commercial
and
Industrial
Development
Authority
,
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
5.5
%
,
6/15/38
.....
600,000
611,880
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
5.75
%
,
6/15/43
....
600,000
610,004
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/32
.................................
1,560,000
1,637,377
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/33
.................................
1,800,000
1,887,838
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/34
.................................
1,550,000
1,623,227
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/35
.................................
1,400,000
1,464,031
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/42
.................................
8,875,000
9,016,107
Berks
County
Industrial
Development
Authority
,
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/15/42
........................................................
1,000,000
983,687
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/15/47
........................................................
600,000
574,708
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
C
,
5
%
,
5/15/37
......
1,245,000
1,253,101
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2018
,
Pre-Refunded
,
5
%
,
5/15/38
........................................................
1,030,000
1,061,955
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2018
,
Pre-Refunded
,
5
%
,
5/15/48
........................................................
1,000,000
1,031,024
Bethlehem
Redevelopment
Authority
,
Moravian
University
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
10/01/49
.........
750,000
768,527
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
177
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Bethlehem
Redevelopment
Authority,
(continued)
Moravian
University
Obligated
Group
,
Revenue
,
2024
,
5.5
%
,
10/01/54
..........
$
1,050,000
$
1,086,290
Blue
Mountain
School
District
,
GO
,
2021
B
,
AGMC
Insured
,
4
%
,
8/01/32
................................
1,000,000
1,018,255
GO
,
2021
B
,
AGMC
Insured
,
4
%
,
8/01/35
................................
1,000,000
1,018,923
Bristol
Township
School
District
,
GO
,
2021
C
,
BAM
Insured
,
3
%
,
6/01/37
..........
1,250,000
1,065,206
Bucks
County
Industrial
Development
Authority
,
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/37
.........
1,000,000
976,301
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/42
.........
1,080,000
1,017,226
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/52
.........
2,500,000
2,237,036
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2019
,
4
%
,
8/15/44
.............
1,500,000
1,399,999
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2021
,
3
%
,
8/15/53
.............
12,000,000
8,695,999
Butler
County
Hospital
Authority
,
Butler
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
.......................................
1,885,000
1,851,248
Central
Bradford
Progress
Authority
,
Guthrie
Clinic
(The)
,
Revenue
,
2021
B
,
4
%
,
12/01/51
........................................................
5,000,000
4,606,533
Centre
County
Hospital
Authority
,
Mount
Nittany
Medical
Center
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/42
.......................................................
1,215,000
1,233,748
Mount
Nittany
Medical
Center
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
11/15/47
.......................................................
1,840,000
1,721,213
Cheltenham
Township
Industrial
Development
Authority
,
Arcadia
University
,
Revenue
,
2024
,
Refunding
,
5
%
,
4/01/44
..................
2,250,000
2,148,530
Arcadia
University
,
Revenue
,
2024
,
Refunding
,
5.75
%
,
4/01/54
...............
1,000,000
980,256
Chester
County
Industrial
Development
Authority
,
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/35
...............
500,000
498,697
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/45
...............
1,500,000
1,413,936
City
of
Erie
Higher
Education
Building
Authority
,
Gannon
University
,
Revenue
,
2021
TT-1
,
4
%
,
5/01/36
......................
400,000
361,556
Gannon
University
,
Revenue
,
2021
TT-1
,
4
%
,
5/01/41
......................
1,000,000
837,268
Gannon
University
,
Revenue
,
2021
TT-1
,
5
%
,
5/01/47
......................
2,430,000
2,232,632
City
of
Philadelphia
,
GO
,
2019
B
,
5
%
,
2/01/36
............................................
3,300,000
3,487,105
GO
,
2019
B
,
5
%
,
2/01/38
............................................
4,055,000
4,257,746
GO
,
2019
B
,
5
%
,
2/01/39
............................................
6,050,000
6,336,369
GO
,
2021
A
,
4
%
,
5/01/37
............................................
6,435,000
6,502,767
Airport
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/47
.........................
10,000,000
10,009,407
Airport
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
7/01/45
.........................
5,225,000
4,797,501
Airport
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/51
...........................
8,100,000
8,304,442
Water
&
Wastewater
,
Revenue
,
2015
A
,
Pre-Refunded
,
5
%
,
7/01/45
............
5,000,000
5,003,829
Water
&
Wastewater
,
Revenue
,
2019
B
,
5
%
,
11/01/49
......................
5,000,000
5,176,563
Water
&
Wastewater
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
11/01/45
..............
6,300,000
6,674,540
Water
&
Wastewater
,
Revenue
,
2022
C
,
5.5
%
,
6/01/47
......................
5,000,000
5,489,042
Colonial
School
District
,
GO
,
2021
A
,
3
%
,
2/15/40
...........................
1,650,000
1,355,332
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/34
..........
10,000,000
10,087,058
Commonwealth
of
Pennsylvania
,
GO
,
2022
,
5
%
,
10/01/40
.....................
5,000,000
5,488,324
Conestoga
Valley
School
District
,
Revenue
,
2021
B
,
4
%
,
2/01/36
................
1,020,000
1,033,604
County
of
Allegheny
,
GO
,
C-77
,
5
%
,
11/01/43
..............................
5,030,000
5,222,683
County
of
Jefferson
,
GO
,
2021
,
Refunding
,
AGMC
Insured
,
3
%
,
12/15/35
........................
650,000
573,235
GO
,
2021
,
Refunding
,
AGMC
Insured
,
3
%
,
12/15/37
........................
770,000
658,851
GO
,
2021
,
Refunding
,
AGMC
Insured
,
3
%
,
12/15/39
........................
520,000
429,124
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
178
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/37
......................................................
$
2,500,000
$
2,390,725
Delaware
County
Authority
,
Elwyn
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/27
..............
2,030,000
2,021,642
Elwyn
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/32
..............
1,620,000
1,583,503
Haverford
College
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/46
...............
5,865,000
5,956,959
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue
,
2016
,
4
%
,
11/01/36
........................................................
2,005,000
2,012,223
DuBois
Hospital
Authority
,
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
7/15/43
........................................................
3,410,000
3,412,203
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2020
,
4
%
,
7/15/50
......
3,500,000
3,089,246
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/15/41
........................................................
1,000,000
937,894
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/15/51
........................................................
4,000,000
3,485,172
East
Hempfield
Township
Industrial
Development
Authority
,
Student
Services,
Inc.
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
7/01/47
..............................
3,750,000
3,800,890
Erie
City
Water
Authority
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
12/01/43
...........
6,000,000
6,229,076
b
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
A
,
6.75
%
,
9/01/61
.................................................
5,000,000
4,958,879
Fairview
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/37
...................................
1,195,000
1,013,099
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/38
...................................
1,000,000
827,572
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/39
...................................
1,000,000
824,201
Geisinger
Authority
,
Kaiser
Obligated
Group
,
Revenue
,
2017
A-1
,
Refunding
,
5
%
,
2/15/45
...........
5,555,000
5,614,713
Kaiser
Obligated
Group
,
Revenue
,
2017
A-2
,
Refunding
,
5
%
,
2/15/39
...........
13,155,000
13,410,794
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2014
A
,
Pre-Refunded
,
5
%
,
6/01/44
............................
5,000,000
5,000,000
Governor
Mifflin
School
District
,
GO
,
2021
,
3
%
,
4/01/35
.............................................
810,000
713,151
GO
,
2021
,
3
%
,
4/01/36
.............................................
625,000
546,478
GO
,
2021
,
3
%
,
4/01/37
.............................................
1,000,000
856,327
GO
,
2021
,
3
%
,
4/01/38
.............................................
1,000,000
844,384
GO
,
2021
,
3
%
,
4/01/39
.............................................
1,015,000
850,273
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
2,520,000
2,350,178
Lancaster
County
Hospital
Authority
,
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
8/15/46
.............
4,165,000
4,199,765
Lancaster
Higher
Education
Authority
,
Elizabethtown
College
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/46
............
5,000,000
4,665,121
Elizabethtown
College
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/51
............
5,000,000
4,570,692
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/51
........
2,780,000
2,106,775
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/56
........
520,000
382,591
Willow
Valley
Communities
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/44
......
1,850,000
1,823,904
Willow
Valley
Communities
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/49
......
2,300,000
2,224,193
Lancaster
School
District
,
GO
,
2020
,
AGMC
Insured
,
4
%
,
6/01/34
...............
1,000,000
1,009,458
Latrobe
Industrial
Development
Authority
,
Seton
Hill
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/46
................
750,000
596,522
Seton
Hill
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/51
................
800,000
606,552
Lehigh
County
Authority
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/45
...
6,500,000
6,252,108
Lehigh
County
General
Purpose
Authority
,
Good
Shepherd
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/01/41
4,345,000
3,946,279
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
179
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Lehigh
County
General
Purpose
Authority,
(continued)
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/42
....
$
14,390,000
$
12,485,299
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/57
....
5,000,000
3,952,430
c
Muhlenberg
College
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
2/01/54
..............
1,600,000
1,653,658
Lycoming
County
Authority
,
Lycoming
College
,
Revenue
,
2013
MM-1
,
5.25
%
,
11/01/38
...................
1,400,000
1,401,383
Lycoming
College
,
Revenue
,
2013
MM-1
,
5.25
%
,
11/01/43
...................
1,495,000
1,496,537
Montgomery
County
Higher
Education
and
Health
Authority
,
Gwynedd
Mercy
University
,
Revenue
,
2022
UU-2
,
Refunding
,
5.25
%
,
5/01/37
....
2,665,000
2,773,995
Gwynedd
Mercy
University
,
Revenue
,
2022
UU-2
,
Refunding
,
5
%
,
5/01/42
.......
3,700,000
3,712,824
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
9/01/43
........................................................
3,740,000
3,493,322
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
9/01/48
........................................................
8,250,000
8,273,475
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/44
........................................................
2,000,000
1,861,240
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
4
%
,
5/01/52
........................................................
4,000,000
3,592,745
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
5/01/57
........................................................
5,000,000
5,097,749
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
4
%
,
11/15/43
.......................................................
600,000
554,040
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
5
%
,
11/15/45
.......................................................
1,985,000
2,013,342
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
11/15/53
.......................................................
1,500,000
1,530,354
Gwynedd
Mercy
University
,
Revenue
,
2023
VV-1
,
5.75
%
,
5/01/48
..............
2,000,000
2,073,291
Meadowood
Corp.
Obligated
Group
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/38
.......................................................
2,500,000
2,506,342
Public
School
of
Germantown
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
..
2,450,000
2,017,963
Waverly
Heights
Ltd.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/49
..
2,000,000
1,986,979
New
Kensington
Municipal
Sanitary
Authority
,
Revenue
,
2021
A
,
AGMC
Insured
,
3
%
,
12/01/38
........................................................
500,000
419,093
Northampton
County
General
Purpose
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/15/48
...
2,500,000
2,524,112
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2024
A-1
,
Refunding
,
AGMC
Insured
,
5.25
%
,
8/15/53
..................................................
5,000,000
5,430,187
Northeastern
Pennsylvania
Hospital
and
Education
Authority
,
King's
College
,
Revenue
,
2019
,
5
%
,
5/01/44
.................................................
1,000,000
932,819
Northeastern
School
District
,
GO
,
2021
A
,
BAM
Insured
,
3
%
,
3/01/38
.................................
850,000
710,379
GO
,
2021
A
,
BAM
Insured
,
3
%
,
3/01/41
.................................
775,000
625,341
Northern
Lebanon
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/01/36
..........
1,895,000
1,618,465
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Transportation
,
Revenue
,
2022
,
5.25
%
,
6/30/53
..................................................
8,500,000
8,814,427
Parking
System
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/01/41
........................................................
1,015,000
987,263
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/29
........
500,000
484,776
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/32
........
1,300,000
1,244,619
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
B-2
,
Refunding
,
5
%
,
7/01/42
2,365,000
2,413,737
UPMC
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
2/01/45
.....................
5,000,000
5,001,130
UPMC
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/42
...........
5,000,000
4,772,125
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/15/45
.....................
8,835,000
8,334,107
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/39
...........
1,325,000
1,307,789
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
180
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Economic
Development
Financing
Authority,
(continued)
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/40
...........
$
1,200,000
$
1,168,233
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/41
...........
1,300,000
1,251,554
Villanova
University
,
Revenue
,
2024
,
4
%
,
8/01/54
..........................
5,000,000
4,714,878
Pennsylvania
Higher
Educational
Facilities
Authority
,
Bryn
Mawr
College
,
Revenue
,
2014
,
Refunding
,
5
%
,
12/01/44
................
6,365,000
6,374,577
St.
Joseph's
University
,
Revenue
,
2012
,
5
%
,
11/01/42
......................
5,000,000
4,850,018
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5.25
%
,
9/01/50
........................................................
6,465,000
6,482,620
Trustees
of
the
University
of
Pennsylvania
(The)
,
Revenue
,
2017
A
,
5
%
,
8/15/46
..
14,000,000
14,277,386
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/40
............................................
6,475,000
6,536,706
Widener
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/15/51
................
11,030,000
8,534,656
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2019-129
,
3.4
%
,
10/01/49
...................................
6,000,000
4,812,589
Revenue
,
2020-132
A
,
2.55
%
,
10/01/41
.................................
11,280,000
8,197,150
Pennsylvania
State
University
(The)
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
9/01/40
...............................
10,490,000
10,573,351
Revenue
,
2016
A
,
Refunding
,
5
%
,
9/01/41
...............................
10,000,000
10,186,582
Revenue
,
2023
,
5.25
%
,
9/01/53
.......................................
3,000,000
3,269,290
Pennsylvania
Turnpike
Commission
,
Revenue
,
2021
B
,
4
%
,
12/01/37
.......................................
1,500,000
1,521,834
Revenue
,
2021
B
,
4
%
,
12/01/46
.......................................
10,950,000
10,395,808
Philadelphia
Authority
for
Industrial
Development
,
Beech
International
LLC
,
Revenue
,
2010
A
,
5.625
%
,
6/15/42
.................
4,000,000
3,369,237
Children's
Hospital
of
Philadelphia
Obligated
Group
,
Revenue
,
2014
A
,
Pre-
Refunded
,
5
%
,
7/01/42
............................................
5,000,000
5,003,432
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/30
............
350,000
352,758
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
............
300,000
293,955
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/50
............
2,515,000
2,415,557
St.
Joseph's
University
,
Revenue
,
2022
,
5.5
%
,
11/01/60
.....................
8,410,000
8,914,235
Temple
University-of
The
Commonwealth
System
of
Higher
Education
,
Revenue,
First
Series
,
2015
,
Refunding
,
5
%
,
4/01/40
.............................
5,000,000
5,019,079
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
9/01/42
........................................................
3,500,000
3,533,688
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
9/01/47
........................................................
2,400,000
2,405,082
b
University
Plaza
Associates
,
Revenue
,
144A,
2017
,
III
,
5.5
%
,
12/01/58
..........
10,000,000
9,329,934
Philadelphia
Gas
Works
Co.
,
Revenue
,
14th
,
Refunding
,
5
%
,
10/01/32
................................
1,000,000
1,022,726
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/47
.................................
11,000,000
11,114,246
Pittsburgh
Water
&
Sewer
Authority
,
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/39
.............................
1,490,000
1,663,157
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/40
.............................
1,365,000
1,500,974
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/41
.............................
1,650,000
1,819,931
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/42
.............................
1,685,000
1,847,410
Revenue,
First
Lien
,
2022
A
,
5
%
,
9/01/52
................................
2,640,000
2,756,180
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
181
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pocono
Mountains
Industrial
Park
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
8/15/40
........................................
$
5,000,000
$
5,017,730
Radnor
Township
School
District
,
GO
,
2021
,
3
%
,
8/15/35
.....................
1,400,000
1,241,294
School
District
of
Philadelphia
(The)
,
GO
,
2021
A
,
4
%
,
9/01/36
.................
3,845,000
3,892,625
Scranton
School
District
,
GO
,
2020
,
4
%
,
12/01/40
...........................
1,535,000
1,475,353
Scranton-Lackawanna
Health
and
Welfare
Authority
,
University
of
Scranton
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/37
.......................................
4,000,000
4,062,582
Southeastern
Pennsylvania
Transportation
Authority
,
Revenue
,
2022
,
5.25
%
,
6/01/52
5,000,000
5,386,516
State
College
Area
School
District
,
GO
,
2015
,
5
%
,
3/15/40
.............................................
16,400,000
16,493,065
GO
,
2018
,
5
%
,
5/15/37
.............................................
1,075,000
1,134,811
GO
,
2018
,
5
%
,
5/15/44
.............................................
3,500,000
3,630,557
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
....................................................
7,095,000
7,259,929
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/33
....................................................
3,000,000
3,069,737
Township
of
Northampton
,
GO
,
2021
,
4
%
,
5/15/39
...........................
1,495,000
1,483,116
Upper
Merion
Area
School
District
,
GO
,
2021
A
,
3
%
,
1/15/39
............................................
1,000,000
845,700
GO
,
2021
A
,
3
%
,
1/15/40
............................................
1,500,000
1,243,190
GO
,
2021
A
,
3
%
,
1/15/41
............................................
1,275,000
1,043,123
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/29
......
725,000
736,348
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/30
......
1,370,000
1,389,821
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/37
......
1,400,000
1,249,413
Wilkes-Barre
Finance
Authority
,
Wilkes
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/42
.........................................................
2,500,000
1,947,843
625,048,964
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
2,000,000
1,696,323
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
2,000,000
1,696,323
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
818,274
4,210,920
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,570,042
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,000,000
1,696,479
Wisconsin
0.2%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
1,900,000
1,535,406
U.S.
Territories
1.4%
Puerto
Rico
1.4%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
1,059,735
1,036,981
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
780,425
783,631
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,100,000
1,084,740
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
182
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
(continued)
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
$
1,000,000
$
987,649
d
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
5,175,000
1,371,375
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
4,000,000
4,001,297
9,265,673
Total
U.S.
Territories
....................................................................
9,265,673
Total
Municipal
Bonds
(Cost
$
714,917,730
)
.....................................
667,299,279
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
262,891
210,312
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
210,312
Total
Long
Term
Investments
(Cost
$
716,917,730
)
...............................
669,449,466
a
a
a
a
a
Short
Term
Investments
0.0%
†
Principal
Amount
Municipal
Bonds
0.0%
†
Pennsylvania
0.0%
†
f
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2019
E
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
6/01/35
300,000
300,000
Total
Municipal
Bonds
(Cost
$
300,000
)
.........................................
300,000
Total
Short
Term
Investments
(Cost
$
300,000
)
..................................
300,000
a
Total
Investments
(Cost
$
717,217,730
)
98.7
%
...................................
$669,749,466
Other
Assets,
less
Liabilities
1.3
%
.............................................
8,412,422
Net
Assets
100.0%
...........................................................
$678,161,888
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$28,601,174,
representing
4.2%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Non-income
producing.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2024
Franklin
Virginia
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
183
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.4%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
$
1,000,000
$
897,899
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
3,456,000
2,991,085
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,100,000
756,690
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
4,125,000
3,219,888
6,967,663
Illinois
0.6%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
..
1,500,000
1,530,460
State
of
Illinois
,
GO
,
2017
D
,
5
%
,
11/01/26
................................
1,000,000
1,027,481
2,557,941
New
Jersey
1.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/32
..............................
3,460,000
3,640,880
Revenue
,
2022
A
,
4
%
,
6/15/41
........................................
1,000,000
971,227
4,612,107
New
York
0.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
1,350,000
1,258,279
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,200,000
1,017,794
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,200,000
1,017,794
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,000,000
1,636,547
3,672,135
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/28
225,000
228,269
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/29
250,000
254,889
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,100,000
1,635,481
2,118,639
Virginia
80.8%
Albemarle
County
Economic
Development
Authority
,
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/30
............................................
1,120,000
1,128,318
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/31
............................................
1,165,000
1,174,201
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/32
............................................
1,105,000
1,114,037
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/33
............................................
1,260,000
1,269,442
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/42
............................................
2,725,000
2,567,796
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/49
............................................
2,800,000
2,487,133
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
184
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Albemarle
County
Economic
Development
Authority,
(continued)
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
4
%
,
6/01/54
............................................
$
5,215,000
$
4,488,681
Alexandria
Industrial
Development
Authority
,
Goodwin
House,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
10/01/45
975,000
991,442
Protestant
Episcopal
High
School
in
Virginia
,
Revenue
,
2021
C
,
Refunding
,
4
%
,
1/01/46
........................................................
2,450,000
2,292,451
Arlington
County
Industrial
Development
Authority
,
Virginia
Hospital
Center
Arlington
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/45
.......
2,000,000
1,879,778
Chesapeake
Hospital
Authority
,
Chesapeake
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
7/01/39
........................................................
1,000,000
962,621
Chesapeake
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
7/01/43
........................................................
4,000,000
3,729,707
City
of
Alexandria
,
GO
,
2023
,
4
%
,
12/15/43
................................
5,500,000
5,468,131
City
of
Hopewell
,
Sewer
System
,
Revenue
,
2011
A
,
Refunding
,
5
%
,
7/15/42
.......
4,850,000
4,700,355
City
of
Norfolk
,
Water
,
Revenue
,
2018
,
5
%
,
11/01/43
...................................
6,920,000
7,187,086
Water
,
Revenue
,
2018
,
5
%
,
11/01/47
...................................
6,925,000
7,153,932
City
of
Richmond
,
Public
Utility
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
1/15/33
......
10,000,000
10,253,238
Commonwealth
of
Virginia
,
GO
,
2020
A
,
4
%
,
6/01/31
............................................
2,710,000
2,822,569
GO
,
2022
A
,
5
%
,
6/01/52
............................................
2,445,000
2,628,916
GO
,
2024
A
,
4
%
,
6/01/42
............................................
3,180,000
3,241,487
County
of
Fairfax
,
Sewer
,
Revenue
,
2024
A
,
5
%
,
7/15/49
..................................
3,070,000
3,343,071
Sewer
,
Revenue
,
2024
A
,
5
%
,
7/15/54
..................................
4,500,000
4,870,947
Fairfax
County
Economic
Development
Authority
,
Revenue
,
2017
,
5
%
,
4/01/42
.........................................
5,085,000
5,219,658
Goodwin
House,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
10/01/36
.......................................................
4,865,000
4,976,199
Fairfax
County
Water
Authority
,
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/43
.................................
3,510,000
3,614,912
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/47
.................................
5,000,000
5,129,881
Farmville
Industrial
Development
Authority
,
Elwood
Place
LLC
,
Revenue
,
2021
,
AGMC
Insured
,
5.375
%
,
7/01/53
...........
5,000,000
5,270,513
Longwood
Housing
Foundation
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/48
...
5,000,000
4,604,393
Hampton
Roads
Sanitation
District
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
8/01/33
............................
5,115,000
5,281,745
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
8/01/43
............................
11,840,000
12,225,973
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien
,
2018
A
,
Pre-Refunded
,
5
%
,
7/01/48
...................
5,505,000
5,831,400
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
7/01/60
..............................
4,885,000
5,084,420
Henrico
County
Economic
Development
Authority
,
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/40
.......................................................
500,000
475,453
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/45
.......................................................
725,000
659,737
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/50
.......................................................
1,500,000
1,307,441
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
10/01/42
..
1,125,000
1,175,095
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
10/01/52
..
5,000,000
5,106,940
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
185
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Isle
of
Wight
County
Economic
Development
Authority
,
Riverside
Healthcare
Association
Obligated
Group
,
Revenue
,
2023
,
AGMC
Insured
,
5.25
%
,
7/01/48
....
$
2,260,000
$
2,423,379
Lexington
Industrial
Development
Authority
,
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/38
........................................................
675,000
643,611
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/42
........................................................
1,120,000
1,020,607
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/48
........................................................
2,315,000
2,002,205
Washington
&
Lee
University
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/35
....
1,105,000
1,168,247
Washington
&
Lee
University
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/48
....
1,500,000
1,545,428
Lynchburg
Economic
Development
Authority
,
Centra
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/47
......
4,500,000
4,517,592
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/47
........
2,350,000
2,163,979
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
1/01/51
........
2,000,000
1,465,492
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/55
........
6,305,000
5,696,085
Montgomery
County
Economic
Development
Authority
,
Virginia
Tech
Foundation,
Inc.
,
Revenue
,
2019
A
,
4
%
,
6/01/39
........................................
1,750,000
1,753,591
Norfolk
Airport
Authority
,
Revenue
,
2019
,
5
%
,
7/01/39
.........................................
800,000
834,023
Revenue
,
2019
,
5
%
,
7/01/43
.........................................
5,600,000
5,787,013
Northern
Virginia
Transportation
Commission
,
Commuter
Rail
Operating
&
Capital
Fund
,
Revenue
,
2022
,
5
%
,
6/01/47
.........
1,750,000
1,874,266
Commuter
Rail
Operating
&
Capital
Fund
,
Revenue
,
2022
,
5
%
,
6/01/52
.........
7,090,000
7,558,122
Prince
Edward
County
Industrial
Development
Authority
,
President
and
Trustees
of
Hampden-Sydney
College
,
Revenue
,
2018
,
5
%
,
9/01/48
....................
2,050,000
2,080,130
Riverside
Regional
Jail
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/31
.........
6,215,000
6,298,832
Roanoke
Economic
Development
Authority
,
Carilion
Clinic
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/51
.......................................
4,000,000
3,767,207
Salem
Economic
Development
Authority
,
Roanoke
College
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/49
......................................................
925,000
896,088
Stafford
County
&
Staunton
Industrial
Development
Authority
,
Revenue
,
2007
E
,
AGMC
Insured
,
5
%
,
8/01/37
...............................................
960,000
960,005
Virginia
Beach
Development
Authority
,
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
9/01/40
............................................
1,750,000
1,759,830
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
9/01/44
............................................
2,215,000
2,178,825
Virginia
College
Building
Authority
,
Revenue
,
2016
A
,
5
%
,
9/01/27
........................................
3,925,000
4,041,553
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
9/01/27
............................
75,000
77,465
Revenue
,
2016
A
,
Refunding
,
4
%
,
2/01/30
...............................
7,000,000
7,002,882
Revenue
,
2023
B
,
Refunding
,
5
%
,
2/01/32
...............................
6,000,000
6,692,218
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/39
...........
795,000
654,793
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
2.25
%
,
1/15/40
........
450,000
308,071
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/41
...........
500,000
398,046
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/46
...........
1,100,000
831,951
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/51
...........
1,750,000
1,243,519
Regent
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
6/01/36
..................
2,750,000
2,606,850
Regent
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
6/01/41
..................
4,800,000
3,627,485
Regent
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
6/01/46
..................
3,725,000
3,141,086
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2016
,
5
%
,
9/15/30
.........................................
2,260,000
2,330,626
Revenue
,
2016
,
5
%
,
9/15/31
.........................................
4,000,000
4,119,683
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/36
.................................
5,000,000
5,142,288
Revenue
,
2023
,
4
%
,
5/15/45
.........................................
2,000,000
1,942,114
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
186
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Housing
Development
Authority
,
Revenue
,
2024
A
,
4.45
%
,
9/01/44
........
$
3,000,000
$
2,944,188
Virginia
Public
Building
Authority
,
Revenue
,
2019
A
,
4
%
,
8/01/35
................
1,250,000
1,271,883
Virginia
Public
School
Authority
,
Revenue
,
2018
B
,
5
%
,
8/01/30
........................................
5,280,000
5,637,437
County
of
Prince
William
,
Revenue
,
2018
,
4
%
,
3/01/33
......................
5,795,000
5,924,548
Virginia
Resources
Authority
,
Revenue
,
Pre-Refunded
,
5
%
,
11/01/38
..................................
3,195,000
3,259,134
Revenue
,
2018
C
,
Refunding
,
5
%
,
11/01/48
..............................
7,655,000
7,944,014
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/48
.....
7,000,000
6,215,566
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/49
.....
5,000,000
4,635,418
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/57
6,000,000
6,036,926
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/40
........................................................
7,500,000
7,143,715
I-66
Express
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2017
,
5
%
,
12/31/47
...
5,000,000
5,046,572
I-66
Express
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2017
,
5
%
,
12/31/52
...
4,600,000
4,624,533
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/36
...
1,000,000
969,349
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/41
...
2,500,000
2,256,794
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/51
...
7,500,000
6,219,813
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/37
....................................................
2,750,000
2,641,569
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/51
....................................................
2,250,000
1,945,445
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/37
...
4,000,000
4,014,106
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/38
...
2,000,000
1,999,109
Williamsburg
Economic
Development
Authority
,
Provident
Group
-
Williamsburg
Properties
LLC
,
Revenue
,
2023
A
,
AGMC
Insured
,
4.125
%
,
7/01/58
............
2,000,000
1,863,055
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
1/01/44
.................................
5,000,000
5,020,178
331,887,638
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,200,000
1,017,888
Wisconsin
0.5%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,200,000
969,730
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,000,000
1,015,622
1,985,352
U.S.
Territories
9.5%
District
of
Columbia
6.7%
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/46
.......................
5,000,000
5,162,110
Aviation
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/48
.....................
4,000,000
4,226,473
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2020
A
,
5
%
,
7/15/45
...............................
3,145,000
3,314,658
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/41
...............................
7,530,000
8,046,803
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/46
...............................
2,000,000
2,118,892
Dedicated
,
Revenue
,
2023
A
,
5
%
,
7/15/43
...............................
2,500,000
2,701,033
Dedicated
,
Revenue
,
2023
A
,
4.125
%
,
7/15/47
............................
1,975,000
1,913,521
27,483,490
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
187
See
Abbreviations
on
page
198
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
2.8%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
..................
$
1,314,400
$
1,286,178
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,700,000
1,676,416
b
Revenue
,
WW
,
5.5
%
,
7/01/38
.........................................
1,040,000
275,600
b
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
1,900,000
503,500
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/29
..
425,000
438,436
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
..
200,000
183,137
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
6,400,000
6,359,812
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
500,000
500,162
11,223,241
Total
U.S.
Territories
....................................................................
38,706,731
Total
Municipal
Bonds
(Cost
$
420,282,404
)
.....................................
395,682,272
Shares
Escrows
and
Litigation
Trusts
0.0%
†
c
,d
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
149,352
119,482
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
119,482
Total
Long
Term
Investments
(Cost
$
420,282,404
)
...............................
395,801,754
a
a
a
a
a
Short
Term
Investments
2.3%
Principal
Amount
Municipal
Bonds
2.3%
Virginia
2.3%
e
Albemarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
10/01/48
........................................................
9,500,000
9,500,000
Total
Municipal
Bonds
(Cost
$
9,500,000
)
.......................................
9,500,000
Total
Short
Term
Investments
(Cost
$
9,500,000
)
.................................
9,500,000
a
Total
Investments
(Cost
$
429,782,404
)
98.7
%
...................................
$405,301,754
Other
Assets,
less
Liabilities
1.3
%
.............................................
5,384,133
Net
Assets
100.0%
...........................................................
$410,685,887
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2024,
the
aggregate
value
of
these
securities
was
$11,269,640,
representing
2.7%
of
net
assets.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
188
c
Non-income
producing.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
189
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Franklin
Tax-Free
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty
separate
funds
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services -
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
190
Quarterly
Schedules
of
Investments
3.
Restricted
Securities
At
May
31,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
4. Securities
Purchased
on
a Forward
Commitment
Basis
Certain
or
all
Funds may
purchase
securities
on
a
forward
commitment
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Funds
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, they
may
sell
the
securities
before
the
settlement
date. These
types
of
securities
may
be
considered
unfunded
and
the
Fund
may
be
obligated
to
perform
on
such
agreements
at
a
future
date.
At
May
31,
2024,
unfunded
commitments
were
as
follows:
Principal
Amount
Issuer
Acquisition
Date
Cost
Value
Franklin
High
Yield
Tax-Free
Income
Fund
1,920,000
a
CalPlant
I
LLC,
21
A,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
10/13/21
$
1,920,000
$
1,344,000
7,205,000
a
CalPlant
I
LLC,
21
B,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
11/01/21
7,205,000
5,043,500
3,975,000
a
CalPlant
I
LLC,
22
A,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
4/05/22
3,975,000
2,782,500
345,000
a
CalPlant
I
LLC,
22
B,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
9/28/22
345,000
241,500
2,610,000
a
CalPlant
I
LLC,
22
C,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
10/11/22
2,610,000
2,610,000
3,910,000
a
CalPlant
I
LLC,
22
X,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
11/09/22
3,910,000
3,910,000
1,380,000
a
CalPlant
I
LLC,
23
A,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
1/11/23
1,380,000
1,380,000
1,225,000
a
CalPlant
I
LLC,
23
B,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
2/09/23
1,225,000
1,225,000
1,955,000
a
CalPlant
I
LLC,
23
C,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
3/02/23
1,955,000
1,955,000
1,700,000
a
CalPlant
I
LLC,
23
D,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
5/04/23
1,700,000
1,700,000
1,915,000
a
CalPlant
I
LLC,
23
E,
Senior
Secured
Note,
144A,
9.5%,
8/31/23
..................................
6/01/23
1,915,000
1,915,000
Total
Restricted
Securities
(Value
is
0.5%
of
Net
Assets)
..............
$28,140,000
$24,106,500
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,795,000
as
of
May
31,
2024.
Borrower
Unfunded
Commitment
Franklin
Georgia
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
$
255,064
B-2,
7.125%,
7/01/59
1,238,735
$1,493,799
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
191
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2024,
investments
in
affiliated
management
investment
companies
were
as
follows:
Borrower
Unfunded
Commitment
Franklin
High
Yield
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
$
13,844,543
B-2,
7.125%,
7/01/59
67,236,779
$81,081,322
Franklin
Louisiana
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
96,071
B-2,
7.125%,
7/01/59
466,572
$562,643
Franklin
Maryland
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
222,188
B-2,
7.125%,
7/01/59
1,079,067
$1,301,255
Franklin
Missouri
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
527,626
B-2,
7.125%,
7/01/59
2,562,442
$3,090,068
Franklin
New
Jersey
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
444,374
B-2,
7.125%,
7/01/59
2,158,134
$2,602,508
Franklin
North
Carolina
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
462,937
B-2,
7.125%,
7/01/59
2,248,276
$2,711,213
Franklin
Oregon
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
791,038
B-2,
7.125%,
7/01/59
3,841,715
$4,632,753
Franklin
Pennsylvania
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
581,479
B-2,
7.125%,
7/01/59
2,823,988
$3,405,467
Franklin
Virginia
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
330,490
B-2,
7.125%,
7/01/59
1,605,043
$1,935,533
4. Securities
Purchased
on
a Forward
Commitment
Basis
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
192
Quarterly
Schedules
of
Investments
6. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$50,865,750
$—
$(2,355,934)
$(386,816)
$(609,300)
$47,513,700
2,015,000
$466,298
Total
Affiliated
Securities
...
$50,865,750
$—
$(2,355,934)
$(386,816)
$(609,300)
$47,513,700
$466,298
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$37,277,500
$—
$—
$—
$(728,500)
$36,549,000
1,550,000
$341,732
Total
Affiliated
Securities
...
$37,277,500
$—
$—
$—
$(728,500)
$36,549,000
$341,732
Franklin
High
Yield
Tax-Free
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Dynamic
Municipal
Bond
ETF
...................
$42,734,250
$—
$(1,451,560)
$(154,690)
$(75,100)
$41,052,900
1,695,000
$429,470
Total
Affiliated
Securities
...
$42,734,250
$—
$(1,451,560)
$(154,690)
$(75,100)
$41,052,900
$429,470
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
193
Quarterly
Schedules
of
Investments
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2024,
in
valuing
the
Funds'
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Alabama
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
—
$
484,969
$
484,969
Municipal
Bonds
.........................
—
185,332,991
—
185,332,991
Total
Investments
in
Securities
...........
$—
$185,332,991
$484,969
$185,817,960
Franklin
Arizona
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
692,487,840
—
692,487,840
Short
Term
Investments
...................
—
2,600,000
—
2,600,000
Total
Investments
in
Securities
...........
$—
$695,087,840
$—
$695,087,840
Franklin
Colorado
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,357,912
1,357,912
Municipal
Bonds
.........................
—
481,705,806
—
481,705,806
Short
Term
Investments
...................
—
5,800,000
—
5,800,000
Total
Investments
in
Securities
...........
$—
$487,505,806
$1,357,912
$488,863,718
Franklin
Connecticut
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
136,418,798
—
136,418,798
Short
Term
Investments
...................
—
2,600,000
—
2,600,000
Total
Investments
in
Securities
...........
$—
$139,018,798
$—
$139,018,798
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
47,513,700
—
—
47,513,700
Municipal
Bonds
.........................
—
2,058,555,477
—
2,058,555,477
Short
Term
Investments
...................
—
1,400,000
—
1,400,000
Total
Investments
in
Securities
...........
$47,513,700
$2,059,955,477
$—
$2,107,469,177
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
36,549,000
—
—
36,549,000
Corporate
Bonds
........................
—
—
3,847,413
3,847,413
Senior
Floating
Rate
Interests
...............
—
25,535,148
15,999,697
41,534,845
Municipal
Bonds
.........................
—
777,181,532
—
777,181,532
Short
Term
Investments
...................
—
40,370,000
—
40,370,000
Total
Investments
in
Securities
...........
$36,549,000
$843,086,680
$19,847,110
$899,482,790
Franklin
Georgia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
872,944
872,944
Municipal
Bonds
.........................
—
300,923,256
—
300,923,256
Escrows
and
Litigation
Trusts
...............
—
—
92,253
92,253
Total
Investments
in
Securities
...........
$—
$300,923,256
$965,197
$301,888,453
6. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
194
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$60,898
$60,898
Total
Other
Financial
Instruments
.........
$—
$—
$60,898
$60,898
Franklin
High
Yield
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
—
$
—
$
—
b
$
—
Management
Investment
Companies
.........
98,230,900
—
—
98,230,900
Corporate
Bonds
:
Commercial
Services
&
Supplies
...........
—
—
29,901,500
29,901,500
Diversified
Consumer
Services
............
—
84,421,465
—
84,421,465
Electric
Utilities
........................
—
14,602,470
—
14,602,470
Oil,
Gas
&
Consumable
Fuels
.............
—
—
1,870,000
1,870,000
Senior
Floating
Rate
Interests
...............
—
—
1,882,219
1,882,219
Municipal
Bonds
.........................
—
4,318,980,454
—
4,318,980,454
Escrows
and
Litigation
Trusts
...............
—
—
4,927,366
4,927,366
Short
Term
Investments
...................
—
199,470,000
—
199,470,000
Total
Investments
in
Securities
...........
$98,230,900
$4,617,474,389
$38,581,085
$4,754,286,374
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$3,305,474
$3,305,474
Total
Other
Financial
Instruments
.........
$—
$—
$3,305,474
$3,305,474
Franklin
Louisiana
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
252,102,209
—
252,102,209
Escrows
and
Litigation
Trusts
...............
—
—
34,747
34,747
Short
Term
Investments
...................
—
1,900,000
—
1,900,000
Total
Investments
in
Securities
...........
$—
$254,002,209
$34,747
$254,036,956
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$22,938
$22,938
Total
Other
Financial
Instruments
.........
$—
$—
$22,938
$22,938
Franklin
Maryland
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
294,091,355
—
294,091,355
Escrows
and
Litigation
Trusts
...............
—
—
80,264
80,264
Short
Term
Investments
...................
—
1,800,000
—
1,800,000
Total
Investments
in
Securities
...........
$—
$295,891,355
$80,264
$295,971,619
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$53,049
$53,049
Total
Other
Financial
Instruments
.........
$—
$—
$53,049
$53,049
Franklin
Massachusetts
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
872,944
872,944
Senior
Floating
Rate
Interests
...............
—
—
1,002,865
1,002,865
Municipal
Bonds
.........................
—
278,008,736
—
278,008,736
Short
Term
Investments
...................
—
1,100,000
—
1,100,000
Total
Investments
in
Securities
...........
$—
$279,108,736
$1,875,809
$280,984,545
6. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
195
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Michigan
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
—
$
1,745,887
$
1,745,887
Municipal
Bonds
.........................
—
644,151,324
—
644,151,324
Short
Term
Investments
...................
—
8,400,000
—
8,400,000
Total
Investments
in
Securities
...........
$—
$652,551,324
$1,745,887
$654,297,211
Franklin
Minnesota
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
665,750,048
—
665,750,048
Short
Term
Investments
...................
—
2,810,000
—
2,810,000
Total
Investments
in
Securities
...........
$—
$668,560,048
$—
$668,560,048
Franklin
Missouri
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
661,543,120
—
661,543,120
Escrows
and
Litigation
Trusts
...............
—
—
190,602
190,602
Short
Term
Investments
...................
—
3,470,000
—
3,470,000
Total
Investments
in
Securities
...........
$—
$665,013,120
$190,602
$665,203,722
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$125,974
$125,974
Total
Other
Financial
Instruments
.........
$—
$—
$125,974
$125,974
Franklin
New
Jersey
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
1,551,900
1,551,900
Municipal
Bonds
.........................
—
709,291,509
—
709,291,509
Escrows
and
Litigation
Trusts
...............
—
—
160,528
160,528
Short
Term
Investments
...................
—
9,600,000
—
9,600,000
Total
Investments
in
Securities
...........
$—
$718,891,509
$1,712,428
$720,603,937
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$106,096
$106,096
Total
Other
Financial
Instruments
.........
$—
$—
$106,096
$106,096
Franklin
North
Carolina
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
1,551,900
1,551,900
Municipal
Bonds
.........................
—
565,526,259
—
565,526,259
Escrows
and
Litigation
Trusts
...............
—
—
167,437
167,437
Short
Term
Investments
...................
—
12,400,000
—
12,400,000
Total
Investments
in
Securities
...........
$—
$577,926,259
$1,719,337
$579,645,596
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$110,529
$110,529
Total
Other
Financial
Instruments
.........
$—
$—
$110,529
$110,529
Franklin
Ohio
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
3,103,799
3,103,799
Municipal
Bonds
.........................
—
997,546,156
—
997,546,156
Short
Term
Investments
...................
—
24,550,000
—
24,550,000
Total
Investments
in
Securities
...........
$—
$1,022,096,156
$3,103,799
$1,025,199,955
6. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
196
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Oregon
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
$
—
$
—
$
2,424,843
$
2,424,843
Municipal
Bonds
.........................
—
869,029,913
—
869,029,913
Escrows
and
Litigation
Trusts
...............
—
—
286,106
286,106
Short
Term
Investments
...................
—
5,125,000
—
5,125,000
Total
Investments
in
Securities
...........
$—
$874,154,913
$2,710,949
$876,865,862
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$188,866
$188,866
Total
Other
Financial
Instruments
.........
$—
$—
$188,866
$188,866
Franklin
Pennsylvania
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
1,939,875
1,939,875
Municipal
Bonds
.........................
—
667,299,279
—
667,299,279
Escrows
and
Litigation
Trusts
...............
—
—
210,312
210,312
Short
Term
Investments
...................
—
300,000
—
300,000
Total
Investments
in
Securities
...........
$—
$667,599,279
$2,150,187
$669,749,466
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$138,832
$138,832
Total
Other
Financial
Instruments
.........
$—
$—
$138,832
$138,832
Franklin
Virginia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
395,682,272
—
395,682,272
Escrows
and
Litigation
Trusts
...............
—
—
119,482
119,482
Short
Term
Investments
...................
—
9,500,000
—
9,500,000
Total
Investments
in
Securities
...........
$—
$405,182,272
$119,482
$405,301,754
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$78,906
$78,906
Total
Other
Financial
Instruments
.........
$—
$—
$78,906
$78,906
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
6. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
197
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
May
31,
2024,
the
reconciliation
is
as
follows:
Significant
unobservable
valuation
inputs
for
material
Level
3 assets
and/or
liabilities and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
May
31,
2024,
are
as
follows:
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
Balance
at
Beginning
of
Period
Purchases
a
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
:
United
States
.
$
—
$
3,731,991
$
—
$
—
$
—
$
12,289
$
—
$
103,133
$
3,847,413
$
103,133
Senior
Floating
Rate
Interests
:
United
States
.
16,059,282
—
—
—
—
—
—
(59,585)
15,999,697
35,837
Total
Investments
in
Securities
.........
$16,059,282
$3,731,991
$—
$—
$—
$12,289
$—
$43,548
$19,847,110
$138,970
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests:
Residential
REITs
...............
$12,201,708
Discounted
cash
flow
Yield
6.1%
Decrease
All
Other
Investments
.............
7,645,402
b
Total
..........................
$19,847,110
6. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
198
Quarterly
Schedules
of
Investments
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
BHAC
Berkshire
Hathaway
Assurance
Corp.
CME
Chicago
Mercantile
Exchange
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FHA
Federal
Housing
Administration
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
SIFMA
Securities
Industry
and
Financial
Markets
Association
SOFR
Secured
Overnight
Financing
Rate
SPA
Standby
Purchase
Agreement
TSOF
Term
SOFR
XLCA
XL
Capital
Assurance,
Inc.
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.